Bare Act Search Results

Income Tax Act, 1961 Section 17

Title: "salary", "perquisite" and "profits in Lieu of Salary" Defined

State: Central

Year: 1961

.....For the purposes of this sub-clause,-- (a) specified security means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme; (b) sweat equity shares means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; (c) the value of any specified security or sweat equity shares shall be the fair market value of the specified security or sweat equity shares, as the case may be, on the date on which the option is exercised by the assessee as reduced by the amount actually paid by, or recovered from the assessee in respect of such security or shares; (d) fair market value means the value determined in accordance with the method as may be prescribed; (e) option means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares.....

Government of India Act, 1800 [Repealed] Section 7

Title: Salaries to Be in Lieu of All Perquisites

State: Central

Year: 1800

And * * *1all such salaries shall be in lieu of all fees of office, perquisites, emoluments and advantages whatsoever; and * * *2no fees of office, perquisites, emoluments or advantages whatsoever shall be accepted, received or taken in any manner or on any account or pretence whosoever, other than such salaries and allowances as are in and by this Act directed to be paid. ____________________________ 1. So much of the section as related to the commencement of salaries was repealed, 53 Geo. 3, c. 155, Section 89. 2. The word "that" was repealed (U.K.) by 51&52 Vict., c. 3 (S.L.R.).

Salaries and Allowances of Officers of Parliament Act, 1953 Section 10A

Title: Exemption from Liability to Pay Income-tax on Daily Allowance Received by the Chairman and Certain Perquisites Received by an Officer of Parliament

State: Central

Year: 1953

..... (a) in computing the total income of a previous year of the Chairman of the Council of States, any income by way of an allowance referred to in sub-section (1) of section 3 shall not be included; (b) the value of rent free furnished residence (including maintenance thereof) provided to an officer of Parliament under sub-section (1) of section 4 shall not be included in the computa­tion of his income chargeable under the head "Salaries" under section 15 of the Income-tax Act, 1961.] ________________________ 1. Substituted by Salaries and Allowances ofOfficers of Parliament (Amendment) Act, 1990. (17 of 1990) w.r.e.f. 01.04.1998. Prior to substitution it read as under: "10A. Exemption from liability to pay income-tax on daily allowance received by the Chairman and certain perquisites received by an officer of Parliament.-- Notwithstanding anything contained in the Income Tax Act, 1961,-- "(a) in computing the total income of a previous year of the Chairman of the Council of States, any income by way of an allowance referred to in sub-section (1) of section 3 shall not be included : (b) the value of rent free furnished residence (including maintenance thereof).....

High Court Judges (Salaries and Conditions of Service) Act, 1954 Section 22D

Title: Exemption from Liability to Pay Income-tax on Certain Perquisites Received by a Judge

State: Central

Year: 1954

1[22D. Exemption from liability to pay income-tax on certain perquisites received by a Judge Notwithstanding anything contained in the Income-tax Act, 1961,-- (a) the value of rent-free official residence provided to a Judge under sub-section (1) of section 22A or the allowance paid to him under sub-section (2) of that section; (b) the value of the conveyance facilities provided to a Judge under section 22B; (c) the sumptuary allowance provided to a Judge under section 22C, 2[(d) the value of leave concession provided to a Judge and members of his family,] shall not be included in the computation of his income chargeable under the head "Salaries" under section 15 of the Income-tax Act, 1961.] __________________________ 1. Substituted by H. C. and S. C. Judges (Conditions of Service) Amendment Act (20 of 1988), Section 3 (w.r.e.f. 1-11-1986). 2. Inserted by H. C. and S. C. Judges (Conditions of Service) Amendment Act (2 of 1994), Section 2 (w.r.e.f. 1-4-1986).

Supreme Court Judges (Salaries and Conditions of Service) Act, 1958 Section 23D

Title: Exemption from Liability to Pay Income-tax on Certain Perquisites Received by a Judge

State: Central

Year: 1958

1 [23D. Exemption from liability to pay Income-tax on certain perquisites received by a Judge Notwithstanding anything contained in the Income-tax Act, 1961,-- (a) the value of rent-free official residence provided to a Judge under sub-section (1) of section 23 2 [for the allowance paid to him under sub-section (1A) of that section]; (b) the value of the conveyance facilities provided to a Judge under section 23A; (c) the sumptuary allowance provided to a Judge in section 23B, shall not be included in the computation of his income chargeable under the head "Salaries" under section 15 of the Income-tax Act, 1961.] 3 [(d) the value of leave travel concession, provided to or Judge and members of his family.] ________________________ 1. Substituted by High Court and Supreme Court Judges (Conditions of Service) Amendment Act (20 of 1988), Section. 6 (w.r.e.f. 1-11-1986). 2. Inserted by Supreme Court Judges (Conditions of Service) Amendment Act (72 of 1993), Section 2 (26-12-1993). 3. Inserted by High Court and Supreme Court Judges (Conditions of Service) Amendment Act (20 of 1988), Section 6 (w.r.e.f. 1-11-1986) (2 of 1994), Section 3 (w.r.e.f. 1-4-1986).

Salary and Allowances of Leaders of Opposition in Parliament Act, 1977 Section 9A

Title: Exemption from Liability to Pay Income-tax on Certain Perquisites Received by a Leader of the Opposition

State: Central

Year: 1977

1 [9A. Exemption from liability to pay income-tax on certain perquisites received by a Leader of the Opposition Notwithstanding anything contained in the Income-tax Act, 1961, the value of rent free furnished residence (including maintenance thereof) provided to a Leader of the Opposition under sub-section (1) of section 4 shall not be included in the computation of his income chargeable under the heading "Salaries" under section 15 of the Income-tax Act, 1961.] _________________________ 1. Inserted by Salary and Allowances of Leader of Opposition in Parliament (Amendment) Act (78 of 1985), section 4.

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2 of the Securities Contracts (Regulation) Act, 1956) (42 of 1956);] (13) "director" includes any person occupying the position of director, by whatever name called; (14) "District Court" means the principal Civil Court of original jurisdiction in a district, but does not include a High Court in the exercise of its ordinary original civil jurisdiction ; [(14A) "dividend" includes any interim dividend;] (15) "document" includes summons, notice, requisition, order, other legal process, and registers, whether issued, sent or kept in pursuance of this or any other Act or otherwise ; [(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price;] (16) "existing company" means an existing company as defined in (section 3); (17) "financial year" means, in relation to any body corporate, the period in respect of which.....

Companies Act, 1956 Part 6

Title: Management and Administration

State: Central

Year: 1956

.....Act, 1996, shall be deemed to be an index of members and register and index of debenture-holders, as the case may be, for the purposes of this Act.] ____________________ 1. Inserted by Act 22 of 1996, Section 30 and Schedule (w.r.e.f. 20-9-1995). Section 153 - Trusts not to be entered on register No notice of any trust, express, implied or constructive, shall be entered on the register of members or of debenture-holders1[***] ____________________ 1. The words "or be receivable by the Registrar" omitted by Act 53 of 1963, Section 6 (w.e.f. 1-1-1964). Section 153A - Appointment of public trustee 1[153A. Appointment of public trustee 2[(1)] The Central Government may, by notification in the Official Gazette, appoint a person as public trustee to discharge the functions and to exercise the rights and powers conferred on him by or under this Act.] 3[(2) The provision of this section shall not apply on and after the commencement of the Companies (Amendment) Act, 2000.] ____________________ 1. Inserted by Act 53 of 1963, Section 7 (w.e.f. 1-1-1964). 2. Section 153A renumbered as sub-section (1) thereof by Act 53 of 2000, Section 63 (w.e.f. 13-12-2000)......

Companies Act, 1956 Chapter 2

Title: Directors

State: Central

Year: 1956

.....) Sub-section ( 1 ) shall not apply to a private company, unless it is a subsidiary of a public company. ______________________ 1. Inserted by Act 31 of 1988, Section 45 (w.e.f. 15-6-1988). 2. Inserted by Act 65 of 1960, Section 85 (w.e.f. 28-12-1960). Section 258 - Right of company to increase or reduce the number of directors 1[***] Subject to the provisions of sections 252 , 255 and 259 , a company in general me eting may, by ordinary resolution, increase or reduce the number of its directors within the limits fixed in that behalf by its articles. ______________________ 1. The brackets and figure "(1) omitted by Act 36 of 1957, Section 3 and Schedule II." Section 259 - Increase in number of directors to require Government sanction In the case of a public company or a private company which is a subsidiary of a public company, any increase in the number of its directors, except- (a) in the case of a company which was in existence on the 21 st day of July, 1951 , an increase which was within the permissible maximum under its articles as in force on that date, and (b) in the case of a company which came or may come into existence after that date, an.....