Bare Act Search Results

Finance Act 2001 Chapter 3

Title: Direct Taxes

State: Central

Year: 2001

.....consists of a house or part of a house which - (a) is in the occupation of the owner for the 'purposes of his own residence; or (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him. the annual value of such house or part of the house shall be taken to be nil. (3) The provisions of sub-section (2) shall not apply if- (a) the house or part of the house is actually let during the whole or any part of the previous year; or (b) any other benefit there from is derived by the owner. (4) Where the property referred to in sub-section (2) consists of more than one house (a) the provisions of that sub-section shall apply only in respect of one of such houses, which the assessee may, at his option, specify in this behalf ; (b) the annual value of the house or houses, other than the house in respect of which the assessee has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or houses had been let.". Section 15 - Substitution of new section for section 24.....

Finance Act, 2001 Complete Act

State: Central

Year: 2001

FINANCE ACT, 2001 FINANCE ACT, 2001 14 of 2001 An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002 BE it enacted by Parliament in the Fifty-second Year of the Repub of India as follows :" SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called theFinance Act, 2001-. (2) Save as otherwise provided in this Act,section 2-toSection 101-shall be deemed to have come into force on the 1st day of April, 2001. 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, 2001, 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 underChapter 8A of the Income-tax Act, 1961-(43 of 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 Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of.....

Finance Act 2001 Section 52

Title: Substitution of New Section for Section 115ac

State: Central

Year: 2001

.....or Global Depository Receipts referred to in clause (c) 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 clauses (a) and (b) of sub-section (1) ; and (b) the tax deductible at source under the provisions of Chapter XVlI-B has been deducted from such income. (5) Where the assessee acquired Global Depository Receipts or bonds in an amalgamated or resulting company by virtue of his holding Global Depository Receipts or bonds in the amalgamating or demerged company, as the case may be, in accordance with the provisions of sub- section (1), the provisions of that sub-section shall apply to such Global Depository Receipts or bonds. Explanation.-For the purposes of this section,- (a) "approved intermediary" means an intermediary who is approved in accordance with such scheme as may be notified by the Central Government in the Official Gazette ; (b) "Global Depository Receipts" shall have the same meaning as in clause (a) of the Explanation to.....

Finance Act 2001 Schedule I

Title: The First Schedule

State: Central

Year: 2001

..... (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, 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), or 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), 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.....

Advocates Welfare Fund Act, 2001 Complete Act

State: Central

Year: 2001

.....The Trustee Committee shall meet at least once in every three calendar months and at least four such meetings shall be held in every year to transact business under this Act and the rules made thereunder. (2) Three Members of the Trustee Committee shall form the quorum for a meeting of the Trustee Committee. (3) The Chairperson of the Trustee Committee or, if for any reason, he is unable to attend a meeting of the Trustee Committee, any other Member chosen by the Members of the Trustee Committee present from amongst themselves at the meeting shall preside at the meeting. (4) All questions which come up in a meeting of the Trustee Committee shall be decided by a majority vote of the Members of the Trustee Committee present and voting, and, in the event of an equality of votes, the Chairperson, or in his absence, the Member of the Trustee Committee presiding, shall have a second or casting vote. SECTION 9 : Travelling and daily allowances to nominated Chairperson and Members of Trustee Committee: -The Chairperson referred to in sub-section (4) of (Section 4) and Members of the Trustee Committee referred to in clauses (e) and (f) of sub-section (3) of that.....

Advocates Welfare Fund Act, 2001 Chapter III

Title: Establishment of Trustee Committee

State: Central

Year: 2001

.....of Fund The Fund shall vest in, and be held and applied by, the Trustee Committee subject to the provisions, and for the purposes, of this Act. Section 11 - Functions of Trustee Committee (1) Subject to the provisions of this Act and any other law for the time being in force, the Trustee Committee shall administer the Fund. (2) Without prejudice to the generality of the provisions contained in sub-section (7), the Trustee Committee shall-- (a) hold the amounts and assets belonging to the Fund in trust; (b) receive applications for admission or re-admission as members to the Fund, and dispose of such applications within ninety days from the date of receipt thereof; (c) receive applications from the members of the Fund, their nominees or legal heirs, as the case may be, for payment out of the Fund, conduct such enquiry as it deems necessary and dispose of the applications within five months from the date of receipt thereof; (d) record in the minutes book of the Trustee Committee, its decisions on the applications; (e) pay to the members of the Fund or their nominees or legal heirs, as the case may be, the amounts at the rates specified in Schedule I; (f).....

Advocates Welfare Fund Act, 2001 Section 6

Title: Resignation by Nominated Chairperson and Members of Trustee Committee and Filling Up of Casual Vacancy

State: Central

Year: 2001

.....to the appropriate Government and on such resignation being accepted by the appropriate Government such Chairperson or Member shall vacate his office. (2) A Member nominated under clause (f) of sub-section (3) of section 4 may resign his office by giving three months' notice in writing to the State Bar Council and on such resignation being accepted by the State Bar Council such Member shall vacate his office. (3) A casual vacancy in the office of the Chairperson or a Member referred to in subsection (1) who has resigned may be filled up, as soon as may be, by the appropriate Government and the Chairperson or a Member so nominated shall hold office only so long as the Chairperson or the Member in whose place he is nominated would have been entitled to hold office if the vacancy did not occur. (4) A casual vacancy in the office of a Member referred to in sub-section (2) who has resigned may be filled up, as soon as may be, by the State Bar Council and a Member so nominated shall hold office only so long as the Member in whose place he is nominated would have been entitled to hold office if the vacancy did not occur.

Finance Act 2001 Section 53

Title: Amendment of Section 115aca

State: Central

Year: 2001

53. In section 115ACA of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted, namely :- '(1) Where the total income of an assessee, being an individual, who is a resident and an employee of an Indian company engaged in specified knowledge based industry or service, or an employee of its subsidiary engaged in specified knowledge based industry or service (hereafter in this section referred to as the resident employee), includes- (a) income by way of dividends, other than dividends referred to in section 115-O, on Global Depository Receipts of an Indian company engaged in specified knowledge based industry or service, issued in accordance with such Employees' Stock Option Scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf and purchased by him in foreign currency; or (b) income by way of long-term capital gains arising from the transfer of Global Depository Receipts referred to in clause (a), the income-tax payable shall be the aggregate of- (i) the amount of income-tax calculated on the income by way of dividends, other than dividends referred to in section 115-O, in respect of Global.....

Finance Act 2001 Section 32

Title: Insertion of New Section 54ed

State: Central

Year: 2001

.....; (b) the shares forming part of the issue are offered for subscription to the public ; (ii) "listed securities" shall have the same meaning as in clause (a) of the Explanation to sub-section (1) of section 11a (iii) "unit" shall have the meaning assigned to it in clause (b) of the Explanation to section 115AB. (2) Where the specified equity shares are sold or otherwise transferred within a period of one year from the date of their acquisition, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such specified equity shares as provided in clause (a) or, as the case may be, clause (b), of sub-section (1) shall be deemed to be the income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which such equity shares are sold or otherwise transferred. (3) Where the cost of the specified equity shares has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1), a deduction from the amount of income-tax with reference to such cost shall not be allowed under section 88.'.

PROTECTION OF PLANT VARIETIES AND FARMERS-RIGHTS ACT, 2001 Chapter II

Title: PROTECTION OF PLANT VARIETIES AND FARMERS' RIGHT AUTHORITY AND REGISTRY

State: Central

Year: 2001

.....to be appointed by the Central Government, shall be a person of outstanding calibre and eminence, with long practical experience to the satisfaction of that Government especially in the field of plant varietal research or agricultural development, (b) The members of the Authority, to be appointed by the Central Government, shall be as follows, namely:-- (i) the Agriculture Commissioner, Government of India, Department of Agriculture and Cooperation, New Delhi, ex officio; (ii) the Deputy Director General incharge of Crop Sciences, Indian Council of Agricultural Research, New Delhi, ex officio; (iii) the Joint Secretary incharge of Seeds, Government of India, Department of Agriculture and Cooperation, New Delhi, ex officio; (iv) the Horticulture Commissioner, Government of India, Department of Agriculture and Cooperation, New Delhi, ex officio: (v) the Director, National Bureau of Plant Genetic Resources, New Delhi, ex officio; (vi) one member not below the rank of Joint Secretary to the Government of India to represent the Department of Bio-technology, Government of India, ex officio; (vii) one member not below the rank of Joint Secretary to the Government.....