India - Income Tax Act 2010 - Saarc

S. 33A I.T. ACT, 1961 1.192be allowed under sub-section (1)] 94 [(the total income for this purpose beingcomputed after deduction of the allowance under sub-section (1) or sub-section(1A) or clause (ii) of sub-section (2) of section 33, but without making anydeduction under sub-section (1) of this section or any deduction under ChapterVI-A 95 [***])] is nil or is less than the full amount of the development allowancecalculated at the rates 96 [and in the manner] specified in sub-section (1)—(i) the sum to be allowed by way of development allowance for thatassessment year under sub-section (1) shall be only such amount asis sufficient to reduce the said total income to nil ; and(ii) the amount of the development allowance, to the extent to which ithas not been allowed as aforesaid, shall be carried forward to thefollowing assessment year, and the development allowance to beallowed for the following assessment year shall be such amount as issufficient to reduce the total income of the assessee assessable forthat assessment year, computed in the manner aforesaid, to nil, andthe balance of the development allowance, if any, still outstandingshall be carried forward to the following assessment year and so on,so, however, that no portion of the development allowance shall becarried forward for more than eight assessment years immediatelysucceeding the assessment year in which the deduction was firstallowable.Explanation.—Where for any assessment year development allowance is to beallowed in accordance with the provisions of sub-section (2) in respect of morethan one previous year, and the total income of the assessee assessable for thatassessment year 97 [(the total income for this purpose being computed afterdeduction of the allowance under sub-section (1) or sub-section (1A) or clause (ii)of sub-section (2) of section 33, but without making any deduction under subsection(1) of this section or any deduction under Chapter VI-A 98 [***])] is less thanthe amount of the development allowance due to be made in respect of thatassessment year, the following procedure shall be followed, namely :—(i) the allowance under clause (ii) of sub-section (2) of this section shallbe made before any allowance under clause (i) of that sub-section ismade; and(ii) where an allowance has to be made under clause (ii) of sub-section (2)of this section in respect of amounts carried forward from more thanone assessment year, the amount carried forward from an earlier94. Substituted for “(the total income for this purpose being computed after making theallowance under sub-section (1) or sub-section (1A) or clause (ii) of sub-section (2) ofsection 33 but without making any allowance under sub-section (1) of this section)” by theFinance (No. 2) Act, 1967, w.e.f. 1-4-1968.95. “or section 280-O” omitted by the Finance Act, 1988, w.e.f. 1-4-1988.96. Inserted by the Finance Act, 1966, w.e.f. 1-4-1966.97. Substituted for “(the total income for this purpose being computed after making theallowance under sub-section (1) or sub-section (1A) or clause (ii) of sub-section (2) ofsection 33 but without making any allowance under sub-section (1) of this section)” by theFinance (No. 2) Act, 1967, w.e.f. 1-4-1968.98. “or section 280-O” omitted by the Finance Act, 1988, w.e.f. 1-4-1988.