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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 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.....

The Meghalaya Foodgrains [Licensing & Control] Order, 1985 Complete Act

State: Meghalaya

Year: 1985

.....SUP. 315 / 71 / PT. / 200, dated 23rd December, 1985. ::: In exercise of the Powers conferred by Sub " Clause " (d), (f), (h), (i) and (j) of Sub " Section " (2), of Section " 3, of the Essential Commodities Act, 1955, [Central Act, 10 of 1955], read with the Notification of the Govt. of India in the Ministry of Agriculture (Department of Food) NO. GSR. 800, dated the 09th June, 1978, with the prior concurrence of the Central Govt. of India and in supersession of the earlier Notification NO. SUP. 315 / 71 / PT. / 126, dated 21st December, 1984. The Governor of Meghalaya hereby make the following Order, namely: " 01. Short title, extend and commencement: " (1) This Order may be called the Meghalaya Foodgrains [Licensing and Control] Order, 1985. (2) It extends to the whole of the State of Meghalaya. (3) It shall come into force at once. 02. Definition: " In this Order, unless the context otherwise requires: " (a) "Director" means the Director of Supply, Meghalaya, and / or any other Officer duly Authorised by the State Govt. to exercise the Powers and discharge the duties of the Director under this Order; (b) "Deputy Commissioner" means the Deputy Commissioner of.....

The Meghalaya Liquified Petroleum Gas [Regulation for Sale & Distribution] Order, 1988 Complete Act

State: Meghalaya

Year: 1988

.....a Licence granted under Clause " 3 ; (g) " L P G " means Liquified Petroleum Gas which is used as Fuel ; (h) " Oil Company " means a company manufacturing and marketing Petroleum and Petroleum Products ; and (i) " State Government " means the Govt. of the State of Meghalaya. 03. Licensing of a Dealer : " (1) No Person shall sell or distribute LPG in Cylinders or otherwise unless he is appointed such an Agent or Distributor by an Oil Company and except accor " granted by the Deputy Commissioner. (2) A Person who desired to obtain a Licence under Sub " Clause (1) shall make an application to the Deputy Commissioner in Form " " A " with a Court Fee stamp of Rupees Ten and the Deputy Commissioner, if he is satisfied, may grant the Licence in Form " " B ". 04. Fee for Issue of Licence : " (1) The Fee payable for issue of a Licence or a Duplicate copy thereof shall be Rupees Ten and for Renewal Rupees Five. (2) The Fees shall have to be deposited in the Form of Treasury Challan under the relevant Head of Account. 05. Security Deposit : " Every Person applying for a Licence shall before the Licence is issued to him, deposit with the Deputy Commissioner a sum of.....

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

Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 Complete Act

State: Central

Year: 1992

.....officers or other employees for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act. SECTION 13: ACT TO HAVE OVERRIDING EFFECT The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act, or in any decree or order of any court Tribunal or other authority. SECTION 14: POWER TO MAKE RULES (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. (2) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect.....

Benami Transactions (Prohibition) Act, 1988 Complete Act

State: Central

Year: 1988

..... Explanation-The expressions "depository" and "participant" 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. SECTION 04: PROHIBITION OF THE RIGHT TO RECOVER PROPERTY HELD BENAMI (1) No suit, claim or action to enforce any right in respect of any property held benami against the person in whose name the property is held- or against any other person shall lie by or on behalf of a person claiming to be the real owner of such property. (2) No defence based on any right in respect of any property held benami, whether against the person in whose name the property is held or against any other person, shall be allowed in any suit, claim or action by or on behalf of a person claiming to be the real owner of such property. (3) Nothing in this section shall apply,- (a) where.....