Bare Act Search Results

Finance Act, 2007 Complete Act

State: Central

Year: 2007

.....in the Fifty-eighth Year of the Republic of India as follows- CHAPTER 1: PRELIMINARY: SECTION 1: Short title and commencement: (1) This Act may be called the Finance Act, 2007. (2) Save as otherwise provided in this Act, sections 2 to 93 shall be deemed to have come into force on the 1st day of April, 2007. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2007, 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 under Chapter VIII-A of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (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 five thousand rupees, in addition to total income, and the total income exceeds one lakh rupees, then,-- (a) the net agricultural income shall be taken.....

Finance Act 2007 Chapter III

Title: Direct Taxes

State: Central

Year: 2007

.....the purposes of this clause, "commodity exchange" shall mean a "registered association" as defined in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952(74 of 1952);'; (g) in clause (23FB), with effect from the 1st day of April, 2008 -- (i) for the words "set up to raise funds for investment", the words "from investment" shall be substituted; (ii) in Explanation 1, for clause (c), the following clause shall be substituted, namely:-- '(c) "venture capital undertaking" means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the-- (i) business of-- (A) nanotechnology; (B) information technology relating to hardware and software development; (C) seed research and development; (D) bio-technology; (E) research and development of new chemical entities in the pharmaceutical sector; (F) production of bio-fuels; (G) building and operating composite hotel-cum-convention centre with seating capacity of more than three thousand; or "(H) developing or operating and maintaining or developing, operating and maintaining any infrastructure facility as defined in the Explanation to.....

Finance Act 2007 Section 39

Title: Amendment of Section 115 Wc

State: Central

Year: 2007

In section 115WC of the Income-tax Act, in sub-section (1), after clause (b), the following shall be inserted with effect from the 1st day of April, 2008, namely:-- '(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115 WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares. Explanation.--For the purposes of this clause,-- (i) "fair market value" means the value determined in accordance with the method as may be prescribed by the Board; (ii) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a predetermined price.'.

Warehousing (Development and Regulation) Act, 2007 Complete Act

State: Central

Year: 2007

.....for any loss, destruction, damage or deterioration of the goods delivered to him for storage attributable to circumstances such as force majeure, act of war, act of public enemies and the like. Section 7 Duties of warehousemen (1) In the absence of a lawful excuse, a warehouseman shall deliver the goods referred to in a negotiable receipt, to the holder of the receipt on demand made by the holder and on the holder fulfilling all the following conditions, namely:- (a) satisfying the warehouse lien; (b) surrendering the receipt in case of non-negotiable receipt and surrendering the receipt with endorsements in case of negotiable receipt; and (c) acknowledging in writing the receipt of the goods.- (2) If a warehouseman refuses or fails to deliver the goods in compliance with the provisions of this section, the burden of proof shall lie on the warehouseman to establish the existence of a lawful excuse for the refusal or failure. Section 8 Duties of warehouseman to keep records and account of warehouse business (1) Every warehouseman shall keep in a place of safety a complete and accurate set of records and accounts of all transactions pertaining to the operation of a.....

The Indian Stamp (Mizoram Amendment) Amending Act, 2007 Complete Act

State: Mizoram

Year: 2007

THE INDIAN STAMP (MIZORAM AMENDMENT) AMENDING ACT, 2007 THE INDIAN STAMP (MIZORAM AMENDMENT) AMENDING ACT, 2007 (Act No. 11 of 2007) [Received the assent of the Governor of Mizoram on 21st September, 2007) An Act to amend the Indian Stump (Mizoram Amendment) Act, 1996 (Mizoram Act no. 4 of 1997) and to provide for matters connected therewith nr incidental thereto. It is enacted by the Legislative Assembly of Mizoram in the Fifty-eighth year of the Republic of India as follows, namely:- 1. Short title, extent and commencement. (1) This Act may be called the Indian Stamp (Mizoram Amendment) Amending Act, 2007. 2) It shall extend to the whole of Mizoram. 3) It shall come into force at once. 2. Amendment of article 5. Clause (g) of article 5 of the Indian Stamp (Mizoram Amendment) Act, 1996 (hereinafter referred to as the Principal Act) shall be substituted by the following, namely:- "(g) Deposit of title-deeds or such instruments to financial institutions and commercial banks for loans. 0.5 percent of market value of the property subject to a maximum of Rupees five hundred." 3. Amendment of article 15. Article 15 of the Principal Act shall be.....

Warehousing (Development and Regulation) Act 2007 Chapter IV

Title: Warehouse Receipts

State: Central

Year: 2007

.....warehouseman claims his lien; (n) date and signature of the warehouseman or his authorised agent; (o) declared shelf-life of goods; (p) the fact that the warehouseman holds the lien on the goods deposited for his storage and handling charges; and (q) that the receipt would be valid only till the date of expiry of declared shelf-life of the goods for which it is issued. (2) In case a warehouseman wilfully omits from a negotiable warehouse receipt any of the particulars set out in sub-section (1), he shall be liable for damages caused by such omission. (3) No warehouse receipt shall, by reason of the omission only of any of the particulars set-forth in sub-section (1), be deemed to be invalid for the purpose of settlement of disputes or claims. (4) Authority may, with the prior approval of the Central Government, add, delete or modify any particulars as specified in sub-clause (1) for all or any commodity or class of commodities or for any class of warehouses. Section 12 - Negotiability of warehouse receipts (1) The words in a negotiable warehouse receipt limiting its negotiability shall be void. (2) A warehouseman who issues a non-negotiable warehouse.....

Finance Act 2007 Section 17

Title: Amendment of Section 49

State: Central

Year: 2007

In section 49 of the Income-tax Act, with effect from the 1st day of April, 2008,-- (i) in sub-section (1), in clause (iii), in sub-clause (e), for the word, brackets, figures and letters "clause (viaa)", the words, brackets, figures and letters "clause (viaa) or clause (vica) or clause (vicb)" shall be substituted; (ii) after sub-section (2AA), the following sub-section shall be inserted, namely:-- "(2AB) Where the capital gain arises from the transfer of specified security or sweat equity shares, the cost of acquisition of such security or shares shall be the fair market value which has been taken into account while computing the value of fringe benefits under clause (ba) of sub-section (1) of section 115 WC"; (iii) after sub-section (2D), and before the Explanation, the following subsection shall be inserted, namely:-- "(2E) The provisions of sub-section (2), sub-section (2C) and sub-section (2D) shall, as far as may be, also apply in relation to business reorganisation of a co-operative bank as referred to in section 44DB.".'.

Warehousing (Development and Regulation) Act 2007 Section 11

Title: Warehouse Receipts

State: Central

Year: 2007

..... (m) statement of the amount of any advance made and of any liability incurred for which the warehouseman claims his lien; (n) date and signature of the warehouseman or his authorised agent; (o) declared shelf-life of goods; (p) the fact that the warehouseman holds the lien on the goods deposited for his storage and handling charges; and (q) that the receipt would be valid only till the date of expiry of declared shelf-life of the goods for which it is issued. (2) In case a warehouseman wilfully omits from a negotiable warehouse receipt any of the particulars set out in sub-section (1), he shall be liable for damages caused by such omission. (3) No warehouse receipt shall, by reason of the omission only of any of the particulars set-forth in sub-section (1), be deemed to be invalid for the purpose of settlement of disputes or claims. (4) Authority may, with the prior approval of the Central Government, add, delete or modify any particulars as specified in sub-clause (1) for all or any commodity or class of commodities or for any class of warehouses.

The Tripura Value Added Tax (Amendment) Ordinance, 2007 Complete Act

State: Tripura

Year: 2007

.....In Section 89 of the Principal Act, after sub-section (1), the following sub-section shall be inserted, namely :- "(1) A. The Tripura purchase Tax Act 1990 (Act No.9 of 1990) (here in after referred as repealed Act) as in force in the State of Tripura is hereby repealed. Provided that such repeal shall not affect the previous operation of the said Act or any right, title, obligation or liability already acquired, accrued or incurred thereunder and subject there to, anything done or any action taken including any appointment, notification, notice, order, rule form, regulation, certificate, license or permit in exercise of any power conferred by or under the said Act, shall be valid and always be deemed to have been valid, during the period that Act was in force notwithstanding the repeal of the Act." Amendment of the Schedule Schedule II(a) List of goods taxable @4%. Sl.no. 15 of schedule " II(a) be deleted because bearing is also used as motor parts, motor cycle/scooter parts, taxable under Sl.No.117 of schedule II(b). Bearing used as machine parts were taxable under Sl.No.106 of II(b). Bearing used as by-cycle/rickshaw parts taxable under Sl.No.18 of schedule II(a). So,.....

The Tripura Value Added Tax (Amendment) Act, 2007 Complete Act

State: Tripura

Year: 2007

.....:- In Section 89 of the Principal Act, after sub-section (1), the following sub-section shall be inserted, namely :- "(1)A. The Tripura purchase Tax Act 1990 (Act No.9 of 1990) (here in after referred as repealed Act) as in force in the State of Tripura is hereby repealed. Provided that such repeal shall not affect the previous operation of the said Act or any right, title, obligation or liability already acquired, accrued or incurred thereunder and subject there to, anything done or any action taken including any appointment, notification, notice, order, rule form, regulation, certificate, license or permit in exercise of any power conferred by or under the said Act, shall be valid and always be deemed to have been valid, during the period that Act was in force notwithstanding the repeal of the Act." 17. Repeal and Saving :- (i) Tripura Value Added Tax (Amendment) Ordinance, 2007 (Tripura Ordinance No.1 of 2007) is hereby repealed. (ii) Notwithstanding such repeal of the said Ordinance, anything done, any action taken, order issued, Notification published, proceeding started, appeal preferred, legal effect produced, by or under the provision of the said Ordinance, shall be.....