Bare Act Search Results

Finance Act, 2012, (Central) Section 53A

Title: Insertion of New Chapter Xii

State: Central

Year: 2012

.....there is failure to comply with any of the conditions specified in the scheme or in the notification issued under sub-section (1), then,- (i) such benefit, exemption or relief shall be deemed to have been wrongly allowed; (ii) the Assessing Officer may, notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary amendment; and (iii) the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the failure to comply with the condition referred to in sub-section (1) takes place. (4) Every notification issued under this section shall be laid before each House of Parliament;"

Finance Act, 2012, (Central) Section 74

Title: Insertion of New Section 194lc

State: Central

Year: 2012

After section 194LB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2012, namely:-- '194LC. Income by way of interest from Indian company.-- (1) Where any income by way of interest referred to in sub-section (2) is payable to a non-resident, not being a company or to a foreign company by a specified company, the person responsible for making the payment, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct the income-tax thereon at the rule of five per cent. (2) The interest referred to in sub-section (1) shall be the income by way of interest payable by the specified company,- (i) in respect of monies borrowed by it at any time on or after the 1st day of July, 2012 but before the 1st day of July, 2015 in foreign currency, from a source outside India,- (a) under a loan agreement; or (b) by way of issue of long-term infrastructure bonds, as approved by the Central Government in this behalf; and (ii) to the extent to which such interest does not exceed the amount of interest.....

Finance Act, 2012, (Central) Section 5

Title: Amendment of Section 10

State: Central

Year: 2012

.....from the 1st day of April, 2013, namely:- "(23BBH) any income of the Prasar Bharati (Broadcasting Corporation of India) established under sub-section (1) of section 3 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990.;] (C) in clause (23FB), in Explanation 1, for clause (c), the following clause shall be substituted with effect from the 1st day of April, 2013, namely:-- '(c) "venture capital undertaking" means a venture capital undertaking referred to in the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992(15 of 1992);'; (D) after clause (47), the following clause shall be inserted with effect from the 1st day of April, 2012, namely:-- "(48) any income received in India in Indian currency by a foreign company on account of sale of crude oil to any person in India: Provided that-- (i) receipt of such income in India by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; (ii) having regard to the national interest, the foreign company and the agreement or.....

Finance Act, 2012, (Central) Section 75

Title: Amendment of Section 195

State: Central

Year: 2012

.....in sub-section (1),-- (i) for the words "any interest", the words, brackets, figures and letters "any interest (not being interest referred to in section 194LB or section 194LC)" shall be substituted; (ii) the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-- "Explanation 2.--For the removal of doubts, it is hereby clarified that the obligation to comply with sub-section (1) and to make deduction thereunder applies and shall be deemed to have always applied and extends and shall be deemed to have always extended to all persons, resident or non-resident, whether or not the non-resident person has-- (i) a residence or place of business or business connection in India; or (ii) any other presence in any manner whatsoever in India."; (b) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of July, 2012, namely:-- "(7) Notwithstanding anything contained in sub-section (1) and sub-section (2), the Board may, by notification in the Official.....

Banking Laws (Amendment) Act, 2012, (Central) Chapter III

Title: Amendment to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

State: Central

Year: 2012

Chapter III AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970

Banking Laws (Amendment) Act, 2012, (Central) Chapter IV

Title: Amendment to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

State: Central

Year: 2012

Chapter IV AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

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.....

Prevention of Moneylaundering (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

..... (ii) after Clause (h), the following Clause shall be inserted, namely" ˜(ha) "client" means a person who is engaged in a financial transaction or activity with a reporting entity and includes a person on whose behalf the person who engaged in the transaction or activity, is acting;'; (iii) after Clause (i), the following Clauses shall be inserted, namely" ˜(ia) "corresponding law" means any law of any foreign country corresponding to any of the provisions of this Act or dealing with offences in that country corresponding to any of the scheduled offences; (ib) "dealer" has the same meaning as assigned to it in Clause (b) of Section 2 of the Central Sales Tax Act, 1956 (74 of 1956);'; (iv) Clause (ja) shall be omitted; (v) for Clause (l), the following Clause shall be substituted, namely" ˜(l) "financial institution" means a financial institution as defined in Clause (c) of Section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a housing finance institution, an authorised person, a payment system operator, a non-banking financial company and the Department of Posts in the Government of India;'; (vi).....

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.....

Delhi Value Added Tax (Fourth Amendment) Act, 2012 Complete Act

State: Delhi

Year: 2012

.....to the price on which the retail outlets will sell these commodities to the consumer." Section 3 - Amendment or section 36A In the Principal Act, In section 36A,- (i) In sub-section (1), for the word 'two' occurring after the word 'of' and before the word 'percent' the word 'four' shall be substituted. (ii) In sub-section (1), proviso shall be omitted. (iii) In sub-section (1A), for the word 'two' occurring filler the word 'to' and before the word 'percent' the word 'four' shall be substituted. (iv) In sub-section (1A), proviso shall be omitted. Section 4 - Amendment of section 58A In the Principal Act, in section 58A,- (i) In sub-section (1), the words "at any stage of the proceeding under this Act," occurring after the word "If," shall be omitted (ii) for sub-section (2), the following shall be substituted, namely:- "(2) The expenses of, and incidental to, the examination and audit of records under sub-section (1), (Including the remuneration of the accountant or a panel of accountants or professional or panel of professionals) shall be determined and paid by the Commissioner and that determination shall be final." Section 5 - Amendment of section 95.....