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Insurance Regulatory and Development Authority Act, 1999 Complete Act

State: Central

Year: 1999

.....thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972. Be it enacted by Parliament in the Fiftieth Year of the Republic of India as follows: STATEMENT OF OBJECTS AND REASONS 1. The insurance industry requires a high degree of regulation. The Insurance Act, 1938 provides for the institution of the Controller of Insurance to act as a strong and powerful supervisory and regulatory authority with powers to direct, advise, caution, prohibit, investigate, inspect, prosecute, search, seize, fine, amalgamate, authorise, register and liquidate insurance companies. However, after the nationalisation of the life insurance industry in 1956 and the general insurance industry in 1972, the role of the Controller of Insurance diminished in significance over a period of time. 2. In April, 1993, the Government set up a high-powered Committee headed by Shri R.N. Malhotra, former Governor, Reserve Bank of India, to examine the structure of the insurance industry and recommend changes to make it more efficient and competitive keeping in view the structural changes in other parts of the financial.....

Finance Act 1999 Schedule I

Title: First Schedule

State: Central

Year: 1999

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

Finance Act 1999 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1999

.....paid, the cost shall be taken as nil; (b) "specified security" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and includes employees' stock option and sweat equity shares; (c) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; and (d) "value" means the difference between the fair market value and the cost for acquiring specified securities.'. Section 11 - Amendment Of Section 24 In section 24 of the Income-tax Act, in sub-section (2), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2000, namely :- 'Provided further that where the property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed before the 1st day of April, 2001, the provisions of the first proviso shall have effect as if for the words "thirty thousand rupees", the.....

Finance Act, 1999 Complete Act

State: Central

Year: 1999

.....1999-2000 Be it enacted by Parliament in the Fiftieth Year of the Republic of India as follows: - SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act 1999. (2) Save as otherwise provided in this Act, Sections 2 to 99 [except clause (1) of Section 6] shall be deemed to have come into force on the 1st day of April, 1999. 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, 1999, income tax shall be charged at the rates specified in Part I of the First Schedule. (2) In the cases to which 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 fifty 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 the first fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income tax in respect of the.....

Finance Act 1999 Section 38

Title: Substitution of New Section for Section 72a

State: Central

Year: 1999

For section 72A of the Income-tax Act, the following section shall be substituted, with effect from the 1st day of April, 2000, namely :- '72A. Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc. (1) Where there has been an amalgamation of a company owning an industrial undertaking or a ship with another company, then, notwithstanding anything contained in any other provision of this Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for depreciation of the amalgamated company for the previous year in which the amalgamation was effected, and other provisions of this Act relating to set-off and carry forward of loss and allowance for depreciation shall apply accordingly. (2) Notwithstanding anything contained in sub-section (1), the accumulated loss shall not be set off or carried forward and the unabsorbed depreciation shall not be allowed in the assessment of the amalgamated company unless the amalgamated company - (i) holds continuously for a minimum period of five years from the.....

Insurance Regulatory and Development Authority Act, 1999 Schedule 1

Title: First Schedule

State: Central

Year: 1999

.....the expressions "group" and "same management" shall have the same meanings respectively assigned to them in the Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969)."; (b) in sub-section (11),-- (i) for "Explanation 1", substitute "Explanation"; (ii) omit Explanation 2. 11. After section 6A, insert the following:-- "6AA. Manner of divesting excess shareholding by promoter in certain cases. (1) No promoter shall at any time hold more than twenty-six per cent. or such other percentage as may be prescribed, of the paid-up equity capital in an Indian insurance company: Provided that in a case where an Indian insurance company begins the business of life insurance, general insurance or re-insurance in which the promoters hold more than twenty-six per cent. of the paid-up equity capital or such other excess percentage as may be prescribed, the promoters shall divest in a phased manner the share capital in excess of the twenty-six per cent, of the paid-up equity capital or such excess paid-up equity capital as may be prescribed, after a period of ten years from the date of the commencement of the said business by such Indian insurance company or within such.....

The Kerala Cooperative Societies (Amendment) Act, 1999 [1] Complete Act

State: Kerala

Year: 1999

THE KERALA CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 1999 [1] THE KERALA CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 1999 [1] (Act 1 of 2000) An Act further to amend the Kerala Co-operative Societies Act, 1969. Preamble. "WHEREAS it is expedient further to amend the Kerala Co-operative Societies Act, 1969 for the purposes hereinafter appearing; BE it enacted in the Fiftieth Year of the Republic of India as follows:" 1. Short title and commencement."(1) This Act may be called the Kerala Co-operative Societies (Amendment) Act, 1999. (2) Sections 13, 16, 17, 18 and 21 of this Act shall come into force on such dates as the Government may by notification in the Gazette appoint; and different dates may be appointed for different provisions of this Act, and the other provisions of this Act shall come into force at once. 2. Amendment of the preamble."In the Kerala Co-operative Societies Act, 1969 (21 of 1969) (hereinafter referred to as the principal Act), for the existing preamble, the following preamble shall be substituted, namely:" "Preamble. "WHEREAS with a view to provide for the orderly development of the co-operative sector in the State, by.....

Finance Act 1999 Section 7

Title: Insertion of New Section 10c

State: Central

Year: 1999

.....other provision of this Act, in computing the total income of the assessee of any previous year relevant to any subsequent assessment year, - (i) section 32, section 35 and clause (ix) of sub-section (1) of section 36 shall apply as if deduction referred to therein and relating to or allowable for any of the relevant assessment years, in relation to any building, machinery, plant or furniture used for the purposes of the business of the industrial undertaking in the previous year relevant to such assessment year or any expenditure incurred for the purposes of such business in such previous year had been given full effect to for that assessment year itself and, accordingly, sub-section (2) of section 32, sub-section (4) of section 35 or the second proviso to clause (ix) of sub-section (1) of section 36, as the case may be, shall not apply in relation to any such deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub-section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the industrial undertaking, shall be carried forward or set off where such loss relates to any of the relevant assessment years; (iii) no.....

The Rajasthan Power Sector Reforms Act, 1999 Complete Act

State: Rajasthan

Year: 1999

THE RAJASTHAN POWER SECTOR REFORMS ACT, 1999 THE RAJASTHAN POWER SECTOR REFORMS ACT, 1999 (Act No. 23 of 1999) [Received the assent of the President of India on the 28th day of December, 1999] Preliminary Short title, extent and commencement.- This Act may be called the Rajasthan Power Sector Reforms Act, 1999. It shall extend to the whole of the State of Rajasthan. It shall come into force on such date as the State Government may, by notification, ppoint. Definitions.- In this Act, unless the context otherwise requires, - "Area of supply" means the area within which a supply licensee or any other person is for the time being athorized to distribute and supply energy "Area of transmission" means the area within which a holder of a transmission licence or any other person is for the time being authorized to transmit energy "Board" means the Rajasthan State Electricity Board constituted under section 5 of the Electricity(Supply) Act,1948(Central Act 54 of 1948) "Central Act" means the Electricity Regulatory Commission Act, 1998 (Central Act No. 14 of 1998) "Central Commission" means the Central Electricity Regulatory Commission, established under.....

National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retradation and Multiple Disabilities Act, 1999 Complete Act

State: Central

Year: 1999

.....other officers and employees of the Trust shall be such as may be determined by regulations. SECTION 09: VACANCIES IN BOARD NOT TO INVALIDATE ACTS, ETC -No act or proceeding of the Board shall be called in question on the grounds merely of the existence of any vacancy in, or any defect in the constitution of, the Board. SECTION 10: OBJECTS OF TRUST -The objects of the Trust shall be- (a) to enable and empower persons with disability to live as independently and as fully as possible within and as close to the community to which they belong; (b) to strengthen facilities to provide support to persons with disability to live within their own families; (c) to extend support to registered organisations to provide need based services during the period of crisis in the family of persons with disability; (d) to deal with problems of persons with disability who do not have family support: (e) to promote measures for the care and protection of persons with disability in the event of death of their parent or guardian; (f) to evolve procedure for the appointment of guardians and trustees for persons with disability requiring such protection; (g) to facilitate the realisation of equal.....