Bare Act Search Results

Income Tax Act, 1961 Section 112

Title: Tax on Long-term Capital Gains

State: Central

Year: 1961

.....the purposes of this sub-section, (a) listed securities means the securities -- (i) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956) ; and (ii) listed in any recognised stock exchange in India ; (b) unit shall have the meaning assigned to it in clause (b) of Explanation to section 115AB.] (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 VIA 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 amount of such income and the rebate under section 88 shall be allowed from the income-tax on the total income as so reduced. _____________________ 1. Proviso omitted by the Finance Act, 1995, with effect from 1st April, 1996. 1a. Inserted by the Finance Act, 1999 with effect from 1st April, 2000. 2. Substituted for being listed.....

Income Tax Act, 1961 Section 54EB

Title: Capital Gain on Transfer of Long-term Capital Assets Not to Be Charged in Certain Cases

State: Central

Year: 1961

.....any part of the capital gain received or accrued as a result of transfer of the original asset in any long-term specified asset and such assessee takes any loan or advance on the security of such specified asset, he shall be deemed to have converted (otherwise than by transfer) such specified asset into money on the date on which such loan or advance is taken. (3) Where the cost of the long-term specified asset 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. __________________ 1. Inserted by the Finance Act, 2000, with effect from 1st April, 2001.

Income Tax Act, 1961 Section 115E

Title: Tax on Investment Income and Long-term Capital Gains

State: Central

Year: 1961

Where the total income of an assessee, being a non-resident Indian, includes- (a) any income from investment or income from long-term capital gains of an asset other than a specified asset ; (b) income by way of long-term capital gains, the tax payable by him shall be the aggregate of - (i) the amount of income-tax calculated on the income in respect of investment income referred to in clause (a), if any, included in the total income, at the rate of twenty per cent ; (ii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent ; and (iii) the amount of income-tax with which he would have been chargeable had his total income been reduced by the amount of income referred to in clauses (a) and (b).

Reserve Bank of India Act, 1934 (2 of 1934) Section 46A

Title: Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund

State: Central

Year: 1934

1 [46A. Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund The Bank shall contribute every year such sums of money as it may consider necessary and feasible to do so, to the National Rural Credit (Long Term Operations) Fund and the National Rural Credit (Stabilisation) Fund established and maintained by the National Bank under sections 42 and 43, respectively, of the National Bank for Agriculture and Rural Development Act, 1981.] _______________________ 1. Substituted by Act 61 of 1981, section 61 and Schedule II, for sections 46A and 46B (w.e.f. 12-7-1982).

Reserve Bank of India Act, 1934 (2 of 1934) Section 46C

Title: National Industrial Credit (Long Term Operations) Fund

State: Central

Year: 1934

.....the Development Bank of loans and advances for the purpose of the purchase of, or subscription to, stocks, shares, bonds or debentures issued by the Industrial Finance Corporation of India, a State Financial Corporation or any other financial institution which may be notified by the Central Government in this behalf, or for the purposes of any other business of the Development Bank; (b) the purchasing of bonds and debentures issued by the Development Bank." omitted by Act 53 of 2003, section 12 and Schedule, Ft. I. 3. Inserted by Act 28 of 1981, section 40 and Schedule II (w.e.f. 1-1-1982). 4. Inserted by Act 62 of 1984, section 71 and Schedule III (w.e.f. 20-3-1985). 5. Inserted by Act 39 of 1989, section 53 and Schedule II (w.e.f. 7-3-1990). 6. The proviso and sub-section (2) omitted by Act 62 of 1948, section 7 and Schedule (w.e.f. 1-1-1949).

Reserve Bank of India Act, 1934 (2 of 1934) Section 46D

Title: National Housing Credit (Long Term Operations) Fund

State: Central

Year: 1934

1 [46D. National Housing Credit (Long Term Operations) Fund (1) The Bank shall establish and maintain a Fund to be known as the National Housing Credit (Long Term Operations) Fund to which shall be credited every year such sums of money as it may consider necessary. (2) The amount in the said Fund shall be applied by the Bank only to the following objects namely:- (a) the making to the National Housing Bank of loans and advances for the purpose of any business of the National Housing Bank; (b) the purchasing of bonds and debentures issued by the National Housing Bank.] _______________________ 1. Inserted by Act 53 of 1987, section 56 and the Second Schedule (w.e.f. 9-7-1988).

Income Tax Act, 1961 Section 54EA

Title: Capital Gain on Transfer of Long-term Capital Assets Not to Be Charged in the Case of Investment in Specified Securities

State: Central

Year: 1961

.....converted (otherwise than by transfer) such specified securities into money on the date on which such loan or advance is taken. (3) Where the cost of the specified securities has been taken into account for the purposes of clause (a) or clause (b) of sub-section (1), a rebate with reference to such cost shall not be allowed under section 88. Explanation : For the purposes of this section, - (a) "cost", in relation to any specified securities, means the amount invested in such specified securities out of the net consideration received or accruing as a result of the transfer of the original asset; (b) "net consideration", in relation to the transfer of a capital asset, means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by the expenditure incurred wholly and exclusively in connection with such transfer. ______________ 1. Inserted by the Finance Act, 2000, with effect from 1st April, 2001.

Income Tax Act, 1961 Section 80CCF

Title: Deduction in Respect of Subscription to Long-term Infrastructure Bonds

State: Central

Year: 1961

1[In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous year relevant to the assessment year beginning on the 1st day of April, 2011, as subscription to long-term infrastructure bonds as may, for the purposes of this section, be notified by the Central Government.] _____________________________ 1. Inserted by the Finance Act, 2010 w.e.f. 01.04.2011.

National Bank for Agriculture and Rural Development Act, 1981 Section 42

Title: National Rural Credit (Long Term Operations) Fund

State: Central

Year: 1981

(1) The National Bank shall establish and maintain a Fund to be known as the National Rural Credit (Lone Term Operations) Fund. (2) the Fund shall (in addition to assets and liabilities transferred under section 18) include,-- (a) such sums of money as the Central Government and the State Governments may contribute from item to time; (b) such sums of money as the Reserve Bank may contribute every year; and (c) such further sums of money as the Board may contribute every year. (3) the amount in the said Fund shall be applied by the National Bank only to provide financial assistance by way of loans and advances under section 23, section 24, sub-section (1) of section 25 or section 27 or for the purposes of section 26.

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....