Title : Amendment of Section 36
State : Central
Year : 2006
In section 36 of the Income-tax Act, in sub-section (1),-- (a) for clause (ib), the following clause shall be substituted with effect from the 1st day of April, 2007, namely:-- "(ib) the amount of any premium paid by cheque by the assessee as an employer to effect or to keep in force an insurance on the health of his employees under a scheme framed in this behalf by-- (A) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972(57 of 1972) and approved by the Central Government; or (B) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999);"; (b) in clause..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 139b
State : Central
Year : 2006
After section 139A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2006, namely:-- 139B. Scheme for submission of returns through Tax Return Preparers.--(1) For the purpose of enabling any specified class or classes of persons in preparing and furnishing returns of income, the Board may, without prejudice to the provisions of section 139, frame a Scheme, by notification in the Official Gazette, providing that such persons may furnish their returns of income through a Tax Return Preparer authorised to act as such under the Scheme. (2) Every Tax Return Preparer shall assist the persons furnishing the return of income in such manner as may be specified in the Scheme framed under this section and affix his signature on such return. ..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 9
State : Central
Year : 2006
In section 9 of the Customs Tariff Act, 1975(51 of 1975) (hereinafter referred to as the Customs Tariff Act),-- (a) in sub-section (1), in the Explanation, in clause (a), for the words "within the territory of the exporting or producing country", the words "in the exporting or producing country or territory" shall be substituted; (b) after sub-section (1), the following sub-section shall be inserted, namely:-- "(7A) Unless otherwise provided, the provisions of the Customs Act, 1962(52 of 1962) and the rules and regulations made thereunder, relating to the date for determination of rate of duty, non-levy, short-levy, refunds, interest, appeals, offences and penalties shall, as far as may be, apply in relation to duties leviable under that Act.". View Complete Act List Judgments citing this sectionTitle : Income-tax
State : Central
Year : 2006
(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2006, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh rupees, then,-- (a) the net agricultural..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80c
State : Central
Year : 2006
In section 80C of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2007,-- (a) in clause (xi), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)" shall be substituted; (b) in clause (xiii), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)" shall be substituted; (c) in clause (xiv), for the words, brackets, figures and letter "notified under clause (23D)", the words, brackets, figures and letter "referred to in clause (23D)" shall be substituted; (d) after clause (xx), the following shall be inserted, namely:-- ''(xxi) as term deposit- (a) for a fixed period of..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 90a
State : Central
Year : 2006
In Chapter IX of the Income-tax Act, after section 90, the following section shall be inserted with effect from the 1st day of June, 2006, namely:-- '90A. Adoption by Central Government of agreements between specified associations for double taxation relief.--(1) Any specified association in India may enter into an agreement with any specified association in the specified territory outside India and the Central Government may, by notification in the Official Gazette, make such provisions as may be necessary for adopting and implementing such agreement-- (a) for the granting of relief in respect of-- (i) income on which have been paid both income-tax under this Act and income-tax in any specified territory outside India; or (ii) income-tax chargeable under this Act and under the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115jaa
State : Central
Year : 2006
In section 115JAA of the Income-tax Act, for sub-sections (2) and (3), the following sub-sections shall be substituted with effect from the 1st day of April, 2007, namely:-- "(2) The tax credit to be allowed under sub-section (1) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115JA and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this Act: Provided that no interest shall be payable on the tax credit allowed under sub-section (1). (2A) The tax credit to be allowed under sub-section (1A) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115JB and the amount of tax payable by the assessee on his total income computed in..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 140a
State : Central
Year : 2006
In section 140A of the Income-tax Act, with effect from the 1st day of April, 2007,-- (a) in sub-section (1), for the words "after taking into account the amount of tax, if any, already paid under any provision of this Act", the following shall be substituted, namely:-- "after taking into account,-- (i) the amount of tax, if any, already paid under any provision of this Act; (ii) any tax deducted or collected at source; (iii) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India; (iv) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section; and (v) any tax credit claimed to be set off in accordance with the provisions of..... View Complete Act List Judgments citing this sectionTitle : Finance Act, 2006
State : Central
Year : 2006
THE FINANCE ACT, 2006 [Act, No. 21 of 2006] [18th April, 2006] PREAMBLE to give effect to the financial proposals of the Central Government for the financial year 2006-2007. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:- View Complete Act List Judgments citing this sectionTitle : Second Schedule
State : Central
Year : 2006
THE SECOND SCHEDULE (See section 60) S. No. Notification number and date Amendment Date of effect of amendment (1) (2) (3) (4) 1. G.S.R. 423(E), dated the 20th April, 1992 (160/1992-CUSTOMS, dated the 20th April, 1992). In the said notification, in the Explanation, clause (iv) shall be omitted. 28th December 1992. 2. G.S.R. 619(E), dated the 17th September, 2004 (96/2004-CUSTOMS, dated the 17th September, 2004). In the said notification, in paragraph 2, for the figures, letters and words "30th day of September, 2005", the figures, letters and words "the 3rd October, 2005" shall be substituted. 17th September, 2004. View Complete Act List Judgments citing this section