India - Income Tax Act 2010 - Saarc

S. 80M I.T. ACT, 1961 1.492(c) from any Unit of the International Financial Services Centre from itsbusiness for which it has been approved for setting up in such a Centrein a Special Economic Zone.(3) No deduction under this section shall be allowed unless the assesseefurnishes 14 along with the return of income,—(i) the report, in the form specified by the Central Board of Direct Taxesunder clause (i) of sub-section (2) 15 of section 80LA, as it stoodimmediately before its substitution by this section, of an accountantas defined in the Explanation below sub-section (2) of section 288,certifying that the deduction has been correctly claimed in accordancewith the provisions of this section 16 ; and(ii) a copy of the permission obtained under clause (a) of sub-section (1)of section 23 of the Banking Regulation Act, 1949 (10 of 1949).Explanation.—For the purposes of this section,—(a) “International Financial Services Centre” shall have the same meaningas assigned to it in clause (q) of section 2 of the Special EconomicZones Act, 2005 17 ;(b) “scheduled bank” shall have the same meaning as assigned to it inclause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of1934) 18 ;(c) “Special Economic Zone” shall have the same meaning as assigned toit in clause (za) 19 of section 2 of the Special Economic Zones Act, 2005;(d) “Unit” shall have the same meaning as assigned to it in clause (zc) 19 ofsection 2 of the Special Economic Zones Act, 2005.]Deduction in respect of certain inter-corporate dividends.80M.20[Omitted by the Finance Act, 2003, w.e.f. 1-4-2004.]14. Rule 12 provides that the return of income shall not be accompanied by any document orcopy of any account or form or report of audit required to be attached with return ofincome under any of the provisions of the Act.15. Should be read as “(3)”.16. See rule 19AE and Form No. 10CCF.17. For text of section 2(q), 2(za) and 2(zc) of the Special Economic Zones Act, 2005, seeAppendix.18. For text of section 2(e) of the Reserve Bank of India Act, 1934, see Appendix.19. For text of section 2(q), 2(za) and 2(zc) of the Special Economic Zones Act, 2005, seeAppendix.20. Prior to its omission, section 80M, as inserted by the Finance Act, 2002, w.e.f. 1-4-2003, readas under :‘80M. Deduction in respect of certain inter-corporate dividends.—(1) Where the gross totalincome of a domestic company, in any previous year, includes any income by way ofdividends from another domestic company, there shall, in accordance with and subject tothe provisions of this section, be allowed, in computing the total income of such domesticcompany, a deduction of an amount equal to so much of the amount of income by wayof dividends from another domestic company as does not exceed the amount of dividenddistributed by the first-mentioned domestic company on or before the due date.(Contd. on p. 1.493)