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Home Bare Acts Phrase: section 115Finance Act 2007 Section 40
Title: 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 instalment. On or before the 15th December Not less than seventy-five per cent. of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. On or before the 15th March The whole amount of such advance tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments; .....
View Complete Act List Judgments citing this sectionFinance Act, 1987 Section 42
Title: Omission of Section 115
State: Central
Year: 1987
Section 115 of the Income-tax Act shall be omitted with effect from the 1st day of April, 1988.
View Complete Act List Judgments citing this sectionFinance Act, 1985 Section 26
Title: Amendment of Section 115
State: Central
Year: 1985
In section 115 of the Income-tax Act, in clause (i), for sub-clause (a), the following sub-clause shall be substituted with effect from the 1st day of April, 1986, namely :- "(a) on so much of the amount of such long-term capital gains as relate to buildings or lands or any rights in buildings or lands, at the rate of fifty per cent.; and".
View Complete Act List Judgments citing this sectionFinance Act 1965 Section 37
Title: Substitution of New Section for Section 115
State: Central
Year: 1965
.....the income tax payable by it shall be the aggregate of (i) the amount of income tax calculated at the rate of twelve and a half per cent. on the amount of capital gains relating to bonus shares, if any, chargeable under sub section (2) of section 45 as reduced by an amount equal to twelve and a half per cent. of the face value of such bonus shares; so however, that the reduction shall in no case exceed the amount of income tax so calculated; (ii) the amount of income tax calculated on the amount of capital gains relating to capital assets other than short term capital assets included in the total income (a) at the rate of forty per cent. on so much of the amount of such capital gains as relate to buildings or lands or any rights in buildings or lands; and (b) at the rate of thirty per cent. on the balance of such capital gains, if any [excluding capital gains, if any, referred to in clause (i)]; and (iii) the amount of income tax with which it would have been chargeable had its total income been reduced by the amount of capital gains referred to in clauses (i) and (ii)..
View Complete Act List Judgments citing this sectionFinance Act 1976 Section 19
Title: Amendment of Section 115
State: Central
Year: 1976
In section 115 of the Income-tax Act, in clause (i) with effect from the 1st day of April, 1977, - (a) in sub-section (a)(1), for the words "forty-seven per cent.", the words "forty per cent." shall be substituted; (b) in sub-clause (a)(2), for the words "forty-five per cent.", the words "fifty per cent." shall be substituted; and (c) in sub-clause (b), for the words "forty-five per cent.", the words "forty per cent." shall be substituted.
View Complete Act List Judgments citing this sectionFinance Act 2001 Section 55
Title: Amendment of Section 115-o
State: Central
Year: 2001
In section 115-O of the Income-tax Act, in sub-section (1), for the words "twenty per cent.", the words "ten per cent." shall be substituted with effect from the 1st day of June, 2001.
View Complete Act List Judgments citing this sectionFinance Act, 2000 Section 53
Title: Amendment of Section 115-o
State: Central
Year: 2000
In section 115-O of the Income-tax Act, in sub-section (1), for the words "ten per cent.", the words "twenty per cent." shall be substituted with effect from the 1st day of June, 2000.
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 35
Title: Amendment of Section 115-o
State: Central
Year: 2007
In section 115-O of the Income-tax Act, in sub-section (1), for the words "at the rate of twelve and one-half per cent.", the words "at the rate of fifteen per cent." shall be substituted.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 53
Title: Substitution of New Section for Section 115-o
State: Central
Year: 2002
In section 115-O of the Income-tax Act, in sub-section (1), after the words, figures and letters "on or after the 1st day of June, 1997", the words, figures and letters "but on or before the 31st day of March, 2002" shall be inserted with effect from the 1st day of April, 2003.
View Complete Act List Judgments citing this sectionFinance Act, 2006 Section 25
Title: Amendment of Section 115-o
State: Central
Year: 2006
In section 115-O of the Income-tax Act, in sub-section (6), the words, brackets, figures and letter "not falling under clause (23G) of section 10" shall be omitted with effect from the 1st day of April, 2007.
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