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Finance Act 1978 Chapter III

Title: Direct Taxes

State: Central

Year: 1978

.....unadjusted capital gain.". Section 13 - Amendment of Section 54E In section 54E [as directed to be inserted by section 13 of the Finance (No. 2) Act, 1977 (29 of 1977)] of the Income-tax Act, - (a) in sub-section (1), (i) in Explanation 1, - (1) in the opening portion, after the words "For the purposes of this sub-section", the words, brackets and figure "and sub-section (3)" shall be inserted; (2) in clause (v), the words, figures and letters ", where the investment in such shares is made before the 1st day of March, 1978" shall be inserted at the end; (3) after clause (v), the following clause shall be inserted, namely :- "(va) equity shares forming part of any eligible issue of capital where the investment in such shares is made after the 28th day of February, 1978;"; (ii) Explanation 2 shall be renumbered as Explanation 4 and before the Explanation as so renumbered, the following Explanations shall be inserted, namely :- Explanation 2 : "Eligible issue of capital" shall have the meaning assigned to it in sub-section (3) of section 80CC. Explanation 3 : An assessee shall not be deemed to have invested the full value of the consideration or any part.....

Delhi Police Act, 1978 Complete Act

State: Delhi

Year: 1978

.....Act, 1955, or under section 12 of that Act in so far as it relates to satta gambling or on two or more occasions under any other provisions of that Act (including section 12 of that Act in so far as it does not relate to satta gambling); or (c) of any offence under the Suppression of Immoral Traffic in Women and Girls Act, 1956; or (d) of any offence under section 25, section 26, section 27, section 28 or section 29 of the Arms Act, 1959; or (e) of any offence under section 135 of the Customs Act, 1962; or (f) of any offence under section 61, section 63 or section 66, of the Punjab Excise Act, 1955, as in Delhi; or (g) on two or more occasions of an offence under (i) the Opium Act, 1878; or (ii) the Dangerous Drugs Act, 1930; or (iii) the Drugs and Cosmetics Act, 1940; or (iv) section 11 of the Bombay Prevention of Begging Act, 1959, as in force in Delhi; or (h) on three or more occasions of an offence under section 105 or section 107 of this Act, the Commissioner of Police may, if he has reason to believe that such person is likely again to engage himself in the commission of any of the offences referred to in this section, by order in writing, direct such.....

Delhi Police Act, 1978 Complete Act

State: Central

Year: 1978

.....XVI or Chapter XVII of the Indian Penal Code, 1860 (45 of 1860)-; or (b) of an offence under Section 3-orSection 4 of the Delhi Public Gambling Act, 1955 (Delhi Act 9 of 1955)-, or under Section 12-of that Act in so far as it relates to satta gambling or on two or more occasions under any other provision of that Act (including Section 12-of that Act in so far as it does not relate to satta gambling); or (c) of any offence under the Suppression of Immoral Traffic in Women and Girls Act, 1956 (104 of 1956); or (d) of any offence under Section 25-,Section 26-,Section 27-,Section 28-orSection 29 of the Arms Act, 1959 (54 of 1959)-; or (e) of any offence under Section 135 of the Customs Act, 1962 (52 of 1962)-; or (f) of any offence under Section 61,Section 63orSection 66of the Punjab Excise Act, 1955 (Punjab Act No. 18 of 1955), as in force in Delhi; or (g) on two or more occasions of an offence under- (i)the Opium Act, 1878 (1 of 1878)-; or (ii)the Dangerous Drugs Act, 1930 (2 of 1930); or (iii)the Drugs and Cosmetics Act, 1940 (23 of 1940); or (iv)Section 11 of the Bombay Prevention of Begging Act, 1959 (Bombay Act No. 10 of 1960), as in force in Delhi; or (h) on three or more.....

Finance Act, 1978 Complete Act

State: Central

Year: 1978

.....Be it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act maybe called The Finance Act, 1978. (2) Save as otherwise provided in this Act, sections 2-to33-and section 40 shall be deemed to have come into force on the 1st day of April, 1978. SECTION 02: INCOME-TAX (1) Subject lo the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 1978, income-tax shall be charged at the rates specified in part I of the Schedule and shall be increased, - (a) in the cases to which Paragraphs A, B, C and D of that Part apply, by a surcharge for purposes of the Union; and (b) in the cases to which paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein. (2) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of part I of the Schedule applies, where the assessee has in the previous year, any net agricultural income, in addition to total income, and the total income exceeds ten thousand rupees, then, - (a) the net agricultural income shall be taken into account, in the manner provided in.....

Finance Act 1978 Chapter II

Title: Rates of Income-tax

State: Central

Year: 1978

.....the Schedule. (5) Subject to the provisions of sub-section (6), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9) of section 80E of the said Act from any payment referred to in the said sub-section (9) or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be so calculated, charged, deducted or computed at the rates specified in Part III of the Schedule : Provided that in cases to which the provisions of Chapter XII of section 164 of the Income-tax Act apply, "advance tax" shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be. (6) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A.....

Finance Act 1978 Section 2

Title: Income-tax

State: Central

Year: 1978

.....the Schedule. (5) Subject to the provisions of sub-section (6), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9) of section 80E of the said Act from any payment referred to in the said sub-section (9) or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be so calculated, charged, deducted or computed at the rates specified in Part III of the Schedule : Provided that in cases to which the provisions of Chapter XII of section 164 of the Income-tax Act apply, "advance tax" shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be. (6) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A.....

Finance Act 1978 Section 13

Title: Amendment of Section 54e

State: Central

Year: 1978

.....the following Explanations shall be inserted, namely :- Explanation 2 : "Eligible issue of capital" shall have the meaning assigned to it in sub-section (3) of section 80CC. Explanation 3 : An assessee shall not be deemed to have invested the full value of the consideration or any part thereof in any equity shares referred to in clause (va) of Explanation 1, unless the assessee has subscribed to or purchased the shares in the manner specified in sub-section (4) of section 80CC.; (b) after sub-section (1), the following sub-section shall be inserted, namely :- "(1A) Where the assessee deposits after 27th day of April; 1978, the full value of the consideration or any part thereof received or accruing as a result of the transfer of the original asset in any new asset, being a deposit referred to in clause (vi) of Explanation 1 below sub-section (1), the cost of such new asset shall not be taken into account for the purposes of that sub-section unless the following conditions are fulfilled, namely :- (a) the assessee furnishes, along with the deposit, a declaration in writing, to the bank or the co-operative society referred to in the said clause (vi) with which such.....

Finance Act 1978 Section 31

Title: Amendment of Section 273

State: Central

Year: 1978

.....in connection with the regular assessment for any assessment year, is satisfied that any assessee - (a) has furnished under clause (a) of sub-section (1) of section 209A a statement of the advance tax payable by him which he knew or had reason to believe to be untrue, or (b) has without reasonable cause failed to furnish a statement of the advance tax payable by him in accordance with the provisions of clause (a) sub-section (1) of section 209A, he may direct that such person shall, in addition to the amount of tax, if any, payable by him, pay by way of penalty, a sum - (i) which, in the case referred to in clause (a), shall not be less than ten per cent. but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of - (1) seventy-five per cent. of the assessed tax as defined in sub-section (5) of section 215, or (2) the amount which would have been payable by way of advance tax if the assessee had furnished a correct and complete statement in accordance with the provisions of clause (a) of sub-section (1) of section 209A,.....

Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 Chapter III

Title: Amendments to the Deposit Insurance Corporation Act, 1961

State: Central

Year: 1978

..... (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any financial institution within the meaning of clause (c) of section 451 of the Reserve Bank of India Act, 1934 (2 of 1934); (4) in section 3, after sub-section (1), the following sub-section shall be inserted, namely: -- "(1A) Any reference in this Act to the Deposit.....

Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 Section 8

Title: Amendment of the Deposit Insurance Corporation Act, 1961

State: Central

Year: 1978

..... (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any financial institution within the meaning of clause (c) of section 451 of the Reserve Bank of India Act, 1934 (2 of 1934); (4) in section 3, after sub-section (1), the following sub-section shall be inserted, namely: -- "(1A) Any reference in this Act to the Deposit.....