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Home Bare Acts Phrase: section 1983Finance Act, 1983 Section 20
Title: Amendment of Section 54e
State: Central
Year: 1983
In section 54E of the Income-tax Act, - (a) in sub-section (1), - (i) after clause (b) and before Explanation 1, the following proviso shall be inserted, namely :- "Provided that in a case where the original asset is transferred after the 28th day of February, 1983, the provisions of this sub-section shall not apply unless the assessee has invested or deposited the whole or as the case may be any part of the net consideration in the new asset by initially subscribing to such new asset."; (ii) in Explanation 1, - (A) in clause (b), after the words, figures and letters "after the 28th day of February, 1979", the words, figures and letters "but before the 1st day of March, 1983" shall be inserted; (B) after clause (b), the following clause shall be inserted, namely :- "(c) in a case where the original asset is transferred after the 28th day of February, 1983, any of the following assets, namely :- (i) securities of the Central Government which that Government may, by notification in the Official Gazette, specify in this behalf; (ii) special series of units of Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), which the Central.....
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 16
Title: Amendment of Section 35cca
State: Central
Year: 1983
.....(1) shall not be allowed in respect of expenditure by way of payment of any sum to any association or institution unless the assessee furnishes a certificate from such association or institution to the effect that - (a) the prescribed authority had approved the association or institution before the 1st day of March, 1983; and (b) the training of persons for implementing any programme of rural development had been started by the association or institution before the 1st day of March, 1983. (2B) No certificate of the nature referred to in sub-section (2) or sub-section (2A) shall be issued by any association or institution unless such association or institution has obtained from the prescribed authority authorisation in writing to issue certificates of such nature.".
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 43
Title: Amendment of Section 4
State: Central
Year: 1983
In section 4 of the Interest-tax Act, 1974 (45 of 1974), the following proviso shall be inserted at the end, namely :- "Provided that the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of March, 1983 shall be three and a half per cent. Of such chargeable interest.".
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 5
Title: Amendment of Section 10
State: Central
Year: 1983
.....: For the purposes of this clause, - (a) "fees for technical services" shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9; (b) "foreign company" shall have the same meaning as in section 80B; (c) "royalty" shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9;'; (b) in clause (10), - (i) for the words "thirty thousand rupees", at the three place where they occur, the words "thirty-six thousand rupees" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1982; (ii) after the proviso and before the Explanation, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1982, namely :- 'Provided also that the Central Government may, having regard to the maximum amount which may for the time being be exempt under sub-clause (i), increase, by notification in the Official Gazette, the limit of thirty-six thousand rupees, for all the three purposes for which it has been mentioned in the foregoing provisions of this clause, up to such maximum amount : Provided also that.....
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 7
Title: Amendment of Section 13
State: Central
Year: 1983
.....institution are invested or deposited after the 28th day of February, 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; or (ii) any funds of the trust or institution invested or deposited before the 1st day of March, 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 continue to remain so invested or deposited after the 30th day of November, 1983; or (iii) any shares in a company (not being a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) or a corporation established by or under a Central, State or Provincial Act) are held by the trust or institution after the 30th day of November, 1983 : Provided that nothing in this clause shall apply in relation to - (i) any assets held by the trust or institution where such assets form part of the corpus of the trust or institution as on 1st day of June, 1973 and such assets were not purchased by the trust or institution or acquited by it by conversion of, or in exchange for, any other asset; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation) acquired.....
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 3
Title: Amendment of Section 2
State: Central
Year: 1983
.....unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by - (a) the Government, or (b) a corporation established by a Central, State or Provincial Act, or (c) any company to which this clause applies or any subsidiary company of such company where such subsidiary company fulfils the conditions laid down in clause (b) of section 108. Explanation : In its application to an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, item (B) shall have effect as if for the words "not less than fifty per cent.", the word "not less than forty per cent." had been substituted;'.
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 11
Title: Amendment of Section 32a
State: Central
Year: 1983
.....and the business so carried on is for the time being approved for purposes of this clause by the Central Government."; (ii) in the Explanation, for the words, brackets, figures and letter "this sub-section and sub-sections (2B) and (4)", the words, brackets, figures and letters "this sub-section and sub-sections (2B), (2C) and (4)" shall be substituted with effect from the 1st day of June, 1983; (b) after sub-section (2B), the following sub-section shall be inserted with effect from the 1st day of June, 1983 namely :- '(2C) Where any new machinery or plant, being machinery or plant which would assist in control of pollution or protection of environment and which has been notified in this behalf by the Central Government in the Official Gazette, is installed after the 31st day of May, 1983 in any industrial undertaking referred to in sub-clause (i) or sub-clause (ii) or sub-clause (iii) of clause (b) of sub-section (2), the provisions of sub-section (1) shall have effect in relation to such machinery or plant as if for the words "twenty-five per cent.", the words "thirty five per cent." had been substituted.'.
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 13
Title: Amendment of Section 35b
State: Central
Year: 1983
In section 35B of the Income-tax Act, in sub-section (1), in clause (a), after the words, figures and letters "after the 29th day of February, 1968", the words, figures and letters "but before the 1st day of March, 1983" shall be inserted.
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 19
Title: Amendment of Section 44d
State: Central
Year: 1983
In section 44D of the Income-tax Act, with effect from the 1st day of June, 1983, - (a) in clauses (a) and (b), for the portion beginning with the words "from an Indian concern" and ending with the words "with the Indian concern", the following shall be substituted, namely :- "from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or with the Indian concern"; (b) after clause (b) and before the Explanation, the following clause shall be inserted, namely :- "(c) no deduction in respect of any expenditure or allowance shall be allowed under any of the said sections in computing income by way of interest received from Government or an Indian concern on moneys borrowed or debt incurred by the Government or the Indian concern in foreign currency."; (c) in the Explanation, in clause (d), for the portion beginning with the words "from an Indian concern" and ending with the words "with the Indian concern", the following shall be substituted, namely :- "from Government or an Indian concern in pursuance of an agreement made by a foreign company with Government or the Indian concern."
View Complete Act List Judgments citing this sectionFinance Act, 1983 Section 35
Title: Amendment of Section 115a
State: Central
Year: 1983
In section 115A of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 1983, - (a) after clause (a), the following clause shall be inserted, namely :- "(aa) interest received from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency; or"; (b) for clause (b), the following clause shall be substituted, namely :- "(b) royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or the Indian concern after 31st day of March, 1976, and where such agreement is with an Indian concern, such agreement is approved by the Central Government,"; (c) after clause (i), the following clause shall be inserted, namely :- "(ia) the amount of income-tax calculated on the income by way of interest referred to in clause (aa), if any, included in the total income, at the rate of twenty-five per cent.;"; (d) in clause (iv), for the words, brackets and letters 'and clause (b)", the words, brackets and letters "clause (aa) and clause (b)" shall be substituted; (e) in the Explanation, after clause.....
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