Bare Act Search Results

Finance Act, 2012, (Central) Section 35

Title: Insertion of New Section 92ba

State: Central

Year: 2012

After section 92B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2013, namely:-- '92BA. Meaning of specified domestic transaction.--For the purposes of this section and sections 92, 92C, 92D and 92E, "specified domestic transaction" in case of an assessee means any of the following transactions, not being an international transaction, namely:-- (i) any expenditure in respect of which payment has been made or is to be made to a person referred to in clause (b) of sub-section (2) of section 40A; (ii) any transaction referred to in section 80A; (iii) any transfer of goods or services referred to in sub-section (8) of section 80-IA; (iv) any business transacted between the assessee and other person as referred to in sub-section (10) of section 80-IA; (v) any transaction, referred to in any other section under Chapter VI-A or section 10AA, to which provisions of sub-section (8) or sub-section (10) of section 80-IA are applicable; or (vi) any other transaction as may be prescribed, and where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of five crore rupees.'.

Finance Act, 2012, (Central) Section 40

Title: Insertion of New Chapter X

State: Central

Year: 2012

.....purpose of obtaining a tax benefit, if the main purpose of a step in, or a part of, the arrangement is to obtain a tax benefit, notwithstanding the fact that the main purpose of the whole arrangement is not to obtain a tax benefit. 97. Arrangement to lack commercial substance.-- (1) An arrangement shall be deemed to lack commercial substance if-- (a) the substance or effect of the arrangement as a whole, is inconsistent with, or differs significantly from, the form of its individual steps or a part; or (b) it involves or includes-- (i) round trip financing; (ii) an accommodating party; (iii) elements that have effect of offsetting or cancelling each other; or (iv) a transaction which is conducted through one or more persons and disguises the value, location, source, ownership or control of funds which is the subject matter of such transaction; or (c) it involves the location of an asset or of a transaction or of the place of residence of any party which is without any substantial commercial purpose other than obtaining a tax benefit (but for the provisions of this Chapter) for a party. (2) For the purposes of sub-section (1), round trip financing includes any.....

Finance Act, 2012, (Central) Section 33

Title: Amendment of Section 92

State: Central

Year: 2012

In section 92 of the Income-tax Act, with effect from the 1st day of April, 2013,-- (a) in sub-section (2), for the words "international transaction", the words "international transaction or specified domestic transaction" shall be substituted; (b) after sub-section (2), the following sub-section shall be inserted, namely:-- "(2A) Any allowance for an expenditure or interest or allocation of any cost or expense or any income in relation to the specified domestic transaction shall be computed having regard to the arm's length price."; (c) in sub-section (3),-- (i) for the words "international transaction", the words "international transaction or specified domestic transaction" shall be substituted. (ii) for the word, brackets and figure "sub-section (1)", the words, brackets, figures and letter "sub-section (1) or sub-section (2A)" shall be substituted; (iii) for the words "that sub-section", the words, brackets, figures and letter "sub-section (1) or sub-section (2A)" shall be substituted; (iv) after the word, brackets and figure "sub-section (2)", the words, brackets, figure and letter "or sub-section (2A)" shall be inserted.

Finance Act, 2012, (Central) Section 38

Title: Amendment of Section 92ca

State: Central

Year: 2012

In section 92CA of the Income-tax Act,-- (a) in sub-sections (1), (2) and (3), for the words "international transaction", wherever they occur, the words "international transaction or specified domestic transaction" shall respectively be substituted with effect from the 1st day of April, 2013; (b) after sub-section (2A), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2002, namely:-- "(2B) Where in respect of an international transaction, the assessee has not furnished the report under section 92E and such transaction comes to the notice of the Transfer Pricing Officer during the course of the proceeding before him, the provisions of this Chapter shall apply as if such transaction is an international transaction referred to him under sub-section (1).". (c) after sub-section (2B), as so inserted, the following sub-section shall be inserted with effect from the 1st day of July, 2012, namely:-- "(2C) Nothing contained in sub-section (2B) shall empower the Assessing Officer either to assess or reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or.....

Finance Act, 2012, (Central) Section 93

Title: Substitution of New Section for Section 271aa

State: Central

Year: 2012

For section 271AA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of July, 2012, namely:-- "271AA. Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.--Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international transaction,-- (i) fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D; (ii) fails to report such transaction which he is required to do so; or (iii) maintains or furnishes an incorrect information or document, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent. of the value of each international transaction entered into by such person.".

Prevention of Money-laundering (Amendment) Act, 2012, (Central) Section 9

Title: Substitution of New Section for Section 12

State: Central

Year: 2012

For section 12 of the principal Act, the following section shall be substituted, namely:-- "12. Reporting entity to maintain records.-- (1) Every reporting entity shall- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b), in such manner as to enable it to reconstruct individual transactions; (b) furnish to the Director within such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed; (c) verify the identity of its clients in such manner and subject to such conditions, as may be prescribed; (d) identify the beneficial owner, if any, of such of its clients, as may be prescribed; (e) maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. (2) Every information maintained, furnished or verified, save as otherwise provided under any law for the time being in force, shall be kept confidential. (3) The records referred to in clause (a) of sub-section (1) shall be maintained for a period of five years from.....

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012, (Central) Section 9

Title: Insertion of New Section 26a

State: Central

Year: 2012

.....the following section shall be inserted, namely:-- "26A. Rectification by Central Government in matters of registration, modification and satisfaction, etc.-- (1) The Central Government, on being satisfied-- (a) that the omission to file with the Registrar the particulars of any transaction of securitisation, asset reconstruction or security interest or modification or satisfaction of such transaction or; the omission or mis-statement of any particular with respect to any such transaction or modification or with respect to any satisfaction or other entry made in pursuance of section 23 or section 24 or section 25 of the principal Act was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors; or (b) that on other grounds, it is just and equitable to grant relief, may, on the application of a secured creditor or securitisation company or reconstruction company or any other person interested on such terms and conditions as it may seem to the Central Government just and expedient, direct that the time for filing of the particulars of the transaction for registration or modification or satisfaction.....

Prevention of Moneylaundering (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

..... (ii) after Clause (h), the following Clause shall be inserted, namely" ˜(ha) "client" means a person who is engaged in a financial transaction or activity with a reporting entity and includes a person on whose behalf the person who engaged in the transaction or activity, is acting;'; (iii) after Clause (i), the following Clauses shall be inserted, namely" ˜(ia) "corresponding law" means any law of any foreign country corresponding to any of the provisions of this Act or dealing with offences in that country corresponding to any of the scheduled offences; (ib) "dealer" has the same meaning as assigned to it in Clause (b) of Section 2 of the Central Sales Tax Act, 1956 (74 of 1956);'; (iv) Clause (ja) shall be omitted; (v) for Clause (l), the following Clause shall be substituted, namely" ˜(l) "financial institution" means a financial institution as defined in Clause (c) of Section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a housing finance institution, an authorised person, a payment system operator, a non-banking financial company and the Department of Posts in the Government of India;'; (vi).....

Banking Laws (Amendment) Act, 2012, (Central) Section 14

Title: Amendment of Section 56

State: Central

Year: 2012

.....law establishing, constituting or forming the co-operative bank to the extent the provisions of the Companies Act, 1956 are not inconsistent with the provisions of such law. (4) In addition to the matters referred to in the order under sub-section (1) the auditor shall state in his report-- (a) whether or not the information and explanation required by him have been found to be satisfactory; (b) whether or not the transactions of the co-operative bank which came to his notice have been within the powers of the co-operative bank; (c) whether or not the returns received from branch offices of the co-operative bank have been found adequate for the purpose of his audit; (d) whether the profit and loss accounts, shows a true balance or profit or loss for the period covered by such account; (e) any other matter which he considers should be brought to the notice of the Reserve Bank and the shareholders of the co-operative bank." '.

Finance Act, 2012, (Central) Section 29

Title: Amendment of Section 80

State: Central

Year: 2012

In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2013,-- (a) in sub-section (4), in clause (iv), for the words, figures and letters "the 31st day of March, 2012", wherever they occur, the words, figures and letters "the 31st day of March, 2013" shall respectively be substituted; (b) in sub-section (8), for the Explanation, the following Explanation shall be substituted, namely:-- 'Explanation.--For the purposes of this sub-section, "market value", in relation to any goods or services, means-- (i) the price that such goods or services would ordinarily fetch in the open market; or (ii) the arm's length price as defined in clause (ii) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA.'; (c) in sub-section (10), the following proviso shall be inserted, namely:-- "Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (ii) of section 92F.".