State : Central
Year : 2007
FINANCE ACT, 2007 FINANCE ACT, 2007 22 of 2007 PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2007-2008. BE it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows- CHAPTER 1: PRELIMINARY: SECTION 1: Short title and commencement: (1) This Act may be called the Finance Act, 2007. (2) Save as otherwise provided in this Act, sections 2 to 93 shall be deemed to have come into force on the 1st day of April, 2007. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2007, income-tax shall be charged at the rates specified in Part I of the First Schedule and..... List Judgments citing this sectionTitle : Omission of Section 127ma
State : Central
Year : 2007
Section 127MA of the Customs Act shall be omitted with effect from the 1st day of June, 2007. View Complete Act List Judgments citing this sectionTitle : Finance Act 2007
State : Central
Year : 2007
Preamble1 - FINANCE ACT, 2007 Chapter I Section1 - Short title and commencement Chapter II Section2 - Income-tax Chapter III Section3 - Amendment of section 2 Section4 - Amendment of section 7 Section5 - Amendment of section 9 Section6 - Amendment of section 10 Section7 - Amendment of section 10AA Section8 - Amendment of section 12A Section9 - Amendment of section 12AA Section10 - Amendment of section 13 Section11 - Amendment of section 17 Section12 - Amendment of section 35 Section13 - Amendment of section 36 Section14 - Amendment of section 40A Section15 - Insertion of new section 44DB Section16 - Amendment of section 47 Section17 - Amendment of section 49 Section18 - Amendment of section 54EC Section19 - Amendment of section 56 Section20 - Amendment of section 72A ..... List Judgments citing this sectionTitle : Amendment of Second Schedule
State : Central
Year : 2007
In the Second Schedule to the Income-tax Act, with effect from the 1st day of April, 2008 -- (a) in rule 60, in sub-rule (i), in clause (a), for the words "fifteen per cent. per annum", the words "one and one-fourth per cent. for every month or part of a month" shall be substituted; (b) in rule 68A, in sub-rule (3), for the words "six per cent. per annum", the words "one-half per cent. for every month or part of a month" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Omission of Chapter Xa
State : Central
Year : 2007
Chapter XA of the Customs Act shall be omitted. View Complete Act List Judgments citing this sectionTitle : Secondary and Higher Educationcess
State : Central
Year : 2007
(1) Without prejudice to the provisions of sub-section (12) of section 2, there shall be levied and collected, in accordance with the provisions of this Chapter as surcharge for purposes of the Union, a cess to be called the Secondary and Higher Education Cess, to fulfil the commitment of the Government to provide and finance secondary and higher education. (2) The Central Government may, after due appropriation made by Parliament by law in this behalf, utilise, such sums of money of the Secondary and Higher Education Cess levied under sub-section (12) of section 2 and this Chapter for the purposes specified in sub-section (1) as it may consider necessary. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 2007
(1) This Act may be called the Finance Act, 2007. (2) Save as otherwise provided in this Act, sections 2 to 93 shall be deemed to have come into force on the 1st day of April, 2007. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80-ic
State : Central
Year : 2007
In section 80-IC of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2008 -- (i) in clause (a), in sub-caluse (i), for the figures, letters and words "1st day of April, 2012", the figures, letters and words "1st day of April, 2007" shall be substituted; (ii) in clause (b) in sub-clause (i), for the figures, letters and words "1st day of April, 2012", the figures, letters and words "1st day of April, 2007" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 142
State : Central
Year : 2007
In section 142 of the Income-tax Act,- (a) in sub-section (2A), the following proviso shall be inserted with effect from the 1st day of June, 2007, namely:-- "Provided that the Assessing Officer shall not direct the assessee to get the accounts so audited unless the assessee has been given a reasonable opportunity of being heard."; (b) in sub-section (2D), the following proviso shall be inserted with effect from the 1st day of June, 2007, namely:-- "Provided that where any direction for audit under sub-section (2A) is issued by the Assessing Officer on or after the 1st day of June, 2007, the expenses of, and incidental to, such audit (including the remuneration of the Accountant) shall be determined by the Chief Commissioner or Commissioner in accordance with such guidelines as..... 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 section