Title : Amendment of Section 80ac
State : Central
Year : 2007
In section 80AC of the Income-tax Act, after the word, figures and letters "section 80-IC", the words, figures and letters "or section 80-ID or section 80-IE" shall be inserted with effect from the 1st day of April, 2008. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80ccd
State : Central
Year : 2007
In section 80CCD of the Income-tax Act,-- (a) in sub-section (1), for the words "employed by the Central Government", the words "employed by the Central Government or any other employer" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2004; (b) in sub-section (2), for the words "Central Government" at both the places where they occur, the words "Central Government or any other employer" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2004. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80e
State : Central
Year : 2007
In section 80E of the Income-tax Act, with effect from the 1st day of April, 2008,-- (i) in sub-section (1), after the words "higher education", the words "or for the purpose of higher education of his relative" shall be inserted; (ii) in sub-section (3),-- (A) in clause (a), for the words "notified by the Central Government", the words "approved by the prescribed authority" shall be substituted; (B) after clause (d), the following clause shall be inserted, namely:-- '(e) "relative", in relation to an individual, means the spouse and children of that individual.'. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115 Wc
State : Central
Year : 2007
In section 115WC of the Income-tax Act, in sub-section (1), after clause (b), the following shall be inserted with effect from the 1st day of April, 2008, namely:-- '(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d) of sub-section (1) of section 115 WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares. Explanation.--For the purposes of this clause,-- (i) "fair market value" means the value determined in accordance with the method as may be prescribed by the Board; (ii) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115 Wj
State : Central
Year : 2007
In section 115 WJ of the Income-tax Act, for sub-sections (2) and (5), the following sub-sections shall be substituted with effect from the 1st day of June, 2007, namely:-- "(2) Advance tax on the current fringe benefits shall be payable by-- (a) all the companies, who are liable to pay the same in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below: Table I Due date of instalment Amount payable On or before the 15th June Not less than fifteen per cent. of such advance tax. On or before the 15th September Not less than forty-five per cent. of such advance tax as reduced by the amount, if any, paid in the earlier ..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 197a
State : Central
Year : 2007
In section 197A of the Income-tax Act, in sub-section (1C), the words, figures and letter "and is entitled to a deduction from the amount of income-tax on his total income referred to in section 88B" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 2006. View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 245ha and 245haa
State : Central
Year : 2007
After section 245H of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of June, 2007, namely:-- "245HA. Abatement of proceeding before Settlement Commission.-- (1) Where-- (i) an application made under section 245C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 245D; or (ii) an application made under section 245C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 245 D; or (iii) an application made under section 245C has been declared as invalid under sub-section (2C) of section 245D; or (iv) in respect of any other application made under section 245C, an order under sub-Section (4) of section 245D has not been passed..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 295
State : Central
Year : 2007
In section 295 of the Income-tax Act, in sub-section (2), after clause (eeb), the following clauses shall be inserted and shall be deemed to have been inserted, with effect from the 1st day of June, 2006, namely:-- "(eeba) the documents, statements, receipts, certificates or audited reports which may not be furnished along with the return but shall be produced before the Assessing Officer on demand under section 139C; (eebb) the class or classes of persons who shall he required to furnish the return of income in electronic form; the form and the manner of furnishing the said return in electronic form; documents, statements, receipts, certificates or reports which shall not be furnished with the return in electronic form and the computer resource or electronic record to which such..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Sections 22ha and 22haa
State : Central
Year : 2007
After section 22H of the Wealth-tax Act, the following sections shall be inserted with effect from the 1st day of June, 2007, namely:-- '22HA. Abatement of proceedings before settlement Commission.--(1) Where,-- (i) an application made under section 22C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 22D; or (ii) an application made under section 22C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 22D; or (iii) an application made under section 22C has been declared as invalid under sub-section (2C) of section 22D; or (iv) in respect of any other application made under section 22C, an order under sub-section (4) of section 22D has not been passed within the time..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 2
State : Central
Year : 2007
In section 2 of the Customs Act, 1962(52 of 1962) (hereinafter referred to as the Customs Act), in clause (41), for the words, brackets and figures "sub-section (1) of section 14", the words, brackets and figures "sub-section (1) or sub-section (2) of section 14" shall be substituted with effect from such date1 as the Central Government may, by notification in the Official Gazette, appoint. __________________________________ 1. w.e.f. from 10.10.2007, as per notification No. 93/2007-Customs (N.T.) dated 13.09.2007 View Complete Act List Judgments citing this section