Bare Act Search Results

Finance (No. 2) Act, 2004 Section 30

Title: Insertion of New Chapter Xii-g

State: Central

Year: 2004

.....excess shall not form part of the relevant shipping income for the purposes of this Chapter and shall be taxable under the other provisions of this Act. (2) The core activities of a tonnage tax company shall be-- (i) its activities from operating qualifying ships; and (ii) other ship-related activities mentioned as under:-- (A) shipping contracts in respect of-- (i) earning from pooling arrangements; (ii) contracts of affreightment. Explanation.--for the purposes of this sub-clause,-- (a) "pooling arrangement" means an agreement between two or more persons for providing services through a pool or operating one or more ships and sharing earnings or operating profits on the basis of mutually agreed terms; (b) "contract of affreightment" means a service contract under which a tonnage tax company agrees to transport a specified quantify of specified products at a specified rate, between designated loading and discharging ports over a specified period; (B) specific shipping trades, being-- (i) on-board or on-shore activities of passenger ships comprising of fares and food and beverages consumed on board; (ii) slot charters, space charters, joint charters,.....

Finance (No. 2) Act, 2004 Chapter 3

Title: Direct Taxes

State: Central

Year: 2004

.....interest, commission or brokerage, fees forprofessional services or fees for technical services payable to a resident, oramounts payable to a contractor or subcontractor,being resident, for carrying out any work (including supply of labour forcarrying out any work), on which tax is deductible at source under ChapterXVII_B and such tax has not beendeducted or, after deduction, has not been paid during the previous year, or inthe subsequent year before theexpiry of the time prescribed under sub-section(1) of section 200; Provided that where in respect of any such sum, tax has been deductedin any subsequent year or, has been deducted in theprevious year but paid in anysubsequent year after the expiryof the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previousyear in which such tax has been paid. Explanation.--for the purposes of this sub-clause,-- (i) "commission or brokerage" shall have the same meaning as in clause (i) ofthe Explanation to section 194H; (ii) "fees for technical services" shall have the same meaning as in Explanation 2toclause (vii) of sub-section (1) ofsection 9; (iii).....

Income Tax Act, 1961 Section 115VV

Title: Limit for Charter in of Tonnage

State: Central

Year: 1961

.....ships chartered in exceeds the limit under subsection (1) during any previous year, the total income of such company in relation to that previous year shall be computed as if the option for Tonnage Tax Scheme does not have effect for that previous year. (5) Where the limit under sub-section (1) had exceeded in any two consecutive previous years, the option for Tonnage Tax Scheme shall cease to have effect from the beginning of the previous year following the second consecutive previous year in which the limit had exceeded. Explanation : For the purposes of this section, the term chartered in shall exclude a ship chartered in by the company on bareboat charter-cum-demise terms. _____________________ 1. See rule 11S and Form No. 66.

Finance Act 1999 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1999

.....paid, the cost shall be taken as nil; (b) "specified security" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and includes employees' stock option and sweat equity shares; (c) "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; and (d) "value" means the difference between the fair market value and the cost for acquiring specified securities.'. Section 11 - Amendment Of Section 24 In section 24 of the Income-tax Act, in sub-section (2), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2000, namely :- 'Provided further that where the property is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed before the 1st day of April, 2001, the provisions of the first proviso shall have effect as if for the words "thirty thousand rupees", the.....

Finance Act, 1999 Complete Act

State: Central

Year: 1999

.....1999-2000 Be it enacted by Parliament in the Fiftieth Year of the Republic of India as follows: - SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act 1999. (2) Save as otherwise provided in this Act, Sections 2 to 99 [except clause (1) of Section 6] shall be deemed to have come into force on the 1st day of April, 1999. 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, 1999, income tax shall be charged at the rates specified in Part I of the First Schedule. (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 six hundred rupees, in addition to total income, and the total income exceeds fifty thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income tax in respect of the.....

Income Tax Act, 1961 Section 115VT

Title: Transfer of Profits to Tonnage Tax Reserve Account

State: Central

Year: 1961

.....Reserve Account) an amount not less than twenty per cent of the book profit derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI in each previous year to be utilised in the manner laid down in sub-section (3) : Provided that a tonnage tax company may transfer a sum in excess of twenty per cent of the book profit and such excess sum transferred shall also be utilised in the manner laid down in subsection (3). Explanation : For the purposes of this section, book profit shall have the same meaning as in the Explanation to sub-section (2) of section 115JB so far as it relates to the income derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI. (2) Where the company has book profit from the business of operating qualifying ships and book loss from any other sources, and consequently, the company is not in a position to create the full or any part of the reserves under sub-section (1), the company shall create the reserves to the extent possible in that previous year and the shortfall, if any, shall be added to the amount of the reserves required to be created for the following previous.....

Finance Act 1999 Section 18

Title: Amendment of Section 35abb

State: Central

Year: 1999

.....not apply in the case of the demerged company; and (ii) the provisions of this section shall, as far as may be, apply to the resulting company as they would have applied to the demerged company if the latter had not transferred the licence."; (d) after sub-section (7), as so inserted, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1996, namely :- "(8) Where a deduction for any previous year under sub-section (1) is claimed and allowed in respect of any expenditure referred to in that sub-section, no deduction shall be allowed under sub-section (1) of section 32 for the same previous year or any subsequent previous year.".

Finance Act 2008 Chapter III

Title: Direct Taxes

State: Central

Year: 2008

.....such previous year or years preceding the previous year relevant to the assessment year under consideration shall be deemed to be the depreciation actually allowed under this Act for the purposes of this clause; and (c) the depreciation actually allowed under clause (b) shall be adjusted by the amount of depreciation attributable to such revaluation of the asset.". Section 13 - Amendment of section 44AB In section 44AB of the Income -tax Act, in the Explanation, in clause (if), for the figures, letters and words "31st day of October", the figures, letters and words "30th day of September" shall be substituted. Section 14 - Amendment of section 47 In section 47 of the Income-tax Act,-- (a) after clause (x), the following clause shall be inserted, namely:-- (xa) any transfer by way of conversion of bonds referred to in clause (a) of sub-section (1) of section 115AC into shares or debentures of any company;; (b) after clause (xv), the following clause shall be inserted, namely:-- (xvi) any transfer of a capital asset in a transaction of reverse mortgage under a scheme made and notified by the Central Government.. Section 15 - Amendment of section 49 In.....

Income Tax Act, 1961 Section 40

Title: Amounts Not Deductible

State: Central

Year: 1961

.....or, after deduction, has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200: Provided that where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. Explanation: For the purposes of this sub-clause,- (A) royalty shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9: (B) fees for technical services shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9: (ia) any interest, commission or brokerage, 2[rent, royalty] fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work), on which tax is deductible at source under Chapter XVIIB.....

Finance Act 2008 Section 10

Title: Amendment of Section 40

State: Central

Year: 2008

.....words, brackets and figures has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200, the following words, brackets and figures shall be substituted and shall be deemed to have been substituted, namely:- has not been paid, (A) in a case where the tax was deductible and was so deducted during the last month of the previous year, on or before the due date specified in sub-section (1) of section 139; or (B) in any other case, on or before the last day of the previous year; (ii) for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:- Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted (A) during the last month of the previous year but paid after the said due date; or (B) during any other month of the previous year but paid after the end of the said previous year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.; (b) sub-clause (ib) shall be omitted with effect from the 1st day of April,.....