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Banking Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and to make consequential amendments in certain other enactments. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:" CHAPTER I PRELIMINARY 1. Short title and commencement." (1) This Act may be called the Banking Laws (Amendment) Act, 2012. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING REGULATION ACT, 1949 2. Amendment of Section 50." In Section 5 of the Banking Regulation Act, 1949 (hereinafter in the chapter referred to as the principal Act), for Clause (a), the following Clause shall be substituted, namely" ˜( a) ˜˜approved securities'' means the securities issued by the Central Government or any State Government or such other securities as may be specified by the.....

Finance Act, 2012, (Central) Section 42

Title: Amendment of Section 115a

State: Central

Year: 2012

In section 115A of the Income-tax Act, with effect from the 1st day of July, 2012, in sub-section (1), in clause (a),-- (a) in sub-clause (ii), for the word, brackets, figures and letter "clause (iia)", the words, brackets, figures and letters "sub-clause (iia) or sub-clause (iiaa)" shall be substituted; (b) after sub-clause (iia), the following sub-clause shall be inserted, namely:-- "(iiaa) interest of the nature and extent referred to in section 194LC; or"; (c) in item (BA), after the word, brackets, figures and letter "sub-clause (iia)", the words, brackets, figures and letters "or sub-clause (iiaa)" shall be inserted; (d) in item (D), after the word, brackets, figures and letter "sub-clause (iia)", the word, brackets, figures and letters ", sub-clause (iiaa)" shall be inserted.

Finance Act, 2012, (Central) Section 43

Title: Amendment of Section 115bba

State: Central

Year: 2012

In section 115BBA of the Income-tax Act, with effect from the 1st day of April, 2013,-- (a) in sub-section (1),-- (i) in clause (b), the word "; or" shall be inserted at the end; (ii) after clause (b), and before the words "the income-tax payable by the assessee", the following clause shall be inserted, namely:-- "(c) being an entertainer, who is not a citizen of India and is a non-resident, includes any income received or receivable from his performance in India,"; (iii) for the words, brackets and letters "clause (a) or clause (b)", wherever they occur, the words, brackets and letters "clause (a) or clause (b) or clause (c)" shall respectively be substituted; (iv) after the words 'the income-tax payable by the assessee shall be the aggregate of--", in clause (i), for the words "ten per cent.", the words "twenty per cent." shall be substituted; (b) in sub-section (2), in clause (a), for the words, brackets and letters "clause (a) or clause (b)", the words, brackets and letters "clause (a) or clause (b) or clause (c)" shall be substituted.

Banking Laws (Amendment) Act, 2012, (Central) Section 7

Title: Amendment of Section 24

State: Central

Year: 2012

In section 24 of the principal Act,-- (a) in sub-section (4), in clause (a), the words, brackets and letter "clause (a) of" shall be omitted; (b) in sub-section (5), in clause (b), the words, brackets and letter "clause (a) of" shall be omitted; (c) in sub-section (8), the words, brackets and letter "clause (a) of" shall be omitted.

Finance Act, 2012, (Central) Section 110

Title: Amendment of Section 17

State: Central

Year: 2012

.....financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year."; (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:-- "(c) where a person is found to have any asset (including financial interest in any entity) located outside India."; (iv) the Explanation shall be numbered as Explanation 1 thereof, and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:-- "Explanation 2.--For the removal of doubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.".

Finance Act, 2012, (Central) Section 16

Title: Amendment of Section 49

State: Central

Year: 2012

In section 49 of the Income-tax Act, in sub-section (1), in clause (iii), in sub-clause (e), for the words, brackets, figures and letter "clause (xiiib) of section 47", the words, brackets, figures and letter "clause (xiii) or clause (xiiib) or clause (xiv) of section 47" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1999.

Finance Act, 2012, (Central) Section 62

Title: Amendment of Section 149

State: Central

Year: 2012

In section 149 of the Income-tax Act, with effect from the 1st day of July, 2012,-- (A) in sub-section (1),-- (i) in clause (a), after the word, brackets and letter "clause (b)", the words, brackets and letter "or clause (c)" shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely:-- "(c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment."; (B) in sub-section (3), for the words "two years", the words "six years" shall be substituted; (C) after sub-section (3), the following Explanation shall be inserted, namely:-- "Explanation.--For the removal of doubts, it is hereby clarified that the provisions of sub-sections (1) and (3), as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.".

Finance Act, 2012, (Central) Section 9

Title: Amendment of Section 35ad

State: Central

Year: 2012

In section 35AD of the Income-tax Act,-- (a) after sub-section (1), the following sub-section shall be inserted with effect from the 1st day of April, 2013, namely:-- "(1A) Where the specified business is of the nature referred to in sub-clause (i) or sub-clause (ii) or sub-clause (v) or sub-clause (vii) or sub-clause (viii) of clause (c) of sub-section (8) and has commenced its operations on or after the 1st day of April, 2012, the deduction under sub-section (1) shall be allowed of an amount equal to one and one-half times of the expenditure referred to therein."; (b) in sub-section (5), with effect from the 1st day of April, 2013,-- (A) in clause (ae), the word "and" shall be omitted; (B) after clause (ae), the following clauses shall be inserted, namely:-- "(af) on or after the 1st day of April, 2012, where the specified business is in the nature of setting up and operating an inland container depot or a container freight station notified or approved under the Customs Act, 1962(52 of 1962); (ag) on or after the 1st day of April, 2012, where the specified business is in the nature of bee-keeping and production of honey and beeswax; (ah) on or after the 1st day.....

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.....

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.....