India - Income Tax Act 2010 - Saarc

1.195 CH. IV - COMPUTATION OF BUSINESS INCOME S. 33AB5[Explanation.—For the purposes of this section, an assessee having a leaseholdor other right of occupancy in any land shall be deemed to own such land andwhere the assessee transfers such right, he shall be deemed to have sold orotherwise transferred such land.]6[Tea development account 7 [, coffee development account and rubber developmentaccount].33AB. (1) Where an assessee carrying on business of growing and manufacturingtea 7 [or coffee or rubber] in India has, before the expiry of sixmonths from the end of the previous year or before 7 [the due date of] furnishingthe return of his income, 8 [whichever is earlier,—(a) deposited with the National Bank any amount or amounts in anaccount (hereafter in this section referred to as the special account)maintained by the assessee with that Bank in accordance with, andfor the purposes specified in, a scheme (hereafter in this sectionreferred to as the scheme) approved in this behalf by the Tea Board9[or the Coffee Board or the Rubber Board] ; or(b) 10 [deposited any amount in an account (hereafter in this sectionreferred to as the Deposit Account) opened by the assessee inaccordance with, and for the purposes specified in, a scheme framedby the Tea Board or the Coffee Board or the Rubber Board, as the casemay be (hereafter in this section referred to as the deposit scheme),with the previous approval of the Central Government,]the assessee shall, subject to the provisions of this section,] be allowed adeduction (such deduction being allowed before the loss, if any, brought forwardfrom earlier years is set off under section 72) of—(a) a sum equal to the amount or the aggregate of the amounts sodeposited ; or(b) a sum equal to 11 [forty] per cent of the profits of such business(computed under the head “Profits and gains of business or profession”before making any deduction under this section),whichever is less :5. Inserted by the Finance Act, 1975, w.r.e.f. 1-4-1965.6. Substituted by the Finance Act, 1990, w.e.f. 1-4-1991. Prior to its substitution, section 33ABwas inserted by the Finance Act, 1985, w.e.f. 1-4-1986 and later amended by the FinanceAct, 1987, w.e.f. 1-4-1988.7. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.8. Substituted for words beginning with “whichever is earlier, deposited with the NationalBank” and ending with “the assessee shall, subject to the provisions of this section,” by theFinance Act, 1994, w.e.f. 1-4-1995.9. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.10. Substituted for the portion beginning with the words “deposited any amount” and endingwith the words “approval of the Central Government,” by the Finance Act, 2003, w.e.f.1-4-2004. Prior to its substitution, the quoted portion read as under :“deposited any amount in an account (hereafter in this section referred to as the TeaDeposit Account) opened by the assessee in accordance with, and for the purposesspecified in, a scheme framed by the Tea Board (hereafter in this section referred to as thedeposit scheme) with the previous approval of the Central Government,”11. Substituted for “twenty” by the Finance Act, 2001, w.e.f. 1-4-2002.