Bare Act Search Results

Benami Transactions (Prohibition) Act, 1988 Preamble 1

Title: Benami Transactions (Prohibition) Act, 1988

State: Central

Year: 1988

THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988 (Act, No. 45 of 1988) [5th September, 1988] PREAMBLE An Act to prohibit benami transactions and the right to recover property held benami for matters connected there with or incidental thereto. be it enacted by Parliament in the Thirty-ninth Year of the Republic of India as follows:--

Benami Transactions (Prohibition) Act, 1988 Section 3

Title: Prohibition of Benami Transactions

State: Central

Year: 1988

(1) No person shall enter into any benami transaction. [(2) Nothing in sub-section (1) shall apply to -- (a) the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter; (b) the securities held by a-- (i) depository as a registered owner under sub-section (1) of section 10 of the Depositories Act, 1996; (ii) participant as an agent of a depository. Explanation.--The expressions "depository" and "Participants" shall have the meanings respectively assigned to them in clauses (e) and (g) of sub-section (1) of section 2 of the Depositories Act, 1996.] (3) Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both. (4) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974) an offence under this section shall be non-cognizable and bailable.

Benami Transactions (Prohibition) Act, 1988 Complete Act

Title: Benami Transactions (Prohibition) Act, 1988

State: Central

Year: 1988

Preamble1 - BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Prohibition of benami transactions Section4 - Prohibition of the right to recover property held benami Section5 - Property held benami liable to acquisition Section6 - Act not to apply in certain cases Section7 - Repeal of provisions of certain Acts Section8 - Power to make rules Section9 - Repeal and saving

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 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.....

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 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.....

Finance (No. 2) Act, 2004 Chapter 7

Title: Securities Transaction Tax

State: Central

Year: 2004

.....Boards of Revenue Act, 1963(54 of 1963); (4) "derivative" has the meaning assigned to it in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (5) "equity oriented fund" means a fund-- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 1 [sixty-five per cent]. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund: Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (6) "Mutual Fund" means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961(43 of 1961); (7) "option in securities" has the meaning assigned to it in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (8) "option premium" means the premium payable by the purchaser of an "option in securities" at the time of such purchase; (9) "prescribed" means prescribed by rules made by the Board under this Chapter; (10) "recognised stock exchange" shall have the.....

Finance Act 2005 Chapter 7

Title: Banking Cash Transaction Tax

State: Central

Year: 2005

.....1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934); (8) "taxable banking transaction" means-- (a) a transaction, being withdrawal of cash (by whatever made) on any single day from an account (other than a savings bank account) maintained with any scheduled bank, exceeding. - (i) 2[twenty-five thousand rupees], in case such withdrawal is from the account maintained by any individual or Hindu undivided family; (ii)one lakh rupees, in case such withdrawal is from the account maintained by a person other than any individual or Hindu undivided family; or (b) a transaction, being receipt of cash from any scheduled bank on any single day on encashment of one or more term deposits, whether on maturity or otherwise, from that bank, exceeding,- (i) 2[twenty-five thousand rupees], in case such term deposit or deposits are in the name of any individual or Hindu undivided family: (ii) one lakh rupees, in case such term deposit or deposits are by any person other than any individual or Hindu undivided family ; or (c) a transaction, being receipt of cash from any scheduled bank exceeding ten thousand rupees on.....

Finance Act 2008 Chapter VII

Title: Commodities Transaction Tax

State: Central

Year: 2008

.....derivative, traded in recognised associations; (6) words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulations) Act 1952(74 of 1952), the Income-tax Act, 1961(43 of 1961), or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts. Section 104 - Charge of commodities transaction tax On and from the date of commencement of this Chapter, there shall be charged a commodities transaction tax in respect of every taxable commodities transaction specified in column (2) of the Table below, at the rates specified in the corresponding entry in column (3) of the said Table, on the value of such transaction and such tax shall be payable by the seller or the purchaser, as the case may be, specified in the corresponding entry in column (4) of the said Table: Table Sl. No. Taxable commodities transaction Rate Payable by (1) (2) (3) (4) 1. Sale of an option in goods or an option in commodity derivative 0.017 per cent. Seller 2. Sale of an option in goods or an.....