Bare Act Search Results

Finance Act, 1992 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1992

.....section 3 of the Companies Act, 1956 (1 of 1956); (c) "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956).'. Section 15 - Amendment Of Section 37 In section 37 of the Income-tax Act, for sub-sections (2) and (2A), the following sub-section shall be substituted with effect from the 1st day of April, 1993, namely :- '(2) Notwithstanding anything contained in sub-section (1), any expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year commencing on the 1st day of April, 1992 shall be allowed as follows :- (a) where the amount of such expenditure does not exceed ten thousand rupees, the whole of such amount; (b) in any other case, ten thousand rupees as increased by a sum equal to fifty per cent. of such expenditure in excess of ten thousand rupees. Explanation : For the purposes of this sub-section, "entertainment expenditure" includes - (i) the amount of any allowance in the nature of entertainment allowance paid by the assessee to any employee or other person; (ii) the amount of any expenditure in the nature of entertainment expenditure [not being.....

Finance Act, 1992 Section 53

Title: Insertion of New Section 112

State: Central

Year: 1992

.....Government in this behalf; (b) "venture capital undertaking" means such company as the prescribed authority may, having regard to the following factors, approve for the purposes of this sub-section, namely :- (1) the total investment in the company does not exceed ten crore rupees or such other higher amount as may be prescribed; (2) the company does not have adequate financial resources to undertake projects for which it is otherwise professionally or technically equipped; and (3) the company seeks to employ any technology which will result in significant improvement over the existing technology in India in any field and the investment in such technology involves high risk. (2) Where the gross total income of an assessee includes any income arising from the transfer of a long-term capital asset, the gross total income shall be reduced by the amount of such income and the deduction under Chapter VI-A shall be allowed as if the gross total income as so reduced were the gross total income of the assessee. (3) Where the total income of an assessee includes any income arising from the transfer of a long-term capital asset, the total income shall be reduced by the.....

Finance Act, 1992 Section 56

Title: Insertion of New Section 115ac

State: Central

Year: 1992

.....(b) includes any income referred to in clause (a) or clause (b) of sub-section (1) the gross total income shall be reduced by the amount of such income and the deduction under Chapter VI-A shall be allowed as if the gross total income as so reduced, were the gross total income of the assessee. (3) Nothing contained in the first and second provisos to sub-section (1) of section 48 shall apply for the computation of long-term capital gains arising out of the transfer of long-term capital asset, being bonds or shares referred to in clause (b) of sub-section (1). (4) It shall not be necessary for a non-resident to furnish under sub-section (1) of section 139 a return of his income if - (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of income referred to in clause (a) of sub-section (1); and (b) the tax deductible at source under the provisions of Chapter XVII-B has been deducted from such income.".

Central Agricultural University Act, 1992 Complete Act

State: Central

Year: 1992

.....to take or has been taken by it upon the results of such inspection or inquiry. (8) Where the Board does not, within a reasonable time, take action to the satisfaction of the Visitor, the Visitor may, after considering any explanation furnished or representation made by the Board, issue such directions as he may think fit and the Board shall be bound to comply with such directions. (9) Without prejudice to the foregoing provisions of this section, the Visitor may, by an order in writing, annul any proceeding of the University which is not in conformity with this Act, the Statutes or the Ordinances: Provided that before making any such order, he shall call upon the University to show cause why such an order should not be made and, if any cause is shown within a reasonable time, he shall consider the same. (10) The Visitor shall have such other powers as may be specified by the Statutes. SECTION 09: OFFICERS OF THE UNIVERSITY -The following shall be the officers of the Univer - sity, namely:- (1) the Chancellor; (2) the Vice-Chancellor; (3) Deans; (4) Directors; (5) the Registrar; (6) the Comptroller; and (7) such other officers as may be prescribed by the.....

Finance Act, 1992 Section 24

Title: Substitution of New Section for Section 48

State: Central

Year: 1992

For section 48 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1993, namely :- 48. Mode of computation. - The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :- (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto : Provided that in the case of an assessee, who is a non-resident, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an Indian company shall be computed by converting the cost of acquisition, expenditure incurred wholly and exclusively in connection with such transfer and the full value of the consideration received or accruing as a result of the transfer of the capital asset into the same foreign currency as was initially utilised in the purchase of the shares or debentures, and the capital gains so computed in such foreign currency shall be reconverted into Indian currency, so.....

Finance Act, 1992 Complete Act

State: Central

Year: 1992

.....Be it enacted by Parliament in the Forty-third Year of the Republic of India as follows :--- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called The Finance Act. 1992. (2) Save as otherwise provided in this Act Sections 2-to108,116and117[except sections61.109. sub-section (1) of section 110andsections 112and113shall be deemed to have come into force on the 1st day of April, 1992. 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. 1992, 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 section 88 of the Income-tax Act. 1961(hereinafter referred to as the Income-tax Act) 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 Paragraphs A, B. 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 First Schedule applies, where the.....

Finance Act, 1992 Section 30

Title: Amendment of Section 54e

State: Central

Year: 1992

In section 54E of the Income-tax Act, - (i) in sub-section (1), - (a) after the words "long-term capital asset", the words, figures and letters "before the 1st day of April, 1992" shall be inserted; (b) in the second proviso, the words, figures and letters "or the 31st day of March, 1992, whichever is earlier" shall be inserted at the end; (ii) after sub-section (1B), the following sub-section shall be inserted, namely :- "(1C) Notwithstanding anything contained in sub-section (1), where the capital gain arises from the transfer of the original asset, made after the 31st day of March, 1992, in respect of which the assessee had received any amount by way of advance on or before the 29th day of February, 1992, and had invested or deposited the whole or any part of such amount in the new asset on or before the later date, then, the provisions of clauses (a) and (b) of sub-section (1) shall apply in the case of such investment or deposit as they apply in the case of investment or deposit under that sub-section."

Finance Act, 1992 Section 79

Title: Amendment of Section 206c

State: Central

Year: 1992

.....in the prescribed form that to the best of his belief any of the goods referred to in the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the provisions of this sub-section shall not apply so long as the certificate is in force."; (b) after sub-section (8), the following Explanation shall be inserted, namely :- 'Explanation : For the purposes of this section, - (a) "buyer" means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include, - (i) a public sector company, (ii) a buyer in the further sale of such goods obtained in pursuance of such sale, or (iii) a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act; (b) "seller" means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative.....

Central Agricultural University Act, 1992 Section 3

Title: The University

State: Central

Year: 1992

(1) There shall be established a University by the name of the "Central Agricultural University". (2) The headquarters of the University shall be at Imphal in the State of Manipur and it may also establish campus at such other places within its jurisdiction as it may deem fit. (3) The first Chancellor and the first Vice-Chancellor and the first members of the Board, the Academic Council and all persons who may hereafter become such officers or members, so long as they continue to hold such office or membership are hereby constituted a body corporate by the name of the Central Agricultural University. (4) The University shall have perpetual succession and a common seal and shall sue and be sued by the said name.

Central Agricultural University Act, 1992 Section 42

Title: Transitional Provisions

State: Central

Year: 1992

Notwithstanding anything contained in this Act and the Statutes,-- (a) the first Chancellor and the first Vice-Chancellor shall be appointed by the Visitor and shall hold office for a term of five years; (b) the first Registrar and the first Comptroller shall be appointed by the Visitor and each of the said officers shall hold office for a term of three years; (c) the first members of the Board shall be nominated by the Visitor and shall hold office for a term of three years; (d) the first members of the Academic Council shall be nominated by the Visitor and shall hold office for a term of three years: Provided that if any vacancy occurs in the above offices or authorities, the same shall be filled by appointment or nomination, as the case may be, by the Visitor, and the person so appointed or nominated shall hold office for so long as the officer or member in whose place he is appointed or nominated would have held office, if such vacancy had not occurred.