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Finance (No. 2) Act, 1996 Complete Act

Title: Finance (No. 2) Act, 1996

State: Central

Year: 1996

.....- FINANCE (No.2) ACT,1996 Chapter I Section1 - Short Title And Commencement Chapter II Section2 - Income-Tax Chapter III Section3 - Amendment Of Section 2 Section4 - Amendment Of Section 10 Section5 - Amendment Of Section 12A Section6 - Insertion Of New Section 12AA Section7 - Amendment Of Section 16 Section8 - Amendment Of Section 17 Section9 - Amendment Of Section 24 Section10 - Amendment Of Section 28 Section11 - Amendment Of Section 32 Section12 - Amendment Of Section 35 Section13 - Amendment Of Section 35AC Section14 - Amendment Of Section 36 Section15 - Amendment Of Section 40A Section16 - Amendment Of Section 41 Section17 - Amendment Of Section 43 Section18 - Amendment Of Section 43B Section19 - Amendment Of Section 45 Section20 - Insertion Of New ections 54EA And 54EB Section21 - Amendment Of Section 56 Section22 - Omission Of Section 80CC Section23 - Insertion Of Section 80CCC Section24 - Amendment Of Section 80D Section25 - Insertion Of New Section 80DDB Section26 - Amendment Of Section 80G Section27 - Amendment Of Section 80GG Section28 - Amendment Of Section 80-IA Section29 - Omission Of Section 80J Section30 - Amendment Of Section 80L .....

Finance (No. 2) Act, 1996 Preamble 1

Title: Finance (No.2) Act,1996

State: Central

Year: 1996

THE FINANCE (No.2) ACT,1996 [Act, No 33 of 1996] [28th September, 1996] PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 1996-97 BE it enacted by Parliament in the Forty-seventh Year of the Republic of India as follows: -

Finance (No. 2) Act, 1996 Complete Act

State: Central

Year: 1996

.....Be it enacted by Parliament in the Forty-seventh Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance (No. 2) Act, 1996. (2) Save as otherwise provided in this Act, Sections 2-to58-andSection 88-shall be deemed to have come into force on the 1st day of April, 1996. 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, 1996, income tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased in the cases to which Paragraph E of that Part applies by a surcharge calculated in the manner provided therein. (2) In the cases to which sub-paragraph I or sub-paragraph II of 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,- (i) in case to which the said sub-paragraph I applies, forty thousand rupees, and (ii) in a case to which the said sub-paragraph II applies, eighteen thousand rupees, then,- (a) the net.....

Finance (No. 2) Act, 1996 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1996

.....Blood Transfusion Council" means a society registered, in consultation with the National Blood Transfusion Council, under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India and has Secretary to the Government of that State dealing with the Department of Health, as its Chairman, by whatever named called; or (iiihb) any fund set up by a State Government to provide medical relief to the poor; or (iiihc) the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants; or'. Section 27 - Amendment Of Section 80GG In section 80GG of the Income-tax Act, for the words "one thousand rupees", the words "two thousand rupees" shall be substituted with effect from the 1st day of April, 1997. Section 28 - Amendment Of Section 80-IA In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 1997, - (a) in sub-section (1), after the words "infrastructure facility", the words "or scientific and industrial research and.....

Finance (No. 2) Act, 1996 Schedule 1

Title: The Schedule

State: Central

Year: 1996

..... (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 Act, 1988 (26 of 1988), or of the First Schedule to the Finance Act, 1989 (13 of 1989), or of the First Schedule to the Finance Act, 1990 (12 of 1990), or 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), 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 modifications, apply in relation.....

Finance (No. 2) Act, 1996 Section 54

Title: Amendment of Section 234c

State: Central

Year: 1996

In section 234C of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1997, - (a) in the first proviso, for the words "instalment of advance tax which is immediately due or where no such instalment is so due", the words "remaining instalments of advance tax which are due or where no such instalments are due" shall be substituted; (b) the second proviso shall be omitted.

Finance (No. 2) Act, 1996 Section 31

Title: Amendment of Section 80r

State: Central

Year: 1996

In section 80R of the Income-tax Act, for the portion beginning with the words "equal to" and ending with the words "whichever is higher", the following shall be substituted with effect from the 1st day of April, 1997, namely :- "equal to seventy-five per cent. of such remuneration, as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of six months from the end of the previous year or where the Chief Commissioner or Commissioner is satisfied (for reasons to be recorded in writing) that the assessee is, for reasons beyond his control unable to do so within the said period of six months, within such further period as the Chief Commissioner or Commissioner may allow in this behalf : Provided that no deduction under this section shall be allowed unless the assessee furnishes a certificate, in the prescribed form, along with the return of income, certifying that the deduction has been correctly claimed in accordance with the provisions of this section."

Finance (No. 2) Act, 1996 Section 52

Title: Amendment of Section 206c

State: Central

Year: 1996

In section 206C of the Income-tax Act, in sub-section (1), for the Table, the following Table shall be substituted with effect from the 1st day of October, 1996, namely: - TABLE S. No. Nature of Goods Percentage (1) (2) (3) (i) Alcoholic liquor for human consumption (other than Indian-made foreign liquor) and tendu leaves Ten per cent. (ii) Timber obtained under a forest lease Fifteen per cent. (iii) Timber obtained by any mode other than under a forest lease Five per cent. (iv) Any other forest produce not being timber or tendu leaves Fifteen per cent.

Finance (No. 2) Act, 1996 Section 48

Title: Amendment of Section 158bg

State: Central

Year: 1996

In section 158BG of the Income-tax Act, for the proviso, the following proviso shall be substituted with effect from the 1st day of October, 1996, namely :- "Provided that no such order shall be passed without the previous approval of the Commissioner or Director, as the case may be."

Finance (No. 2) Act, 1996 Section 32

Title: Amendment of Section 80rr

State: Central

Year: 1996

In section 80RR of the Income-tax Act, for the portion beginning with the words "equal to" and ending with the words "whichever is higher", the following shall be substituted with effect from the 1st day of April, 1997, namely :- "equal to seventy-five per cent. of such income, as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of six months from the end of the previous year or where the Chief Commissioner or Commissioner is satisfied (for reasons to be recorded in writing) that the assessee is, for reasons beyond his control unable to do so within the said period of six months, within such further period as the Chief Commissioner or Commissioner may allow in this behalf : Provided that no deduction under this section shall be allowed unless the assessee furnishes a certificate, in the prescribed form, along with the return of income, certifying that the deduction has been correctly claimed in accordance with the provisions of this section."