India - Income Tax Act 2010 - Saarc

S. 80L I.T. ACT, 1961 1.488Explanation.—For the purposes of this section, the expressions,—(i) “additional wages” means the wages paid to the new regular workmenin excess of one hundred workmen employed during the previousyear :Provided that in the case of an existing undertaking, the additionalwages shall be nil if the increase in the number of regular workmenemployed during the year is less than ten per cent of existing numberof workmen employed in such undertaking as on the last day of thepreceding year;(ii) “regular workman”, does not include—(a) a casual workman; or(b) a workman employed through contract labour; or(c) any other workman employed for a period of less than threehundred days during the previous year;(iii) “workman” shall have the meaning assigned to it in clause (s) ofsection 2 10 of the Industrial Disputes Act, 1947 (14 of 1947).]Deduction in respect of dividends attributable to profits and gains from newindustrial undertakings or ships or hotel business.80K.11[Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. Original section wasinserted, in place of section 85 which was deleted, by the Finance (No. 2)Act, 1967, w.e.f. 1-4-1968.]Deductions in respect of interest on certain securities, dividends, etc.80L. 12 [Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]10. For text of clause (s) of section 2 of the Industrial Disputes Act, 1947, defining “workman”,see Appendix.11. Omitted section 80K was originally inserted from 1-4-1968 by the Finance (No. 2) Act, 1967,and amended from the same date. Later it was substituted by the Taxation Laws(Amendment) Act, 1970, w.r.e.f. 1-4-1968 and amended by the Finance Act, 1975, w.e.f.1-4-1975.12. Prior to its omission, section 80L, as inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968 and substituted by the Finance Act, 1968, w.e.f. 1-4-1969 and Finance Act, 1970, w.e.f.1-4-1971 and further amended by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, FinanceAct, 1972, w.e.f. 1-4-1973, Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, Finance(No. 2) Act, 1980, w.e.f. 1-4-1981, Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1983, w.e.f.1-4-1984, Finance Act, 1984, w.e.f. 1-4-1985, Taxation Laws (Amendment) Act, 1984, w.r.e.f.1-4-1972/1-4-1976, Finance Act, 1986, w.e.f. 1-4-1987, Finance Act, 1987, w.e.f. 1-4-1987,Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, Finance Act, 1988, w.e.f.1-4-1988/1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.r.e.f. 1-4-1984,Finance Act, 1990, w.e.f. 1-4-1990, Finance (No. 2) Act, 1991, w.e.f. 1-4-1992, Finance Act,1992, w.e.f. 1-4-1993, Finance Act, 1993, w.e.f. 1-4-1994, Finance Act, 1994, w.r.e.f. 1-4-1968,Finance Act, 1995, w.e.f. 1-4-1996, Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, Finance Act,1997, w.e.f. 1-4-1998, Finance Act, 1999, w.e.f. 1-4-2000, Finance Act, 2000, w.e.f. 1-4-2000,Finance Act, 2001, w.e.f. 1-4-2002, Finance Act, 2002, w.e.f. 1-4-2003 and Finance Act, 2003,w.e.f. 1-4-2003/1-4-2004, read as under :‘*80L. Deductions in respect of interest on certain securities, dividends, etc.—(1) Where thegross total income of an assessee, being—(a) an individual**, or(Contd. on p. 1.489)