Bare Act Search Results

Finance Act, 2003 Complete Act

State: Central

Year: 2003

....."(1A) Notwithstanding anything contained in sub-section (1), the deduction, in computing the total income of an undertaking, which begins to manufacture or produce articles or things or computer software during the previous year relevant to any assessment year commencing on or after the 1st day of April, 2003, in any special economic zone, shall be,- (i) hundred per cent of profits and gains derived from the export of such articles or things or computer software for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which the under- taking begins to manufacture or produce such articles or things or computer software, as the case may be, and thereafter, fifty per cent of such profits and gains for further two consecutive assessment years, and thereafter; (ii) for the next three consecutive assessment years, so much of the amount not exceeding fifty per cent of the profit as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account (to be called the "Special Economic Zone Re-investment Allowance Reserve Account") to be created.....

Income Tax Act, 1961 Chapter II

Title: Basis of Charge

State: Central

Year: 1961

.....1 : Income accruing or arising outside India shall not be deemed to be received in India within the meaning of this section by reason only of the fact that it is taken into account in a balance sheet prepared in India. Explanation 2 : For the removal of doubts, it is hereby declared that income which has been included in the total income of a person on the basis that it has accrued or arisen or is deemed to have accrued or arisen to him shall not again be so included on the basis that it is received or deemed to be received by him in India. ____________________ * Sub-section (6) should be read as clause (6). Section 5A - Apportionment of income between spouses governed by Portuguese Civil Code (1) Where the husband and wife are governed by the system of community of property (known under the Portuguese Civil Code of 1860 as communiao dos bens) in force in the State of Goa and in the Union territories of Dadra and Nagar Haveli and Daman and Diu, the income of the husband and of the wife under any head of income shall not be assessed as that of such community of property (whether treated as an association of persons or a body of individuals), but such.....

Income Tax Act, 1961 Section 9

Title: Income Deemed to Accrue or Arise in India

State: Central

Year: 1961

.....resident, for the transfer of all or any rights (including the granting of a licence) in respect of computer software supplied by a non-resident manufacturer along with a computer or computer-based equipment under any scheme approved under the Policy on Computer Software Export, Software Development and Training, 1986 of the Government of India. Explanation 1 : For the purposes of the first proviso, an agreement made on or after the 1st day of April, 1976, shall be deemed to have been made before that date if the agreement is made in accordance with proposals approved by the Central Government before that date ; so, however, that, where the recipient of the income by way of royalty is a foreign company, the agreement shall not be deemed to have been made before that date unless, before the expiry of the time allowed under sub-section (1) or sub-section (2) of section 139 (whether fixed originally or on extension) for furnishing the return of income for the assessment year commencing on the 1st day of April, 1977, or the assessment year in respect of which such income first becomes chargeable to tax under this Act, whichever assessment year is later, the company exercises an.....

Income Tax Act, 1961 Chapter XVII

Title: Collection and Recovery of Tax

State: Central

Year: 1961

.....such broadcasting or telecasting; (c) carriage of goods or passengers by any mode of transport other than by railways; (d) catering; (e) manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer, but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.] ___________________________ 1. Substituted by the Finance (No. 2) Act, 2009, with effect from 1st October, 2009 for the following : - "194C. Payments to contractors and sub-contractors. (1) Any person responsible for paying any sum to any resident (hereinafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and - (a) the Central Government or any State Government; or (b) any local authority; or (c) any corporation established by or under a Central, State or Provincial Act; or (d) any company; or (e) any co-operative society; or (f) any authority, constituted.....

Income Tax Act, 1961 Chapter III

Title: Incomes Which Do Not Form Part of Total Income

State: Central

Year: 1961

.....1] : For the purposes of this sub-clause, the expression industrial undertaking means any undertaking which is engaged in (a) the manufacture or processing of goods; or 53[(aa) the manufacture of computer software or recording of programme on any disc, tape, perforated media or other information device; or] (b) the business of generation or distribution of electricity or any other form of power; or 54[(ba) the business of providing telecommunication services; or] (c) mining; or (d) the construction of ships; or 55[(da) the business of ship-breaking; or] (e) the operation of ships or aircrafts or construction or operation of rail systems; 56[Explanation 1A : For the purposes of this sub-clause, the expression interest shall not include interest paid on delayed payment of loan or on default if it is in excess of two per cent per annum over the rate of interest payable in terms of such loan.] 57[Explanation 2 : For the purposes of this clause, the expression interest includes hedging transaction charges on account of currency fluctuation;] (v) interest on (a) securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, in the Reserve.....

Income Tax Act, 1961 Section 10

Title: Incomes Not Included in Total Income

State: Central

Year: 1961

.....1] : For the purposes of this sub-clause, the expression industrial undertaking means any undertaking which is engaged in (a) the manufacture or processing of goods; or 53[(aa) the manufacture of computer software or recording of programme on any disc, tape, perforated media or other information device; or] (b) the business of generation or distribution of electricity or any other form of power; or 54[(ba) the business of providing telecommunication services; or] (c) mining; or (d) the construction of ships; or 55[(da) the business of ship-breaking; or] (e) the operation of ships or aircrafts or construction or operation of rail systems; 56[Explanation 1A : For the purposes of this sub-clause, the expression interest shall not include interest paid on delayed payment of loan or on default if it is in excess of two per cent per annum over the rate of interest payable in terms of such loan.] 57[Explanation 2 : For the purposes of this clause, the expression interest includes hedging transaction charges on account of currency fluctuation;] (v) interest on (a) securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, in the Reserve.....

Income Tax Act, 1961 Chapter XII

Title: Determination of Tax in Certain Special Cases

State: Central

Year: 1961

.....Schedule not being applicable, the Assessing Officer shall calculate the total of the various sums of tax in accordance with the provisions of sub-rule (1) of rule 9 thereof. (2) Where the accumulated balance due to an employee participating in a recognised provident fund which is not included in his total income under the provisions of rule 8 of Part A of the Fourth Schedule becomes payable, super-tax shall be calculated in the manner provided in sub-rule (2) of rule 9 thereof. Section 111A - Tax on short term capital gains in certain cases 1[(1) Where the total income of an assessee includes any income chargeable under the head Capital gains, arising from the transfer of a short-term capital asset, being an equity share in a company or a unit of an equity oriented fund and - (a) the transaction of sale of such equity share or unit is entered into on or after the date2 on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, the tax payable by the assessee on the total income shall be the aggregate of (i) the amount of income-tax calculated on such short-term.....

Income Tax Act, 1961 Section 197A

Title: No Deduction to Be Made in Certain Cases

State: Central

Year: 1961

.....the previous year in which such income is to be included in computing his total income will be nil. (1A) Notwithstanding anything contained in 4[section 193 or section 194A] or section 194K, no deduction of tax shall be made under 5[any of] the said sections in the case of a person (not being a company or a firm), if such person furnishes to the person responsible for paying any income of the nature referred to in 4[section 193 or section 194A] or section 194K, as the case may be, a declaration in writing in duplicate in the prescribed form5 and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil. 6[(1B) The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to income-tax.] 7[(1C) Notwithstanding anything contained in.....

Finance Act 1994 Section 96A

Title: Definitions

State: Central

Year: 1994

.....notification in the Official Gazette, specify in this behalf, and which or who, as the case may be, makes application for advance ruling under subsection (1) of section 96C;] 3[Explanation.--For the purposes of this clause, "joint venture in India" means a contractual arrangement whereby two or more persons undertake an economic activity which is subject to joint control and one or more of the participants or partners or equity holders is a non-resident having substantial interest in such arrangement;] (c) "application" means an application made to the Authority under sub-section (1) of section 96C; 4[(d) Authority means the Authority for Advance Rulings, constituted under sub-section (1), or authorised by the Central Government under sub-section (2A), of section 28F of the Customs Act, 1962 (52 of 1962).] (e) "non-resident", "Indian company" and "foreign company" have the meanings respectively assigned to them in clauses (30), (26) and (23A) of section 2 of the Income-tax, Act, 1961 (43 of 1961); (f) words and expressions used but not defined in this Chapter and defined in the Central Excise Act, 1944 (1 of 1944) or the rules made thereunder shall apply, so far as.....

Finance Act, 2003 Chapter III

Title: Direct Taxes

State: Central

Year: 2003

..... "(1A) Notwithstanding anything contained in sub-section (1), the deduction, in computing the total income of an undertaking, which begins to manufacture or produce articles or things or computer software during the previous year relevant to any assessment year commencing on or after the 1st day of April, 2003, in any special economic zone, shall be,-- (i) hundred per cent. of profits and gains derived from the export of such articles or things or computer software for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles or things or computer software, as the case may be, and thereafter, fifty per cent. of such profits and gains for further two consecutive assessment years, and thereafter; (ii) for the next three consecutive assessment years, so much of the amount not exceeding fifty per cent. of the profits as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account (to be called the "Special Economic Zone Re-investment Allowance Reserve Account") to be.....