Bare Act Search Results

Finance (No. 2) Act, 2004 Chapter 3

Title: Direct Taxes

State: Central

Year: 2004

.....interest, commission or brokerage, fees forprofessional services or fees for technical services payable to a resident, oramounts payable to a contractor or subcontractor,being resident, for carrying out any work (including supply of labour forcarrying out any work), on which tax is deductible at source under ChapterXVII_B and such tax has not beendeducted or, after deduction, has not been paid during the previous year, or inthe subsequent year before theexpiry of the time prescribed under sub-section(1) of section 200; Provided that where in respect of any such sum, tax has been deductedin any subsequent year or, has been deducted in theprevious year but paid in anysubsequent year after the expiryof the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previousyear in which such tax has been paid. Explanation.--for the purposes of this sub-clause,-- (i) "commission or brokerage" shall have the same meaning as in clause (i) ofthe Explanation to section 194H; (ii) "fees for technical services" shall have the same meaning as in Explanation 2toclause (vii) of sub-section (1) ofsection 9; (iii).....

Finance (No.2) Act, 2004 Complete Act

State: Central

Year: 2004

FINANCE (NO.2) ACT, 2004 FINANCE (NO.2) ACT, 2004 22 of 2004 PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2004- BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows: CHAPTER 1: PRELIMINARY: SECTION : Short Title and Commencement: (1) This Act may be called the Finance (No. 2) Act, 2004. (2) Save as otherwise provided in this Act, (S.2) to (S.60) shall lie deemed to have come into force on the 1st day of April, 2004. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2004, 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 under Chapter VIII-A of the Income-tax Act, (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.....

Finance (No. 2) Act, 2004 Chapter 5

Title: Service Tax

State: Central

Year: 2004

.....clause shall be inserted, namely:-- '(46a) "forwardcontract" has the meaning assigned to it in clause (c) of section 2 of theForward Contracts (Regulation) Act, 1952(74 of 1952);'; (x) after clause (50), the following clauses shall beinserted, namely:-- '(50a) "goodscarriage" has the meaning assigned to it in clause (14) of section2 of the Motor Vehicles Act, 1988(59 of 1988); (50b) "goodstransport agency" means any commercial concern which provides service inrelation to transport of goods by road and issues consignment note, by whatevername called;'; (xi)after clause (55), the following clauses shall be inserted, namely:-- '(55a) "intellectualproperty right" means any right to intangible property, namely, trademarks, designs, patents or any other similar intangible property, under any lawfor the time being in force, but does not include copyright; (55b) "intellectualproperty service" means,-- (a)transferring, whetherpermanently or otherwise; or (b)permitting the use orenjoyment of, any intellectual property right;'; (xii) after clause (75), the following clauses shall beinserted, namely:-- '(75a) "opinion poll" means any service designedto secure.....

The Kerala Finance Act, 2004 [1] Complete Act

State: Kerala

Year: 2004

..... 50 5. Dyeing and textile printing contract 50 6. Photography and Printing contract 30 7. Sculptural contracts or contracts relating to arts 70 8. Refrigeration, air conditioning or other machinery,rolling shutters, cranes, installation contract 15 9. All other contract 30"; in section -7, ( i ) in sub-section (1)," (a) for clause (a) and the Explanation the following clause and explanation shall be substituted, namely:" "(a) Any dealer in gold or silver ornaments or wares, may at his option instead of paying tax in accordance with the provisions of that sub section, pay tax at one hundred and thirty per cent of the tax payable by him as conceded in the return or accounts or the tax paid for the previous consecutive three years whichever is higher. Explanation:-- Forthe purpose of this clause "tax payable as conceded in the return or accounts for the previous consecutive three years means tax payable on the sales turnover under sub-section (1) of section 5 and the tax payable on the purchase turnover under section 5A." (b) after clause (a), the following clause shall be.....

Finance (No. 2) Act, 2004 Section 90

Title: Amendment of Act 32 of 1994

State: Central

Year: 2004

.....clause shall be inserted, namely:-- '(46a) "forwardcontract" has the meaning assigned to it in clause (c) of section 2 of theForward Contracts (Regulation) Act, 1952(74 of 1952);'; (x) after clause (50), the following clauses shall beinserted, namely:-- '(50a) "goodscarriage" has the meaning assigned to it in clause (14) of section2 of the Motor Vehicles Act, 1988(59 of 1988); (50b) "goodstransport agency" means any commercial concern which provides service inrelation to transport of goods by road and issues consignment note, by whatevername called;'; (xi)after clause (55), the following clauses shall be inserted, namely:-- '(55a) "intellectualproperty right" means any right to intangible property, namely, trademarks, designs, patents or any other similar intangible property, under any lawfor the time being in force, but does not include copyright; (55b) "intellectualproperty service" means,-- (a)transferring, whetherpermanently or otherwise; or (b)permitting the use orenjoyment of, any intellectual property right;'; (xii) after clause (75), the following clauses shall beinserted, namely:-- '(75a) "opinion poll" means any service designedto secure.....

Finance (No. 2) Act, 2004 Section 5

Title: Amendment of Section 10

State: Central

Year: 2004

.....or other authority; (38) any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund where-- (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter. Explanation.--for the purposes of this clause, "equity oriented fund" means a fund- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than fifty per cent. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund specified under clause (23D): Provided that the percentage of equity share holding of the fund shall be computed with reference to the, annual average of the monthly averages of the opening and closing figures.'.

Finance (No. 2) Act, 2004 Section 30

Title: Insertion of New Chapter Xii-g

State: Central

Year: 2004

.....excess shall not form part of the relevant shipping income for the purposes of this Chapter and shall be taxable under the other provisions of this Act. (2) The core activities of a tonnage tax company shall be-- (i) its activities from operating qualifying ships; and (ii) other ship-related activities mentioned as under:-- (A) shipping contracts in respect of-- (i) earning from pooling arrangements; (ii) contracts of affreightment. Explanation.--for the purposes of this sub-clause,-- (a) "pooling arrangement" means an agreement between two or more persons for providing services through a pool or operating one or more ships and sharing earnings or operating profits on the basis of mutually agreed terms; (b) "contract of affreightment" means a service contract under which a tonnage tax company agrees to transport a specified quantify of specified products at a specified rate, between designated loading and discharging ports over a specified period; (B) specific shipping trades, being-- (i) on-board or on-shore activities of passenger ships comprising of fares and food and beverages consumed on board; (ii) slot charters, space charters, joint charters,.....

Finance (No. 2) Act, 2004 Chapter 4

Title: Indirect Taxes

State: Central

Year: 2004

.....of them, the entry "50%" shall be substituted. Section 79 to 88 - Excise Section 79 - Amendment of Section 9A Section 9A of the Central Excise Act, 1944(1 of 1944) (hereinafter referred to as the Central Excise Act) shall be re-numbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:-- "(2) Any offence under this Chapter may, either before or after the institution of prosecution, be compounded by the Chief Commissioner of Central Excise on payment, by the person accused of the offence to the Central Government, of such compounding amount as may be prescribed.". Section 80 - Amendment of Section 11 In section 11 of the Central Excise Act, the following proviso shall be inserted at the end, namely:- "Provided that where the person (hereinafter referred to as predecessor) from whom the duty or any other sums of any kind, as specified in this section, is recoverable or due, transfers or otherwise disposes of his business or trade in whole or in part, or effects any change in the ownership thereof, in consequence of which he is succeeded in such business or trade by any other person, all.....

Finance (No. 2) Act, 2004 Schedule 1

Title: The First Schedule

State: Central

Year: 2004

..... (4) Notwithstanding anything contained in this Rule, no loss which has not been determined by the Assessing Officer under the provisions of these Rules or the Rules contained in Part IV of the First Schedule to the Finance (No. 2) Act, 1996 (33 of 1996), or of the First Schedule to the Finance Act, 1997 (26 of 1997), or of the First Schedule to the Finance (No. 2) Act, 1998 (21 of 1998), or of the First Schedule to the Finance Act, 1999 (27 of 1999), or of the First Schedule to the Finance Act, 2000 (10 of 2000), or of the First Schedule to the Finance Act, 2001 (14 of 2001), or of the First Schedule to the Finance Act, 2002 (20 of 2002), or of the First Schedule to the Finance Act, 2003 (32 of 2003), shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). Rule 9 Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10 The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Chapter 2

Title: Amendments to the Securitisation and Reconstructionof Financial Assets and Enforcement of Security Interest Act, 2002

State: Central

Year: 2004

.....section 18 or section 18A, holds that the possession of secured assets by the secured creditor is not in accordance with the provisions of this Act and rules made thereunder and directs the secured creditors to return such secured assets to the concerned borrowers, such borrower shall be entitled to the payment of such compensation and costs as may be determined by such Tribunal or Court of District Judge or Appellate Tribunal or the High Court referred to in section 18B.". Section 15 - Amendment of section 25 In section 25 of the principal Act,-- (a) after sub-section (1), the following sub-section shall be inserted, namely:-- "(1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register." (b) in sub-section (2), for the words "The Central Registrar shall, on receipt of such intimation", the words, brackets and figures "If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation" shall be substituted. Section 16 -.....