India - Income Tax Act 2010 - Saarc

S. 36 I.T. ACT, 1961 1.238fund, as the case may be; and subject to such 8 conditions as the Boardmay think fit to specify in cases where the contributions are not in thenature of annual contributions of fixed amounts or annual contributionsfixed on some definite basis by reference to the income chargeableunder the head “Salaries” or to the contributions or to the numberof members of the fund;9(v) 10 any sum paid by the assessee as an employer by way of contributiontowards an approved gratuity fund created by him for the exclusivebenefit of his employees under an irrevocable trust;11[(va) any sum received by the assessee from any of his employees to whichthe provisions of sub-clause (x) of clause (24) of section 2 apply, ifsuch sum is credited by the assessee to the employee’s account in therelevant fund or funds on or before the due date.Explanation.—For the purposes of this clause, “due date” means thedate by which the assessee is required as an employer to creditan employee’s contribution to the employee’s account in therelevant fund under any Act, rule, order or notification issued thereunderor under any standing order, award, contract of service orotherwise;]12(vi) in respect of animals which have been used for the purposes of thebusiness or profession otherwise than as stock-in-trade and have diedor become permanently useless for such purposes, the differencebetween the actual cost to the assessee of the animals and theamount, if any, realised in respect of the carcasses or animals;12(vii) subject to the provisions of sub-section (2), the amount of 13 [any 14 baddebt or part thereof 14 which is written off as irrecoverable in theaccounts of the assessee for the previous year]:15[Provided that in the case of 16 [an assessee] to which clause (viia)applies, the amount of the deduction relating to any such debt or partthereof shall be limited to the amount by which such debt or partthereof exceeds the credit balance in the provision for bad anddoubtful debts account made under that clause.]8. For conditions specified by the Board, see Taxmann’s Master Guide to Income-tax Act. Seealso CIT v. Sirpur Paper Mills [1999] 103 Taxman 352 (SC).9. See rules 103 and 104.10. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.11. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.12. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.13. Substituted for “any debt, or part thereof, which is established to have become a bad debtin the previous year” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989.14. For the meaning of the terms “bad debt” and “any debt or part thereof”, see Taxmann’sDirect Taxes Manual, Vol. 3.15. Inserted by the Finance Act, 1985, w.e.f. 1-4-1985.16. Substituted for “a bank” by the Finance Act, 1997, w.r.e.f. 1-4-1992.