Bare Act Search Results

Finance Act, 2001 Complete Act

State: Central

Year: 2001

FINANCE ACT, 2001 FINANCE ACT, 2001 14 of 2001 An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002 BE it enacted by Parliament in the Fifty-second Year of the Repub of India as follows :" SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called theFinance Act, 2001-. (2) Save as otherwise provided in this Act,section 2-toSection 101-shall be deemed to have come into force on the 1st day of April, 2001. SECTION 02: INCOME-TAX (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2001, 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 underChapter 8A of the Income-tax Act, 1961-(43 of 1961) (hereinafter referred to as the Income-tax Act) shall be increased," (a) in the cases to which Paragraphs A, B, C and D of that Part apply, by a surcharge for purposes of the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of.....

Finance Act 2001 Chapter 3

Title: Direct Taxes

State: Central

Year: 2001

.....consists of a house or part of a house which - (a) is in the occupation of the owner for the 'purposes of his own residence; or (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him. the annual value of such house or part of the house shall be taken to be nil. (3) The provisions of sub-section (2) shall not apply if- (a) the house or part of the house is actually let during the whole or any part of the previous year; or (b) any other benefit there from is derived by the owner. (4) Where the property referred to in sub-section (2) consists of more than one house (a) the provisions of that sub-section shall apply only in respect of one of such houses, which the assessee may, at his option, specify in this behalf ; (b) the annual value of the house or houses, other than the house in respect of which the assessee has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or houses had been let.". Section 15 - Substitution of new section for section 24.....

Finance Act 2001 Section 5

Title: Amendment of Section 10

State: Central

Year: 2001

.....the words "theController of Insurance", the words, brackets and figures "or theInsurance Regulatory and Development Authority established under sub-section(1) of section 3 of the Insurance Regulatory and Development Authority Act,1999 (41 of 1999), as the case may be" shall be inserted ; (d) after clause (23BBC), the following clause shall be inserted,namely :- '(23BBD) any income of the Secretariat of the AsianOrganisation of the Supreme Audit Institutions registered as"ASOSAI-SECRETARIAT" under the Societies Registration Act, 1860 (21of 1860), for three previous years relevant to the assessment years beginningon the 1st day of April, 2001 and ending on the 31st day of March, 2004; (23BBE) any income of the Insurance Regulatory andDevelopment Authority established under sub-section (1) of section 3 of theInsurance Regulatory and Development Authority Act, 1999 (41 of 1999)'; (e) in clause (23C), - (a) in the third proviso,- (i) in clause (a), after the words "the objects forwhich it is established", the words, figures and letters "and in acase where more that twenty-five per cent of its income is accumulated on orafter the 1st day of April, 2001, the period of the.....

Himachal Pradesh Infrastructure Development Act, 2001 Complete Act

State: Himachal

Year: 2001

.....(i) co-ordinate the implementation and monitor the progress of infrastructure projects undertaken in the State of Himachal Pradesh under this Act; (j) act as special purpose vehicle to raise resources to finance development expenditure under the state Plan on behalf of the State Government and also to discharge obligations on this account on behalf of the State Government from revenue and other receipts accruing to the state Government from such development expenditure; and (k) perform such other functions as may be entrusted to it by the state Government by notification. Section 15 - Procedure For Identifying Projects (1) For the identification of projects for private sector participation in infrastructure development in pursuance of section 14, the Board may consider suggestions from government agencies or persons engaged in the business of developing or implementing infrastructure projects. (2) The Board may itself conduct or have conducted on its behalf such preliminary investigations as are necessary to establish the prima facie suitability of the project for privates sector participation within the parameters for a concession agreement or arrangement given in section.....

Finance Act 2001 Section 6

Title: Amendment of Section 10a

State: Central

Year: 2001

.....Act, (a) in sub-section (1),- (i) in the second proviso, for the words "undertaking was first set up", the words "undertaking began to manufacture or produce such articles or things or computer software" shall be substituted ; (ii) the third proviso shall be omitted with effect from the 1st day of April, 2002 ; (b) for sub-section (4), the following sub-section shall be substituted, namely :- "(4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking." ; (c) after sub-section (9),- (i) below Explanation 1, the following proviso shall be inserted, namely:- "Provided that nothing contained in this Explanation shall apply to any change in the shareholding of the company as a result of - (a) its becoming a company in which the public are substantially interested; or (b) disinvestment of its equity shares by any venture capital company or venture.....

Finance Act 2001 Section 7

Title: Amendment of Section 10b

State: Central

Year: 2001

In section 10B of the Income-tax Act,- (a) in sub-section (l), the second proviso shall be omitted with effect from the 1st day of April, 2002 ; (b) for sub-section (4), the following sub-section shall be substituted, namely :- "(4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking." ; (c) after sub-section (9),- (i) below Explanation 1, the following proviso shall be inserted, namely:- Provided that nothing contained in the Explanation shall apply to any change in the shareholding of the company as a result of- (a) its becoming a company in which the public are substantially interested; or (b) disinvestment of its equity shares by any venture capital company or venture capital fund." (ii) in Explanation 2, in clause (iii), for the words "in respect of export", the words "in respect of export by the undertaking" shall be substituted ; (iii).....