India - Income Tax Act 2010 - Saarc

1.493 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-ODeduction in the case of an Indian company in respect of royalties, etc., receivedfrom any concern in India.80MM.21[Omitted by the Finance Act, 1983, w.e.f. 1-4-1984. Original section wasinserted by the Finance Act, 1969, w.e.f. 1-4-1970.]Deduction in respect of dividends received from certain foreign companies.80N.22[Omitted by the Finance Act, 1985, w.e.f. 1-4-1986. This topic wasoriginally dealt with by section 85B which was inserted by the Finance Act,1966, w.e.f. 1-4-1966. Omitted section 80N was inserted in place of section 85Bwhich was deleted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.]23[ 24 Deduction in respect of royalties, etc., from certain foreign enterprises.2580-O. 26 [Where the gross total income of an assessee, being an Indiancompany 27 [or a person (other than a company) who is resident inIndia]], includes 28 [any income received by the assessee from the Government of(Contd. from p. 1.492)(2) Where any deduction, in respect of the amount of dividend distributed by the domesticcompany, has been allowed under sub-section (1) in any previous year, no deduction shallbe allowed in respect of such amount in any other previous year.Explanation.—For the purposes of this section, the expression “due date” means the datefor furnishing the return of income under sub-section (1) of section 139.’Earlier original section 80M was introduced in place of section 85A (inserted by theFinance Act, 1965, w.e.f. 1-4-1965) by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Section80M, which had earlier undergone several amendments by the Finance Act, 1968, w.e.f.1-4-1968, Finance Act, 1970, w.e.f. 1-4-1971, Finance (No. 2) Act, 1971, w.e.f. 1-4-1972,Finance Act, 1975, w.e.f. 1-4-1976, Finance Act, 1976, w.e.f. 1-4-1977, Finance Act, 1981,w.e.f. 1-4-1982, Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1984, w.e.f. 1-4-1985 andFinance Act, 1986, w.e.f. 1-4-1987, was substituted by the Finance Act, 1990, w.e.f. 1-4-1991and further amended by the Finance Act, 1993, w.e.f. 1-4-1994, and later on omitted by theFinance Act, 1997, w.e.f. 1-4-1998.21. Prior to its omission, section 80MM was amended by the Finance Act, 1970, w.e.f. 1-4-1970,the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972 and the Finance Act, 1974, w.e.f. 1-4-1975.22. Omitted section was amended by the Finance Act, 1968, w.e.f. 1-4-1969, the Finance(No. 2) Act, 1971, w.e.f. 1-4-1972, the Finance Act, 1974, w.r.e.f. 1-4-1969/w.e.f. 1-4-1975 andthe Finance Act, 1984, w.e.f. 1-4-1985.23. Substituted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. This topic was originally dealtwith by section 85C which was inserted by the Finance Act, 1966, w.e.f. 1-4-1966. Section80-O was inserted, in place of section 85C which was deleted by the Finance (No. 2) Act,1967, w.e.f. 1-4-1968. Section 80-O was later on amended by the Finance Act, 1968, w.e.f.1-4-1969.24. See also Circular No. 253, dated 30-4-1979, Circular No. 700, dated 23-3-1995 and CircularNo. 731, dated 20-12-1995. For details, see Taxmann’s Master Guide to Income-tax Act.25. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.26. Substituted for “(1) Where the gross total income of an assessee, being an Indian companyor a person (other than a company) who is resident in India,” by the Finance Act, 1974, w.e.f.1-4-1975.27. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992.28. Substituted for the portion beginning with the words “any income by way of royalty” andending with the words “outside India to such Government or enterprise by the assessee,”by the Finance Act, 1997, w.e.f. 1-4-1998. Earlier the quoted portion was amended by theFinance (No. 2) Act, 1991, w.e.f. 1-4-1992.