India - Income Tax Act 2010 - Saarc

1.103 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10A84[(42) any specified income arising to a body or authority which—(a) has been established or constituted or appointed under a treatyor an agreement entered into by the Central Government withtwo or more countries or a convention signed by the CentralGovernment;(b) is established or constituted or appointed not for the purposes ofprofit;(c) is notified by the Central Government in the Official Gazette 85 forthe purposes of this clause.Explanation.—For the purposes of this clause, “specified income”means the income, of the nature and to the extent, arising to the bodyor authority referred to in this clause, which the Central Governmentmay notify 85 in this behalf;]86[(43) any amount received by an individual as a loan, either in lump sumor in instalment, in a transaction of reverse mortgage referred to inclause (xvi) of section 47;]87[(44) any income received by any person for, or on behalf of, the NewPension System Trust established on the 27th day of February, 2008under the provisions of the Indian Trusts Act, 1882 (2 of 1882).]88[Special provision in respect of newly established undertakings in free tradezone, etc. 8910A. (1) Subject to the provisions of this section, a deduction of such profitsand gains as are derived by an undertaking from the export of articles orthings or computer software for a period of ten consecutive assessment yearsbeginning with the assessment year relevant to the previous year in which theundertaking begins to manufacture or produce such articles or things orcomputer software, as the case may be, shall be allowed from the total incomeof the assessee :Provided that where in computing the total income of the undertaking for anyassessment year, its profits and gains had not been included by application of theprovisions of this section as it stood immediately before its substitution by theFinance Act, 2000, the undertaking shall be entitled to deduction referred to inthis sub-section only for the unexpired period of the aforesaid ten consecutiveassessment years :Provided further that where an undertaking initially located in any free tradezone or export processing zone is subsequently located in a special economic84. Inserted by the Finance Act, 2006, w.e.f. 1-4-2006.85. For notified authority, see Taxmann’s Master Guide to Income-tax Act.86. Inserted by the Finance Act, 2008, w.e.f. 1-4-2008.87. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.88. Substituted by the Finance Act, 2000, w.e.f. 1-4-2001. Prior to its substitution, section 10Awas inserted by the Finance Act, 1981, w.e.f. 1-4-1981, and later on amended by theTaxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1987,Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988/1-4-1989, Finance Act, 1987,w.r.e.f. 1-4-1981/w.e.f. 1-4-1988, Finance Act, 1988, w.e.f. 1-4-1989, Finance Act, 1993, w.e.f.1-4-1994/w.r.e.f. 1-4-1991, Finance Act, 1995, w.e.f. 1-4-1996, Income-tax (Second Amendment)Act, 1998, w.e.f. 1-4-1999 and Finance Act, 1999, w.e.f. 1-4-2000.89. See Instruction No. 1/2006, dated 31-3-2006. For details, see Taxmann’s Master Guide toIncome-tax Act.