India - Income Tax Act 2010 - Saarc

1.415 CH. VI-A - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80HHincludes income which is chargeable under the head “Profits and gains ofbusiness or profession”.(4) Where a deduction under this section is claimed and allowed for anyassessment year in respect of any payments of the nature specified in sub-section(2), deduction shall not be allowed in respect of such payments under any otherprovision of this Act for the same or any other assessment year.]]97[Deduction in respect of contributions given by companies to political parties.80GGB. In computing the total income of an assessee, being an Indian company,there shall be deducted any sum contributed by it, in the previous yearto any political party 98 [or an electoral trust].Explanation.—For the removal of doubts, it is hereby declared that for thepurposes of this section, the word “contribute”, with its grammatical variation,has the meaning assigned to it under section 293A 99 of the Companies Act, 1956(1 of 1956).Deduction in respect of contributions given by any person to political parties.80GGC. In computing the total income of an assessee, being any person, exceptlocal authority and every artificial juridical person wholly or partlyfunded by the Government, there shall be deducted any amount of contributionmade by him, in the previous year, to a political party 98 [or an electoral trust].Explanation.—For the purposes of sections 80GGB and 80GGC, “political party”means a political party registered under section 29A of the Representation of thePeople Act, 1951 (43 of 1951).]C.—Deductions in respect of certain incomesDeduction in case of new industrial undertakings employing displaced persons,etc.80H. [Omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.Originally, it was inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.]1[Deduction in respect of profits and gains from newly established industrialundertakings or hotel business in backward areas.280HH. (1) Where the gross total income of an assessee includes any profitsand gains derived 3 from an industrial undertaking 3 , or the business ofa hotel, to which this section applies, there shall, in accordance with and subjectto the provisions of this section, be allowed, in computing the total income of theassessee, a deduction from such profits and gains of an amount equal to twentyper cent thereof.(2) This section applies to any industrial undertaking which fulfils all thefollowing conditions, namely :—(i) it has begun or begins to manufacture or produce 3 articles 3 after the31st day of December, 1970 4 [but before the 1st day of April, 1990], inany backward area;97. Inserted by the Election and Other Related Laws (Amendment) Act, 2003, w.e.f. 11-9-2003.98. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.99. For text of section 293A of the Companies Act, 1956, see Appendix.1. Inserted by the Direct Taxes (Amendment) Act, 1974, w.e.f. 1-4-1974.2. See also Circular No. 484, dated 1-5-1987. For details, see Taxmann’s Direct Taxes Circulars.3. For the meaning of the terms/expressions “derived”, “industrial undertaking”, “manufactureor produce”, “articles” and “it employs”, see Taxmann’s Direct Taxes Manual, Vol. 3.4. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.