India - Income Tax Act 2010 - Saarc

S. 36 I.T. ACT, 1961 1.24654[(xii) any expenditure (not being in the nature of capital expenditure)incurred by a corporation or a body corporate, by whatever namecalled, if,—(a) it is constituted or established by a Central, State or ProvincialAct;(b) such corporation or body corporate, having regard to the objectsand purposes of the Act referred to in sub-clause (a), is notified 55by the Central Government in the Official Gazette for the purposesof this clause; and(c) the expenditure is incurred for the objects and purposes authorisedby the Act under which it is constituted or established;]56[(xiii) any amount of banking cash transaction tax paid by the assesseeduring the previous year on the taxable banking transactions enteredinto by him.Explanation.—For the purposes of this clause, the expressions “bankingcash transaction tax” and “taxable banking transaction” shall have thesame meanings respectively assigned to them under Chapter VII ofthe Finance Act, 2005;]57[(xiv) any sum paid by a public financial institution by way of contributionto such credit guarantee fund trust for small industries as the CentralGovernment may, by notification in the Official Gazette 58 , specify inthis behalf.Explanation.—For the purposes of this clause, “public financial institution”shall have the meaning assigned to it in section 4A 59 of theCompanies Act, 1956 (1 of 1956);]60[(xv) an amount equal to the securities transaction tax paid by the assesseein respect of the taxable securities transactions entered into in thecourse of his business during the previous year, if the income arisingfrom such taxable securities transactions is included in the incomecomputed under the head “Profits and gains of business or profession”.Explanation.—For the purposes of this clause, the expressions “securitiestransaction tax” and “taxable securities transaction” shall have54. Substituted by the Finance Act, 2007, w.e.f. 1-4-2008. Prior to its substitution, clause (xii),as inserted by the Finance Act, 2003, w.r.e.f. 1-4-2002, read as under :“(xii) any expenditure (not being in the nature of capital expenditure) incurred by acorporation or a body corporate, by whatever name called, constituted or establishedby a Central, State or Provincial Act for the objects and purposes authorisedby the Act under which such corporation or body corporate was constituted orestablished;”55. For notified corporation or body corporate, see Taxmann’s Master Guide to Income-taxAct.56. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.57. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.58. For notified credit guarantee fund trust, see Taxmann’s Master Guide to Income-tax Act.59. For text of section 4A of the Companies Act, 1956, see Appendix.60. Clauses (xv) and (xvi) inserted by the Finance Act, 2008, w.e.f. 1-4-2009.