Title : Amendment of Section 9
State : Central
Year : 2007
In section 9 of the Income-tax Act, after sub-section (2), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1976, namely:-- "Explanation.--For the removal of doubts, it is hereby declared that for the purposes of this section, where income is deemed to accrue or arise in India under clauses (v), (vi) and (vii) of sub-section (1), such income shall be included in the total income of the non-resident, whether or not the non-resident has a residence or place of business or business connection in India.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 13
State : Central
Year : 2007
In section 13 of the Income-tax Act, in sub-section (1), in clause (d), for sub-clause (iii), the following sub-clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1999, namely:-- "(iii) any shares in a company, other than-- (A) shares in a public sector company; (B) shares prescribed as a form or mode of investment under clause (xii) of sub-section (5) of section 11, are held by the trust or institution af'ter the 30th day of November, 1983:". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 40a
State : Central
Year : 2007
In section 40A of the Income-tax Act, for sub-section (3), the following shall be substituted with effect from the 1st day of April, 2008, namely:-- "(3) (a) Where the assessee incurs any expenditure in respect of which payment is made in a sum exceeding twenty thousand rupees otherwise than by an account payee cheque drawn on a bank or account payee bank draft, no deduction shall be allowed in respect of such expenditure; (b) where an allowance has been made in the assessment for any year in respect of any liability incurred by the assessee for any expenditure and subsequently during any previous year (hereinafter referred to as subsequent year) the assessee makes payment in respect thereof, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 54ec
State : Central
Year : 2007
In section 54EC of the Income-tax Act,-- (a) in sub-section (1), the following proviso shall be inserted, namely:-- "Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees."; (b) after sub-section (3), in the Explanation,-- (i) for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2006, namely:-- '(b) "long-term specified asset" for making any investment under this section during the period commencing from the 1st day of April, 2006 and ending with the 31st day of March, 2007, means any bond, redeemable after three years and issued on or after the 1st day of April,..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80ac
State : Central
Year : 2007
In section 80AC of the Income-tax Act, after the word, figures and letters "section 80-IC", the words, figures and letters "or section 80-ID or section 80-IE" shall be inserted with effect from the 1st day of April, 2008. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80ccd
State : Central
Year : 2007
In section 80CCD of the Income-tax Act,-- (a) in sub-section (1), for the words "employed by the Central Government", the words "employed by the Central Government or any other employer" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2004; (b) in sub-section (2), for the words "Central Government" at both the places where they occur, the words "Central Government or any other employer" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2004. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80e
State : Central
Year : 2007
In section 80E of the Income-tax Act, with effect from the 1st day of April, 2008,-- (i) in sub-section (1), after the words "higher education", the words "or for the purpose of higher education of his relative" shall be inserted; (ii) in sub-section (3),-- (A) in clause (a), for the words "notified by the Central Government", the words "approved by the prescribed authority" shall be substituted; (B) after clause (d), the following clause shall be inserted, namely:-- '(e) "relative", in relation to an individual, means the spouse and children of that individual.'. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115 Wc
State : Central
Year : 2007
In section 115WC of the Income-tax Act, in sub-section (1), after clause (b), the following shall be inserted with effect from the 1st day of April, 2008, namely:-- '(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115 WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares. Explanation.--For the purposes of this clause,-- (i) "fair market value" means the value determined in accordance with the method as may be prescribed by the Board; (ii) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115 Wj
State : Central
Year : 2007
In section 115 WJ of the Income-tax Act, for sub-sections (2) and (5), the following sub-sections shall be substituted with effect from the 1st day of June, 2007, namely:-- "(2) Advance tax on the current fringe benefits shall be payable by-- (a) all the companies, who are liable to pay the same in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below: Table I Due date of instalment Amount payable On or before the 15th June Not less than fifteen per cent. of such advance tax. On or before the 15th September Not less than forty-five per cent. of such advance tax as reduced by the amount, if any, paid in the earlier ..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 197a
State : Central
Year : 2007
In section 197A of the Income-tax Act, in sub-section (1C), the words, figures and letter "and is entitled to a deduction from the amount of income-tax on his total income referred to in section 88B" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 2006. View Complete Act List Judgments citing this section