Bare Act Search Results

Finance (No. 2) Act, 1996 Complete Act

State: Central

Year: 1996

.....Be it enacted by Parliament in the Forty-seventh Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance (No. 2) Act, 1996. (2) Save as otherwise provided in this Act, Sections 2-to58-andSection 88-shall be deemed to have come into force on the 1st day of April, 1996. 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, 1996, income tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased in the cases to which Paragraph E of that Part applies by a surcharge calculated 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 assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds,- (i) in case to which the said sub-paragraph I applies, forty thousand rupees, and (ii) in a case to which the said sub-paragraph II applies, eighteen thousand rupees, then,- (a) the net.....

Finance (No. 2) Act, 1996 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1996

.....Blood Transfusion Council" means a society registered, in consultation with the National Blood Transfusion Council, under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India and has Secretary to the Government of that State dealing with the Department of Health, as its Chairman, by whatever named called; or (iiihb) any fund set up by a State Government to provide medical relief to the poor; or (iiihc) the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants; or'. Section 27 - Amendment Of Section 80GG In section 80GG of the Income-tax Act, for the words "one thousand rupees", the words "two thousand rupees" shall be substituted with effect from the 1st day of April, 1997. Section 28 - Amendment Of Section 80-IA In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 1997, - (a) in sub-section (1), after the words "infrastructure facility", the words "or scientific and industrial research and.....

Finance (No. 2) Act, 1996 Section 20

Title: Insertion of New Ections 54ea and 54eb

State: Central

Year: 1996

After section 54E of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of October, 1996, namely :- '54EA. Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified bonds or debentures. - (1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of the net consideration in any of the bonds, debentures or units of any mutual fund referred to in clause (23D) of section 10, specified by the Board in this behalf by notification in the Official Gazette (such assets hereafter in this section referred to as the specified bonds or debentures), 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 specified bonds or debentures 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.....

Finance (No. 2) Act, 1996 Section 4

Title: Amendment of Section 10

State: Central

Year: 1996

.....from a fund under clause (23AAB);"; (b) in clause (10D), after the words, brackets, figures and letters "other than any sum received under sub-section (3) of section 80DDA", the following shall be inserted with effect from the 1st day of October, 1996, namely :- 'or under a Keyman insurance policy. Explanation : For the purposes of this clause, "Keyman insurance policy" means a life insurance policy taken by a person on the life of another person who is or was the employee of the first mentioned person or is or was connected in any manner whatsoever with the business of the first mentioned person;'; (c) in clause (15), in sub-clause (iv), after item (i), in the Explanation, for clause (e), the following clause shall be substituted with effect from the 1st day of April, 1997, namely :- "(e) the operation of ships or aircrafts or construction or operation of rail systems;"; (d) after clause (23AAA), the following clause shall be inserted with effect from the 1st day of April, 1997, namely :- '(23AAB) any income of a fund, by whatever named called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 under a pension scheme, - .....

Finance (No. 2) Act, 1996 Schedule 1

Title: The Schedule

State: Central

Year: 1996

..... (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 Act, 1988 (26 of 1988), or of the First Schedule to the Finance Act, 1989 (13 of 1989), or of the First Schedule to the Finance Act, 1990 (12 of 1990), or of the First Schedule to the Finance (No. 2) Act, 1991 (49 of 1991), or of the First Schedule to the Finance Act, 1992 (18 of 1992), or of the First Schedule to the Finance Act, 1993 (38 of 1993), or of the First Schedule to the Finance Act, 1994 (32 of 1994), or of the First Schedule to the Finance Act, 1995 (22 of 1995), 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 relation.....

Mahatma Gandhi Antarrashtriya Hindi Vishwavidyalaya Act, 1996 Complete Act

State: Central

Year: 1996

.....to take or has been taken upon the result of such inspection or inquiry. (9) Where, the Executive Council 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 Executive Council, issue such directions as he may think fit and the Executive Council shall comply with such directions. (10) Without prejudice to the foregoing provisions of this section, the Visitor may, by 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 Registrar 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. (11) The Visitor shall have such other powers as may be prescribed by the Statutes. SECTION 10: OFFICERS OF THE UNIVERSITY -The following shall be the officers of the University:- (1) the Chancellor; (2) the Vice-Chancellor; (3) the Pro Vice-Chancellor; (4) the Deans of Schools; (5) the Registrar; (6) the Finance Officer; (7) the Librarian; and (8) such other.....

Maulana Azad National Urdu University Act, 1996 Complete Act

State: Central

Year: 1996

.....to take or has been taken upon the result of such inspection or inquiry. (9) Where the Executive Council 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 Executive Council, issue such directions as he may think fit and the Executive Council shall comply with such directions. (10) Without prejudice to the foregoing provisions of this section, the Visitor may, by 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 Registrar 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. (11) The Visitor shall have such other powers as may be prescribed by the Statutes. SECTION 09: OFFICERS OF THE UNIVERSITY -The following shall be the officers of the University I-- (1) the Chancellor; (2) the Vice-Chancellor; (3) the Pro Vice-Chancellor; (4) the Deans of Schools; (5) the Registrar; (6) the Finance Officer; (7) the Librarian; and (8) such other.....

THE KERALA TODDY WORKERS' WELFARE FUND (AMENDMENT) ACT, 1996 [1] Complete Act

State: Kerala

Year: 1996

.....welfare of toddy workers", the words "to promote the welfare of, and for payment of pension to toddy workers" shall be substituted. 4. Amendment of section 4."In section 4 of the principal Act, after sub-section (2), the following sub-section shall be inserted, namely:" "(3) The Government shall contribute to the fund every year an amount not less than 7.5 percent of the employees' contribution to the fund by way of grant". 5. Insertion of new section 4A."After section 4 of the principal Act, the following section shall be inserted, namely:" "4A. P ower of exemption. "(1) Notwithstanding anything contained in section 4, where the Government, on the recommendation of the Board, are of opinion that it is necessary in the public interest so to do, they may, by notification in the Gazette, exempt any class of employers, either pros pectively or retrospectively, from payment of contribution under that section for such period as may be specified in the notification. (2) For the removal of doubt it is hereby declared that an employee shall not be liable to pay his contribution under sub-section (1) of section 4 for the period for which his employer is exempted from payment of.....

Maulana Azad National Urdu University Act, 1996 Section 42

Title: Transitional Provisions

State: Central

Year: 1996

Notwithstanding anything contained in this Act and the Statutes,-- (a) the first Chancellor shall be appointed by the Visitor and the said officer shall hold office for a term of five years; (b) the first Vice-Chancellor shall be appointed by the Visitor and the said officer shall hold office for a term of five years; (c) the first Registrar and the First Finance Officer shall be appointed by the Visitor and each of the said officers shall hold office for a term of three years; (d) the first Court and the first Executive Council shall consist of not more than thirty members and eleven members, respectively, who shall be nominated by the Visitor and they shall hold office for a term of three years; (e) the first Academic Council shall consist of not more than twenty-one members, who 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.....

Maharashtra Maritime Board Act, 1996 Complete Act

State: Maharashtra

Year: 1996

.....part in any deliberation or decision of the Board or the Committee with respect to that matter. SECTION 14: DEFECTS IN APPOINTMENT NOT TO INVALIDATE ACTS, ETC. No act or proceeding of the Board or of any of its Committees shall be invalid merely by reason of,- (a)any vacancy therein or any defect in the constitution thereof; (b)any disqualification or any defect in the appointment of, a person acting as a member thereof; or (c)any member having acted or taken part in any proceedings in contravention of section 13; (d)any irregularity in its procedure not affecting merits of the case. SECTION 15: DELEGATION OF POWERS The Board may, with the previous approval of the State Government, direct that such of the powers and duties conferred or imposed upon the Board by or under this Act as may be specified in such direction, may also be exercised or performed by the Chief Executive Officer subject to such conditions and restrictions as may be specified in such direction. SECTION 16: DUTIES OF CHAIRMAN ETC. (1)It shall be the duty of the Chairman, the Vice-Chairman. and the Chief Executive Officer to attend every meeting of the Board unless prevented by sickness or other reasonable cause......