India - Income Tax Act 2010 - Saarc

1.1055 APPENDIXparts and components similarly consumed and the percentage of each to the totalconsumption;(d) the amount remitted during the year in foreign currencies on account ofdividends, with a specific mention of the number of non-resident shareholders,the number of shares held by them on which the dividends were due and the yearto which the dividends related;(e) earnings in foreign exchange classified under the following heads, namely :—(i) export of goods calculated on F.O.B. basis;(ii) royalty, know-how, professional and consultation fees;(iii) interest and dividend;(iv) other income, indicating the nature thereof.5. The Central Government may direct that a company shall not be obliged to show theamount set aside to provisions other than those relating to depreciation, renewal ordiminution in value of assets, if the Central Government is satisfied that the informationshould not be disclosed in the public interest and would prejudice the company, butsubject to the condition that in any heading stating an amount arrived at after taking intoaccount the amount set aside as such, the provision shall be so framed or marked as toindicate that fact.6. (1) Except in the case of the first profit and loss account laid before the company afterthe commencement of the Act, the corresponding amounts for the immediately precedingfinancial year for all items shown in the profit and loss account shall also be given in theprofit and loss account.(2) The requirement in sub-clause (1) shall, in the case of companies preparing quarterlyor half-yearly accounts, relate to the profit and loss account for the period which enteredon the corresponding date of the previous year.Note : Reference to managing agents, secretaries and treasurers should be omitted.PART IIIINTERPRETATION7. (1) For the purposes of Parts I and II of this Schedule, unless the context otherwiserequires,—(a) the expression “provision” shall, subject to sub-clause (2) of this clause, mean anyamount written off or retained by way of providing for depreciation renewals ordiminution in value of assets, or retained by way of providing for any knownliability of which the amount cannot be determined with substantial accuracy;(b) the expression “reserve” shall not, subject as aforesaid, include any amountwritten off or retained by way of providing for depreciation, renewals ordiminution in value of assets or retained by way of providing for any knownliability ;(c) the expression “capital reserve” shall not include any amount regarded as free fordistribution through the profit and loss account; and the expression “revenuereserve” shall mean any reserve other than a capital reserve;and in this sub-clause the expression “liability” shall include all liabilities in respect ofexpenditure contracted for and all disputed or contingent liabilities.(2) Where—(a) any amount written off or retained by way of providing for depreciation,renewals or diminution in value of assets, not being an amount written off inrelation to fixed assets before the commencement of this Act; or(b) any amount retained by way of providing for any known liability;