Bare Act Search Results

Finance Act, 2003 Complete Act

State: Central

Year: 2003

FINANCE ACT, 2003 FINANCE ACT, 2003 May 14, 2003 An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004 BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act, 2003. (2) Save as otherwise provided in this Act, sections 2 to 103 [except clause (b) of section 92] shall be deemed to have come into force on the 1st day of April, 2003. SECTION 02: INCOME TAX (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2003, income tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income tax calculated underChapter VII-Aof theIncome-lax Act, 1961-(43 of 1961) (hereinafter referred to as the Income tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income.....

Finance Act, 2003 Section 45

Title: Insertion of New Section 80rrb

State: Central

Year: 2003

.....respectively assigned to them in clause (o) of sub-section (1) of section 2 of the Patents Act, 1970(39 of 1970); (g) "royalty", in respect of a patent, means consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head "Capital gains" or consideration for sale of product manufactured with the use of patented process or of the patented article for commercial use) for-- (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent; or (ii) the imparting of any information concerning the working of, or the use of", a patent; or (iii) the use of any patent; or (iv) the rendering of any services in connection with the activities referred to in sub-clauses (i) to (iii); (h) "true and first inventor" shall have the meaning assigned to it in clause (y) of sub-section (1) of section 2 of the Patents Act, 1970(39 of 1970).'.

Finance Act, 2003 Chapter III

Title: Direct Taxes

State: Central

Year: 2003

.....of April, 2004, namely:-- 'Explanation 2.--For the removal of doubts, it is hereby declared that "business connection" shall include any business activity carried out through a person who, acting on behalf of the non-resident,-- (a) has and habitually exercises in India, an authority to conclude contracts on behalf of the non-resident, unless his activities are limited to the purchase of goods or merchandise for the non-resident; or (b) has no such authority, but habitually maintains in India a stock of goods or merchandise from which he regularly delivers goods or merchandise on behalf of the non-resident; or (c) habitually secures orders in India, mainly or wholly for the non-resident or for that non-resident and other non-residents controlling, controlled by, or subject to the same common control, as that non-resident: Provided that such business connection shall not include any business activity carried out through a broker, general commission agent or any other agent having an independent status, if such broker, general commission agent or any other agent having an independent status is acting in the ordinary course of his business: Provided further that where.....

Finance Act, 2003 Chapter V

Title: Service Tax

State: Central

Year: 2003

.....by any motor vehicle manufacturer, to carry out any service or repair of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (11) "banking company" has the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934(2 of 1934); (12) "banking and other financial service" means-- (a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate, namely:- (i) financial leasing services including equipment leasing and hire-purchase by a body corporate; (ii) credit card services; (iii) merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trust services, but does not include cash management; (vi) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers.....

Finance Act, 2003 Section 159

Title: Amendment of Act 32 of 1994

State: Central

Year: 2003

.....by any motor vehicle manufacturer, to carry out any service or repair of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (11) "banking company" has the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934(2 of 1934); (12) "banking and other financial service" means-- (a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate, namely:- (i) financial leasing services including equipment leasing and hire-purchase by a body corporate; (ii) credit card services; (iii) merchant banking services; (iv) securities and foreign exchange (forex) broking; (v) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trust services, but does not include cash management; (vi) advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers.....

Indian Medicine Central Council (Amendment) Act, 2003 Section 3

Title: Substitution of New Chapter for Chapter Iia

State: Central

Year: 2003

.....to such person or medical college to rectify the defects, if any, specified by the Central Council; (b) consider the scheme, having regard to the factors referred to in sub-section (8) and submit it to the Central Government together with its recommendations thereon within a period not exceeding six months from the date of receipt of the reference from the Central Government. (5) The Central Government may, after considering the scheme and recommendations of the Central Council under sub-section (4) and after obtaining, where necessary, such other particulars as may be considered necessary by it from the person or medical college concerned and having regard to the factors referred to in sub-section (8), either approve the scheme with such conditions, if any, as it may consider necessary or disapprove the scheme and any such approval shall constitute as a permission under sub-section (1): Provided that no scheme shall be disapproved by the Central Government except after giving the person or medical college concerned a reasonable opportunity of being heard: Provided further that nothing in this sub-section shall prevent any person or medical college whose scheme has not.....

Establishment of New Medical College, Opening of New or Higher Course of Study or Training and Increase of Admission Capacity by a Medical College Regulations, 2003 Complete Act

State: Central

Year: 2003

.....a new or higher course of Rupees Two lakhs per course study or training (c) to increase admission capacity Rupees Two lakhs Regulation 9 Permission Order The order passed by the Central Government under subsection (9) of Section 13-A shall clearly indicate the preliminary requirement about setting up of buildings, infrastructural facilities, medical and allied equipments, faculty and staff before admitting the first batch of students. APPENDIX 1 APPLICATION FOR PERMISSION TO ESTABLISH A NEW MEDICAL COLLEGE APPENDIX 2 APPLICATION FOR PERMISSION TO OPEN A NEW OR HIGHER COURSE OF STUDY OR TRAINING APPENDIX 3 APPLICATION FOR PERMISSION TO INCREASE THE ADMISSION CAPACITY APPENDIX 4 No OBJECTION CERTIFICATE FROM THE STATE GOVERNMENT APPENDIX 5 CONSENT OF AFFILIATION APPENDIX 6 RECOMMENDATION OF THE CENTRAL COUNCIL OF INDIAN MEDICINE SCHEDULE 1 SCHEDULE FOR RECEIPT AND PROCESSING OF THE APPLICATIONS (See Regulation 5) schedule for receipt and processing of the applications SI. No. State of processing Last Date 1. 2. 3. Receipt of applications by the Central Government Forwarding of applications by Central Government to Central Council of Indian Medicine for technical scrutiny .....