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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 Section 10

Title: Amendment of Section 35ac

State: Central

Year: 2004

In section 35AC of the Income-tax Act, for sub-sections (4) and (5), the following sub-sections shall be substituted with effect from the 1st day of October, 2004, namely:-- "(4) Where an association or institution is approved by the National Committee under sub-section (1), and subsequently-- (i) that Committee is satisfied that the project or the scheme is not being carried on in accordance with all or any of the conditions subject to which approval was granted; or (ii) such association or institution, to which approval has been granted, has not furnished to the National Committee, after the end of each financial year, a report in such form and setting forth such particulars and within such time as may be prescribed, the National Committee may, at any time, after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned association or institution, withdraw the approval: Provided that a copy of the order withdrawing the approval shall be forwarded by the National Committee to the Assessing Officer having jurisdiction over the concerned association or institution. (5) Where any project or scheme has been notified as an eligible.....

Finance (No. 2) Act, 2004 Section 50

Title: Amendment of Section 206c

State: Central

Year: 2004

.....in any proceedings made thereunder, without further proof of production of the original, as evidence of any contents of the original or of any facts stated therein. (5D) Where the Assessing Officer considers that the return delivered or caused to be delivered under sub-section (5B) is defective, he may intimate the defect to the person collecting tax and give him an opportunity of rectifying the defect within a period of fifteen days from the date of such intimation or within , such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such person had failed to deliver the return."; (h) in sub-section (9), with effect from the 1st day of October, 2004,-- (i) for the word "buyer", the words "buyer or licensee or lessee" shall be substituted; (ii) after the word, brackets and figure "sub-section (1)", at both.....

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.....