India - Income Tax Act 2010 - Saarc

1.253 CH. IV - COMPUTATION OF BUSINESS INCOME S. 4093[Provided that where in respect of any such sum, tax has beendeducted in any subsequent year, or has been deducted during theprevious year but paid after the due date specified in sub-section(1) of section 139, such sum shall be allowed as a deduction incomputing the income of the previous year in which such tax hasbeen paid.]Explanation.—For the purposes of this sub-clause,—(i) “commission or brokerage” shall have the same meaning asin clause (i) of the Explanation to section 194H;(ii) “fees for technical services” shall have the same meaning asin Explanation 2 to clause (vii) of sub-section (1) of section 9;(iii) “professional services” shall have the same meaning as inclause (a) of the Explanation to section 194J;(iv) “work” shall have the same meaning as in Explanation III tosection 194C;94[(v) “rent” shall have the same meaning as in clause (i) to theExplanation to section 194-I;(vi) “royalty” shall have the same meaning as in Explanation 2 toclause (vi) of sub-section (1) of section 9;](ib) 95 [***]]96[(ic) any sum paid on account of fringe benefit tax under ChapterXIIH;]97(ii) any sum paid on account of any rate or tax levied 98 on the profitsor gains of any business or profession 98 or assessed at a proportionof, or otherwise on the basis of, any such profits or gains.93. Substituted by the Finance Act, 2010, w.e.f. 1-4-2010. Prior to its substitution, proviso assubstituted by the Finance Act, 2008, w.r.e.f. 1-4-2005, read as under :“Provided that where in respect of any such sum, tax has been deducted in any subsequentyear, or has been deducted—(A) during the last month of the previous year but paid after the said due date; or(B) during any other month of the previous year but paid after the end of the saidprevious year,such sum shall be allowed as a deduction in computing the income of the previous yearin which such tax has been paid.”94. Inserted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006.95. Omitted by the Finance Act, 2008, w.e.f. 1-4-2009. Prior to its omission, sub-clause (ib), asinserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005, read as under :“(ib) any sum paid on account of securities transaction tax under Chapter VII of theFinance (No. 2) Act, 2004;”96. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.97. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.98. For the meaning of the expressions “any rate or tax levied” and “profits or gains of anybusiness or profession”, see Taxmann’s Direct Taxes Manual, Vol. 3.