India - Income Tax Act 2010 - Saarc

1.299 CH. IV - COMPUTATION OF BUSINESS INCOME S. 44DB(2) Every non-resident (not being a company) or a foreign company shall keepand maintain books of account and other documents in accordance with theprovisions contained in section 44AA and get his accounts audited by anaccountant as defined in the Explanation below sub-section (2) of section 288and furnish along with the return of income, the report of such audit in theprescribed form 37 duly signed and verified by such accountant.Explanation.—For the purposes of this section,—(a) “fees for technical services” shall have the same meaning as inExplanation 2 to clause (vii) of sub-section (1) of section 9;(b) “royalty” shall have the same meaning as in Explanation 2 toclause (vi) of sub-section (1) of section 9;(c) “permanent establishment” shall have the same meaning as in clause(iiia) of section 92F.]38[Special provision for computing deductions in the case of business reorganizationof co-operative banks.44DB. (1) The deduction under section 32, section 35D, section 35DD or section35DDA shall, in a case where business reorganisation of a co-operativebank has taken place during the financial year, be allowed in accordance with theprovisions of this section.(2) The amount of deduction allowable to the predecessor co-operative bankunder section 32, section 35D, section 35DD or section 35DDA shall be determinedin accordance with the formula—BCwhere A = the amount of deduction allowable to the predecessor co-operativebank if the business reorganisation had not taken place;B = the number of days comprised in the period beginning with the 1stday of the financial year and ending on the day immediatelypreceding the date of business reorganisation; andC = the total number of days in the financial year in which the businessreorganisation has taken place.(3) The amount of deduction allowable to the successor co-operative bank undersection 32, section 35D, section 35DD or section 35DDA shall be determined inaccordance with the formula—BwhereCA = the amount of deduction allowable to the predecessor co-operativebank if the business reorganisation had not taken place;B = the number of days comprised in the period beginning with thedate of business reorganisation and ending on the last day of thefinancial year; and37. See rule 6GA and Form No. 3CE. Rule 12 provides that the return of income shall not beaccompanied by any document or copy of any account or form or report of audit requiredto be attached with return of income under any of the provisions of the Act.38. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.