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Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Schedule II

Title: Second Schedule

State: Central

Year: 1958

.....such date, the quotation on the date closest to such date and immediately preceding such date. Explanation-The words and expressions used in this rule and rules 3 to 7 but not defined and defined in rule 2 of Schedule 111 of the Wealth-tax Act shall have the meanings respectively assigned to them in rule 2 of that Schedule. 3. Special provision for quoted shares of companies.- Notwithstanding anything in rule 2, the value of an equity share in any company which is a quoted share may, at the option of the assessee or a company, be taken on the basis of the average of the value quoted on the 31st day of March immediately preceding the assessment year and the values quoted in respect of such share on the said dates in relation to each of the immediately preceding nine assessment years, or where there is no such quotation on any of the aforesaid dates, the quotation on the date closest to the said date and immediately preceding such date: Provided that where for any reason the value of such share is quoted in relation to lesser number of assessment years than the said nine assessment years, then the value or values so quoted shall be taken into account for the purposes of.....

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Income Tax Act, 1961 Chapter XIV

Title: Procedure for Assessment

State: Central

Year: 1961

.....from 1st April, 2001. Prior to substitution, sub-section (1) as amended by the Finance Act, 1997, with effect from 1st April, 1997 ; Finance (No. 2) Act, 1998, with effect from 1st August, 1998 and Finance Act, 1999, with effect from 1st June, 1999, stood as under : (1) Every person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed : Provided that a person, not furnishing return under this sub-section and residing in such area as may be specified by the Board in this behalf by a notification in the Official Gazette, and who at any time during the previous year fulfils any one of the following conditions, namely : (i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in.....

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Finance Act, 1993 Chapter III

Title: Direct Tax

State: Central

Year: 1993

.....than units referred to in section 115AB) listed in a recognised stock exchange in India in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder; or (b) income by way of short-term or long-term capital gains arising from the transfer of such securities, the income-tax payable shall be the aggregate of - (i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income, at the rate of twenty per cent.; (ii) the amount of income-tax calculated on the income by way of short-term capital gains referred to in clause (b), if any, included in the total income, at the rate of thirty per cent.; (iii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent.; and (iv) the amount of income-tax with which the Foreign Institutional Investor would have been chargeable had its total income been reduced by the amount of income referred to in clause (a) and clause (b). (2) Where the gross total income of the.....

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Finance Act, 1993 Section 42

Title: Amendment of Schedule Ii

State: Central

Year: 1993

.....date, the quotation on the date closest to such date and immediately preceding such date. Explanation : The words and expressions used in this rule and rules 3 to 7 but not defined and defined in rule 2 of Schedule III to the Wealth-tax Act shall have the meanings respectively assigned to them in rule 2 of that Schedule. 3. Special provision for quoted shares of companies. - Notwithstanding anything in rule 2, the value of an equity share in any company which is a quoted share may, at the option of the assessee or a company, be taken on the basis of the average of the value quoted on the 31st day of March immediately preceding the assessment year and the values quoted in respect of such share on the said dates in relation to each of the immediately preceding nine assessment years, or where there is no such quotation on any of the aforesaid dates, the quotation on the date closest to the said date and immediately preceding such date : Provided that where for any reason the value of such share is quoted in relation to lesser number of assessment years than the said nine assessment years, then the value or values so quoted shall be taken into account for the purposes of.....

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Gift Tax Act, 1958 Complete Act

State: Central

Year: 1958

.....shall be deemed to be a gift made by the transferor; (c) where there is a release, discharge, surrender, forfeiture, abandonment of any debt, contract or other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the [Assessing officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested. 29[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his.....

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Income Tax Act, 1961 Section 139A

Title: Permanent Account Number

State: Central

Year: 1961

.....receipts are or is likely to exceed 1[five lakh rupees] in any previous year ; or (iii) who is required to furnish a return of income under 2[sub-section (4A) of section 139 ; or (iv) being an employer, who is required to furnish a return of fringe benefits under section 115WD,] and who has not been allotted a permanent account number shall, within such time, as may be prescribed3, apply to the Assessing Officer for the allotment of a permanent account number. 4[(1A) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, specify, any class or classes of persons by whom tax is payable under this Act or any tax or duty is payable under any other law for the time being in force including importers and exporters whether any tax is payable by them or not and such persons shall, within such time as mentioned in that notification, apply to the Assessing Officer for the allotment of a permanent account number.] 5[(1B) Notwithstanding anything contained in sub-section (1), the Central Government may, for the purpose of collecting any information which may be useful for or relevant to the purposes of this Act,.....

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Income Tax Act, 1961 Chapter XVII

Title: Collection and Recovery of Tax

State: Central

Year: 1961

.....the public are substantially interested, being debentures 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, if (a) the interest is paid by the company by an account payee cheque; and (b) the amount of such interest or, as the case may be, the aggregate of the amounts of such interest paid or likely to be paid during the financial year by the company to such individual does not exceed two thousand and five hundred rupees; 3[(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full beneficial interest; or] 3[(vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred to as the Corporation) or to any of the four companies (hereafter in this clause referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities owned by the.....

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