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SECTION/SCHEDULE
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PARTICULARS
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Finance act
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2 and 1st Sch.
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Rate structure
3-5
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54
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Exemption from
income-tax and surtax income of Housing
and Urban Development Finance Corporation 122
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Income-tax act
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2(17)
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Definition of "company"
29-30
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2(26)
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Definition of "Indian
company" 31
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2(18)
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Definition of "a
company in which the public are sub-stantially
interested" 32-35
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2(43B)
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Definition of "Tax
Recovery Commissioner" 67
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10(20)
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Exemption to local
authorities deriving income from supply of
water and electricity outside their jurisdictional areas 49
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10(26A)
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Exemption from
tax on certain incomes of the resident of
Ladakh 89-90
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11(1A)
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Capital gains derived
by charitable and religious trusts 73-78
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13(4)
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Forfeiture of exemption
from income-tax on the income of
charitable or religious trusts in certain cases 79-80
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16(iv)
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Deduction for expenses
on travelling to salaried taxpayers 82-84
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33(5)
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Development rebate—Notification
for its withdrawal in
respect of machinery or plant installed after 31-5-1974 26-28
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36(1)(viii)
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Financial corporations
providing long-term finance for
agricultural development in India 50-51
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37(3) and rule
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Expenditure incurred
on travelling by employees and other
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6D
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persons for the
purpose of business or profession 24-25
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40(c),
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Expenditure on
provision of remuneration, benefit of amenity
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58(1)(a)(iv)
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to directors of
companies and certain other persons 20-23
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40(a)(v),
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Expenditure on
payment of salaries or provision of perqui-
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40A(5)/6
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sites to employees
15-19
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54A
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Withdrawal of tax
relief to foreign companies and foreign
nationals on capital gains in certain cases 41-42
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67(1)(a)/(4),
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Computation of
a partner’s share in the income of a firm,
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86(iii)
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and the tax payable
by him, where an unregistered firm is
assessed as a registered firm 36-40
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80C(1)
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Deduction in respect
of long-term savings in specified media -
Quantum increased 11-12
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80-I(1) and 6th
Sch.
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Priority industries
- Reduction in quantum of deduction8-10
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80L(1)
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Deduction in respect
of incomes from specified financial
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(opening para),
(viii)
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assets 13-14
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80M(1), (2)
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Withdrawal of special
tax concession to foreign companies in
respect of certain inter-corporate dividends 43-44
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80MM(1), 2nd
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Royalties, commission,
fees, etc., for provision of technical
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prov. thereto,
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know-how or technical
services to Indian concerns 52-56
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(2A)
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80N
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Dividends on shares
in a foreign company allotted in
consideration of the provision of technical know-how or
technical services 57-59
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80-O
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Royalties, commission,
fees, etc., for provision of technical
know-how or technical services to foreign enterprises 60-64
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80P(2)(a)(vi)/
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Income of labour
co-operative societies and fisheries
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(vii), prov.
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co-operative societies
85-87
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80T(b)(i)/(ii),
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Long-term capital
gains in the case of assessees other than
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115
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companies - Quantum
of deduction reduced 6-7
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115
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Long-term capital
gains in case of companies - Rates of tax
increased 6-7
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194A(3)(v)
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Interest on deposits
made by members with co-operative
societies - Deduction of tax at source 88
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230A(1), (3)
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Bar on registration
of transfer of immovable property in a case
where taxation liabilities remain unsatisfied 71-72
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235
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Discontinuance
of tax relief on dividends paid by a company
out of its agricultural income 45-46
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Rules 82, 83,
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Provision for Tax
Recovery Commissioners 65-70
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86(1), (4), 87,
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92(1)/(2)(a) of
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2nd Sch.
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Rule 19A
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Exclusion of debentures
and long-term borrowings from
approved sources in computing the capital employed in a new
industrial undertaking, ship or hotel, for the purpose of the
five-year tax holiday 47-48
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Wealth-tax Act
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4(1)(a), Prov.
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Aggregation of
assets belonging to the spouse or minor child
of an individual with the net wealth of the individual 95
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4(1)(b)/(7)
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Tax treatment of
members of co-operative housing societies
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5(1)(xxx)
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98-101
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4(1A) , Expln.
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Conversion of separate
property of an individual into joint
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(c)/(d),
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Hindu family property
96-97
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5(1)(iv)
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Exemption in respect
of one residential house - Liberalisation
thereof 93-94
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5(1)(viii), (xv)
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Withdrawal of exemption
from wealth-tax in respect of
jewellery, etc., and limiting of exemption in respect of motor
cars, etc. 102-106
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5(1)(xx)
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Shares in new industrial
companies - Withdrawal of exemption
from 107
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5(1)(xxviii),
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Financial assets
qualifying for exemption from wealth-
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(xxix), 21(4)/
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tax 108-110
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prov.
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18(1)(i),(1A)
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Penalty for failure
to furnish returns, etc. 92
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32, Expln. II
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Recovery of wealth-tax
arrears 111
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Sch.
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Increase in the
rates of ordinary wealth-tax in the case of
individuals and Hindu undivided families 91-92
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Gift-tax Act
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2(xii), 4(2)
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Conversion of self-acquired
property of an individual into
property belonging to the Hindu undivided family of which he
is a member 112-113
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5(1)(v), (va)
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Drafting amendments
as a result of section 88, being replaced
by section 80G of the Income-tax Act 116
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33, Expln. II
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Recovery of arrears
of gift-tax 115
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45, Expln. 3
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Exemption of gifts
made by charitable or religious institutions
or funds 114
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Surtax Act
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18
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Recovery of arrears
of surtax 119
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3rd Sch.
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Rates of surtax
117-118
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Miscellaneous
Provisions
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30
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Deposit Insurance
Corporation 120-121
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