9911796707
TMI BlogInsertion of New Chapter XXIIBX X X X Extracts X X X X X X X X Extracts X X X X ..... ivided family shall also be granted a tax credit certificate if any person has subscribed to, and made payments in respect of, any eligible issue of capital on behalf of that Hindu undivided family. (3) A tax credit certificate granted under the provisions of this section shall be for the amount or the aggregate of the amounts computed as hereunder with reference to the capital so subscribed and paid : (i) On the first Rs. 15,000 of the amount paid in the financial year . . at the rate of 5 per cent.; (ii) On the next Rs. 10,000 of the amount paid in the financial year . . at the rate of 3 per cent.; (iii) On the next Rs. 10,000 of the amount paid in the financial year . . at the rate of 2 per cent.; (iv) On the balance of the amount paid in the financial year . . Nil. Explanation : For the purposes of this section- (i) "subscribed" includes acquisition of the shares forming part of an eligible issue of capital from a person who is specified as an underwriter in pursuance of clause 11 of Part I of Schedule II to the Companies Act, 1956 (1 of 1956) (hereinafter in this section referred to as the underwriter); (ii) a payment shall be treated as having been m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d before the Income tax Officer, be adjusted against any existing liability of such individual or Hindu undivided family under the Indian Income tax Act, 1922 (11 of 1922), or this Act, or any such liability arising within the period of twelve months from the date on which the certificate was produced before the Income tax Officer, and where the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter XIX, be deemed, on the date of the expiry of the said period of twelve months, to be refund due to such individual or Hindu undivided family, as the case may be, under that Chapter and the provisions of this Act shall apply accordingly. (7) The Central Government may specify in a scheme any issue of ordinary shares by a public company as eligible issue of capital. (8) In specifying any issue of ordinary shares as eligible issue of capital, the Central Government shall have regard to the following factors, namely : (a) the total amount of the capital issued; (b) the terms and conditions subject to which the capital is issued; (c) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter XIX, be deemed, on the date of the expiry of the said period of twelve months, to be refund due to such company under that Chapter and the provisions of this Act shall apply accordingly. (4) Where a capital asset, being building or land, or any right in building or land, acquired or, as the case may be, constructed in the area to which the undertaking of the company is shifted, is transferred by the company within a period of five years from the date of acquisition or, as the case may be, the date of completion of construction to any person other than the Government, a local authority, a corporation established by a Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956), an amount equal to one half of the amount for which a tax credit certificate has been granted to the company under sub section (1) shall be deemed to be tax due from the company on the thirtieth day following the date of transfer under a notice of demand iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter XIX, be deemed, on the date of the expiry of the said period of twelve months, to be refund due to such company under that Chapter and the provisions of this Act shall apply accordingly : Provided that the adjustment or refund, as the case may be, under this sub section shall be only for such amount, not exceeding the amount of the certificate, as is used within such period as may be specified in the scheme (i) for repayment of loans taken by the company from any of the financial institution notified in this behalf by the Central Government, or (ii) for redemption of its debentures, or (iii) for the acquisition of any capital asset in India, including the construction of any building, for the purposes of the business of the company. Explanation 1 : In this section, "tax" means income tax payable under this Act and surtax, if any, payable under the Companies (Profits) Surtax Act, 1964 (7 of 1964). Explanation 2 : The amount of income tax in respect of the profits or gains attributable to the manufacture or production of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e : Provided that different rates may be specified in respect of different goods or merchandise. (3) In specifying the goods or merchandise (including the destination of their export) and the rates, the Central Government shall have regard to the following factors, namely : (a) the cost of manufacture or production of such goods or merchandise and prices of similar goods in the foreign markets; (b) the need to develop foreign markets for such goods or merchandise; (c) the need to earn foreign exchange; (d) any other relevant factor. (4) The amount shown on a tax credit certificate granted to any person under this section shall, on the certificate being produced before the Income tax Officer, be adjusted against any existing liability of that person under the Indian Income tax Act, 1922 (11 of 1922), or this Act, or any such liability arising within the period of twelve months from the date on which the certificate was produced before the Income tax Officer and where the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere the amount of such certificate exceeds such liability, or where there is no such liability, the excess or the whole of such amount, as the case may be, shall, notwithstanding anything contained in Chapter XIX, be deemed, on the date of the expiry of the said period of twelve months, to be refund due to such person under that Chapter and the provisions of this Act shall apply accordingly : Provided that the adjustment or refund, as the case may be, under this sub section shall be only for such amount, not exceeding the amount of the certificate, as is used within such period as may be specified in the scheme (i) for repayment of loans taken by the person from any of the financial institutions notified in this behalf by the Central Government, or (ii) for the acquisition of any capital asset in India, including the construction of any building, for the purposes of his business, or (iii) where the person is a company, also for redemption of its debentures. (6) In this section (a) "base year", in relation to an existing undertaking which manufactures or produces the goods referred to in sub section (1), means the financial year commencing on the 1st day of Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
