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Income Tax Act, 1961 Section 73

Title: Losses in Speculation Business

State: Central

Year: 1961

.....year and so on. (3) In respect of allowance on account of depreciation or capital expenditure on scientific research, the provisions of sub-section (2) of section 72 shall apply in relation to speculation business as they apply in relation to any other business. (4) No loss shall be carried forward under this section for more than 1[four assessment years] immediately succeeding the assessment year for which the loss was first computed. Explanation: Where any part of the business of a company (other than a company whose gross total income consists mainly of income which is chargeable under the heads Interest on securities, Income from house property, Capital gains and Income from other sources, or a company the principal business of which is the business of banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares. _________________________ 1. Substituted for eight assessment years by the Finance Act, 2005, with effect from.....

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth 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 Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Income Tax Act, 1961 Chapter VI

Title: Aggregation of Income and Set off or Carry Forward of Loss

State: Central

Year: 1961

.....or amalgamation or demerger had not taken place.] 5[(aa) industrial undertaking means any undertaking which is engaged in - (i) the manufacture or processing of goods; or (ii) the manufacture of computer software; or (iii) the business of generation or distribution of electricity or any other form of power; or 6[(iiia) the business of providing telecommunication services, whether basic or cellular, including radio paging, domestic satellite service, network of trunking, broadband network and internet services; or] (iv) mining; or (v) the construction of ships, aircrafts or rail systems; ] 10[(b) "unabsorbed depreciation" means so much of the allowance for depreciation of the predecessor firm or the proprietary concern or the private company or unlisted public company before conversion into limited liability partnership or the amalgamating company or the demerged company, as the case may be, which remains to be allowed and which would have been allowed to the predecessor firm or the proprietary concern or the company or amalgamating company or demerged company, as the case may be, under the provisions of this Act, if the reorganisation of business or.....

Income Tax Act, 1961 Section 72A

Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, Etc.

State: Central

Year: 1961

.....company or to ensure that the amalgamation is for genuine business purpose. 4. See rule 9C and Form No. 62. For analysis, see Mashbra's Income-tax Rules. 5. Inserted by the Finance Act, 2001, with retrospective effect from 1st April, 2000. 6. Inserted by the Finance Act, 2002, with effect from 1st April, 2003. 7. Inserted by the Finance Act, 2003, with effect from 1st April, 2004. 8. Inserted by the Finance Act, 2010 w.e.f. 01.04.2011. 9. Substituted by the Finance Act, 2010 w.e.f. 01.04.2011 for the following:"(a) accumulated loss means so much of the loss of the predecessor firm or the proprietary concern or the amalgamating company or the demerged company, as the case may be, under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such predecessor firm or the proprietary concern or amalgamating company or demerged company, would have been entitled to carry forward and set-off under the provisions of section 72 if the reorganisation of business or amalgamation or demerger had not taken place;" 10. Substituted by the Finance Act, 2010 w.e.f. 01.04.2011 for the following: "(b) unabsorbed depreciation.....

The Foreign Contribution (Regulation) Act, 2010 No. 42 of 2010[26th September, 2010.] Complete Act

Title: The Foreign Contribution (Regulation) Act, 2010 No. 42 of 2010[26th September, 2010.]

State: Central

Year: 2010

.....it in this behalf;(ii) of any currency, whether Indian or foreign;(iii) of any security as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 and includes any foreign security as defined in clause (o) of section 2 of` the Foreign Exchange Management Act, 1999.Explanation 1.- A donation, delivery or transfer of any article, currency or foreign security referred to in this clause by any person who has received it from any foreign source, either directly or through one or more persons, shall also be deemed to be foreign contribution within the meaning of this clause.Explanation 2.- The interest accrued on the foreign contribution deposited in any bank referred to in sub-section (1) of section 17 or any other income derived from the foreign contribution or interest thereon shall also be deemed to be foreign contribution within the meaning of this clause.Explanation 3.- Any amount received, by any person from any foreign source in India, by way of fee (including fees charged by an educational institution in India from foreign student) or towards cost in lieu of goods or services rendered by such person in the ordinary course of his business, trade or.....

Foreign Contribution (Regulation) Act, 2010 Complete Act

State: Central

Year: 2010

.....it in this behalf; (ii) of any currency, whether Indian or foreign; (iii) of any security as defined in clause (h) of Sec. 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and includes any foreign security as defined in clause (o) of Sec. 2 of the Foreign Exchange Management Act, 1999 (42 of 1999). Explanation 1.-A donation, delivery or transfer of any article, currency or foreign security referred to in this clause by any person who has received it from any foreign source, either directly or through one or more persons, shall also be deemed to be foreign contribution within the meaning of this clause. Explanation 2.-The interest accrued on the foreign contribution deposited in any bank referred to in sub-sec. (1) of Sec. 17 or any other income derived from the foreign contribution or interest thereon shall also be deemed to be foreign contribution within the meaning of this clause. Explanation 3.- Any amount received, by any person from any foreign source in India, by way of fee (including fees charged by an educational institution in India from foreign student) or towards cost in lieu of goods or services rendered by such person in the ordinary course of his.....

Income Tax Act, 1961 Section 28

Title: Profits and Gains of Business or Profession

State: Central

Year: 1961

.....trade-mark, licence, franchise or any other business or commercial right of similar nature or information or technique likely to assist in the manufacture or processing of goods or provision for services. Provided that sub-clause (a) shall not apply to (i) any sum, whether received or receivable, in cash or kind, on account of transfer of the right to manufacture, produce or process any article or thing or right to carry on any business, which is chargeable under the head Capital gains; (ii) any sum received as compensation, from the multilateral fund of the Montreal Protocol on Substances that Deplete the Ozone layer under the United Nations Environment Programme, in accordance with the terms of agreement entered into with the Government of India. Explanation: For the purposes of this clause, (i) agreement includes any arrangement or understanding or action in concert, (A) whether or not such arrangement, understanding or action is formal or in writing; or (B) whether or not such arrangement, understanding or action is intended to be enforceable by legal proceedings; (ii) service means service of any description which is made available to potential users and.....

Income Tax Act, 1961 Section 43

Title: Definitions of Certain Terms Relevant to Income from Profits and Gains of Business or Profession

State: Central

Year: 1961

.....a person in the course of his manufacturing or merchanting business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured by him or merchandise sold by him; or (b) a contract in respect of stocks and shares entered into by a dealer or investor therein to guard against loss in his holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; 8[or] 8[(d) an eligible transaction in respect of trading in derivatives referred to in clause 9[(ac)] of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognised stock exchange:] shall not be deemed to be a speculative transaction. 8[Explanation: For the purposes of this clause, the expressions (i) eligible transaction means any transaction, (A) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered.....

Urban Land (Ceiling and Regulation) Act, 1976 [Repealed] Preamble 1

Title: Urban Land (Ceiling and Regulation) Act, 1976

State: Central

Year: 1976

THE URBAN LAND (CEILING AND REGULATION) ACT, 1976 [Act, No. 33 of 1976] [17th February, 1976] PREAMBLE An Act to provide for the Imposition of a ceiling on vacant land in urban agglomerations, for the acquisition of such land in excess of the ceiling limit, to regulate the construction of buildings on such land and for matters connected therewith, with a view to preventing he concentration of urban land in the hands of a few persons and speculation and profiteering therein and with a view to bringing about an equitable distribution of land in urban agglomerations to subserve the common good. WHEREAS it is expedient to provide for the imposition of a ceiling on vacant land in urban agglomerations, for the acquisition of such land in excess of the ceiling limit, to regulate the construction of buildings on such land and for matters connected therewith, with a view to preventing the concentration of urban land in the hands of a few persons and speculation and profiteering herein and with a view to bringing about an equitable distribution of land in urban agglomerations to subserve the common good; AND WHEREAS Parliament has no power to make laws for the States with.....

Urban Land (Ceiling and Regulation) Act, 1976 Complete Act

State: Central

Year: 1976

URBAN LAND (CEILING AND REGULATION) ACT, 1976 URBAN LAND (CEILING AND REGULATION) ACT, 1976 33 of 1976 An Act to provide for the imposition of a ceiling on vacant land in urban agglomerations, for the acquisition of such land in excess of the ceiling limit, to regulate the construction of buildings on such land and for matters connected therewith, with a view to preventing the concentration of urban land in the hands of a few persons and speculation and profiteering therein and with a view to bringing about an equitable distribution of land in urban agglomerations to sub-serve the common good. WHEREAS it is expedient lo provide for the imposition of a ceiling on vacant land in urban agglomerations, for the acquisition of such land in excess of the ceiling limit, to regulate the construction of buildings on such land and for matters connected therewith, with a view lo preventing the concentration of urban land in the hands of a few persons and speculation and profiteering therein and with a view to bringing about an equitable distribution of land in urban agglomerations lo sub-serve the common good; AND WHEREAS Parliament has no power to make laws for the States with.....