Bare Act Search Results

Finance Act, 2012, (Central) Section 129

Title: Amendment of Section 4

State: Central

Year: 2012

In the Central Excise Act, 1944(1 of 1944) (hereinafter referred to as the Central Excise Act), in section 4, in sub-section (3), in clause (b), in the Explanation, for clause (i), the following clause shall be substituted, namely:-- '(i) "inter-connected undertakings" means two or more undertakings which are inter-connected with each other in any of the following manners, namely:-- (A) if one owns or controls the other; (B) where the undertakings are owned by firms, if such firms have one or more common partners; (C) where the undertakings are owned by bodies corporate,-- (I) if one body corporate manages the other body corporate; or (II) if one body corporate is a subsidiary of the other body corporate; or (III) if the bodies corporate are under the same management; or (IV) if one body corporate exercises control over the other body corporate in any other manner; (D) where one undertaking is owned by a body corporate and the other is owned by a firm, if one or more partners of the firm,-- (I) hold, directly or indirectly, not less than fifty per cent. of the shares, whether preference or equity, of the body corporate; or (II) exercise control, directly or.....

Finance Act, 2012, (Central) Section 40

Title: Insertion of New Chapter X

State: Central

Year: 2012

.....purpose of obtaining a tax benefit, if the main purpose of a step in, or a part of, the arrangement is to obtain a tax benefit, notwithstanding the fact that the main purpose of the whole arrangement is not to obtain a tax benefit. 97. Arrangement to lack commercial substance.-- (1) An arrangement shall be deemed to lack commercial substance if-- (a) the substance or effect of the arrangement as a whole, is inconsistent with, or differs significantly from, the form of its individual steps or a part; or (b) it involves or includes-- (i) round trip financing; (ii) an accommodating party; (iii) elements that have effect of offsetting or cancelling each other; or (iv) a transaction which is conducted through one or more persons and disguises the value, location, source, ownership or control of funds which is the subject matter of such transaction; or (c) it involves the location of an asset or of a transaction or of the place of residence of any party which is without any substantial commercial purpose other than obtaining a tax benefit (but for the provisions of this Chapter) for a party. (2) For the purposes of sub-section (1), round trip financing includes any.....

Finance Act, 2012, (Central) Schedule

Title: the First Schedule

State: Central

Year: 2012

.....any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (C) any security of the Central or State Government (vi) on any other income 10 per cent.; (b) where the person is not resident in India (i) in the case of a non-resident Indian (A) on any investment income 20 per cent.; (B) on income by way of long-term capital gains referred to in section 115E or sub-clause (iii) of clause (c) of sub-section (1) of section 112. 10 per cent.; (C) on income by way of short-term capital gains referred to in section 111A 15 per cent.; (D) on other income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] 20 per cent.; (E) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) 20 per cent.; (F) on income by way of royalty payable by.....

Unlawful Activities (Prevention) Amendment Act, 2012 Complete Act

State: Central

Year: 2012

.....features as specified in the Third Schedule.'; (v) after sub-section (1), the following sub-section shall be inserted, namely" "(2) The terrorist act includes an act which constitutes an offence within the scope of, and as defined in any of the treaties specified in the Second Schedule.". 5. Omission of Section 16-A." Section 16-A of the principal Act shall be omitted. 6. Substitution of new Section for Section 17." For Section 17 of the principal Act, the following Section shall be substituted, namely" "17. Punishments for raising funds for terrorist act." Whoever, in India or in a foreign country, directly or indirectly, raises or provides funds or collects funds, whether from a legitimate or illegitimate source, from any person or persons or attempts to provide to, or raises or collects funds for any person or persons, knowing that such funds are likely to be used, in full or in part by such person or persons or by a terrorist organisation or by a terrorist gang or by an individual terrorist to commit a terrorist act, notwithstanding whether such funds were actually used or not for commission of such act, shall be punishable with imprisonment for a term which shall not.....

Unlawful Activities (Prevention) Amendment Act, 2012, (Central) Section 7

Title: Insertion of New Sections 22a. 22b and 22c

State: Central

Year: 2012

After section 22 of the principal Act, the following sections shall be inserted, namely:- "22A. Offences by companies.-- (1) Where an offence under this Act has been committed by a company, every person (including promoters of the company) who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person (including promoters) liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he had exercised reasonable care to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the pan of, any promoter, director, manager, secretary or other officer of the company, such promoter, director,.....

Finance Act, 2012, (Central) Section 30

Title: Insertion of New Part

State: Central

Year: 2012

..... (a) a banking company to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (b) a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); or (c) a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898(6 Of 1898), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee a deduction as specified hereunder, namely:-- (i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and (ii) in any other case, ten thousand rupees. (2) Where the income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body. .....

Unlawful Activities (Prevention) Amendment Act, 2012, (Central) Section 2

Title: Amendment of Section 2

State: Central

Year: 2012

In section 2 of the Unlawful Activities (Prevention) Act, 1967(37 of 1967) (hereinafter referred to as the principal Act),-- (i) clause (ea) shall be renumbered as clause (eb) and before clause (eb) as so renumbered, the following clause shall be inserted, namely:-- '(ea) "economic security" includes financial, monetary and fiscal stability, security of means of production and distribution, food security, livelihood security, energy security, ecological and environmental security;'; (ii) after clause (eb) as so renumbered, the following clause shall be inserted, namely:-- '(ec) "person" includes-- (i) an individual, (ii) a company, (iii) a firm, (iv) an organisation or an association of persons or a body of individuals, whether incorporated or not, (v) every artificial juridical person, not falling within any of the preceding sub-clauses, and (vi) any agency, office or branch owned or controlled by any person falling within any of the preceding sub-clauses;'; (iii) for clause (g), the following clause shall be substituted, namely:-- '(g) "proceeds of terrorism" means,-- (i) all kinds of properties which have been derived or obtained from commission of.....

Finance Act, 2012, (Central) Section 143

Title: Amendment of Act 32 of 1994

State: Central

Year: 2012

.....the Reserve Bank of India Act, 1934(2 of 1934); (43) "securities" has the meaning assigned to it in clause (h) of section 2 of the Securities Contract (Regulation) Act, 1956(42 of 1956); (44) "service" means any activity carried out by a person for another for consideration, and includes a declared service, but shall not include (a) an activity which constitutes merely, (i) a transfer of title in goods or immovable property, by way of sale, gift or in any other manner; or (ia) such transfer, delivery or supply of any goods which is deemed to be a sale within the meaning of clause (29A) of article 366 of the Constitution; or (ii) a transaction in money or actionable claim; (b) a provision of service by an employee to the employer in the course of or in relation to his employment; (c) fees taken in any Court or tribunal established under any law for the time being in force. Explanation 1. For the removal of doubts, it is hereby declared that nothing contained in this clause shall apply to, (A) the functions performed by the Members of Parliament, Members of State Legislature, Members of Panchayats, Members of Municipalities and Members of other local authorities.....

The Delhi Tax on Luxuries (Amendment) Act, 2012 Complete Act

State: Delhi

Year: 2012

.....not be considered to be part of the receipt or the turnover of receipts of the proprietor." Section 4 - Amendment of section 8 In the principal Act, in section 8, sub-section (1) shall be renumbered as sub-section (7), the following sub-section shall be inserted as sub-section (1), namely:- "(1) Every proprietor whose turnover of receipts for providing any luxury and charges incidental thereto, calculated from the commencement of any year first exceeds, within such year the threshold value as specified below, against the respective luxury, shall, from the very next day, be required to get himself registered under this Act: S.No. Luxury Threshold Value (in rupees) 1. Banquet Hall facilities five loc 2. Gymnasium/Health Club five lac 3. Hotel accommodation with tariff Rs. 750/- per day per room or more nil 4. Spa five lacs Provided that a proprietor, who is engaged in business of providing any luxury, other than that of accommodation in a hotel having tariff of rupees one thousand or more per room per day, and whose turnover in the previous year or in the year of commencement of the Delhi Tax on.....

The Haryana Registration and Regulation of Societies Act, 2012 Complete Act

State: Haryana

Year: 2012

.....of flats or tenement or condominium or floor space owners pursuant to the requirements as laid down under the Haryana Apartment Ownership Act, 1983 (Act 10 of 1983) or a welfare organization formed for housing projects or a resident welfare organization for the operation, management and maintenance of facilities for the residents or civic amenities of any defined area; (xi) the collection of natural history, mechanical and philosophical inventions, instruments or designs etc.; and (xii) implementation and promotion of any Government sponsored schemes in the State: Provided that no Society shall be registered under the Act unless it prohibits the payment of any dividend or distribution of any assets, income or profits to its members or their dependents or legal heirs except where a Society has been formed or established by the contributions of share holders or members in the nature of a housing Society or a welfare association of flats or tenement or floor space owners pursuant to the requirements laid down under the Haryana Apartment Ownership Act, 1983 (Act 10 of 1983) or a resident welfare association for the operation, management and maintenance of facilities.....