Bare Act Search Results

Finance Act, 2012, (Central) Section 21

Title: Amendment of Section 56

State: Central

Year: 2012

.....company or a venture capital fund; or (ii) by a company from a class or classes of persons as may be notified by the Central Government in this behalf. Explanation.--For the purposes of this clause,-- (a) the fair market value of the shares shall be the value-- (i) as may be determined in accordance with such method as may be prescribed; or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares, of its assets, including intangible assets being goodwill, know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, whichever is higher; (b) "venture capital company", "venture capital fund" and "venture capital undertaking" shall have the meanings respectively assigned to them in clause (a), clause (b) and clause (c) of Explanation 1 to clause (23FB) of section 10;'.

Finance Act, 2012, (Central) Section 54

Title: Amendment of Section 115u

State: Central

Year: 2012

.....(1) as it had been" shall be substituted; (iii) for the words "had accrued", the words "had accrued or arisen" shall be substituted; (d) sub-section (4), the following sub-section shall be inserted, namely:-- "(5) The income accruing or arising to or received by the venture capital company or venture capital fund, during a previous year, from investments made in venture capital undertaking if not paid or credited to the person referred to in sub-section (1), shall be deemed to have been credited to the account of the said person on the last day of the previous year in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year"; (ii) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted with effect from the 1st day of July, 2012, namely:-- "Explanation 2.--For the removal of doubts, it is hereby declared that any income which has been included in total income of the person referred to in sub-section (1) in a previous year, on account of it having accrued or arisen in the said previous year, shall not be included.....

Banking Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and to make consequential amendments in certain other enactments. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:" CHAPTER I PRELIMINARY 1. Short title and commencement." (1) This Act may be called the Banking Laws (Amendment) Act, 2012. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING REGULATION ACT, 1949 2. Amendment of Section 50." In Section 5 of the Banking Regulation Act, 1949 (hereinafter in the chapter referred to as the principal Act), for Clause (a), the following Clause shall be substituted, namely" ˜( a) ˜˜approved securities'' means the securities issued by the Central Government or any State Government or such other securities as may be specified by the.....

Finance Act, 2012, (Central) Section 5

Title: Amendment of Section 10

State: Central

Year: 2012

.....from the 1st day of April, 2013, namely:- "(23BBH) any income of the Prasar Bharati (Broadcasting Corporation of India) established under sub-section (1) of section 3 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990.;] (C) in clause (23FB), in Explanation 1, for clause (c), the following clause shall be substituted with effect from the 1st day of April, 2013, namely:-- '(c) "venture capital undertaking" means a venture capital undertaking referred to in the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992(15 of 1992);'; (D) after clause (47), the following clause shall be inserted with effect from the 1st day of April, 2012, namely:-- "(48) any income received in India in Indian currency by a foreign company on account of sale of crude oil to any person in India: Provided that-- (i) receipt of such income in India by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; (ii) having regard to the national interest, the foreign company and the agreement or.....

Banking Laws (Amendment) Act, 2012, (Central) Section 4

Title: Insertion of New Section 12b

State: Central

Year: 2012

After section 12A of the principal Act, the following section shall be inserted, namely:-- 12B. Regulation of acquisition of shares or voting rights.-- (1) No person (hereinafter referred to as "the applicant") shall, except with the previous approval of the Reserve Bank, on an application being made, acquire or agree to acquire, directly or indirectly, by himself or acting in concert with any other person, shares of a banking company or voting rights therein, which acquisition taken together with shares and voting rights, if any, held by him or his relative or associate enterprise or person acting in concert with him, makes the applicant to hold five per cent. or more of the paid-up share capital of such banking company or entitles him to exercise five per cent. or more of the voting rights in such banking company. Explanation 1.--For the purposes of this sub-section,-- (a) "associate enterprise" means a company, whether incorporated or not, which,-- (i) is a holding company or a subsidiary company of the applicant; or (ii) is a joint venture of the applicant; or (iii) controls the composition of the Board of Directors or other body governing the applicant; or .....

Banking Laws (Amendment) Act, 2012, (Central) Section 9

Title: Insertion of New Section 29a

State: Central

Year: 2012

After section 29 of the principal Act, the following section shall be inserted, namely:-- '29A. Power in respect of associate enterprises-- (1) The Reserve Bank may, at any time, direct a banking company to annex to its financial statements or furnish to it separately, within such time and at such intervals as may be specified by the Reserve Bank, such statements and information relating to the business or affairs of any associate enterprise of the banking company as the Reserve Bank may consider necessary or expedient to obtain for the purpose of this Act. (2) Notwithstanding anything to the contrary contained in the Companies Act, 1956(1 of 1956), the Reserve Bank may, at any time, cause an inspection to be made of any associate enterprise of a banking company and its books of account jointly by one or more of its officers or employees or other persons along with the Board or authority regulating such associate enterprise. (3) The provisions of sub-sections (2) and (3) of section 35 shall apply mutatis mutandis to the inspection under this section. Explanation.--"associate enterprise" in relation to a banking company includes an enterprise which-- (i) is a holding.....

Finance Act, 2012, (Central) Section 22

Title: Amendment of Section 68

State: Central

Year: 2012

In section 68 of the Income-tax Act, the following provisos shall be inserted with effect from the 1st day of April, 2013, namely:-- "Provided that where the assessee is a company, (not being a company in which the public are substantially interested) and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless-- (a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10.".