Bare Act Search Results

Income Tax Act, 1961 Section 245R

Title: Procedure on Receipt of Application

State: Central

Year: 1961

.....representative. Explanation: For the purposes of this sub-section, authorised representative shall have the meaning assigned to it in sub-section (2) of section 288, as if the applicant were an assessee. (6) The Authority shall pronounce its advance ruling in writing within six months of the receipt of application. (7) A copy of the advance ruling pronounced by the Authority, duly signed by the Members and certified in the prescribed manner2 shall be sent to the applicant and to the Commissioner, as soon as may be, after such pronouncement. _________________________________ 1. Substituted by the Finance Act, 2000, with effect from 1st June, 2000. Prior to substitution, the proviso as amended by the Finance (No. 2) Act, 1998, with effect from 1st October, 1998, stood as under: Provided that the Authority shall not allow the application except in the case of a resident applicant where the question raised in the application, (a) is already pending in the applicants case before any income-tax authority, the Appellate Tribunal or any court; (b) involves determination of fair market value of any property; (c) relates to a transaction which is designed prima.....

Finance Act, 2000 Chapter III

Title: Direct Taxes

State: Central

Year: 2000

.....appointed in this behalf by the Central Government in exercise of the powers conferred by section 14 of the Industries (Development and Regulation) Act, 1951 (65 of 1951), and the rules made under that Act; (v) "relevant assessment years" means any assessment year falling within a period of ten consecutive assessment years, referred to in this section.". Section 8 - Amendment of section 11 In section 11 of the Income-tax Act, in sub-section (5),- (a) in clause (vii), the following proviso shall be inserted with effect from the 1st day of April, 2001, namely:- "Provided that where an investment or deposit in any public sector company has been made and such public sector company ceases to be a public sector company,- (A) such investment made in the shares of such company shall be deemed to be an investment made under this clause for a period of three years from the date on which such public sector company ceases to be a public sector company; (B) such other investment or deposit shall be deemed to be an investment made under this clause for the period up to the date on which such investment or deposit becomes repayable by such company;"; (b) in clauses (viii) and.....

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).....

Finance (No.2) Act, 2004 Complete Act

State: Central

Year: 2004

FINANCE (NO.2) ACT, 2004 FINANCE (NO.2) ACT, 2004 22 of 2004 PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2004- BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows: CHAPTER 1: PRELIMINARY: SECTION : Short Title and Commencement: (1) This Act may be called the Finance (No. 2) Act, 2004. (2) Save as otherwise provided in this Act, (S.2) to (S.60) shall lie deemed to have come into force on the 1st day of April, 2004. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2004, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, (43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the.....

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Finance (No. 2) Act, 1998 Section 48

Title: Amendment of Chapter Xix-b

State: Central

Year: 1998

.....or is proposed to be undertaken by a non-resident applicant and such determination shall include the determination of any question of law or of fact specified in the application; (ii) a decision by the Authority in relation to an assessment which is pending before any of the income-tax authority or the Tribunal in case of an applicant who is resident in Indian and such decision shall include the decision on question of law or fact arising out of the orders of assessment in respect of which an application has been made by a resident applicant; (ii) for clause (b) the following clause shall be substituted, namely.-- (b) "applicant" means any person who-- (i) is a non-resident; or (ii) is a resident falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify in this behalf; (iii) makes an application under sub-section (1) of section 245-O. (b) in section 245R, in sub-section (2), in the first proviso, after the words "allow the application", the words "except in the case of a resident applicant" shell be inserted; (c) after section 245R the following section shall be inserted, namely:-- .....

Finance (No. 2) Act, 1998 Chapter III

Title: Direct Taxes

State: Central

Year: 1998

.....sold or otherwise transferred by the assessee to Government, a local authority, a corporation established by or under a Central, State of Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956; or (ii) where the sale or transfer of the asset is made in connection with the succession of a firm by a company in the business or profession carried on by the firm as a result of which the firm sells or otherwise transfers to the company any asset and the scheme or the deposit scheme continues to apply to the company in the manner applicable to the firm. Explanation.-- The provisions of clause (ii) of the proviso shall apply only where-- (i) all the properties of the firm relating to the business or profession immediately before the succession become the properties of the company; (ii) all the liabilities of the firm relating to the business or profession immediately before the succession become the liabilities of the company; and (iii) all the shareholders of the company were partners of the firm immediately before the succession. (9) The Central Government may, if it considers necessary or expedient so to do, by notification in the.....

Finance (No. 2) Act, 1998 Complete Act

State: Central

Year: 1998

FINANCE (NO. 2) ACT, 1998 FINANCE (NO. 2) ACT, 1998 21 of 1998 An Act to give effect to the financial proposals of the Central Government for the financial year 1998-99 BE it enacted by Parliament in the Forty-ninth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance (No. 2) Act, 1998. (2) Save as otherwise provided in this Act, sections 2 to 98 (except section 51) shall be deemed to have come into force on the 1st day of April, 1998. 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, 1998, 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 forty 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.....

Finance Act, 2012, (Central) Complete Act

Title: the Finance Act, 2012

State: Central

Year: 2012

..... Section 1 - Short title and commencement Chapter II - RATES OF INCOME Section 2 - Income Chapter III - DIRECT TAXES Section 3 - Amendment of section 2 Section 4 - Amendment of section 9 Section 5 - Amendment of section 10 Section 6 - Amendment of section 13 Section 7 - Amendment of section 32 Section 8 - Amendment of section 35 Section 9 - Amendment of section 35AD Section 10 - Insertion of new sections 35CCC and 35CCD Section 11 - Amendment of section 40 Section 12 - Amendment of section 40A Section 13 - Amendment of section 44AB Section 14 - Amendment of section 44AD Section 15 - Amendment of section 47 Section 16 - Amendment of section 49 Section 17 - Insertion of new section 50D Section 18 - Amendment of section 54B Section 19 - Insertion of new section 54GB Section 20 - Amendment of section 55A Section 21 - Amendment of section 56 Section 22 - Amendment of section 68 Section 23 - Amendment of section 80A Section 24 - Amendment of section 80C Section 24A - Insertion of new section 80CCG Section 25 - Amendment of section 80D Section 26 - Amendment of section 80DDB Section 27 - Amendment of section 80G Section 28 - Amendment of section 80GGA .....

Finance Act, 2012, (Central) Section 88A

Title: Amendment of Section 245r

State: Central

Year: 2012

In section 245R of the Income-tax Act, in sub-section (2), in the first proviso, in clause (iii), after the word, figures and letter "section 245N", the words, brackets figures and letters "or in the case of an applicant falling in sub-clause (iiia) of clause (6) of section 245N" shall be inserted with effect from the 1 day of April, 2013.