Home|Discussion Forum|Communities|Professional Search|Law Dictionary|Bare Acts|Law Schools|State Bare Acts|Free Judgement Search|Law quotes
Articles  |    Humor    |    Law Digest
Bare acts search

Bare acts > State Financial Corporations Act, 1951 > Section 43


43. Provisions relating to income-tax and super-tax.- For the purposes of the Income-tax Act, 1961 (43 of 1961), the Financial Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super-tax accordingly on its income, profits and gains:
*[Provided that any sum paid by the State Government under the guarantee given in pursuance of section 7 or section 8 shall not be treated as the income, profits and gains of the Financial Corporation and any interest on debentures bonds or deposits paid by the Financial Corporation out of such sum shall not be treated as expenditure incurred by it:]

Provided further that in the case of any shareholder such portion of a dividend as has been paid out of any such sum advanced by the State Government shall be deemed to be his income from "interest on securities" and the income-tax shall be payable thereon as if it were the interest receivable on any security of a State Government issued income-tax free within the meaning of section 8 of that Act.

*[Modified vide State Financial Corporations Amendment Act, 2000, section 31]






A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z



Quick Links     
Family LawsInsurance LawsEnvironmental lawTax LawFDI 
Company LawTelecommunication LawLabour LawsCentral RulesRBI 
Business & Commercial LawsConsumer lawsCorporate lawsCriminal lawsSEBI 
Intellectual Property lawMedia & Press lawsPharma & Medical lawsProperty lawFEMA 
Debt Recovery LawsAmendmentsProfessional lawBanking LawsLegal Links 




Privacy PolicyDisclaimer

Copyright @2010