Title : Amendment of Section 47
State : Central
Year : 2007
In section 47 of the Income-tax Act, after clause (vic), the following shall be inserted with effect from the 1st day of April, 2008, namely:-- '(vica) any transfer in a business reorganisation, of a captial asset by the predecessor co-operative bank to the successor co-operative bank; (vicb) any transfer by a shareholder, in a business reorganisation, of a capital asset being a share or shares held by him in the predecessor co-operative bank if the transfer is made in consideration of the allotment to him of any share or shares in the successor co-operative bank. Explanation.--For the purposes of clauses (vica) and (vicb), the expressions "business reorganisation", "predecessor co-operative bank" and "successor co-operative bank" shall have the meanings respectively assigned to..... 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 80c
State : Central
Year : 2007
In section 80C of the Income-tax Act, in sub-section (2), after clause (xxi), the following clause shall be inserted with effect from the 1st day of April, 2008, namely-- "(xxii) as subscription to such bonds issued by the National Bank for Agriculture and Rural Development, as the Central Government may, by notification in the Official Gazette, specify in this behalf". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80d
State : Central
Year : 2007
In section 80D of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2008 -- (a) for the words "paid by him by cheque", the words "paid by him by any mode of payment other than cash" shall be substituted; (b) in clause (i), for the word "ten", the word "fifteen" shall be substituted; (c) in clause (ii), for the word "ten", the word "fifteen" shall be substituted; (d) in the proviso,-- (i) for the word "ten", the word "fifteen" shall be substituted; (ii) for the word "fifteen", the word "twenty" shall be substituted; View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115-o
State : Central
Year : 2007
In section 115-O of the Income-tax Act, in sub-section (1), for the words "at the rate of twelve and one-half per cent.", the words "at the rate of fifteen per cent." shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115r
State : Central
Year : 2007
In section 115R of the Income-tax Act, in sub-section (2), for clauses (i) and (ii), the following clauses shall be substituted, namely:-- "(i) twenty-five per cent. on income distributed by a money market mutual fund or a liquid fund; (ii) twelve and one-half per cent. on income distributed to any person being an individual or a Hindu undivided family by a fund other than a money market mutual fund or a liquid fund; and (iii) twenty per cent. on income distributed to any other person by a fund other than a money market mutual fund or a liquid fund:". View Complete Act List Judgments citing this sectionTitle : Amendment of Explanation to Chapter Xii-e
State : Central
Year : 2007
In Chapter XII-E of the Income-tax Act, after section 115T, in the Explanation, after clause (c), the following clauses shall be inserted, namely: -- '(d) "money market mutual fund" means a money market mutual fund as defined in sub-clause (p) of clause 2 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996; (e) "liquid fund" means a scheme or plan of a mutual fund which is classified by the Securities and Exchange Board of India as a liquid fund in accordance with the guidelines issued by it in this behalf under the Securities and Exchange Board of India Act, 1992(15 of 1992) or regulations made thereunder.'. 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 : Insertion of New Section 115 Wka
State : Central
Year : 2007
After section 115WK of the Income-tax Act, the following section shall be inserted, namely:-- "115WKA. Recovery of fringe benefit tax by the employer from the employee.-- Notwithstanding anything contained in any agreement or scheme under which any specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115 WB has been allotted or transferred, directly or indirectly, by the employer on or after the 1st day of April, 2007, it shall be lawful for the employer to vary the agreement or scheme under which such specified security or sweat equity shares has been allotted or transferred so as to recover from the employee the fringe benefit tax to the extent to which such employer is liable to pay the fringe benefit tax in relation to the value of..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 120
State : Central
Year : 2007
In section 120 of the Income-tax Act, in sub-section (4), in clause (b) -- (i) after the words "shall be exercised or performed by", the words "an Additional Commissioner or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1994; (ii) after the words "an Additional Commissioner or", as so inserted, the words "an Additional Director or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1996; (iii) after the words "deemed to be references to such", the words "Additional Commissioner or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1994; (iv) after the words "Additional Commissioner or" as so inserted, the words "Additional..... View Complete Act List Judgments citing this section