Bare Act Search Results

Wealth-tax Act, 1957 Section 18

Title: Penalty for Failure to Furnish Returns, to Comply with Notices and Concealment of Assets, Etc.

State: Central

Year: 1957

.....under this Act is satisfied that any person - 6 (a)[*****] (b) has 7 [*****] failed to comply with a notice under sub-section(2) or sub-section (4) of section 16; or (c) has concealed the particulars of any assets or furnished inaccurate particulars of any assets or debts; he or it may, by order in writing, direct that such person shall pay by way of penalty- (i)8 [*****] 9 [(ii) in the cases referred to in clause (b), in addition to the amount of wealth-tax payable by him, a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees for each such failure;] (iii) in the cases referred to in clause (c), in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed five times, the amount of tax sought to be evaded by reason of the concealment of particulars of any assets or the furnishing of inaccurate particulars in respect of any assets or debts: 10 [Provided that in the cases referred to in clause (b), no penalty shall be imposable if the person proves that there was a reasonable cause for the failure referred to in that clause.] Explanation1. -For the.....

Finance Act, 1988 Complete Act

State: Central

Year: 1988

FINANCE ACT, 1988 FINANCE ACT, 1988 26 of 1988 An Act to give effect to the financial proposals of the Central Government for the financial year 1988-89. Be it enacted by Parliament in the Thirty-ninth Year of the Republic of India as follows: SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act, 1988. (2) Save as otherwise provided in this Act, sections 2-to75-andsections 86-to88-shall be deemed to have come into force on the 1st day of April, 1988. SECTION 02: INCOME-TAX (1) Subject to the provisions of sub-section (2) and (3), for the assessment year commencing on the 1st day of April, 1988, 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 the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the 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.....

Finance Act, 1988 Section 87

Title: Amendment of Act 11 of 1983

State: Central

Year: 1988

.....clauses shall be substituted, namely :- '(vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the purposes of its business or as a hospital, creche, school, canteen, library, recreational centre, shelter, rest-room or lunch room mainly used for the welfare of its employees or used as residential accommodation, except as provided in clauses (via) and (vib), and the land appurtenant to such building or part; (via) any building used as residential accommodation in the nature of a guest house and land appurtenant thereto; (vib) any building and the land appurtenant to such building used as residential accommodation by any director, manager, secretary or any other employee of the assessee, such employee holding not less than one per cent. of the equity share of the assessee or by any relative of any person who holds not less than one per cent. of the equity share of the assessee. Explanation : For the purposes of this clause, "relative" shall have the meaning assigned to it in clause (b) of Explanation 1 to section 80F of the Income-tax Act.'; (d) after clause.....

Finance Act, 1988 Chapter V

Title: Miscellaneous

State: Central

Year: 1988

.....clauses shall be substituted, namely :- '(vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the purposes of its business or as a hospital, creche, school, canteen, library, recreational centre, shelter, rest-room or lunch room mainly used for the welfare of its employees or used as residential accommodation, except as provided in clauses (via) and (vib), and the land appurtenant to such building or part; (via) any building used as residential accommodation in the nature of a guest house and land appurtenant thereto; (vib) any building and the land appurtenant to such building used as residential accommodation by any director, manager, secretary or any other employee of the assessee, such employee holding not less than one per cent. of the equity share of the assessee or by any relative of any person who holds not less than one per cent. of the equity share of the assessee. Explanation : For the purposes of this clause, "relative" shall have the meaning assigned to it in clause (b) of Explanation 1 to section 80F of the Income-tax Act.'; (d) after clause.....

The Haryana Registration and Regulation of Societies Act, 2012 Complete Act

State: Haryana

Year: 2012

.....of flats or tenement or condominium or floor space owners pursuant to the requirements as laid down under the Haryana Apartment Ownership Act, 1983 (Act 10 of 1983) or a welfare organization formed for housing projects or a resident welfare organization for the operation, management and maintenance of facilities for the residents or civic amenities of any defined area; (xi) the collection of natural history, mechanical and philosophical inventions, instruments or designs etc.; and (xii) implementation and promotion of any Government sponsored schemes in the State: Provided that no Society shall be registered under the Act unless it prohibits the payment of any dividend or distribution of any assets, income or profits to its members or their dependents or legal heirs except where a Society has been formed or established by the contributions of share holders or members in the nature of a housing Society or a welfare association of flats or tenement or floor space owners pursuant to the requirements laid down under the Haryana Apartment Ownership Act, 1983 (Act 10 of 1983) or a resident welfare association for the operation, management and maintenance of facilities.....

Wealth-tax Act, 1957 Chapter V

Title: Liability to Assessment in Special Cases

State: Central

Year: 1957

.....assessment year.] ________________________ 1. Substituted by Act 44 of 1980, sec. 40(a), for "In the case of assetschargeable to tax under this Act" w.e.f. 1-4-1980. 2. Substituted by Act 46 of 1964, sec. 20(a), for "on whose behalf" w.e.f. 1-4-1965. 3.Inserted by Act 16 of 1981, sec. 26(a) w.e.f. 1-4-1981. 4. Substituted by Act 4 of 1988, sec. 127, for "Wealth-tax Officer" w.e.f. 1-4-1988. 5. Inserted by Act 44 of1980, sec. 40(b) w.e.f. 1-4-1980. 6. The words '(all of which persons are hereinafter in this sub-section included in the term "beneficiary")' omitted by Act 46 of 1964, sec. 20(b)(i) w.e.f. 1-4-1965. 7. Substituted by Act 46 of 1964, sec. 20(b)(ii), for "on behalf of such beneficiary" w.e.f. 1-4-1965. 8.Substituted by Act 19 of 1970, sec. 26(e) w.e.f. 1-4-1971. 9. Substituted by Act 16 of 1981, sec. 26(b)(i), for "Notwithstanding anything contained in this section" w.e.f. 1-4-1981. 10. Substituted by Act 44of 1980, sec. 40(c)(i) w.e.f. 1-4-1980. 11. Substituted by Act 66 of 1976, sec. 27(4), for "the Schedule" w.e.f. 1-4-1977. 12. The words "in the case of an individual" omitted by Act 32 of 1971, sec. 34(a) w.e.f. 1-4-1972. 13. Substituted.....

Finance (No. 2) Act, 1980 Chapter III

Title: Direct Taxes

State: Central

Year: 1980

.....40 per cent. of the amount by which such aggregate exceeds Rs. 10,000."; (b) in sub-section (4), in clause (i), for the words "musician or actor", the words and brackets "musician, actor or sportsman (including an athlete)" shall be substituted. Section 14 - Omission Of Section 80ff Section 80FF of the Income-tax Act, shall be omitted with effect from the 1st day of April, 1981. Section 15 - Amendment Of Section 80g In section 80G of the Income-tax Act, - (a) for sub-section (4), the following shall be substituted with effect from the 1st day of April, 1981, namely :- "(4) where the aggregate of the sums referred to in sub-clauses (iv), (v), (vi) and (vii) of clause (a) and in clause (b) of sub-section (2) exceeds the smaller of the following amounts, that is to say, - (i) ten per cent. of the gross total income (as reduced by any portion thereof on which income-tax is not payable under any provision of this Act and by any amount in respect of which the assessee is entitled to a deduction under any other provision of this Chapter), and (ii) five hundred thousand rupees, then, the amount by which such aggregate exceeds such smaller amount shall be.....

Wealth-tax Act, 1957 Section 21

Title: Assessment when Assets Are Held by Courts of Wards, Administrators-general, Etc.

State: Central

Year: 1957

.....or deed.] 17 [Explanation 18 [2]. - Notwithstanding anything contained in section 5, incomputing the net wealth 19 [for the purposes of this sub-section orsub-section (4A) in any case, not being a case referred to in the proviso tothis sub-section], any assets referred to in clauses (xv), (xvi), (xxii),(xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviii) and (xxix), of sub-section (I)of that section shall not be excluded.] 20 [(4A)Notwithstanding anything contained in this section, where the assets chargeableto tax under this Act are held by a trustee under an oral trust, the wealth-taxshall be levied upon and recovered from such trustee in the like manner and tothe same extent as it would be leviable upon and recoverable from an individualwho is a citizen of India and resident in India for the purposes of this Act,and- (a)at the rates specified in Part I of Schedule I; or (b)at the rate of three per cent, whichever course would be more beneficial to therevenue. Explanation.-For the purposes ofthis sub-section, "oral trust" means a trust which is not declared bya duly executed instrument in writing (including a valid deed of wakf) and whichis not deemed under the.....

Finance Act 1975 Chapter III

Title: Direct Taxes

State: Central

Year: 1975

.....the following clause shall be inserted, namely :- "(viii) to such income credited or paid by the Central Government under any provision of this Act or the Indian Income-tax Act, 1922 (11 of 1922) or the Estate Duty Act, 1953 (34 of 1953) or the Wealth-tax Act, 1957 (27 of 1957) or the Gift-tax Act, 1958 (18 of 1958) or the Super Profits Tax Act, 1963 (14 of 1963) or the Companies (Profits) Surtax Act, 1964 (7 of 1964) or the Interest-tax Act, 1974 (45 of 1974)."; (b) after sub-section (3), the following sub-section shall be inserted, namely :- "(4) The person responsible for making the payment referred to in sub-section (1) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.". (2) Notwithstanding the substitution of clause (i) of sub-section (3) of section 194A of the Income-tax Act by sub-section (1) of this section, nothing in section 201 or section 276B of that Act shall apply to, or in relation to, any failure to deduct income-tax under sub-section (1) of the said section.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....or satisfaction thereof, the order shall not prejudice any rights acquired in respect of the property concerned or financial asset before the transaction is actually registered.". 10. Substitution of new Section for Section 30." For Section 30 of the principal Act, the following Section shall be substituted, namely" "30. Cognizance of offences."( 1 ) No court shall take cognizance of any offence punishable under Section 27 in relation to non-compliance with the provisions of Section 23, Section 24 or Section 25 or under Section 28 or Section 29 or any other provisions of the Act, except upon a complaint in writing made by an officer of the Central Registry or an officer of the Reserve Bank, generally or specially authorised in writing in this behalf by the Central Registrar or, as the case may be, the Reserve Bank. ( 2 ) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.". 11. Insertion of new Section 31-A." After Section 31.....