India - Income Tax Act 2010 - Saarc

1.495 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80Pmonths from the end of the previous year, or 36 [within such further period as thecompetent authority may allow in this behalf]:]37[Provided further that no deduction under this section shall be allowed unlessthe assessee furnishes a certificate, in the prescribed form 38 , along with thereturn of income, certifying that the deduction has been correctly claimed inaccordance with the provisions of this section.]39[Explanation.—For the purposes of this section,—(i) “convertible foreign exchange” means foreign exchange which is forthe time being treated by the Reserve Bank of India as convertibleforeign exchange for the purposes of the law for the time being inforce for regulating payments and dealings in foreign exchange;40[(ii) “foreign enterprise” means a person who is a non-resident;]]41[(iii) services rendered or agreed to be rendered outside India shall includeservices rendered from India but shall not include services renderedin India;]42[(iv) “competent authority” means the Reserve Bank of India or such otherauthority as is authorised under any law for the time being in forcefor regulating payments and dealings in foreign exchange.](2) 43 [***]]44[Deduction in respect of income of co-operative societies.4580P. (1) Where, in the case of an assessee being a co-operative society, thegross total income includes any income referred to in sub-section (2),there shall be deducted, in accordance with and subject to the provisions of thissection, the sums specified in sub-section (2), in computing the total income of theassessee.36. Substituted for the portion beginning with the words “where the Chief Commissioner” andending with the words “may allow in this behalf” by the Finance Act, 1999, w.e.f. 1-6-1999.Prior to its substitution, the said portion, as amended by the Direct Tax Laws (Amendment)Act, 1987, w.e.f. 1-4-1988, read as under :“where the Chief Commissioner or Commissioner is satisfied (for reasons to be recordedin writing) that the assessee is, for reasons beyond his control, unable to do so within thesaid period of six months, within such further period as the Chief Commissioner orCommissioner may allow in this behalf ”.37. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.38. See rule 29AA and Form No. 10HA.39. Substituted by the Finance Act, 1985, w.e.f. 1-4-1986. Earlier the Explanation was insertedby the Finance Act, 1974, w.r.e.f. 1-4-1972.40. Substituted by the Finance Act, 1987, w.e.f. 1-4-1988.41. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992.42. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.43. Omitted by the Finance Act, 1974, w.e.f. 1-4-1975.44. Inserted in place of section 81, which was deleted, by the Finance (No. 2) Act, 1967, w.e.f.1-4-1968.45. See also Circular No. 319, dated 11-1-1982 and Circular No. 722, dated 19-9-1995. Fordetails, see Taxmann’s Master Guide to Income-tax Act.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.