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Start Free TrialFinance (No. 2) Act 2009 Section 65
Title: Insertion of New Section 200a
State: Central
Year: 2009
.....or the amount of refund due to, the deductor shall be determined after adjustment of amount computed under clause (b) against any amount paid under section 200 and section 201, and any amount paid otherwise by way of tax or interest; (d) an intimation shall be prepared or generated and sent to the deductor specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and (e) the amount of refund due to the deductor in pursuance of the determination under clause (c) shall be granted to the deductor: Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the statement is filed. Explanation.--For the purposes of this sub-section, "an incorrect claim apparent from any information in the statement" shall mean a claim, on the basis of an entry, in the statement-- (i) of an item, which is inconsistent with another entry of the same or some other item in such statement; (ii) in respect of rate of deduction of tax at source, where such rate is not in accordance with the provisions of this Act. (2) For the purposes of processing of statements under.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 52
Title: Amendment of Section 132a
State: Central
Year: 2009
In section 132A of the Income-tax Act, in sub-section (1), after clause (c), after the words "Chief Commissioner or Commissioner may authorise any", the words "Additional Director, Additional Commissioner," shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1994.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 59
Title: Insertion of New Section 167c
State: Central
Year: 2009
After section 167B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2010, namely:-- "167C. Liability of partners of limited liability partnership in liquidation-- Notwithstanding anything contained in the Limited Liability Partnership Act, 2008 (6 of 2009), where any tax due from a limited liability partnership in respect of any income of any previous year or from any other person in respect of any income of any previous year during which such other person was a limited liability partnership cannot be recovered, in such case, every person who was a partner of the limited liability partnership at any time during the relevant previous year, shall be jointly and severally liable for the payment of such tax unless he proves that the non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the limited liability partnership.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 58
Title: Amendment of Section 147
State: Central
Year: 2009
In section 147 of the Income-tax Act, after Explanation 2, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:-- "Explanation 3.--For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 57
Title: Substitution of New Section for Section Usa
State: Central
Year: 2009
For section MSA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2010, namely:-- '145A. Method of accounting in certain cases.-- Notwithstanding anything to the contrary contained in section 145,-- (a) the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be-- (i) in accordance with the method of accounting regularly employed by the assessee; and (ii) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation. Explanation.--For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment. (b) interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received.'. .....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 56
Title: Insertion of New Section 144c
State: Central
Year: 2009
.....of the month in which such direction is received. (14) The Board may make rules for the purposes of the efficient functioning of the Dispute Resolution Panel and expeditious disposal of the objections filed under sub-section (2) by the eligible assessee. (15) For the purposes of this section,-- (a) "Dispute Resolution Panel" means a collegium comprising of three Commissioners of Income-tax constituted by the Board for this purpose; (b) "eligible assessee" means,-- (i) any person in whose case the variation referred to in sub-section (1) arises as a consequence of the order of the Transfer Pricing Officer passed under sub-section (3) of section 92CA; and (ii) any foreign company.'.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 55
Title: Amendment of Section 143
State: Central
Year: 2009
In section 143 of the Income-tax Act, in sub-section (1B), for the words, figures and letters "after the 31st day of March, 2009", the words, figures and letters "after the 31st day of March, 2010" shall be substituted.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 54
Title: Amendment of Section 140
State: Central
Year: 2009
In section 140 of the Income-tax Act, after clause (cc), the following clause shall be inserted with effect from the 1st day of April, 2010, namely:-- "(cd) in the case of a limited liability partnership, by the designated partner thereof, or where for any unavoidable reason such designated partner is not able to sign and verify the return, or where there is no designated partner as such, by any partner thereof.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 53
Title: Amendment of Section 139a
State: Central
Year: 2009
In section 139A of the Income-tax Act, with effect from the 1st day of October, 2009-- (a) in sub-section (5B), in clause (iv), the word "quarterly" shall be omitted; (b) in sub-section (5D), in clause (iii), the word "quarterly" shall be omitted.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 51
Title: Amendment of Section 132
State: Central
Year: 2009
In section 132 of the Income-tax Act,-- (a) in sub-section (1),-- (i) for the words "Where the Director General or Director or the Chief Commissioner or Commissioner or any such Joint Director or Joint Commissioner as may be empowered in this behalf by the Board,", the words "Where the Director General or Director or the Chief Commissioner or Commissioner or Additional Director or Additional Commissioner" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 1994; (ii) after the words "Where the Director General or Director or the Chief Commissioner or Commissioner or Additional Director or Additional Commissioner" as so substituted, the words "or Joint Director or Joint Commissioner" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1998; (iii) in clause (A), after the words "may authorise any", the words "Additional Director or Additional Commissioner or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 1994; (iv) in clause (B), after the word "such", the words "Additional Director or Additional Commissioner or" shall.....
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