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Start Free TrialFinance Act, 2002 Section 50
Title: Amendment of Section 115c
State: Central
Year: 2002
In section 115C of the Income-tax Act, in clause (c), the words, figures and letter "other than dividends referred to in section 115-O" shall be omitted with effect from the 1st day of April, 2003.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 95
Title: Amendment of Section 245d
State: Central
Year: 2002
In section 245D of the Income-tax Act, with effect from the 1st day of June, 2002,-- (a) in sub-section (1), for the words "the Settlement Commission may, by order, allow the application to be proceeded with or reject the application", the words, figures and letter "the Settlement Commission, shall, where it is possible, by order, reject the application or allow the application to be proceeded with within a period of one year from the end of the month in which such application was made under section 245C" shall be substituted; (b) after sub-section (4), the following sub-section shall be inserted, namely:-- "(4A) In every application allowed to be proceeded with under subsection (i), the Settlement Commission shall, where it is possible, pass an order under sub-section (4) within a period of four years from the end of the financial year in which such application was allowed to be proceeded with.".
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 104
Title: Insertion of New Section 272b
State: Central
Year: 2002
After section 272AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2002, namely:-- "272B. Penalty for failure to comply with the provisions of section 139A.-- (1) If a person fails to comply with the provisions of section 139A, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees. (2) If a person who is required to quote his permanent account number in any document referred to in clause (c) of sub-section (5) of section 139A, or to intimate-such number as required by sub-section (5A) of that section, quotes or intimates a number which is false, and which he either knows or believes to be false or does not believe to be true, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees. (3) No order under sub-section (1) or sub-section (2) shall be passed unless the person, on whom the penalty is proposed to be imposed, is given an opportunity of being heard in the matter.".
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 103
Title: Amendment of Section 272a
State: Central
Year: 2002
In section 272A of the Income-tax Act,-- (a) in sub-section (1), clause (d) shall be omitted with effect from the 1st day of June, 2002; (b) in sub-section (2), for clause (e), the following clause shall be substituted with effect from the lst day of April, 2003, namely:-- "(e) to furnish the return of income which he is required to furnish under sub-section (4A) or sub-section (4C) of section 139 or to furnish it within the time allowed and in the manner required under those sub-sections; or".
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 102
Title: Substitution of New Section for Section 271f
State: Central
Year: 2002
For section 271F of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2002, namely:-- "271F. Penalty for failure to furnish return of income.-- If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.".
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 101
Title: Amendment of Section 271
State: Central
Year: 2002
In section 271 of the Income-tax Act, in sub-section (1),-- (a) in the opening portion, after the words and brackets "Commissioner (Appeals)", the words "or the Commissioner" shall be inserted with effect from the 1stday of June, 2002; (b) in clause (ii), for the words "in addition to any tax payable", the words "in addition to tax, if any, payable" shall be substituted with effect from the 1st day of April, 2003; (c) in clause (iii), for the words "in addition to any tax payable", the words "in addition to tax, if any, payable" shall be substituted with effect from the 1st day of April, 2003; (d) in Explanation 1, in clause (A), after the words and brackets "Commissioner (Appeals)", the words "or the Commissioner" shall be inserted with effect from the 1st day of June, 2002; (e) in Explanation 3, the words "who has not previously been assessed under this Act," shall be omitted with effect from the 1st day of April, 2003; (f) in Explanation 4, for clause (a), the following clause shall be substituted with effect from the 1st day of April, 2003, namely:-- "(a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 100
Title: Insertion of New Section 269up
State: Central
Year: 2002
After section 269UO of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2002, namely:-- "269UP. Chapter not to apply where transfer of immovable property effected after certain date.-- The provisions of this Chapter shall not apply to, or in relation to, the transfer of any immovable property effected on or after the 1st day of July, 2002.".
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 99
Title: Substitution of New Section for Section 269t
State: Central
Year: 2002
For section 269T of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2002, namely:-- '269T. Mode of repayment of certain loans or deposits.-- No branch of a banking company or a co-operative bank and no other company or co-operative society and no firm or other person shall repay any loan or deposit made with it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit if-- (a) the amount of the loan or deposit together with the interest, if any, payable thereon, or (b) the aggregate amount of the loans or deposits held by such person with the branch of the banking company or co-operative bank or, as the case may be, the other company or co-operative society or the firm, or other person either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such loans or deposits, is twenty thousand rupees or more: Provided that where the repayment is by a branch of a banking company or cooperative bank, such repayment may also be made by crediting the amount of such loan or deposit.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 98
Title: Amendment of Section 253
State: Central
Year: 2002
In section 253 of the Income-tax Act, in sub-section (1), in clause (c), after the words, figures and letters "under section 12AA or under section 263", the words and Figures "or under section 271" shall be inserted with effect from the 1st day of June, 2002.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 97
Title: Amendment of Section 252
State: Central
Year: 2002
In section 252 of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted, namely:-- "(3) The Central Government shall appoint the Senior Vice-President or one of the Vice-Presidents of the Appellate Tribunal to be the President thereof".
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