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.'.

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).....

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.....

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.....

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.....

The Uttarakhand Audit Act, 2012 Complete Act

State: Uttarakhand

Year: 2012

THE UTTARAKHAND AUDIT ACT, 2012 THE UTTARAKHAND AUDIT ACT, 2012 [Act No. 02 of 2012] PREAMBLE An Act to make provision for, and to regulate audit of all Government machineries, Public Corporation, Governmental Companies, Institutions, Statutory Authorities, Panchayati Raj Institutions, Municipalities, Urban Local Bodies, Governmental Committees in the State of Uttarakhand. Be it enacted by the Legislature of State of Uttarakhand in the Sixty-Third Year of the Republic of India as follows: - Section 1 - Short title, extent and commencement (1) This Act may be called the Uttarakhand Audit Act, 2012. (2) It extends to the whole of Uttarakhand. (3) It shall come into force on such date as the State Government may, by notification, appoint in this behalf. Section 2 - Definitions In this Act :- (a) 'Audit' includes test audit, concurrent audit cent-per-cent audit and special audit and also inspection of accounts by the officers appointed under section 3; (b) 'Director' means the Director, Audit (with Local Funds Audit and Co-operative, Panchayat Audit) Department, Uttarakhand appointed under section 3 and interalia includes such officer on whom powers.....

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.....

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.....