Bare Act Search Results

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 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 Act, 1996 Section 2

Title: Income-tax

State: Central

Year: 1996

.....income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1997";(B) for sub-rule (4), the following sub-rule shall be substituted, namely:- "(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 (49of 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).".

Finance Act, 1996 Complete Act

State: Central

Year: 1996

.....income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1997"; (B) for sub-rule (4), the following sub-rule shall be substituted, namely:- "(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 tothe Finance Act, 1988 (26 of 1988), or of the First Schedule tothe Finance Act, 1989 (13 of 1989), or of the First Schedule tothe Finance Act, 1990 (12 of 1990), or of the First Schedule tothe Finance (No. 2) Act, 1991 (49 of 1991), or of the First Schedule tothe Finance Act, 1992 (18 of 1992), or of the First Schedule tothe Finance Act, 1993 (38 of 1993), or of the First Schedule tothe Finance Act, 1994 (32 of 1994), or of the First Schedule tothe Finance Act, 1995 (22 of 1995)shall be set off under sub-rule (1) or, as the case may be, sub-rule (2).". Central Bare Acts

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 Section 11

Title: Amendment of Section 32

State: Central

Year: 1996

.....the allowance was originally computed continued to be carried on by him in the previous year relevant for that assessment year : Provided further that the time limit of eight assessment years specified in sub-clause (b) shall not apply in the case of a company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and ending with the assessment year relevant to the previous year in which the entire net worth of such company becomes equal to or exceeds the accumulated losses. Explanation : For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986).'.

Maharashtra Maritime Board Act, 1996 Complete Act

State: Maharashtra

Year: 1996

.....part in any deliberation or decision of the Board or the Committee with respect to that matter. SECTION 14: DEFECTS IN APPOINTMENT NOT TO INVALIDATE ACTS, ETC. No act or proceeding of the Board or of any of its Committees shall be invalid merely by reason of,- (a)any vacancy therein or any defect in the constitution thereof; (b)any disqualification or any defect in the appointment of, a person acting as a member thereof; or (c)any member having acted or taken part in any proceedings in contravention of section 13; (d)any irregularity in its procedure not affecting merits of the case. SECTION 15: DELEGATION OF POWERS The Board may, with the previous approval of the State Government, direct that such of the powers and duties conferred or imposed upon the Board by or under this Act as may be specified in such direction, may also be exercised or performed by the Chief Executive Officer subject to such conditions and restrictions as may be specified in such direction. SECTION 16: DUTIES OF CHAIRMAN ETC. (1)It shall be the duty of the Chairman, the Vice-Chairman. and the Chief Executive Officer to attend every meeting of the Board unless prevented by sickness or other reasonable cause......

Arbitration and Conciliation Act, 1996 Part II

Title: Enforcement of Certain Foreign Awards

State: Central

Year: 1996

.....in India of any award or of availing himself in India of any award or of availing himself in India of any award if this Chapter had not been enacted. Section 52 - Chapter II not to apply Chapter II of this Part shall not apply in relation to foreign awards to which this Chapter applies. ARBITRATION AND CONCILIATION ACT, 1996Chapter - GENEVA CONVENTION AWARDS Section 53 - Interpretation In this Chapter "foreign award" means an arbitral award on differences relating to matters considered as commercial under the law in force in India made after the 28th day of July, 1924, (a) in pursuance of an agreement for arbitration to which the Protocol set forth in the Second Schedule applies, and (b) between persons of whom one is subject to the jurisdiction of some one of such Powers as the Central Government, being satisfied that reciprocal provisions have been made, may, by notification in the Official Gazette, declare to be parties to the Convention set forth in the Third Schedule, and of whom the other is subject to the jurisdiction of some other of the Powers aforesaid, and (c) in one of such territories as the Central Government, being satisfied that reciprocal.....

Arbitration and Conciliation Act, 1996 Complete Act

State: Central

Year: 1996

ARBITRATION AND CONCILIATION ACT, 1996 ARBITRATION AND CONCILIATION ACT, 1996 [Act No. 26 of Year 1996, dated 16th. August, 1996] An Act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral award as also to define the law relating to conciliation and for matters connected therewith or incidental thereto. PREAMBLE WHEREAS the United Nations Commission on International Trade law (UNCITRAL) has adopted the UNCITRAL Model Law on International Commercial Arbitration in 1985; AND WHEREAS the General Assembly of the United Nations has recommended that all countries give due consideration to the said Model Law, in view of the desirability of uniformity of the law of arbitral procedures and the specific needs of international commercial arbitration practice; AND WHEREAS the UNCITRAL has adopted the UNCITRAL Conciliation Rules in 1980; AND WHEREAS the General Assembly of the United Nations has recommended the use of the said Rules in cases where a dispute arises in the context of international commercial relations and the parties seek on amicable settlement of that dispute by recourse to.....

Finance (No. 2) Act, 1996 Section 16

Title: Amendment of Section 41

State: Central

Year: 1996

In section 41 of the Income-tax Act, the Explanation occurring below sub-section (1) shall be renumbered as Explanation 2, and before Explanation 2 as so renumbered, the following Explanation shall be inserted with effect from the 1st day of April, 1997, namely :- 'Explanation 1 : For the purposes of this sub-section, the expression "loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof" shall include the remission or cessation of any liability by a unilateral act by the first mentioned person under clause (a) of the successor in business under clause (b) of that sub-section by way of writing off such liability in his accounts.'.