Amendment of section 115JB
Section 24 of the Finance Act, 2006 deals with amendment of section 115JB. Amendment of section 115JB. 24. In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2007,— (i ) in sub-section (1),— (a) for the words, figures and letters "the 1st day of April, ", the words, figures and letters "the 1st day of April, " shall be substituted;
Amendment of section 115JB.
24. In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2007,—
(i ) in sub-section (1),—
(a) for the words, figures and letters "the 1st day of April, 2001", the words, figures and letters "the 1st day of April, 2007" shall be substituted;
(b) for the words "seven and one-half per cent", at both the places where they occur, the words "ten per cent" shall be substituted;
(ii ) in the Explanation occurring after sub-section (2),—
(a) in clause (f), for the words, figures, brackets and letters "section 10 [other than the provisions contained in clause (23G) thereof] or section 10A or section 10B or section 11 or section 12 apply,", the words, figures, brackets and letters "section 10 [other than the provisions contained in clause (38) thereof ] or section 10A or section 10B or section 11 or section 12 apply; or" shall be substituted;
(b) after clause (f),—
(A ) the following clause shall be inserted, namely:—
"(g) the amount of depreciation,";
(B ) for the portion beginning with the words "if any amount", and ending with the words "as reduced by—", the following shall be substituted, namely:—
"if any amount referred to in clauses (a) to (g) is debited to the profit and loss account, and as reduced by—";
(c) in clause (ii), for the words, figures, brackets and letter "section 10 [other than the provisions contained in clause (23G) thereof]", the words, figures and brackets "section 10 [other than the provisions contained in clause (38) thereof]" shall be substituted;
(d) after clause (ii), the following clauses shall be inserted, namely:—
"(iia) the amount of depreciation debited to the profit and loss account (excluding the depreciation on account of revaluation of assets); or
(iib) the amount withdrawn from revaluation reserve and credited to the profit and loss account, to the extent it does not exceed the amount of depreciation on account of revaluation of assets referred to in clause (iia); or".
© Copyright. Taxmann Publications Pvt. Ltd.
Section 24, The Finance Act, 2006.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 24
What does Section 24 of the Finance Act deal with?
Section 24 of the Finance Act is headed "Amendment of section 115JB". Amendment of section 115JB. 24. In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2007,— (i ) in sub-section (1),— (a) for the words, figures and letters "the 1st day of April, ", the words, figures and letters "the 1st day of April, " shall be substituted;
How do I find court cases under Section 24 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 2006 24, section 24 Finance Act 2006, section 24 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 24 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 40), section 11 (Amendment of section 43), section 12 (Amendment of section 43B), Income-tax Act 115JB (Special provision for payment of tax by certain companies), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2006. 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
- First Schedule. First Schedule7285 words
- 2. Income-tax2665 words
- 4. Amendment of section 10604 words
- 3. Amendment of section 2556 words
- 20. Insertion of new section 90A531 words
- 33. Insertion of new section 139B512 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.