Bare Act Search Results

Finance Act 2007 Section 21

Title: Insertion of New Section 72ab

State: Central

Year: 2007

After section 72AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2008, namely:-- '72AB. Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business re-organisation of co-operative banks.-- (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the previous year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor cooperative bank as if the amalgamation had not taken place, and all the other provisions of this Act relating to set-off and carry forward of loss and allowance for depreciation shall apply accordingly. (2) The provisions of this section shall apply if-- (a) the predecessor co-operative bank-- (i) has been engaged in the business of banking for three or more years; and (ii) has held at least three-fourths of the book value of fixed assets as on the date of the business reorganisation, continuously for two years prior to the date of business reorganisation; (b) the successor co-operative bank-- (i) holds at least three-fourths of.....

Finance Act 2007 Schedule I

Title: First Schedule

State: Central

Year: 2007

.....any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder (vi) on any other income 20 per cent.; (b) where the person is not resident in India-- (i) in the case of a non-resident Indian-- (A) on any investment income 20 per cent.; (B) on income by way of long-term capital gains referred to in section 115E 10 per cent.; (C) on income by way of short-term capital gains referred to in section 111A 10 per cent.; (D) on other income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] 20 per cent.; (E) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (F) on income by way of royalty payable by Government or an Indian concern in pursuance of an.....

Finance Act 2007 Chapter III

Title: Direct Taxes

State: Central

Year: 2007

.....the purposes of this clause, "commodity exchange" shall mean a "registered association" as defined in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952(74 of 1952);'; (g) in clause (23FB), with effect from the 1st day of April, 2008 -- (i) for the words "set up to raise funds for investment", the words "from investment" shall be substituted; (ii) in Explanation 1, for clause (c), the following clause shall be substituted, namely:-- '(c) "venture capital undertaking" means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the-- (i) business of-- (A) nanotechnology; (B) information technology relating to hardware and software development; (C) seed research and development; (D) bio-technology; (E) research and development of new chemical entities in the pharmaceutical sector; (F) production of bio-fuels; (G) building and operating composite hotel-cum-convention centre with seating capacity of more than three thousand; or "(H) developing or operating and maintaining or developing, operating and maintaining any infrastructure facility as defined in the Explanation to.....

Finance Act, 2007 Complete Act

State: Central

Year: 2007

.....in the Fifty-eighth Year of the Republic of India as follows- CHAPTER 1: PRELIMINARY: SECTION 1: Short title and commencement: (1) This Act may be called the Finance Act, 2007. (2) Save as otherwise provided in this Act, sections 2 to 93 shall be deemed to have come into force on the 1st day of April, 2007. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2007, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, 1961(43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh rupees, then,-- (a) the net agricultural income shall be taken.....

Indira Gandhi National Tribal University Act 2007 Section 2

Title: Definitions

State: Central

Year: 2007

.....a College or an Institution maintained by the University and includes, where there is no Principal, the person for the time being duly appointed to act as Principal, and in the absence of the Principal, or the acting Principal, a Vice-Principal duly appointed as such; (v) "recognised teachers" means such persons as may be recognised by the University for the purpose of imparting instructions in a College or an Institution admitted to the privileges of the University; (w) "Regional Centres" means off-campuses constituted by the University and functioning as part of the University, established in more tribal dominated areas, as prescribed in the Statutes; (x) "Regulations" means the Regulations made by any authority of the University under this Act for the time being in force; (y) "Scheduled Population" means and includes the Scheduled Tribes as well as Scheduled Castes, as defined in the Constitution of India; (z) "Statutes" and "Ordinances" mean, respectively, the Statutes and the Ordinances of the University, for the time being in force; (za) "teachers of the University" means Professors, Readers, Lecturers and such other persons as may be appointed for imparting.....

Warehousing (Development and Regulation) Act 2007 Chapter III

Title: Warehousemen

State: Central

Year: 2007

.....of the sale shall be published in a leading newspaper having circulation in the locality where, the sale is to be held as well as where the owner of the goods is located and the sale shall be held not less than fourteen days from the date of first publication of the advertisement. (9) The warehouseman shall, from the proceeds of the sale, satisfy his lien and shall pay over the surplus, if any, to the person entitled thereto. (10) If the surplus is not demanded by the person entitled thereto within ten days after the sale of goods or if there are different claims, the warehouseman shall seek instructions from the Authority and act as per the orders of the Authority.

Warehousing (Development and Regulation) Act 2007 Section 9

Title: Special Powers of Warehouseman to Deal with Perishable Andhazardous Goods

State: Central

Year: 2007

.....time specified in the notice, the warehouseman may sell the goods at public or private sale without advertising. (3) The notice referred to in sub-section (1) may be given by sending it by electronic mail, speed post or registered post or telegraphically addressed to the person to whom it is to be given at the last known address of the person and the notice is deemed to be given on the third day of the mailing. (4) If the warehouseman after a reasonable effort is unable to sell the goods, the warehouseman may dispose of them in such other manner as he deems proper and shall incur no liability for that reason. (5) From the proceeds of any sale or disposal of goods made under this section, the warehouseman shall, after satisfying his lien, hold the balance in trust for the holder of the receipt. (6) No notice shall be necessary if the warehouseman is satisfied on reasonable grounds that in the circumstances of the case giving such notices is likely to cause further prejudice to the goods. (7) If, at any time, the warehouseman is satisfied that the quality of any fungible goods or any part thereof has so deteriorated or is so deteriorating that it is necessary to do so, to.....

Indian Boilers (Amendment) Act 2007 Section 3

Title: Amendment of Section 2

State: Central

Year: 2007

.....a person recognised in such manner as may be prescribed by regulations for inspection and certification of boilers and boiler components during manufacture, erection and use. All Inspectors shall be ipso facto competent persons;'; (4) after clause (ccc), the following clauses shall be inserted, namely:-- '(ccd) "Inspecting Authority" means an institution recognised in such manner as may be prescribed by regulations for the inspection and certification of boilers and boiler components during manufacture. All Chief Inspectors of Boilers shall be ipso facto Inspecting Authorities; (cce) "manufacture" means manufacture, construction and fabrication of boiler or boiler component, or both; (ccf) "manufacturer" means a person engaged in the manufacture;'; (5) in clause (d), for the words "includes any person", the words "includes any person possessing or" shall be substituted; (6) for clause (f), the following clause shall be substituted, namely:-- '(f) "steam pipe" means any pipe through which steam passes if-- (i) the pressure at which steam passes through such pipe exceeds 3.5 kilogram per square centimetres above atmospheric pressure, or (ii) such pipe exceeds 254.....

Carriage by Road Act 2007 Section 15

Title: Right of Common Carrier in Case of Consignees Default

State: Central

Year: 2007

.....period as may be mutually agreed to by and between the common carrier and the consignor. (2) In the case of an unclaimed consignment under sub-section (1), the common carrier may,- (a) if such consignment is perishable in nature, have the right to sell the consignment; or (b) if such consignment is not perishable in nature, cause a notice to be served upon the consignee or upon the consignor if the consignee is not available, requiring him to remove the goods within a period of fifteen days from the date of receipt of the notice and in case of failure to comply with the notice, the common carrier shall have the right to sell such consignment without any further notice to the consignee or the consignor, as the case may be. (3) The common carrier shall, out of the sale proceeds received under sub-section (2), retain a sum equal to the freight, storage and other charges due including expenses incurred for the sale, and the surplus, if any, from such sale proceeds shall be returned to the consignee or the consignor, as the case may be. (4) Unless otherwise agreed upon between the common carrier and consignor, the common carrier shall be entitled to detain or dispose off.....

Sashastra Seema Bal Act 2007 Section 44

Title: Miscellaneous Offences

State: Central

Year: 2007

.....or (b) by defiling any place of worship, or otherwise, intentionally insults the religion, or wounds the religious feelings of, any person; or (c) attempts to commit suicide, and in such attempt does any act towards the commission of such offence; or (d) being below the rank of subordinate officer, when off duty, appears without proper authority, in or about camp, or in or about, or when going to, or returning from, any town or bazaar, carrying a rifle, sword or other offensive weapon; or (e) directly or indirectly accepts or obtains, or agrees to accept, or attempts to obtain, for himself or for any other person, any gratification as a motive or reward for procuring the enrolment of any person, or leave of absence, promotion or any other advantage or indulgence for any person in the service; or (f) commits any offence against the property or person of any inhabitant of, or resident in, the country in which he is serving, shall, on conviction by a Force Court, be liable to suffer imprisonment for a term which may extend to seven years or such less punishment as is in this Act mentioned.