Title : Amendment of Section 172
State : Central
Year : 2007
In section 172 of the Income-tax Act, after sub-section (4), the following subsection shall be inserted, namely:- "(4A) No order assessing the income and determining the sum of tax payable thereon shall be made under sub-section (4) after the expiry of nine months from the end of the financial year in which the return under sub-section (3) is furnished: Provided that where the return under sub-section (3) has been furnished before the 1st day of April, 2007, such order shall be made on or before the 31st day of December, 2008.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 193
State : Central
Year : 2007
In section 193 of the Income-tax Act, in the proviso, in clause (iv), the following proviso shall be inserted with effect from the 1st day of June, 2007, namely:-- "Provided that nothing contained in this clause shall apply to the interest exceeding rupees ten thousand payable on 8% Savings (Taxable) Bonds, 2003 during the financial year;". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 194h
State : Central
Year : 2007
In section 194H of the Income-tax Act, with effect from the 1st day of June, 2007,-- (a) for the words "five per cent.", the words "ten per cent." shall be substituted; (b) alter the second proviso and before the Explanation, the following proviso shall be inserted, namely:-- "Provided also that no deduction shall be made under this section on any commission or brokerage payable by Bharat Sanchar Nigam Limited or Mahanagar Telephone Nigam Limited to their public call office franchisees.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 194-i
State : Central
Year : 2007
In section 194-I of the Income-tax Act, for clauses (a) and (b), the following clauses shall be substituted with effect from the 1st day of June, 2007, namely:-- "(a) ten per cent. for the use of any machinery or plant or equipment; (b) fifteen per cent. for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings where the payee is an individual or a Hindu undivided family; and (c) twenty percent. for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings where the payee is a person other than an individual or a Hindu undivided family:". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 194j
State : Central
Year : 2007
In section 194J of the Income-tax Act, in sub-section (1), for the words "five per cent.", the words "ten per cent." shall be substituted with effect from the 1st day of June, 2007. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 206a
State : Central
Year : 2007
In section 206A of the Income-tax Act, in sub-section (1), for the words "not exceeding five thousand rupees", the words "not exceeding ten thousand rupees, where the payer is a banking company or a co-operative society, and five thousand rupees in any other case" shall be substituted with effect from the 1st day of June, 2007. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 206c
State : Central
Year : 2007
In section 206C of the Income-tax Act, in sub-section (1C), after the Table, the following Explanations shall be inserted with effect from the 1st day of June, 2007, namely:-- 'Explanation 1.-- For the purposes of this sub-section, "mining and quarrying" shall not include mining and quarrying of mineral oil. Explanation 2.-- For the purposes of Explanation 1, "mineral oil" includes petroleum and natural gas.'. View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 245ha and 245haa
State : Central
Year : 2007
After section 245H of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of June, 2007, namely:-- "245HA. Abatement of proceeding before Settlement Commission.-- (1) Where-- (i) an application made under section 245C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 245D; or (ii) an application made under section 245C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 245 D; or (iii) an application made under section 245C has been declared as invalid under sub-section (2C) of section 245D; or (iv) in respect of any other application made under section 245C, an order under sub-Section (4) of section 245D has not been passed..... View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 248
State : Central
Year : 2007
For section 248 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2007, namely:-- "248. Appeal by a person denying liability to deduct tax in certain cases.-- Where under an agreement or other arrangement, the tax deductible on any income, other than interest, under section 195 is to be borne by the person by whom the income is payable, and such person having paid such tax to the credit of the Central Government, claims that no tax was required to be deducted on such income, he may appeal to the Commissioner (Appeals) for a declaration that no tax was deductible on such income.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 249
State : Central
Year : 2007
In section 249 of the Income-tax Act, in sub-section (2), for clause (a), the following clause shall be substituted with effect from the 1st day of June, 2007, namely:-- "(a) where the appeal is under section 248, the date of payment of the tax, or". View Complete Act List Judgments citing this section