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TMI BlogInsertion of New Chapter XXIIBX X X X Extracts X X X X X X X X Extracts X X X X ..... te 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 made to the extent to which and on the date on which the amount of the said payment has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndu 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 trade or business in which the company concerned is engaged; (d) the purposes for which the issue is being mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding 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 issued under section 156, and all the provisions of this Act shall apply accordingly. Explanation : Any land or building used for the residence of persons employ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the articles referred to in sub section (1) shall be an amount bearing to the total amount of income tax payable on the total income (such income tax being computed in the manner specified hereunder) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al 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 XIX, be deemed, on the date of the expiry of the said period, to be refund due to such person under that Chapter and the provisions of this Act shall apply accordingly. 280ZD. Tax credit certificates in relation to increas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 April, 1964, and in relation to any other undertaking, the financial year in which such undertaking begins to manufacture or produce such goods; (b) duty of excise means the duty of excise leviable under the Central Excises and Salt Act, 1944 (1 of 1944). 280ZE. Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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