Bare Act Search Results

Merchant Shipping (Amendment) Act 2007 Chapter II

Title: Amendment of the Merchant Shipping Act, 1958

State: Central

Year: 2007

.....title, for the word "registration", the words "registration, certification, safety and security" shall be substituted. Section 3 - Amendment of section 3 1n section 3 of the principal Act, after clause (44), the following clause shall be inserted, namely: (44A) "security" means maritime security and includes any measure to protect ports or ships or any person or thing relating directly or indirectly to maritime navigation, (i) against terrorism, sabotage, stowaways, illegal migrants, asylum seekers, piracy, armed robbery, seizure or pilferage; and (ii) against any other hostile act or influence which threatens the security in the maritime transport sector, employed by the owners or operators or persons in charge of the vessels or management of port facilities, offshore installations and other marine organisations or establishments;'. Section 4 - Amendment of section 31 In section 31 of the principal Act, after clause (a), the following clause shall be inserted, namely: "(aa) the ship identification number;". Section 5 - Insertion of new section 99A After section 99 of the principal Act, the following section shall be inserted, namely: '99A. Prohibition.....

Tyre Corporation of India Limited (Disinvestment of Ownership) Act 2007 Section 2

Title: Disinvestment in the Company

State: Central

Year: 2007

Where the Central Government, on the recommendations of the Board for Reconstruction of Public Sector Enterprises, is of the opinion that disinvestment is to be made in the Tyre Corporation of India Limited (hereinafter referred to as the company), it may pass an order providing for transfer, exchange or relinquishment of shares in the company to any person on such terms and conditions as may be agreed upon.

Payment and Settlement Systems Act, 2007 Complete Act

State: Central

Year: 2007

PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 51 OF 2007 An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Fifty-eighth 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 Payment and Settlement Systems Act, 2007. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act, and any reference to the commencement in any such provision of this Act shall be construed as a reference to the commencement of that provision. SECTION 2 : Definitions (1) In this Act, unless the context otherwise requires,- (a) "bank" means,- (i) a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (ii) a post office savings bank; (iii) a banking company.....

Finance Act, 2007 Complete Act

State: Central

Year: 2007

.....in the Fifty-eighth Year of the Republic of India as follows- CHAPTER 1: PRELIMINARY: SECTION 1: Short title and commencement: (1) This Act may be called the Finance Act, 2007. (2) Save as otherwise provided in this Act, sections 2 to 93 shall be deemed to have come into force on the 1st day of April, 2007. 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, 2007, 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, 1961(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 assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh rupees, then,-- (a) the net agricultural income shall be taken.....

Finance Act 2007 Section 20

Title: Amendment of Section 72a

State: Central

Year: 2007

In section 72A of the Income-tax Act, for sub-section (1), the following subsection shall be substituted with effect from the 1st day of April, 2008, namely:-- "(1) Where there has been an amalgamation of-- (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company referred to in clause (c) of section 5 of the Banking Regulation Act, 1949(10 of 1949) with a specified bank; or (c) one or more public sector company or companies engaged in the business of operation of aircraft with one or more public sector company or companies engaged in similar business, then, notwithstanding anything contained in any other provision of this Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected, and other provisions of this Act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly.".

Finance Act 2007 Section 13

Title: Amendment of Section 36

State: Central

Year: 2007

In section 36 of the Income-tax Act, in sub-section (1),-- (A) in clause (ib), for the words "paid by cheque", the words "paid by any mode of payment other than cash" shall be substituted with effect from the 1st day of April, 2008; (B) in clause (viia),-- (a) in sub-clause (a), after the words "or a non-scheduled bank", the words "or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank" shall be inserted; (b) in the Explanation,-- (i) in clause (ii) at the end, the words ", but does not include a cooperative bank" shall be omitted; (ii) after clause (v), the following clause shall be inserted, namely:-- '(vi) "co-operative bank", "primary agricultural credit society" and "primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in the Explanation to sub-section (4) of section 80P;'; (C) for clause (viii), the following shall be substituted with effect from the 1st day of April, 2008, namely:-- '(viii) in respect of any special reserve created and maintained by a specified entity, an amount not exceeding twenty per cent......

Finance Act 2007 Section 10

Title: Amendment of Section 13

State: Central

Year: 2007

In section 13 of the Income-tax Act, in sub-section (1), in clause (d), for sub-clause (iii), the following sub-clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1999, namely:-- "(iii) any shares in a company, other than-- (A) shares in a public sector company; (B) shares prescribed as a form or mode of investment under clause (xii) of sub-section (5) of section 11, are held by the trust or institution af'ter the 30th day of November, 1983:".

Finance Act 2007 Section 6

Title: Amendment of Section 10

State: Central

Year: 2007

.....with effect from the 1st day of April, 2008, namely:-- "(23BBG) any income of the Central Electricity Regulatory Commission constituted under sub-section (1) of section 76 of the Electricity Act, 2003(36 of 2003);"; (e) in clause (23C) with effect from the 1st day of June, 2007,-- (A) in sub-clause (iv), for the words "which may be notified by the Central Government in the Official Gazette", the words "which may be approved by the prescribed authority" shall be substituted; (B) in sub-clause (v), for the words "which may be notified by the Central Government in the Official Gazette", the words "which may be approved by the prescribed authority" shall be substituted; (C) for the second proviso, the following proviso shall be substituted, namely:-- "Provided further that the prescribed authority, before approving any fund or trust or institution or any university or other educational institution or any hospital or other medical institution, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or subclause (via), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other.....

Finance Act 2007 Chapter III

Title: Direct Taxes

State: Central

Year: 2007

.....the purposes of this clause, "commodity exchange" shall mean a "registered association" as defined in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952(74 of 1952);'; (g) in clause (23FB), with effect from the 1st day of April, 2008 -- (i) for the words "set up to raise funds for investment", the words "from investment" shall be substituted; (ii) in Explanation 1, for clause (c), the following clause shall be substituted, namely:-- '(c) "venture capital undertaking" means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the-- (i) business of-- (A) nanotechnology; (B) information technology relating to hardware and software development; (C) seed research and development; (D) bio-technology; (E) research and development of new chemical entities in the pharmaceutical sector; (F) production of bio-fuels; (G) building and operating composite hotel-cum-convention centre with seating capacity of more than three thousand; or "(H) developing or operating and maintaining or developing, operating and maintaining any infrastructure facility as defined in the Explanation to.....

Rajiv Gandhi Institute of Petroleum Technology Act 2007 Section 16

Title: Powers and Functions of General Council

State: Central

Year: 2007

Subject to the provisions of this Act, the General Council shall have the following powers and functions, namely:-- (a) review from time to time the broad policies and programmes of the Institute and to suggest measures for the improvement and development thereof; (b) consider the annual statement of accounts including a balance-sheet together with the audit report thereto and the observations of the Board of Governors thereon and to suggest improvements in fiscal management of the Institute; (c) review and evaluate overall quality and effectiveness of the Institute and to advise measures for improvement of performance and for confidence-building between the Institute and its stakeholders; (d) provide credibility, aura, connectivity and contacts for the Institute especially with regard to student placement and resource mobilisation; and (e) advise the Institute and its Board in respect of the advanced areas of technology in the field of petroleum sector covering the entire hydrocarbon value chain as well as in respect of any other matter that may be referred to it for advice by the Board.