Bare Act Search Results

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 (No. 2) Act, 2004 Section 98

Title: Charge of Securities Transaction Tax

State: Central

Year: 2004

.....of an equity oriented funds, where -- (a) the transaction of such sale is entered into in a recognised stock exchange; and (b) the contract for the sale of such share or unit is settled by the actual delivery or transfer of such share or unit. 1 [0.125 per cent.] Seller 3 Sale of an equity share in a company or a unit of an equity oriented fund, where -- (a) the transaction of such sale is entered into in a recognised stock exchange; and (b) the contract for the sale of such share or unit is settled otherwise than by the actual delivery or transfer of such share of unit. 2 [0.025 per cent.] Seller 5[4 (a) Sale of an option in securities 0.017 per cent. Seller (b) Sale of an option in securities, where option is exercised 0.125 per cent. Purchaser (c) Sale of a futures in securities 0.017 per cent. Seller] 5 Sale of a unit of an equity oriented fund to the Mutual Fund. 4 [0.25 per cent.] Seller _________________________________ 1......

Finance (No. 2) Act, 2004 Section 99

Title: The Value of Taxable Securities Transactions

State: Central

Year: 2004

.....being "futures", shall be the price at which such "futures" is traded; and (c) in the case of any other taxable securities transaction, shall be the price at which such securities are purchased or sold: Provided that the Board may, having regard to the manner in which taxable securities transactions are settled in a recognised stock exchange or such other factors which may be relevant for the purposes of determining the price of such securities, specify, by rules made by it, the method of determining the price of such securities for the purposes of this clause. ____________________________________________________________ 1. Substituted by the Finance Act, 2008 w.e.f. 1st day of June, 2008 for the following :- (a) in the case of a taxable securities transaction relating to a derivative, being "option in securities", shall be the aggregate of the strike price and the option premium of such "option in securities";

Finance (No. 2) Act, 2004 Section 105

Title: Penalty for Failure to Collect or Pay Securities Transaction Tax

State: Central

Year: 2004

Any assessee who-- (a) fails to collect the whole or any part of the securities transaction tax as required under section 100; or (b) having collected the securities transaction tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section (3) of that section, shall be liable to pay,-- (i) in the case referred to in clause (a), in addition to paying the tax in accordance with the provisions of sub-section (4) of that section, or interest, if any, in accordance with the provisions of section 104, by way of a penalty, a sum equal to the amount of securities transaction tax that he failed to collect; and (ii) in the case referred to in clause (b), in addition to paying the tax in accordance with the provisions of sub-section (3) of that section and interest in accordance with the provisions of section 104, by way of penalty, a sum of one thousand rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of securities transaction tax that it failed to pay.

Finance (No. 2) Act, 2004 Section 100

Title: Collection and Recovery of Securities Transaction Tax

State: Central

Year: 2004

.....in section 98. (3) The securities transation tax collected during any calendar month in accordance with the provisions of sub-section (1) or sub-section (2), shall be paid by every recognised stock exchange or by the prescribed person in the case of every Mutual Fund, as the case may be, to the credit of the Central Government by the Seventh day of the month immediately following the said calendar month. (4) Any recognised stock exchange or the prescribed person in the case of any Mutual Fund, who fails to collect the tax in accordance with the provisions of sub-section (1) or subsection (2), shall notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (3).

Finance (No. 2) Act, 2004 Section 104

Title: Interest on Delayed Payment of Securities Transaction Tax

State: Central

Year: 2004

Every assessee who fails to credit the securities transaction tax or any part thereof as required under section 100, to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent. of such tax for every month or part of a month by which such crediting of the tax or any part thereof is delayed.

Finance (No.2) Act, 2004 Complete Act

State: Central

Year: 2004

FINANCE (NO.2) ACT, 2004 FINANCE (NO.2) ACT, 2004 22 of 2004 PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2004- BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows: CHAPTER 1: PRELIMINARY: SECTION : Short Title and Commencement: (1) This Act may be called the Finance (No. 2) Act, 2004. (2) Save as otherwise provided in this Act, (S.2) to (S.60) shall lie deemed to have come into force on the 1st day of April, 2004. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2004, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, (43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the.....

Finance (No. 2) Act, 2004 Chapter 3

Title: Direct Taxes

State: Central

Year: 2004

.....interest, commission or brokerage, fees forprofessional services or fees for technical services payable to a resident, oramounts payable to a contractor or subcontractor,being resident, for carrying out any work (including supply of labour forcarrying out any work), on which tax is deductible at source under ChapterXVII_B and such tax has not beendeducted or, after deduction, has not been paid during the previous year, or inthe subsequent year before theexpiry of the time prescribed under sub-section(1) of section 200; Provided that where in respect of any such sum, tax has been deductedin any subsequent year or, has been deducted in theprevious year but paid in anysubsequent year after the expiryof the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previousyear in which such tax has been paid. Explanation.--for the purposes of this sub-clause,-- (i) "commission or brokerage" shall have the same meaning as in clause (i) ofthe Explanation to section 194H; (ii) "fees for technical services" shall have the same meaning as in Explanation 2toclause (vii) of sub-section (1) ofsection 9; (iii).....

Finance (No. 2) Act, 2004 Section 63

Title: Substitution of New Section for Section 285ba

State: Central

Year: 2004

.....Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934(2 of 1934);or (j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996(22 of 1996), who is responsible for registering, or maintaining books of account or other document containing a record of any specified financial transaction, under any law for the time being in force, shall furnish an annual information return, in respect of such specified financial transaction which is registered or recorded by him during any financial year beginning on or after the 1st day of April, 2004 and information relating to which is relevant and required for the purposes of this Act, to the prescribed income-tax authority or such other authority or agency as may be prescribed. (2) The annual information return referred to in sub-section (1) shall be furnished within the prescribed time after the end of such financial year, in such form and manner (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any computer readable media) as may be prescribed. (3) For the purposes of sub-section (1), "specified financial transaction" means any-- (a).....

Finance (No. 2) Act, 2004 Section 30

Title: Insertion of New Chapter Xii-g

State: Central

Year: 2004

.....excess shall not form part of the relevant shipping income for the purposes of this Chapter and shall be taxable under the other provisions of this Act. (2) The core activities of a tonnage tax company shall be-- (i) its activities from operating qualifying ships; and (ii) other ship-related activities mentioned as under:-- (A) shipping contracts in respect of-- (i) earning from pooling arrangements; (ii) contracts of affreightment. Explanation.--for the purposes of this sub-clause,-- (a) "pooling arrangement" means an agreement between two or more persons for providing services through a pool or operating one or more ships and sharing earnings or operating profits on the basis of mutually agreed terms; (b) "contract of affreightment" means a service contract under which a tonnage tax company agrees to transport a specified quantify of specified products at a specified rate, between designated loading and discharging ports over a specified period; (B) specific shipping trades, being-- (i) on-board or on-shore activities of passenger ships comprising of fares and food and beverages consumed on board; (ii) slot charters, space charters, joint charters,.....