Title : Amendment of Section 80cc
State : Central
Year : 1984
In section 80CC of the Income-tax Act, in sub-section (3), for clause (c), the following clause shall be substituted, namely, - "(c) the shares forming part of the issue are offered for subscription to the public and such offer for subscription is made by the company before the 1st day of April, 1987;". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80m
State : Central
Year : 1984
In section 80M of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1985, - (a) for the words "an amount equal to -", the words "an amount equal to sixty per cent. of such income," shall be substituted; (b) clauses (a) and (b) shall be omitted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 193
State : Central
Year : 1984
In section 193 of the Income-tax Act, in the proviso, after clause (iv), the following clause shall be inserted with effect from the 1st day of June, 1984, namely :- "(v) any interest payable to an individual, who is resident in India, on debentures issued by a company in which the public are substantially interested, being debentures listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, if - (a) the interest is paid by the company by an account payee cheque; and (b) the amount of such interest or, as the case may be, the aggregate of the amounts of such interest paid or likely to be paid during the financial year by the company to such individual does not exceed one thousand..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80l
State : Central
Year : 1984
In section 80L of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1985, - (a) after clause (ii), the following clause shall be inserted, namely :- "(iia) interest on deposits under such National Deposit Scheme as may be framed by the Central Government and notified by it in this behalf in the Official Gazette;"; (b) in clause (iii), for the words "under any scheme", the words "under any other scheme" shall be substituted; (c) the following provisos shall be inserted at the end, namely :- "Provided that where the gross total income of the assessee includes any income by way of interest on any deposits referred to in clause (iia) or income in respect of units referred to in clause (v), there shall be allowed in computing the total income of the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 252
State : Central
Year : 1984
In section 252 of the Income-tax Act, - (a) after sub-section (4), the following sub-section shall be inserted, namely :- "(4A) The Central Government may appoint one of the Vice-Presidents of the Appellate Tribunal to be the Senior Vice-President thereof."; (b) in sub-section (5), for the words "A Vice-President", the words "The Senior Vice-President or a Vice-President" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 271b
State : Central
Year : 1984
In the Income-tax Act, after section 271A, the following section shall be inserted with effect from the 1st day of April, 1985, namely :- "271B. Failure to get accounts audited. - If any person fails, without reasonable cause, to get his accounts audited in respect of any previous year or years relevant to an assessment year or obtain a report of such audit as required under section 44AB, the Income-tax Officer may direct that such person shall pay, by way of penalty, a sum equal to one-half per cent. of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hundred thousand rupees, whichever is less.". View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 276dd
State : Central
Year : 1984
In the Income-tax Act, after section 276D, the following section shall be inserted, namely :- "276DD. Failure to comply with the provisions of section 269SS. - If a person, without reasonable cause or excuse, takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be punishable with imprisonment for a term which may extend to two years shall also be liable to fine equal to the amount of such loan or deposit.". View Complete Act List Judgments citing this sectionTitle : Definition
State : Central
Year : 1984
In this Act, Proclamation means the Proclamation issued on the 6th day of October, 1983 under Article 356 of the Constitution, by the President, and published with the notification of the Government of India in the Ministry of Home Affairs, No. G.S.R. 788(E) of the said date. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 35
State : Central
Year : 1984
In section 35 of the Income-tax Act, - (a) in sub-section (2), in clause (ia), - (i) before the Explanation, the following proviso shall be inserted, namely :- "Provided that no deduction shall be admissible under this clause in respect of any expenditure incurred on the acquisition of any land, whether the land is acquired as such or as part of any property, after the 29th day of February, 1984."; (ii) the Explanation shall be numbered as Explanation 1 and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely :- 'Explanation 2 : For the purposes of this clause, - (a) "land" includes any interest in land; and (b) the acquisition of any land shall be deemed to have been made by the assessee on the date on which the instrument of transfer of..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 44ab
State : Central
Year : 1984
After section 44AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1985, namely :- '44AB. Audit of accounts of certain persons carrying on business or profession. - Every person, - (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year or years relevant to the assessment year commencing on the 1st day of April, 1985 or any subsequent assessment year; or (b) carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year or years relevant to the assessment year commencing on the 1st day of April, 1985 or any subsequent assessment year, get his accounts of such previous..... View Complete Act List Judgments citing this section