Bare Act Search Results

Depositories Act, 1996 (22 of 1996) Section 16

Title: Depositories to Indemnify Loss in Certain Cases

State: Central

Year: 1996

(1) Without prejudice to the provisions of any other law for the time being in force, any loss caused to the beneficial owner due to the negligence of the depository or the participant, the depository shall indemnify such beneficial owner. (2) Where the loss due to the negligence of the participant under sub-section (1) is indemnified by the depository, the depository shall have the right to recover the same from such participant.

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.....

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 Act, 1996 Section 2

Title: Income-tax

State: Central

Year: 1996

.....income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1997";(B) for sub-rule (4), the following sub-rule shall be substituted, namely:- "(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 (49of 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).".

Finance Act, 1996 Complete Act

State: Central

Year: 1996

.....income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1997"; (B) for sub-rule (4), the following sub-rule shall be substituted, namely:- "(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 tothe Finance Act, 1988 (26 of 1988), or of the First Schedule tothe Finance Act, 1989 (13 of 1989), or of the First Schedule tothe Finance Act, 1990 (12 of 1990), or of the First Schedule tothe Finance (No. 2) Act, 1991 (49 of 1991), or of the First Schedule tothe Finance Act, 1992 (18 of 1992), or of the First Schedule tothe Finance Act, 1993 (38 of 1993), or of the First Schedule tothe Finance Act, 1994 (32 of 1994), or of the First Schedule tothe Finance Act, 1995 (22 of 1995)shall be set off under sub-rule (1) or, as the case may be, sub-rule (2).". Central Bare Acts

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......

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 39

Title: Insertion of New Section 115ja

State: Central

Year: 1996

.....of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses. Explanation : For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986).(3) 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. (4) Save as otherwise provided in this section, all other provisions of this Act shall apply to every assessee, being a company, mentioned in this section.'.

Depositories Act, 1996 Complete Act

State: Central

Year: 1996

.....of a depository. (2) Words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 1956) or the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992), shall have the meanings respectively assigned to them in those Acts. SECTION 03: CERTIFICATE OF COMMENCEMENT OF BUSINESS BY DEPOSITORIES. (1) No depository shall act as a depository unless it obtains a certificate of commencement of business from the Board. (2) A certificate granted under sub-section (1) shall be in such form as may be specified by the regulations. (3) The Board shall not grant a certificate under sub-section (1) unless it is satisfied that the depository has adequate systems and safeguards to prevent manipulation of records and transactions : Provided that no certificate shall be refused under this section unless the depository concerned has been given a reasonable opportunity of being heard. SECTION 04: AGREEMENT BETWEEN DEPOSITORY AND PARTICIPANT. (1) A depository shall enter into an agreement with one or more participants as its agent. (2) Every agreement under sub-section (1) shall be in such form as.....

Depositories Act, 1996 (22 of 1996) Chapter III

Title: Rights and Obligations of Depositories, Participants Issuers and Beneficial Owners

State: Central

Year: 1996

..... Section 11 - Register of beneficial owner Every depository shall maintain a register and an index of beneficial owners in the manner provided in section 150, section 151 and section 152 of the Companies Act, 1956 (1 of 1956). Section 12 - Pledge or hypothecation of securities held in a depository (1) Subject to such regulations and bye-laws, as may be made in this behalf, a beneficial owner may with the previous approval of the depository create a pledge or hypothecation in respect of a security owned by him through a depository. (2) Every beneficial owner shall give intimation of such pledge or hypothecation to the depository and such depository shall thereupon make entries in its records accordingly. (3) Any entry in the records of a depository under sub-section (2) shall be evidence of a pledge or hypothecation. Section 13 - Furnishing of information and records by depository and issuer (1) Every depository shall furnish to the issuer information about the transfer of securities in the name of beneficial owners at such intervals and in such manner as may be specified by the bye-laws. (2) Every issuer shall make available to the depository copies of the.....