Bare Act Search Results

Income Tax Act, 1961 Section 44BBB

Title: Special Provision for Computing Profits and Gains of Foreign Companies, Engaged in the Business of Civil Construction, Etc., in Certain Turnkey Power Projects

State: Central

Year: 1961

.....Profits and gains of business or profession. 3[(2) Notwithstanding anything contained in sub-section (1), an assessee may claim lower profits and gains than the profits and gains specified in that subsection, if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB, and thereupon the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee under sub-section (3) of section 143 and determine the sum payable by, or refundable to, the assessee.] _____________________ 1. Numbered as sub-section (1) by the Finance Act, 2003, with effect from 1st April, 2004. 2. The words and financed under any international aid programme omitted by the Finance Act, 2003, with effect from 1st April, 2004. 3. Inserted by the Finance Act, 2003, with effect from 1st April, 2004.

Finance Act, 1989 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1989

.....suffering therefrom, to engage in a gainful employment or occupation.". Section 18 - Amendment Of Section 115B In section 115B of the Income-tax Act, [as amended by section 31 of the Finance Act, 1988 (26 of 1988)], in sub-section (2), with effect from the 1st day of April, 1990, - (a) for the words, figures and letters "the previous year relevant to the assessment year commencing on the 1st day of April, 1989", the words, figures and letters "the previous years relevant to the assessment years commencing on the 1st day of April, 1989 and the 1st day of April, 1990" shall be substituted; (b) in the proviso, for the words "previous year", the words "previous years" shall be substituted. Section 19 - Amendment Of Section 115J In section 115J of the Income-tax Act, - (i) after sub-section (1) and before the Explanation, the following sub-section shall be inserted, namely :- "(1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 (1 of 1956)."; (ii) in the Explanation, - (a) in.....

Finance Act, 1989 Section 10

Title: Insertion of New Section 44bbb

State: Central

Year: 1989

After section 44BBA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1990, namely :- '44BBB. Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects. - Notwithstanding anything to the contrary contained in sections 28 to 44AA, in the case of an assessee, being a foreign company, engaged in the business of civil construction or the business of erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project approved by the Central Government in this behalf and financed under any international aid programme, a sum equal to ten per cent. of the amount paid or payable (whether in or out of India) to the said assessee or to any person on his behalf on account of such civil construction, erection, testing or commissioning shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession"

Industrial Development Bank of India Act, 1964 [Repealed] Chapter 4

Title: Business of the Development Bank

State: Central

Year: 1964

.....by Act 5 of 1995, sec. 12, for "which may be notified by the Central Government in this behalf (w.r.e.f. 12-10-1994). 3. Certain words Inserted by Act 75 of 1972, sec. 3 and omitted by Act 52 of 1975, sec. 11. 4. Substituted by Act 75 of 1972, sec. 3, for "on the expiry of not less than three years and not more than twenty-five years". 5. Substituted by Act 75 of 1972, sec. 3, for "on the expiry of not less than three years and not more then ten years". 6. Substituted by Act 75 of 1972, sec. 3, for "and are repayable on the expiry of not less than six months and not more than ten years". 7. Substituted by Act 75 of 1972, sec. 3, for "promissory notes of industrial concerns". 8. Substituted by Act 75 of 1972, sec. 3, for "any other financial institution". 9. Inserted by Act 35 of 1986, sec. 7. 10. Substituted by Act 75 of 1972, sec. 3, for "which may at the option of the Development Bank be convertible". 11. Inserted by Act 75 of 1972, sec. 3. 12.Substituted by Act 35 of 1986, sec. 7. 13. Substituted by Act 52 of 1975, sec. 11, for "on the recommendation of". 14. The words "on the recommendation of the Reserve Bank" omitted by Act 52 of 1975, sec. 11. .....

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.....

Finance Act 1994 Chapter 5

Title: Service Tax

State: Central

Year: 1994

.....to carry out any 80[service, repair, reconditioning or restoration] of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; 39[(9a) "automated teller machine" means an interactive automatic machine designed to dispense cash, accept deposit of cash, transfer money between bank accounts and facilitate other financial transactions; (9b) "automated teller machine operations, maintenance or management service" means any service provided in relation to automated teller machines and includes site selection, contracting of location, acquisition, financing, installation, certification, connection, maintenance, transaction processing, cash forecasting, replenishment, reconciliation and value-added services; (9c) "banker to an issue" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934), carrying on the activities relating to an issue including acceptance of application, application money, allotment money and call money, refund of application money, payment of dividend and interest warrants;] (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the B anking.....

Finance Act 1994 Section 65

Title: Definitions

State: Central

Year: 1994

.....to carry out any 80[service, repair, reconditioning or restoration] of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; 39[(9a) "automated teller machine" means an interactive automatic machine designed to dispense cash, accept deposit of cash, transfer money between bank accounts and facilitate other financial transactions; (9b) "automated teller machine operations, maintenance or management service" means any service provided in relation to automated teller machines and includes site selection, contracting of location, acquisition, financing, installation, certification, connection, maintenance, transaction processing, cash forecasting, replenishment, reconciliation and value-added services; (9c) "banker to an issue" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934), carrying on the activities relating to an issue including acceptance of application, application money, allotment money and call money, refund of application money, payment of dividend and interest warrants;] (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the B anking.....

Industrial Development Bank of India Act, 1964 [Repealed] Section 9

Title: Business of Development Bank

State: Central

Year: 1964

.....bills of exchange and 7 [promissory notes made, drawn, accepted or endorsed by industrial concerns or by any person selling capitals goods manufactured by one industrial concern;] (c) subscribing to or purchasing stocks, shares, bonds or debentures of the Industrial Finance Corporation, any State Financial Corporation or 8 [any other financial institution whether within or outside India]. 2 [which may be approved by the Board in this behalf]; 9 [(ca) granting lines of creditor loans and advances to the Industrial Finance Corporation, any State Financial Corporation or any other financial institution 2 [which may be approved by the Board in this behalf], for the purpose of any business of such Corporation or institution]; (d) granting loans and advances to any industrial concern or subscribing to, or purchasing, or underwriting the issue of, stocks, shares, bonds or debentures of any industrial concern: Provided that nothing contained in this clause shall be deemed to preclude the Development Bank from granting loans or advances to, or subscribing to debentures of, industrial concern, 10 [the amounts outstanding thereon may be convertible at the option of the.....

Finance Act 2007 Chapter V

Title: Service Tax

State: Central

Year: 2007

.....shall be substituted, namely:-- 'Explanation 2.--For the purposes of this sub-clause, "print media" means,-- (i) "newspaper" as defined in sub-section (1) of section 1 of the Press and Registration of Books Act, 1867(25 of 1867); (ii) "book" as defined in sub-section (1) of section 1 of the Press and Registration of Books Act, 1867(25 of 1867), but does not include business directories, yellow pages and trade catalogues which are primarily meant for commercial purposes;'; (h) after sub-clause (zzzw), the following sub-clauses shall be inserted, namely:-- '(zzzx) to any person, by the telegraph authority in relation to telecommunication service; (zzzy) to any person, by any other person in relation to mining of mineral, oil or gas; (zzzz) to any person, by any other person in relation to renting of immovable property for use in the course or furtherance of business or commerce. Explanation 1.--For the purposes of this sub-clause, "immovable property" includes-- (i) building and part of a building, and the land appurtenant thereto; (ii) land incidental to the use of such building or part of a building; (iii) the common or shared areas and facilities relating.....

Finance Act 2007 Section 135

Title: Amendment of Act 32 of 1994

State: Central

Year: 2007

.....shall be substituted, namely:-- 'Explanation 2.--For the purposes of this sub-clause, "print media" means,-- (i) "newspaper" as defined in sub-section (1) of section 1 of the Press and Registration of Books Act, 1867(25 of 1867); (ii) "book" as defined in sub-section (1) of section 1 of the Press and Registration of Books Act, 1867(25 of 1867), but does not include business directories, yellow pages and trade catalogues which are primarily meant for commercial purposes;'; (h) after sub-clause (zzzw), the following sub-clauses shall be inserted, namely:-- '(zzzx) to any person, by the telegraph authority in relation to telecommunication service; (zzzy) to any person, by any other person in relation to mining of mineral, oil or gas; (zzzz) to any person, by any other person in relation to renting of immovable property for use in the course or furtherance of business or commerce. Explanation 1.--For the purposes of this sub-clause, "immovable property" includes-- (i) building and part of a building, and the land appurtenant thereto; (ii) land incidental to the use of such building or part of a building; (iii) the common or shared areas and facilities relating.....