India - Income Tax Act 2010 - Saarc

1.245 CH. IV - COMPUTATION OF BUSINESS INCOME S. 36tions allowable under this clause as they apply in relation to deductionsallowable in respect of depreciation :Provided further that the provisions of clauses (ii), (iii), (iv) and (v) ofsub-section (2) 50 [and sub-section (5)] of section 35, of sub-section (3)of section 41 and of Explanation 1 to clause (1) of section 43 shall, sofar as may be, apply in relation to an asset representing expenditureof a capital nature for the purposes of promoting family planning asthey apply in relation to an asset representing expenditure of a capitalnature on scientific research;](x) 51 [***]52[(xi) any expenditure incurred by the assessee, on or after the 1st day ofApril, 1999 but before the 1st day of April, 2000, wholly and exclusivelyin respect of a non-Y2K compliant computer system, owned bythe assessee and used for the purposes of his business or profession,so as to make such computer system Y2K compliant computersystem :Provided that no such deduction shall be allowed in respect of suchexpenditure under any other provisions of this Act :Provided further that no such deduction shall be admissible unless theassessee furnishes in the prescribed form 53 , along with the return ofincome, the report of an accountant, as defined in the Explanationbelow sub-section (2) of section 288, certifying that the deduction hasbeen correctly claimed in accordance with the provisions of thisclause.Explanation.—For the purposes of this clause,—(a) “computer system” means a device or collection of devicesincluding input and output support devices and excluding calculatorswhich are not programmable and capable of being used inconjunction with external files, or more of which contain computerprogrammes, electronic instructions, input data and output data,that performs functions including, but not limited to, logic, arithmetic,data storage and retrieval, communication and control;(b) “Y2K compliant computer system” means a computer systemcapable of correctly processing, providing or receivingdata relating to date within and between the twentieth andtwenty-first century;]50. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.51. Omitted by the Finance Act, 2007, w.e.f. 1-4-2008. Prior to its omission, clause (x), asinserted by the Finance Act, 1989, w.e.f. 1-4-1989 and amended by the Finance Act, 2003,w.e.f. 1-4-2003, read as under :‘(x) any sum paid by a public financial institution by way of contribution towards anyExchange Risk Administration Fund set up by public financial institutions, eitherjointly or separately.Explanation.—For the purposes of this clause, “public financial institutions” shallhave the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);’52. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.53. See rule 6ABB and Form No. 3BA.