India - Income Tax Act 2010 - Saarc

S. 11 I.T. ACT, 1961 1.124declaration in writing that the provisions of this section may not be madeapplicable to him, the provisions of this section shall not apply to him in any ofthe relevant assessment years :44[Provided that no deduction under this section shall be allowed to any undertakingfor the assessment year beginning on the 1st day of April, 2004 andsubsequent years.]Explanation.—For the purposes of this section,—(i) “Integrated Infrastructure Development Centre” means such centreslocated in the States of the North-Eastern Region, which the CentralGovernment, may, by notification in the Official Gazette, specify 45 forthe purposes of this section;(ii) “Industrial Growth Centre” means such centres located in the Statesof the North-Eastern Region, which the Central Government may, bynotification in the Official Gazette, specify 45 for the purposes of thissection;(iii) “North-Eastern Region” means the region comprising the States ofArunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland,Sikkim and Tripura;(iv) “relevant assessment years” means the ten consecutive years beginningwith the year in which the industrial undertaking begins tomanufacture or produce articles or things.]46Income 47 from property held for charitable or religious purposes.4811. (1) Subject to the provisions of sections 60 to 63, the following incomeshall not be included in the total income of the previous year of the personin receipt of the income—49[(a) income derived from property 47 held under trust wholly for charitableor religious purposes, to the extent to which such income 47 isapplied 47 to such purposes in India; and, where any such income 47 isaccumulated 47 or set apart for application to such purposes in India,44. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.45. For notified “Integrated Infrastructure Development Centre” and “Industrial GrowthCentre”, see Taxmann’s Master Guide to Income-tax Act.46. Section 11, which was omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989, was reintroduced by the Direct Tax Laws (Amendment) Act, 1989, with effectfrom the same date with modifications.47. For the meaning of the terms/expressions “income”, “property”, “such income”, “applied”,“accumulated or set apart” and “in part”, see Taxmann’s Direct Taxes Manual, Vol. 3.48. See also Circular No. 100, dated 24-1-1973, Circular No. 273, dated 3-6-1980, CircularNo. 52, dated 30-12-1970, Circular No. 12-P (LXX-7 of 1968), dated 26-11-1968, CircularNo. 5-P (LXX-6 of 1968), dated 19-6-1968, Circular No. 29, dated 23-8-1968, CircularNo. 566, dated 17-7-1990, Circular No. 584, dated 13-11-1990; Instruction No. 1132, dated5-1-1978; relevant extracts from Official Minutes of Twelfth Meeting of Direct TaxesAdvisory Committee (Central) held in New Delhi on 17-8-1968 and Circular No. 335, dated13-4-1982. For details, see Taxmann’s Master Guide to Income-tax Act.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.49. Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. Earlier, clauses(a) and (b) were amended by the Finance Act, 1970, w.e.f. 1-4-1971.