India - Income Tax Act 2010 - Saarc

S. 14 FINANCE ACT, 2010 2.16partnership, as they would have applied to the said company, ifreorganisation of business had not taken place.”;(b) in sub-section (5), for the words, brackets and figures “sub-section (3)and in the case of a firm or proprietary concern referred to in subsection(4)”, the words, brackets, figures and letter “sub-section (3), inthe case of a firm or proprietary concern referred to in sub-section (4)and in the case of a company referred to in sub-section (4A)” shall besubstituted.Amendment of section 40.12. In section 40 of the Income-tax Act, in clause (a), in sub-clause (ia),—(a) for the portion beginning with the words “has not been paid,—” andending with the words “the last day of the previous year”, the words,brackets and figures “has not been paid on or before the due datespecified in sub-section (1) of section 139” shall be substituted;(b) for the proviso, the following proviso shall be substituted, namely:—“Provided that where in respect of any such sum, tax has beendeducted in any subsequent year, or has been deducted during theprevious year but paid after the due date specified in sub-section (1)of section 139, such sum shall be allowed as a deduction in computingthe income of the previous year in which such tax has been paid.”.Amendment of section 43.13. In section 43 of the Income-tax Act, with effect from the 1st day of April,2011,—(a) in clause (1), in Explanation 13, in clause (b), in sub-clause (iii), for thebrackets, figures and word “(xiii) and (xiv)”, the brackets, figures,letter and word “(xiii), (xiiib) and (xiv)” shall be substituted;(b) in clause (6), after Explanation 2B, the following Explanation shall beinserted, namely:—“Explanation 2C.—Where in any previous year, any block of assets istransferred by a private company or unlisted public company to alimited liability partnership and the conditions specified in the provisoto clause (xiiib) of section 47 are satisfied, then, notwithstandinganything contained in clause (1), the actual cost of the block of assetsin the case of the limited liability partnership shall be the written downvalue of the block of assets as in the case of the said company on thedate of conversion of the company into the limited liability partnership.”.Amendment of section 44AB.14. In section 44AB of the Income-tax Act, with effect from the 1st day of April,2011,—(a) in clause (a), for the words “forty lakh rupees”, the words “sixty lakhrupees” shall be substituted;(b) in clause (b), for the words “ten lakh rupees”, the words “fifteen lakhrupees” shall be substituted.