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Start Free TrialFinance Act 1979 Chapter III
Title: Direct Taxes
State: Central
Year: 1979
.....in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to therein;. Section 4 - Amendment of Section 35B In section 35B of the Income-tax Act, with effect from the 1st day of April, 1980, - (a) in sub-section (1), in clause (b), in sub-clause (i), the words, figures and letters, ", where expenditure is incurred before the 1st day of April, 1978" shall be omitted; (b) sub-section (1A) shall be omitted. Section 5 - Amendment of Section 35CCA In section 35CCA of the Income-tax Act, with effect from the 1st day of June, 1979, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- "(1) Where an assessee incurs any expenditure by way of payment of any sum - (a) to an association or institution, which has as its object the undertaking of any programme of rural development, to be used for carrying out any programme of rural development approved by the prescribed authority; or (b) to an association or institution, which has as its object the training of persons for implementing programmes of rural development, the assessee shall, subject to the provisions of sub-section (2), be.....
View Complete Act List Judgments citing this sectionFinance Act 1979 Section 3
Title: Amendment of Section 10
State: Central
Year: 1979
.....that where in the case of an assessee the interest on deposits in a Public Account of the nature referred to in item (3) in the Table below rule 3 of the Post Office Savings Banks Rules, 1965 exceeds two thousand two hundred and fifty rupees, the amount of interest on such deposits that shall not be included in the total income of the assessee under this sub-clause shall be two thousand two hundred and fifty rupees;"; (c) after clause (23B), the following clauses shall be inserted and shall be deemed always to have been inserted, namely :- (23BB) any income of an authority (whether known as the Khadi and Village Industries Board or by any other name) established in a State by or under a State or Provincial Act for the development of khadi or village industries in the State. Explanation : For the purposes of this clause, "khadi" and "village industries" have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956); (23BBA) any income of any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central, State or Provincial Act which.....
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