India - Income Tax Act 2010 - Saarc

1.87 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(23EA)takings) Act, 1970 (5 of 1970), or under section 3 of theBanking Companies (Acquisition and Transfer of Undertakings)Act, 1980 (40 of 1980) 99 [and a bank included in thecategory “other public sector banks” by the Reserve Bank ofIndia];(b) the expression “public financial institution” shall have themeaning assigned to it in section 4A of the Companies Act,1956 (1 of 1956) 1 ;]2[(c) the expression 3 “Securities and Exchange Board of India”shall have the meaning assigned to it in clause (a) of subsection(1) of section 2 of the Securities and Exchange Boardof India Act, 1992 (15 of 1992);](23E) 4 [Omitted by the Finance Act, 2002, w.e.f. 1-4-2003;]5[(23EA) any income 6 [, by way of contributions received from recognisedstock exchanges and the members thereof,] of such Investor ProtectionFund set up by recognised stock exchanges in India, either jointlyor separately, as the Central Government may, by notification 7 in theOfficial Gazette, specify in this behalf:Provided that where any amount standing to the credit of the Fundand not charged to income-tax during any previous year is shared,either wholly or in part, with a recognised stock exchange, the wholeof the amount so shared shall be deemed to be the income of theprevious year in which such amount is so shared and shall accordinglybe chargeable to income-tax;]99. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.1. For text of section 4A of the Companies Act, 1956, and notified institutions thereunder, seeAppendix.2. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993.3. Clause (a) of section 2(1) of the Securities and Exchange Board of India Act, 1992, defines“Board” as follows:‘(a) “Board” means the Securities and Exchange Board of India established undersection 3;’4. Prior to its omission, clause (23E), as inserted by the Finance Act, 1989, w.e.f. 1-4-1989, readas under :‘(23E) any income of such Exchange Risk Administration Fund set up by public financialinstitutions, either jointly or separately, as the Central Government may, bynotification in the Official Gazette, specify in this behalf:Provided that where any amount standing to the credit of the Fund and not chargedto income-tax during any previous year is shared, either wholly or in part, with apublic financial institution, the whole of the amount so shared shall be deemed tobe the income of the previous year in which such amount is so shared and shallaccordingly be chargeable to income-tax.Explanation.—For the purposes of this clause, the expression “public financialinstitution” shall have the meaning assigned to it in section 4A of the Companies Act,1956 (1 of 1956);’5. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001.6. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.7. For notified Investor Protection Fund set up by recognised stock exchanges, seeTaxmann’s Master Guide to Income-tax Act.