Amendment of section 17
Section 10 of the Finance Act, 1999 deals with amendment of section 17. Amendment of section 17. 10. In section 17 of the Income-tax Act, in clause (2), after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1st day of April, 2000, namely :— ‘(iiia) the value of any specified security allotted or transferred, directly or indirectly, by a
Amendment of section 17.
10. In section 17 of the Income-tax Act, in clause (2), after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1st day of April, 2000, namely :—
‘(iiia) the value of any specified security allotted or transferred, directly or indirectly, by any person free of cost or at concessional rate, to an individual who is or has been in employment of that person :
Provided that in a case where allotment or transfer of specified securities is made in pursuance of an option exercised by an individual, the value of the specified securities shall be taxable in the previous year in which such option is exercised by such individual.
Explanation.—For the purposes of this clause,—
(a) "cost" means the amount actually paid for acquiring specified securities and where no money has been paid, the cost shall be taken as nil;
(b) "specified security" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and includes employees’ stock option and sweat equity shares;
(c) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash or providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; and
(d) "value" means the difference between the fair market value and the cost for acquiring specified securities.’.
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Section 10, The Finance Act, 1999.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 10
What does Section 10 of the Finance Act deal with?
Section 10 of the Finance Act is headed "Amendment of section 17". Amendment of section 17. 10. In section 17 of the Income-tax Act, in clause (2), after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1st day of April, 2000, namely :— ‘(iiia) the value of any specified security allotted or transferred, directly or indirectly, by a
How do I find court cases under Section 10 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1999 10, section 10 Finance Act 1999, section 10 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 10 of the Finance Act, and has it changed?
Its own text turns on section 17 (Amendment of section 35AB), Income-tax Act 17 ("Salary", "perquisite" and "profits in lieu of salary" defined), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1999. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 50. Substitution of new section for section 80-IA5311 words
- First Schedule. First Schedule5092 words
- 2. Income-tax1942 words
- 6. Amendment of section 101681 words
- 3. Amendment of section 21112 words
- 38. Substitution of new section for section 72A903 words
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