India - Income Tax Act 2010 - Saarc

1.499 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80QQExplanation.—For the purposes of this sub-section,—(a) “co-operative bank” and “primary agricultural credit society” shallhave the meanings respectively assigned to them in Part V of theBanking Regulation Act, 1949 (10 of 1949);(b) “primary co-operative agricultural and rural development bank”means a society having its area of operation confined to a taluk andthe principal object of which is to provide for long-term credit foragricultural and rural development activities.]84[Deduction in respect of profits and gains from the business of publication ofbooks.8580Q. (1) Where in the case of an assessee the gross total income of the previousyear relevant to the assessment year commencing on the 1st day of April,1992, or to any one of the four assessment years next following that assessmentyear, includes any profits and gains derived from a business carried on in Indiaof printing and publication of books or publication of books, there shall, inaccordance with and subject to the provisions of this section, be allowed, incomputing the total income of the assessee, a deduction from such profits andgains of an amount equal to twenty per cent thereof.(2) In a case where the assessee is entitled also to the deduction under section80HH or section 80HHA or section 80HHC or section 80-I or section 80-IA orsection 80J 86 or section 80P, in relation to any part of the profits and gainsreferred to in sub-section (1), the deduction under sub-section (1) shall beallowed with reference to such profits and gains included in the gross totalincome as reduced by the deductions under section 80HH, section 80HHA,section 80HHC, section 80-I, section 80-IA, section 80J 86 and section 80P.(3) For the purposes of this section, “books” shall not include newspapers,journals, magazines, diaries, brochures, tracts, pamphlets and other publicationsof a similar nature by whatever name called.]Deduction in respect of profits and gains from the business of publication ofbooks.80QQ.87[Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989. Original section was inserted by the Taxation Laws (Amendment)Act, 1970, w.e.f. 1-4-1971.]84. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Earlier section 80Q was omittedby the Finance Act, 1972, w.e.f. 1-4-1973. Originally, it was inserted in place of section 82which was deleted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.85. See also Circular No. 706, dated 26-6-1995, as corrected by Circular No. 746, dated26-7-1996. For details, see Taxmann’s Direct Taxes Circulars.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.86. Section 80J has now been omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1989.87. Prior to its omission, section 80QQ, was amended by the Direct Taxes (Amendment) Act,1974, w.e.f. 1-4-1974, Finance Act, 1975, w.e.f. 1-4-1975, Taxation Laws (Amendment) Act,1975, w.e.f. 1-4-1976, Finance (No. 2) Act, 1977, w.e.f. 1-4-1978, Finance Act, 1979, w.e.f.1-4-1980 and Finance Act, 1981, w.e.f. 1-4-1981.