India - Income Tax Act 2010 - Saarc

S. 44A I.T. ACT, 1961 1.284(ii) whose main object is carrying on the business of providing longtermfinance for construction or purchase of houses in India forresidential purposes; and(iii) which is registered in accordance with the Housing FinanceCompanies (NHB) Directions, 1989 given under section 30 andsection 31 of the National Housing Bank Act, 1987 (53 of 1987);(c) “public financial institution” shall have the meaning assigned to it insection 4A 50 of the Companies Act, 1956 (1 of 1956);(d) “scheduled bank” shall have the meaning assigned to it in clause (ii) ofthe Explanation to clause (viia) of sub-section (1) of section 36;(e) “State financial corporation” means a financial corporation establishedunder section 3 or section 3A or an institution notified undersection 46 of the State Financial Corporations Act, 1951 (63 of 1951);(f) “State industrial investment corporation” means a Government companywithin the meaning of section 617 51 of the Companies Act, 1956(1 of 1956), engaged in the business of providing long-term finance forindustrial projects.]Insurance business.5244. Notwithstanding anything to the contrary contained in the provisions ofthis Act relating to the computation of income chargeable under the head“Interest on securities”, “Income from house property”, “Capital gains” or “Incomefrom other sources”, or in section 199 or in sections 28 to 53 [43B], the profits andgains of any business of insurance, including any such business carried on by amutual insurance company or by a co-operative society, shall be computed inaccordance with the rules contained in the First Schedule.54[Special provision for deduction in the case of trade, professional or similarassociation.5544A. (1) Notwithstanding anything to the contrary contained in this Act,where the amount received during a previous year by any trade, professionalor 56 similar association 57 [(other than an association or institution referredto in clause (23A) of section 10)] from its members, whether by way of subscriptionor otherwise (not being remuneration received for rendering any specificservices to such members) falls short of the expenditure incurred by suchassociation during that previous year (not being expenditure deductible in50. For text of section 4A of the Companies Act, 1956, and notified institutions thereunder, seeAppendix.51. For definition of “Government company”, see footnote 71 on p. 1.23 ante.52. See also Letter [F. No. 14/3/7-IT(A-I)], dated 7-8-1967 and Circular No. 38, dated 3-10-1956.For details, see Taxmann’s Master Guide to Income-tax Act.53. Substituted for “43A” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.Earlier, “43A” was substituted for “43” by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.54. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964.55. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.56. For the meaning of the expression “similar association”, see Taxmann’s Direct TaxesManual, Vol. 3.57. Inserted by the Finance (No. 2) Act, 1965, w.r.e.f. 1-4-1964.