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Hindu Gains of Learning Act, 1930 Complete Act

State: Central

Year: 1930

.....demoralising influence upon his character by inducing him to have recourse to dishonest subterfuges like benami transactions. Likewise, the present rule is not favourable to the growth of self-reliance among the dependent members of the family. In a rich family, it offers a premium to extravagance, idleness and perpetual discord. Its injustice is manifestly galling. Take, e.g., a case in which a father has three sons and incurs the same expenditure on their education. He sends them all to England to be educated for the 1.C.S. One is successful, the other two fail. Of the two who fail, one takes to trade, the other is unwilling to do any work and remains idle. The trader earns a large fortune, which the present law allows him to keep to himself, because his education in England was for the Civil Service and not for trade. But, out of the earnings of the Civilian, two shares are claimed, one by the trader and the other by the brother who has been idle. The trader keeps his own earnings and also takes a share of the Civilian's earnings. Take again a case in which three brothers are given by their father the same education for the same profession and at the same cost. Though they.....

Hindu Gains of Learning Act, 1930 Complete Act

Title: Hindu Gains of Learning Act, 1930

State: Central

Year: 1930

Preamble1 - HINDU GAINS OF LEARNING ACT, 1930 Section1 - Short title and extent Section2 - Definitions Section3 - Gains of learning not to be held, not to be separate property of acquirer merely for certain reasons Section4 - Savings

Hindu Gains of Learning Act, 1930 Preamble 1

Title: Hindu Gains of Learning Act, 1930

State: Central

Year: 1930

HINDU GAINS OF LEARNING ACT, 1930 [Act, No. 30 of 1930] [25th July, 1930]

Hindu Gains of Learning Act, 1930 Section 3

Title: Gains of Learning Not to Be Held, Not to Be Separate Property of Acquirer Merely for Certain Reasons

State: Central

Year: 1930

Notwithstanding any custom, rule or interpretation of the Hindu law, no gains of learning shall be held not to be the exclusive and separate property of the acquirer merely by reason of-- (a) His learning having been, in whole or in part, imparted to him by any member, living or deceased, of his family, or with the aid of the joint funds of his family, or with the aid of the funds of any member thereof, or (b) Himself or his family having, while he was acquiring his learning, been maintained or supported, wholly or in part, by the joint funds of his family, or by the funds of any member thereof.

Income Tax Act, 1961 Section 80IA

Title: Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises Engaged in Infrastructure Development, Etc.

State: Central

Year: 1961

.....as may be prescribed,38 such profit shall not be liable to tax where the profit has been transferred to a special reserve account and the same is actually utilised for the highway project excluding housing and other activities before the expiry of three years following the year in which such amount was transferred to the reserve account; and the amount remaining unutilised shall be chargeable to tax as income of the year in which such transfer to reserve account took place. (7) 39[The deduction] under sub-section (1) from profits and gains derived from an 40[undertaking] shall not be admissible unless the accounts of the 40[undertaking] for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant, as defined in the Explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form41 duly signed and verified by such accountant. (8) Where any 42[goods or services] held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any 42[goods or services] held for the.....

Income Tax Act, 1961 Section 115ACA

Title: Tax on Income from Global Depository Receipts Purchased in Foreign Currency or Capital Gains Arising from their Transfer

State: Central

Year: 1961

.....realising value addition ; (c) information technology software means any representation of instructions, data, sound or image, including source code and object code, recorded in a machine readable form and capable of being manipulated or providing inter-activity to a user, by means of an automatic data processing machine falling under heading information technology products but does not include non-information technology products ; (d) Overseas Depository Bank means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company.] __________________________ 1. Inserted by the Finance Act, 1999, with effect from 1st April, 2000. 2. Substituted by the Finance Act, 2001, with effect from 1st April, 2001. Prior to substitution, sub-section (1) stood as under : (1) Where the total income of an assessee, being an individual, who is a resident and an employee of an Indian company engaged in information technology software and information technology services (hereafter in this section referred to as the resident employee), includes (a) income by way of dividends,.....

Income Tax Act, 1961 Section 80I

Title: Deduction in Respect of Profits and Gains from Industrial Undertakings After a Certain Date, Etc.

State: Central

Year: 1961

.....: For the purposes of this sub-section, small-scale industrial undertaking shall have the same meaning as in clause (b) of the Explanation below sub-section (8) of section 80HHA. (3) This section applies to any ship, where all the following conditions are fulfilled, namely: (i) it is owned by an Indian company and is wholly used for the purposes of the business carried on by it; (ii) it was not, previous to the date of its acquisition by the Indian company, owned or used in Indian territorial waters by a person resident in India; and (iii) it is brought into use by the Indian company at any time within the period of ten years next following the 1st day of April, 1981. (4) This section applies to the business of any hotel, where all the following conditions are fulfilled, namely: (i) the business of the hotel is not formed by the splitting up, or the reconstruction, of a business already in existence or by the transfer to a new business of a building previously used as a hotel or of any machinery or plant previously used for any purpose; (ii) the business of the hotel is owned and carried on by a company registered in India with a paid-up capital of not less than.....

Income Tax Act, 1961 Section 80HH

Title: Deduction in Respect of Profits and Gains from Newly Established Industrial Undertakings or Hotel Business in Backward Areas

State: Central

Year: 1961

..... (2) This section applies to any industrial undertaking which fulfils all the following conditions, namely : (i) it has begun or begins to manufacture or produce articles after the 31st day of December, 1970 but before the 1st day of April, 1990, in any backward area ; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence in any backward area : Provided that this condition shall not apply in respect of any industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section ; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose in any backward area ; (iv) it employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on without the aid of power. Explanation : Where any machinery or plant or any part thereof previously used for any purpose in any backward area is.....

Income Tax Act, 1961 Section 43

Title: Definitions of Certain Terms Relevant to Income from Profits and Gains of Business or Profession

State: Central

Year: 1961

.....a person in the course of his manufacturing or merchanting business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured by him or merchandise sold by him; or (b) a contract in respect of stocks and shares entered into by a dealer or investor therein to guard against loss in his holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; 8[or] 8[(d) an eligible transaction in respect of trading in derivatives referred to in clause 9[(ac)] of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognised stock exchange:] shall not be deemed to be a speculative transaction. 8[Explanation: For the purposes of this clause, the expressions (i) eligible transaction means any transaction, (A) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered.....

Hindu Gains of Learning Act, 1930 Section 2

Title: Definitions

State: Central

Year: 1930

In this Act, unless there is anything repugnant in the subject or context, - (a) "Acquirer" means a member of a Hindu undivided family, who acquires gains of learning, (b) "Gains of learning" means all acquisitions of property made substantially by means of learning, whether such acquisitions be made before or after the commencement of this Act and whether such acquisitions be the ordinary or the extraordinary result of such learning: and (c) "Learning" means education, whether elementary, technical, scientific, special or general, and training of every kind which is usually intended to enable a person to pursue any trade, industry, profession or avocation in life.