The Taxation Laws (Amendment) Act, 2006

Extract

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The Taxation Laws (Amendment) Act, 2006

THE TAXATION LAWS (AMENDMENT) ACT, 2006

No. 29 of 2006

[13th July, 2006.]

An Act further to amend the Income-tax Act, 1961, the Customs Act, 1962, the Customs Tariff Act, 1975 and the Central Excise Act, 1944.

Be it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-

CHAPTER I

Preliminary

CHAPTER I

Preliminary

1.

Short title.

1. Short title - This Act may be called the Taxation Laws (Amendment) Act, 2006.

CHAPTER II

Direct taxes Income-tax

CHAPTER II

Direct taxes Income-tax

2.

Amendment of section 2.

2. Amendment of section 2. - In section 2 of the Income-tax Act, 1961 (hereafter in this Chapter referred to as the Income-tax Act), in clause (44), after the words "powers of a Tax Recovery Officer", the following shall be inserted, namely:-

"and also to exercise or perform such powers and functions which are conferred on, or assigned to, an Assessing Officer under this Act and which may be prescribed".

3.

Amendment of section 2.

3.Amendment of section 2. - In section 10 of the Income-tax Act, with effect from the 1st day of April, 2006,-

(a) after clause (23BBE), the following clause shall be inserted, namely:-

"(23BBF) any income of the North-Eastern Development Finance Corporation Limited, being a company formed and registered under the Companies Act, 1956:

Provided that in computing the total income of the North-Eastern Development Finance Corporation Limited, the amount to the extent of-

(i) twenty per cent. of the total income for assessment year beginning on the 1st day of April, 2006;

(ii) forty per cent. of the total income for assessment year beginning on the 1st day of April, 2007;

(iii) sixty per cent. of the total income for assessment year beginning on the 1st day of April, 2008;

(iv) eighty per cent. of the total income for assessment year beginning on the 1st day of April, 2009;

(v) one hundred per cent. of the total income for assessment year beginning on the 1st day of April, 2010 and any subsequent assessment year or years, shall be included in such total income;";

(b) in claus...

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