Bare Act Search Results

Finance Act, 1987 Complete Act

State: Central

Year: 1987

.....Be it enacted by Parliament in the Thirty-eighth. Year of the Republic of India as follows : --- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called The Finance Act, 1987. (2) Save as otherwise provided in this Act. Sections 2 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, 1987, income-tax shall be charged at the rates specified in Part I of the First Schedule. (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 a case to which the said Sub-Paragraphs I applies, eighteen thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, twelve thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after,--- (i) in a case to which the said Sub-Paragraph I applies, the first.....

Finance Act, 1987 Schedule I

Title: Schedule

State: Central

Year: 1987

.....any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956, and any rules made thereunder; (vi) on any other income (excluding interest payable on a tax-free security) 20 per cent.; (b) where the person is not resident in India - (i) in the case of a non-resident Indian - (A) on investment income and long-term capital gains 20 per cent.; (B) on income by way of interest payable on a tax-free security 15 per cent.; (C) on the whole of the other income-tax at 30 per cent. of the amount of the income, Or income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of I of this Schedule, if such income had been the total income, whichever is higher; (ii) in the case of any other person - (A) on income by way of interest payable on a tax-free security 15 per cent.; (B) on the whole of the other income-tax at 30 Per cent. of the amount of the income, or income-tax.....

Finance Act, 1987 Chapter III

Title: Direct Taxes

State: Central

Year: 1987

.....immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, any immovable property. Explanation : For the purposes of sub-clauses (v) and (vi), "immovable property" shall have the same meaning as in clause (d) of section 269UA Section 4 - Amendment Of Section 10 In section 10 of the Income-tax Act, - (a) after clause (10B), the following clause shall be inserted, namely :- "(10C) any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the Central Government may, having regard to the economic viability of such company and other relevant circumstances, approve in this behalf." (b) in clause (15), - (i) in sub-clause (ii), - (A) in the opening paragraph, for the words, brackets.....

Finance Act, 1987 Section 31

Title: Substitution of New Section for Section 74

State: Central

Year: 1987

.....accordance with the provisions of this section as it stood before the 1st day of April, 1988, shall be dealt with in the assessment year commencing on the 1st day of April, 1988, or any subsequent assessment year as follows :- (a) in so far as such loss relates to short-term capital assets, it shall be carried forward and set off in accordance with the provisions of sub-sections (1) and (2); (b) in so far as such loss relates to long-term capital assets, it shall be reduced by the deductions specified in sub-section (2) of section 48 and the reduced amount shall be carried forward and set off in accordance with the provisions of sub-section (1) but such carry forward shall not be allowed beyond the fourth assessment year immediately succeeding the assessment year for which the loss was first computed.'

Railway Claims Tribunal Act, 1987 Complete Act

State: Central

Year: 1987

.....Vice-Chairman, (h) "notification" means a notification published in the Official Gazette; (i) "prescribed" means prescribed by rules; (j) "Railways Act" means the Indian Railways Act, 1890 -; (k) "rules" means rules made under this Act; (l) "Technical Member" means a Member of the Claims Tribunal who is not a Judicial Member, and includes the Chairman or a Vice-Chairman who possesses any of the qualifications specified in sub-section (4) of section 5-; (m) "Vice-Chairman" means a Vice-Chairman of the Claims Tribunal. Explanation.- References to the Vice-Chairman in this Act shall be construed as references to each of the Vice-Chairman; 3[(n) "untoward incident" shall have the meaning assigned to it in clause (c) of section 123 of the Railways Act, 1989-;] 3[(o)] words and expressions used and not defined in this Act but defined in the Railways Act or the rules made thereunder shall have the meanings respectively assigned to them in that Act or the said rules. SECTION 03: ESTABLISHMENT OF RAILWAY CLAIMS TRIBUNAL The Central Government shall, by notification, establish a Claims Tribunal, to be known as the Railway Claims Tribunal, to exercise the jurisdiction, powers and authority.....

National Housing Bank Act, 1987 Complete Act

State: Central

Year: 1987

.....Act, 1934, shall have the meanings respectively assigned to them in that Act; (k) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act 1934, but defined in the Banking Regulation Act, 1949, shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949. SECTION 03: ESTABLISHMENT AND INCORPORATION OF NATIONAL HOUSING BANK (1) With effect from such date2as the Central Government may, by notification, appoint, there shall be established for the purposes of this Act, a bank to be known as the National Housing Bank. (2) the National Housing Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued. (3) The head office of the National Housing Bank shall be at Bombay or at such other place as the Reserve Bank may, by notification, specify. (4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of the Reserve Bank, at any place outside India. .....

Finance Act, 1987 Section 43

Title: Insertion of New Chapter Xiib

State: Central

Year: 1987

.....and (iii) the amount of the loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the Companies Act, 1956 (1 of 1956), are applicable. (2) Nothing contained in sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74A or sub-section (3) of section 80J.'.

Finance Act, 1987 Section 7

Title: Amendment of Section 32ab

State: Central

Year: 1987

In section 32AB of the Income-tax Act, - (a) in sub-section (1), - (i) for the words "deduction of", the words, brackets and figures "deduction (such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of" shall be substituted; (ii) the following proviso shall be inserted at the end, namely :- "Provided that where such assessee is a firm, or any association of persons or any body of individuals, the deduction under this section shall not be allowed in the computation of the income of any partner, or, as the case may be, any member, of such firm, association of persons or body of individuals."; (b) in sub-section (2), for clause (ii), the following clauses shall be substituted, namely :- '(ii) "new ship" or "new aircraft" includes a ship or aircraft which before the date of acquisition by the assessee was used by any other person, if it was not at any time previous to the date of such acquisition owned by any person resident in India; (iii) "new machinery or plant" includes machinery or plant which before its installation by the assessee was used outside India by any other person, if the following.....

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act 1987 Complete Act

State: Central

Year: 1987

.....and the order, if any, for payment of the claim, being treated as an order for the refund of revenue, CHAPTER 07: MISCELLANEOUS SECTION 24: ACT TO HAVE OVERRIDING EFFECT - The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act or in any decree or order of any Court, tribunal or other authority. SECTION 25: CONTRACTS TO CEASE TO HAVE EFFECT UNLESS FATIFIED - Every contract entered into by the Company in relation lo its undertaking which has vested in the Central Government under section 3-, for any service, sale or supply and in force immediately before the appointed day, shall, on and from the expiry of a period of one hundred and eighty day from the date on which this Act receives the assent of the President, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or Andrew Yule in which such undertakings have been vested under this Act, and in ratifying such contract, the Central Government or Andrew Yule may make such.....

Goa, Daman and Diu Reorganisation Act, 1987 Complete Act

State: Central

Year: 1987

.....allotted to that State. SECTION 39: INVESTMENTS IN AND LOANS, ETC. TO CERTAIN CORPORATE BODIES Where any body corporate constituted under a Central Act or a State Act for the existing Union territory, or any part thereof, has, by virtue of the provisions of Part II, become an inter-State body corporate, the investments in, or loans or advances to, any such body by the Union made before the appointed day shall be divided between the State of Goa and the Union in such manner as may be agreed between them before the expiration of one year from the appointed day, or in default of such agreement in such manner as the Central Government may, by order, direct. SECTION 40: ASSETS AND LIABILITIES OF STATE UNDERTAKINGS - The assets and liabilities relating to any commercial undertaking of the existing Union territory shall,- (a) if the undertaking is located in the district of Goa of the existing Union territory, pass to the State of Goa; (b) if the undertaking is located in the district of Goa of the well as the districts of Daman and Diu, of the existing Union territory, be divided in such manner as may be agreed upon between the State of Goa and the Union before the expiration of one.....