{"act":{"id":"finance-act-2006","short_title":"The Finance Act, 2006","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2006-2007.","act_number":null,"act_year":2006,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":66,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2006/"},"unit":"section","section":{"number":"29","heading":"Amendment of section 115WC","text":"Amendment of section 115WC. 29. In section 115WC of the Income-tax Act, with effect from the 1st day of April, 2007,— (a ) in sub-section (1),— (i) for clause (b), the following clause shall be substituted, namely:— \"(b ) the amount of contribution, referred to in clause (c ) of sub-section (1) of section 115WB, which exceeds one lakh rupees in respect of each employee;\"; (ii) after clause (d), the following clause shall be inserted, namely:— \"(e ) five per cent of the expenses referred to in clause ( Q) of sub-section (2) of section 115WB.\"; (b ) in sub-section (2),— (i) after clause (a), the following clauses shall be inserted, namely:— ‘(aa) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (B) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (c) of sub-section (1); (ab) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred to in clause (B) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (c) of sub-section (1);’; (ii) after clause (d), the following clauses shall be inserted, namely:— ‘(da) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (G) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (c) of sub-section (1); (db) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred to in clause (G) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (c) of sub-section (1);’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115WC.</b></p><p><b>29.</b> In section 115WC of the Income-tax Act, with effect from the 1st day of April, 2007,—</p><p>(<i>a</i> ) in sub-section (1),—</p><p>(<i>i</i>) for clause (<i>b</i>), the following clause shall be substituted, namely:—</p><p>\"(<i>b</i> ) the amount of contribution, referred to in clause (<i>c</i> ) of sub-section (1) of section 115WB, which exceeds one lakh rupees in respect of each employee;\";</p><p>(<i>ii</i>) after clause (<i>d</i>), the following clause shall be inserted, namely:—</p><p>\"(<i>e</i> ) five per cent of the expenses referred to in clause ( <i>Q</i>) of sub-section (2) of section 115WB.\";</p><p>(<i>b</i> ) in sub-section (2),—</p><p>(<i>i</i>) after clause (<i>a</i>), the following clauses shall be inserted, namely:—</p><p>‘(<i>aa</i>) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (<i>B</i>) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (<i>c</i>) of sub-section (1);</p><p>(<i>ab</i>) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred to in clause (<i>B</i>) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (<i>c</i>) of sub-section (1);’;</p><p>(<i>ii</i>) after clause (<i>d</i>), the following clauses shall be inserted, namely:—</p><p>‘(<i>da</i>) in the case of an employer engaged in the business of carriage of passengers or goods by aircraft, the value of fringe benefits for the purposes referred to in clause (<i>G</i>) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (<i>c</i>) of sub-section (1);</p><p>(<i>db</i>) in the case of an employer engaged in the business of carriage of passengers or goods by ship, the value of fringe benefits for the purposes referred to in clause (<i>G</i>) of sub-section (2) of section 115WB shall be \"five per cent\" instead of \"twenty per cent\" referred to in clause (<i>c</i>) of sub-section (1);’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":353,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2006/section/29/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}