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Wealth-tax Act, 1957 Section 4

Title: Net Wealth to Include Certain Assets

State: Central

Year: 1957

.....the value of such gift shall be liable to beincluded in computing the net wealth of the person making the gift unless heproves to the satisfaction of the 23 [Assessing Officer] that themoney has actually been delivered to the other person at the time the entrieswere made.] 24 [(6) For the purposes of this Act, theholder of an impartible estate shall be deemed to be the individual owner of allthe properties comprised in the estate.] 25 [(7) Where the assessee is amember of a co-operative society,company or other association of persons and a building or part thereof isallotted or leased tohim under a house building scheme of the society, company or association,as the case may be, the assessee shall, notwithstanding anything contained inthis Act or any other law for the time being in force, be deemed to be the ownerof such building or part and the value of such building or part shall beincluded in computing the net wealth of the assessee; and, in determining thevalue of such building or part, the value of any outstanding instalments of theamount payable under such scheme by the assessee to the society, company orassociation towards the cost of such building or part and.....

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Wealth-tax Act, 1957 Section 17B

Title: Interest for Defaults in Furnishing Return of Net Wealth

State: Central

Year: 1957

.....as determined 7 [undersub-section (1)of section 16 or]on the basis of the earlier assessment aforesaid. 8 [*****] (4)Where, as a result of an order under section 23or section 24or section25or section 27or section 29or section 35or any order of the Wealth-tax Settlement Commissioner under sub-section (4)of section 22D,the amount of tax on which interest was payable under this section has beenincreased or reduced, as the case may be, the interest shall be increased orreduced accordingly, and, - (i) in a case where the interest is increased,the Assessing Officer shall serve on the assessee a notice of demand in theprescribed form specifying the sum payable, and such notice of demand shall bedeemed to be a notice under section 30and the provisions of this Act shall apply accordingly, and (ii)in a case where the interest is reduced, the excess interest paid, if any, shallbe refunded. (5)The provisions of this section shall apply in respect of assessments for theassessment year commencing on the 1stday of April, 1989and subsequent assessment years.] ___________________________ 1.Inserted by Act 4 of 1988, Section 141 w.e.f. 1-4-1989. 2.Substitutedfor "one and.....

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Reserve Bank of India Act, 1934 (2 of 1934) Section 45IA

Title: Requirement of Registration and Net Owned Fund

State: Central

Year: 1934

.....to the operation and consolidation of the financial sector consistent with monetary stability and economic growth considering such other relevant factors which the Bank may, by notification in the Official Gazette, specify; and (g) any other condition, fulfilment of which in the opinion of the Bank, shall be necessary to ensure that the commencement of or carrying on of the business in India by a non-banking financial company shall not be prejudicial to the public interest or in the interests of the depositors. (5) The Bank may, after being satisfied that the conditions specified in subsection (4) are fulfilled, grant a certificate of registration subject to such conditions which it may consider fit to impose. (6) The Bank cancel a certificate of registration granted to a non-banking financial company under this section if such company- (i) ceases to carry on the business of a non-banking financial institution in India; or (ii) has failed to comply with any condition subject to which the certificate of registration had been issued to it; or (iii) at any time fails to fulfil any of the conditions referred to in clauses (d) to (g) of sub-section (4); or (iv) fails-.....

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Estate Duty (Distribution) Act, 1962 [Repealed] Section 3

Title: Distribution of Net Proceeds of Estate Duty Assigned to the States

State: Central

Year: 1962

.....and brought into assessment in that financial year bears to the total gross value of all property brought into assessment in that year; (d) 'property" does not include agricultural land; (e) any property situated outside India shall be deemed to be situated in the State or, as the case may be, the Union Territory wherein the value of such property has been brought into assessment. ________________________ 1. Substituted for the words, figures and letters "the financial year commencing on the 1st day of April, 1984" by Estate Duty (Distribution) Amendment Act (Act 28 of 1985) w.e.f 01.04.1985. 2. Substituted for the words "be distributed, provisionally" by Estate Duty (Distribution) Amendment Act (Act 28 of 1985) w.e.f 01.04.1985.

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National Housing Bank Act, 1987 Section 29A

Title: Requirement of Registration and Net Owned Fund

State: Central

Year: 1987

.....documents when so demanded by an inspecting authority of the National Housing Bank; or (v) has been prohibited from accepting deposit by an order made by the National Housing Bank under the provisions of this Chapter and such order has been in force for a period of not less than three months: Provided that before cancelling a certificate of registration on the ground that the housing finance institution has failed to comply with the provisions of clause (ii) or has failed to fulfil any of the conditions referred to in clauses (a) to (g) of sub­section (4), the National Housing Bank, unless it is of the opinion that the delay in cancelling the certificate of registration shall be prejudicial to public interest or the interest of the depositors or the housing finance institution, shall give an opportunity to such institution on such terms as the National Housing Bank may specify for taking necessary steps to comply with such provision or fulfilment of such condition: Provided further that before making any order of cancellation of certificate of registration, such institution shall be given a reasonable opportunity of being heard. (7) A housing finance.....

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Karnataka Co-operative Societies Act, 1959 Section 57

Title: Net Profits and their Disposal

State: Karnataka

Year: 1959

.....shall be payable to members in a credit society; (d) constitution of, or contributions to, such special funds as may bespecified in the bye-laws; (e) donations of amounts not exceeding ten per cent of the net profitsfor any charitable purpose as defined in section 2 of Charitable Endowments Act, 1890 (Central Act VI of 1890); and (f) payment of bonus to employees of the society, to the extent andin the manner specified in the bye-laws: Provided that the bonus payable in any year to any employee shall not exceed two months' pay. 1 [(4) A co-operative society may pay dividend to its members from out of the balance of net profits available after making deductions as provided for under sub-sections (2), (2A) and (3) and the bye-laws of the society.] ________________________ 1. Inserted by Act 40 of 1964 w.e.f. 26.6.1965 & substituted by Act 25 of 1998 w.e.f.15.8.1998. 2. Inserted by Act 40 of 1964 w.e.f. 26.6.1965 & omitted by Act 25 of 1998 w.e.f. 15.8.1998. 3. Omitted by Act 40 of 1964 w.e.f. 26.6.1965.

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Sick Industrial Companies (Special Provisions) Act, 1985 Section 23A

Title: Proceedings on Report, Etc., of Loss of Fifty Per Cent, Net Worth

State: Central

Year: 1985

.....company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, report the fact of such erosion to the Board. (2) If the Board has, upon information received or upon its own knowledge, reason to believe that the accumulated losses of any industrial company have resulted in erosion of fifty per cent. or more of its peak net worth during the immediately preceding four financial years, it may call for such information from the company as it may deem fit. (3) Where the Board is of the opinion that an industrial company referred to in sub-section (1) is not likely to make its net worth exceed its accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future, it may require by order an operating agency to inquire into and make a report with respect to such matters as may be specified in the order. (4) After consideration of the report of the operating agency, the Board may publish or cause to be published a notice in such daily newspapers as the Board may consider necessary, for suggestions and.....

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Wealth-tax Act, 1957 Section 35B

Title: Failure to Furnish Returns of Net Wealth

State: Central

Year: 1957

.....to furnish in due time the return of his net wealth which he is required to furnish under sub-section (1) of section 14 or by notice given under sub-section (2) of section 14 or under sub-section (1) of section 17, he shall be punishable; (i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; (ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine: Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of net wealth under sub-section (1) of section 14 (i) for any assessment year commencing prior to the 1st day of April, 1975; or (ii) for any assessment year commencing on or after the 1st day of April, 1975, if (a) the return is furnished by him before the expiry of the assessment year; or (b) the tax payable by him on his net wealth determined on regular assessment does not exceed three.....

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Wealth-tax Act, 1957 Section 44C

Title: Rounding off of Net Wealth

State: Central

Year: 1957

1[44C. Rounding off of net wealth The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act. ________________________ 1. Sections 44C and 44D inserted by Act 42 of 1970, section 65 w.e.f. 1-4-1971.

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Multi State Co-operative Societies Act, 1984 [Repealed] Section 61

Title: Disposal of Net Profits

State: Central

Year: 1984

.....the balance of the net profits may be utilised for all or any of the following purposes, namely :- (a) Payment of dividend to members on their paid-up share capital at a rate not exceeding the prescribed limit; (b) Constitution of or contribution to such special funds including education funds, as may be specified in the bye-laws; (c) Donation of amounts not exceeding five per cent of the net profits for any purpose connected with the development of co-operative movement or charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890; (d) Payment of exgratia amount to employees of the multi-State co-operative society to the extent and in the manner specified in the bye-laws. (3) The funds of a multi-State co-operative society shall not be utilized for any political purpose.

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