Bare Act Search Results

Finance Act, 2012, (Central) Section 21

Title: Amendment of Section 56

State: Central

Year: 2012

.....company or a venture capital fund; or (ii) by a company from a class or classes of persons as may be notified by the Central Government in this behalf. Explanation.--For the purposes of this clause,-- (a) the fair market value of the shares shall be the value-- (i) as may be determined in accordance with such method as may be prescribed; or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares, of its assets, including intangible assets being goodwill, know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, whichever is higher; (b) "venture capital company", "venture capital fund" and "venture capital undertaking" shall have the meanings respectively assigned to them in clause (a), clause (b) and clause (c) of Explanation 1 to clause (23FB) of section 10;'.

Finance Act, 2012, (Central) Section 17

Title: Insertion of New Section 50d

State: Central

Year: 2012

After section 50C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2013, namely:-- "50D. Fair market value deemed to be full value of consideration in certain cases.--Where the consideration received or accruing as a result of the transfer of a capital asset by an assessee is not ascertainable or cannot be determined, then, for the purpose of computing income chargeable to tax as capital gains, the fair market value of the said asset on the date of transfer shall be deemed to be the full value of the consideration received or accruing as a result of such transfer.".

Finance Act, 2012, (Central) Section 20

Title: Amendment of Section 55a

State: Central

Year: 2012

In section 55A of the Income-tax Act, in clause (a), for the words "is less than its fair market value", the words "is at variance with its fair market value" shall be substituted with effect from the 1st day of July, 2012.

Finance Act, 2012, (Central) Section 29

Title: Amendment of Section 80

State: Central

Year: 2012

In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2013,-- (a) in sub-section (4), in clause (iv), for the words, figures and letters "the 31st day of March, 2012", wherever they occur, the words, figures and letters "the 31st day of March, 2013" shall respectively be substituted; (b) in sub-section (8), for the Explanation, the following Explanation shall be substituted, namely:-- 'Explanation.--For the purposes of this sub-section, "market value", in relation to any goods or services, means-- (i) the price that such goods or services would ordinarily fetch in the open market; or (ii) the arm's length price as defined in clause (ii) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA.'; (c) in sub-section (10), the following proviso shall be inserted, namely:-- "Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (ii) of section 92F.".

Finance Act, 2012, (Central) Section 3

Title: Amendment of Section 2

State: Central

Year: 2012

.....be inserted with effect from the 1st day of April, 2013, namely:-- "(xvi) any consideration received for issue of shares as exceeds the fair market value of the shares referred to in clause (viib) of sub-section (2) of section 56;] (iv) in clause (47), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-- 'Explanation 2.--For the removal of doubts, it is hereby clarified that "transfer" includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India;'.

Finance Act, 2012, (Central) Section 12

Title: Amendment of Section 40a

State: Central

Year: 2012

In section 40A of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2013,-- (i) in clause (a), the following proviso shall be inserted, namely:-- "Provided that no disallowance, on account of any expenditure being excessive or unreasonable having regard to the fair market value, shall be made in respect of a specified domestic transaction referred to in section 92BA, if such transaction is at arm's length price as defined in clause (ii) of section 92F."; (ii) in clause (b), in sub-clause (iv), after the words "or any relative of such director, partner or member", the words "or any other company carrying on business or profession in which the first mentioned company has substantial interest" shall be inserted.

Tamil Nadu Fisheries University Act, 2012 Complete Act

State: Tamil Nadu

Year: 2012

.....report to the Chancellor, the action taken or proposed to be taken on the advice tendered by the Chancellor. (6) If the University does not take action within the time limit fixed or if the action taken by the University is in the opinion of the Chancellor not satisfactory, the Chancellor may, after considering any explanation offered or representation made by the University, issue such direction as they may deem fit and the University shall comply with such direction. (7) If the University does not comply with such direction within such time as may be fixed in that behalf by the Chancellor, the Chancellor shall have power to appoint any person or body to comply with such direction and make such orders as may be necessary for the expenses thereof. CHAPTER III OFFICERS OF THE UNIVERSITY 8. Officers of University. " The University shall consist of the following officers, namely:" (1) The Chancellor; (2) The Pro-Chancellor; (3) The Vice-Chancellor; (4) The Registrar; (5) The Deans; (6) The Director of Research; (7) The Director of Extension Education; (8) The Directors; (9) The Controller of Examinations; (10) The Finance Officer; and (11) Such other.....

Delhi Value Added Tax (Fourth Amendment) Act, 2012 Complete Act

State: Delhi

Year: 2012

.....to the price on which the retail outlets will sell these commodities to the consumer." Section 3 - Amendment or section 36A In the Principal Act, In section 36A,- (i) In sub-section (1), for the word 'two' occurring after the word 'of' and before the word 'percent' the word 'four' shall be substituted. (ii) In sub-section (1), proviso shall be omitted. (iii) In sub-section (1A), for the word 'two' occurring filler the word 'to' and before the word 'percent' the word 'four' shall be substituted. (iv) In sub-section (1A), proviso shall be omitted. Section 4 - Amendment of section 58A In the Principal Act, in section 58A,- (i) In sub-section (1), the words "at any stage of the proceeding under this Act," occurring after the word "If," shall be omitted (ii) for sub-section (2), the following shall be substituted, namely:- "(2) The expenses of, and incidental to, the examination and audit of records under sub-section (1), (Including the remuneration of the accountant or a panel of accountants or professional or panel of professionals) shall be determined and paid by the Commissioner and that determination shall be final." Section 5 - Amendment of section 95.....

The Delhi Value Added Tax (Second Amendment) Act, 2012 Complete Act

State: Delhi

Year: 2012

.....Government may, by notification in the official Gazette, appoint: PROVIDED that different dates may be appointed for different provisions of this Act. Section 2 - Amendment of section 2 In the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005) (hereinafter referred to as the ˜principal Act'), in section 2, in sub-section (1), in clause (zd), the provisos occurring after clause (vii) and before the Explanation shall be omitted. Section 3 - Amendment of section 9 In the principal Act, in section 9,- (i) in sub-section (3), for the word and figures "(4) and (6)", the word and figures "(4), (6) and (10)" shall be substituted; (ii) after sub-section (9), the following shall be inserted, namely:- "(10) Notwithstanding anything contained to the contrary in sub-section (1), where " (a) a dealer has purchased goods (other than capital goods) for which a tax credit arises under sub-section (1) of this section; and, (b) the goods or goods manufactured out of such goods are to be exported from Delhi by way of sale made under sub-section (1) of Section 8 of the Central Sales Tax Act, 1956, the amount of the tax credit shall be reduced by the prescribed.....

The Delhi Value Added Tax (Third Amendment) Act, 2012 Complete Act

State: Delhi

Year: 2012

..... Section 2 - Amendment of section 2 In the Delhi Value Added Tax Act, 2004 ( Delhi Act 3 of 2005) (hereinafter referred to as the ˜principal Act'), in section 2, in sub-section (1), in clause (zd), after sub-clause (vii), before the Explanation occurring at the end thereof, the following provisos shall be inserted, namely; "Provided that an amount equal to the increase in the price of petrol (including the duties and levies charged thereon by the Central Government) taking effect from the 3rd June, 2012 shall not form part of the sale price of petrol sold on or after the date of the commencement of the Delhi Value Added Tax (Third Amendment) Act, 2012 till such date as the Government may, by notification in the official Gazette, direct or if the price of petrol falls below the sale price prior to 3rd June, 2012, whichever is earlier: Provided further that if the price of petrol further increases from the level of price as on 3rd June, 2012, the aforesaid proviso shall not have any effect on such further increase: Provided also that if the price of petrol declines but remains above the price prevailing prior to 3rd June, 2012, the aforesaid proviso shall have effect.....