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Finance Act, 1982 Chapter III

Title: Direct Taxes

State: Central

Year: 1982

.....and the rate at which the amount of deduction under sub-section (1) is to be calculated, the Central Government shall have regard to the following factors, namely :- (a) the cost of manufacture or production of such goods or merchandise and prices of similar goods or merchandise in the foreign markets; (b) the need to develop foreign markets for such goods or merchandise; (c) the need to earn foreign exchange; (d) any other relevant factor. (5) The deduction under sub-section (1) for any assessment year shall not exceed ten per cent. of the amount of income-tax otherwise payable by the assessee for that assessment year on the amount of profits and gains derived from the export of such goods or merchandise out of India. Explanation : For the purposes of this sub-section, the amount of income-tax otherwise payable by the assessee for an assessment year on the profits and gains derived from the export of such goods or merchandise out of India shall be - (a) in a case where the total income for that assessment year consists only of such profits and gains, the amount of income-tax chargeable (without any deduction under this section) on the total income; (b) in a case.....

Finance Act, 1982 Section 21

Title: Amendment of Section 80t

State: Central

Year: 1982

.....clause being treated as a separate category), the deduction of five thousand rupees referred to in this clause shall be allowed in the following order, namely :- (1) the deduction shall first be allowed against long-term capital gains relating to the assets mentioned in clause (i); (2) next, where the amount of the long-term capital gains relating to the assets mentioned in clause (i) is less than five thousand rupees, a deduction equal to the amount of the difference between five thousand rupees and such capital gains shall be allowed against the long-term capital gains relating to the assets mentioned in clause (ii); and (3) thereafter, the balance, if any, of the said five thousand rupees shall be allowed as a deduction against the long-term capital gains relating to the assets mentioned in clause (iii), and the provisions of sub-clause (A) and sub-clause (B) of this clause shall apply as if the references to five thousand rupees therein were references to the amount of deduction allowed in accordance with clauses (1), (2) and (3) of this proviso : Provided further that the aggregate amount of deduction under this section in relation to assets mentioned in clause.....

Finance Act, 1982 Section 12

Title: Insertion of New Section 54f

State: Central

Year: 1982

In the Income-tax Act, after section 54E, the following section shall be inserted with effect from the 1st day of April, 1983, namely :- '54F. Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house. - (1) Where, in the case of an assessee being an individual, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say, - (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the.....

Finance Act, 1982 Section 11

Title: Amendment of Section 54

State: Central

Year: 1982

In section 54 of the Income-tax Act, with effect from the 1st day of April, 1983, - (a) in sub-section (1), - (i) for the portion beginning with the words "Where a capital gain arises from the transfer of a capital asset" and ending with the words "a house property for the purposes of his own residence, then", the following shall be substituted, namely :- 'Where, in the case of an assessee being an individual the capital gain arises from the transfer of a long-term capital asset to which the provisions of section 53 are not applicable, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head "Income from house property" (hereafter in this section referred to as the original asset), and the assessee has within a period of one year before or after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house, then'; (ii) in clause (i), for the words "the house property", the words "the residential house" shall be substituted; (iii) the following Explanation shall be inserted at the end, namely :- 'Explanation : For the.....

The Payment of Salaries and Allowances (Amendment) Act, 1982 Complete Act

State: Kerala

Year: 1982

THE PAYMENT OF SALARIES AND ALLOWANCES (AMENDMENT) ACT, 1982 THE PAYMENT OF SALARIES AND ALLOWANCES (AMENDMENT) ACT, 1982 (ACT 2 OF 1982) [1] An Act further to amend the payment of Salaries and Allowances Act, 1951. Preamble.- WHEREAS it is expedient further to amend the Payment of Salaries and Allowances Act, 1951, for the purposes hereinafter appearing; BE it enacted in the Thirty-third Year of the Republic of India as follows: - 1. Short title and commencement.- (1) T his Act may be called the Payment of Salaries and Allowances (Amendment) Act, 1982. (2) It shall come into force at once. 2. Amendment of long title . -In the long title to the Payment of Salaries and Allowances Act, 1951 (XIV of 1951) (hereinafter refered to as the principal Act), for the words "the Leader of the Opposition and members", the words "the Leader of the Opposition, Chief Whip and members" shall be substituted. 3. Amendment of preamble.- In the preamble to the principal Act, for the words "and the Leader of the Opposition," the words "the Leader of the Opposition and the Chief Whip " shall be substituted. 4. Amendment of section 2. -In section 2 of the principal Act, after clause (f), the.....

Chaparmukh-slighat Railway Line and the Katakhal-lalbazar Railway Line (Nationalisation ) Act, 1982 Preamble 1

Title: Chaparmukh-slighat Railway Line and the Katakhal-lalbazar Railway Line Nationalisation ) Act, 1982

State: Central

Year: 1982

THE CHAPARMUKH-SLIGHAT RAILWAY LINE AND THE KATAKHAL-LALBAZAR RAILWAY LINE (NATIONALISATION ) ACT, 1982 [Act, No. 36 of 1982] [17th August, 1982] PREAMBLE Act to provide for the acquisition of the undertakings of the Chaparmukh0slighat Railway Company Limited, in relation to the Chaparmukh-Silghat Railway Line and the undertakings of the Katakhal-Lalabazar Railway Line with a view to securing the efficient operation of the said Railway lines so as to subserve the needs of the north-eastern areas of India and to protect the links of communication between the said areas and the rest of the country and for matters connected therewith or incidental thereto. WHEREAS the Chaparmukh - Silghat Railway Line owned by the Chaparmukh -silghat Railway Company Limited and the Katakhal-Lalabazar Railway line owned by the Katakhal-Lalabazar Railway Company Limited, are vital communication links between the north-eastern areas of India and the rest of the country; AND WHEREAS the said Railway Lines are integrated with the mete gauge system of the contiguous North-East Frontier Railway; AND WHEREAS the condition of assets of the aforesaid companies has reached such a stage that it.....

Finance Act, 1982 Section 31

Title: Insertion of New Twelfth Schedule

State: Central

Year: 1982

.....Eleventh Schedule, the following Schedule shall be inserted with effect from the 1st day of April, 1983, namely :- "THE TWELFTH SCHEDULE [See section 80T(b)] The deduction in respect of long-term capital gains referred to in section 80T shall be allowed on the basis indicated hereunder, namely :- ------------------------------------------------------------------------ Rate as percentage of the amount with reference to which the deduction is to be calculated under section 80T ------------------------------------------------------------------------ (1) (2) (3) ------------------------------------------------------------------------ Where the capital Where the capital gains relate to gains relate to buildings or any other capital lands or any assets rights therein ------------------------------------------- Where the capital asset has been held by the assessee for - more than three years but not more than five years; 25% 40% more than five years but not more than ten years; 28% 45% more than ten years but not more than fifteen years; 33% 50% more than fifteen years but not more than twenty years; 37% 55% .....

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 11

Title: Transfer of Service of Existing Officers and Employees of the Sikkim Bank to the Co-operative Bank

State: Central

Year: 1982

.....whether he has so observed such conditions the question shall be determined by the State Government. (3) Notwithstanding anything contained in sub-section (1) or sub-section (2) no appointment made or promotion, increment in salary, pension allowance or any other benefit granted to any person after the 16th day of November 1976, and before the appointed day which would not ordinarily have been made or granted or which would not ordinarily have been admissible under the rules or authorisation of the Sikkim, Bank or of any provident fund or other fund in force prior to the 16th day of November 1976., shall have effect or be payable or claimable from the co-operative bank or from any provident fund, pension or other fund or from any authority administering the fund, unless the State Government has by general or special order, confirmed the appointment promotion or increment or has directed the continued grant of the pension allowance or other benefit as the case may be. (4) Notwithstanding anything contained in the Industrial Disputes Act.1947 (14 of 1947), or in any other law for the time being in force, the transfer of the services of any officer or other employee of the.....

Chaparmukh Silghat Railway Line and the Katakhal Lalabazar Railway Line (Nationalisation) Act, 1982 Complete Act

State: Central

Year: 1982

..... SECTION 01: SHORT TITLE This Act may be called The Chaparamukh-Silghat Railway Line and the Katakhal -Lalabazar Railway Line (Nationalisation) Act, 1982. SECTION 02: DEFINITIONS In this act, unless the context otherwise requires,- (a) "appointed day" means the day on which this Act comes into force; (b) "notification" means a notification published in the Official Gazette; (c) "specified company" means a company specified in clause (d); (d) "two specified companies" means- (i) the Chaparmukh-Silghat Railway Company Limited, being a company as defined in the Companies Act, 1956-and having its registered office at, 12 mission Row, Calcutta; and (ii) the Katakhal -Laiabazar Railway Company Limited being a company as defined inthe Companies Act, 1956-and having its registered office at Mcleod House, 3 Netaji Subhash Road, Calcutta; (e) "undertaking" means,- (i) in relation to the Chaparmukh-Silghat Railway Company Limited, the Chaparmukh Silghat Railway Line and all other undertakings of that company relating to that Railway line; (ii) in relation to the Katakhal-Laiabazar Railway Company Limited, the Katakhal-Lalabazar Railway line and all other undertakings of.....

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Complete Act

State: Central

Year: 1982

.....obligations of whatever kind then subsisting of the Sikkim Bank in relation to its undertakings. (2) Unless otherwise expressly provided in this Act, all contracts deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the Sikkim Bank is a party or which are in favour of the said Bank shall be of as full force and effect against or in favour of the Central Government. (3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any business of the undertakings which have been transferred underSection 4-is pending by or against the Sikkim Bank, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the undertakings of the Sikkim Bank: or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government. SECTION 06: VESTING OF THE SHARES AND UNDERTAKINGS OF SIKKIM BANK IN THE STATE GOVERNMENT (1) Notwithstanding anything contained in sections 3-,4-and5-,.....