Bare Act Search Results

Finance Act,1990 Section 52

Title: Amendment of Section 5

State: Central

Year: 1990

In section 5 of the Wealth-tax Act, in sub-section (1), in clause (xxviic), with effect from the 1st day of April, 1991, - (i) after the words "State Government", the words "or a public sector company" shall be inserted; (ii) the following Explanation shall be inserted at the end, namely :- 'Explanation : For the purposes of this clause, "public sector company" means any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);'.

Finance Act,1990 Chapter III

Title: Direct Taxes

State: Central

Year: 1990

.....turnover" shall not include any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28;'; (iii) in clause (d), for the words "manufacturing goods", the words and brackets "manufacturing (including processing) goods" shall be substituted. Section 23 - Amendment Of Section 80HHD In section 80HHD of the Income-tax Act, with effect from the 1st day of April, 1991, - (a) in sub-section (2), for the words "by the assessee in convertible foreign exchange", the words and brackets "in, or brought into, India by the assessee in convertible foreign exchange within a period of six months from the end of the previous year or, where the Chief Commissioner or Commissioner is satisfied (for reasons to be recorded in writing) that the assessee is, for reasons beyond his control, unable to do so within the said period of six months, within such further period as the Chief Commissioner or Commissioner may allow in this behalf" shall be substituted; (b) for sub-section (3), the following sub-section shall be substituted, namely :- '(3) For the purposes of sub-section (1), profits derived from services provided to foreign tourists shall be the amount which bears to the.....

Finance Act, 1990 Complete Act

State: Central

Year: 1990

FINANCE ACT, 1990 FINANCE ACT, 1990 12 of 1990 An Act to give effect to the financial proposals of the Central Government for the financial year 1990-91. Be it enacted by Parliament in the Forty-first Year of the Republic of India as follows : SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called The Finance Act, 1990 (2) Save as otherwise provided in this Act, sections 2 to 61 shall be deemed to have come into force on the 1st day of April, 1990. 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, 1990, income-tax shall be charged at the rates specified.in Part I of the First Schedule and shall be increased,--- (a) in the cases to which Paragraphs A, B, C, and D of that Part apply, by a surcharge for purposes of theUnion; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner manner provided therein. (2) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A.of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding.....

Finance Act,1990 Section 5

Title: Amendment of Section 10

State: Central

Year: 1990

In section 10 of the Income-tax Act, in clause (15), - (i) in sub-clause (iv), in item (i), after the words "State Government", the words "or a public sector company" shall be inserted with effect from the 1st day of April, 1991; (ii) after sub-clause (iv), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely :- "(v) interest on securities held by the Registrar, Supreme Court, in Reserve Bank's SGL Account No. SL/DH 048;"

Finance Act,1990 Section 30

Title: Amendment of Chapter Viii

State: Central

Year: 1990

.....and subject to the provisions of sections 88 and 88A, the deductions specified in those sections. (2) The aggregate amount of the deductions under section 88 or section 88A shall not, in any case, exceed the amount of income-tax (as computed before allowing the deductions under this Chapter) on the total income of the assessee with which he is chargeable for any assessment year. 88. Rebate on life insurance premia, contribution to provident fund, etc. - (1) Subject to the provisions of this section, an assessee, being - (a) an individual, or (b) a Hindu undivided family, or (c) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and the Union territories of Dadra and Nagar Haveli and Daman and Diu, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to twenty per cent. of the aggregate of sums referred to in sub-section (2). (2) The sums referred to in sub-section (1).....