Section 80 'O' of Income Tax Act 1961- Deduction In Respect Of Royalties, Etc., From Certain Foreign Enterprises

Section 80 'O' of Income Tax Act 1961- Deduction In Respect Of Royalties, Etc., From Certain Foreign Enterprises:

Where the gross total income of an assessee, being an Indian company, or a person (other than a company) who is resident in India includes any income received by the assessee from the Government of a foreign State or foreign enterprise in consideration for the use outside India of any patent, invention, design or registered trade mark, and such income is received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, is brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, a deduction of an amount equal to fifty per cent of the income so received in, or brought into, India, in computing the total income of the assessee :

 Provided that such income is received in India within a period of six months from the end of the previous year or within such further period as the competent authority may allow in this behalf.

Provided further that no deduction under this section shall be allowed unless the assessee furnishes a certificate, in the prescribed form, along with the return of income, certifying that the deduction has been correctly claimed in accordance with the provisions of this section.

 Explanation : For the purposes of this section, - (i) "Convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the law for the time being in force for regulating payments and dealings in foreign exchange;

(ii) "Foreign enterprise" means a person who is a non-resident;

(iii) Services rendered or agreed to be rendered outside India shall include services rendered from India but shall not include services rendered in India.

(iv) "Competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.

Section 80 N of Income Tax Act 1961- Deduction In Respect Of Dividends Received From Certain Foregin Companies

Section 80 N of Income Tax Act 1961- Deduction In Respect Of Dividends Received From Certain Foreign Companies:

OMITTED BY THE FINANCE ACT, 1985, W.E.F. 1-4-1986

Section 80 MM of Income Tax Act 1961- Deduction In The Case Of An Indian Company In Respect Of Royalties, Etc., Received From Any Concern In India

Section 80 MM of Income Tax Act 1961- Deduction In The Case Of An Indian Company In Respect Of Royalties, Etc., Received From Any Concern In India:

OMITTED BY THE FINANCE ACT, 1983, W.E.F. 1-4-1984

Section 80 M of Income Tax Act 1961-Deduction In Respect Of Certain Inter-Corporate Dividends

Section 80 M of Income Tax Act 1961-Deduction In Respect Of Certain Inter-Corporate Dividends:

OMITTED BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998

Section 80 L of Income Tax Act 1961-Deductions In Respect Of Interest On Certain Securities, Dividends, Etc.

Section 80 L of Income Tax Act 1961-Deductions In Respect Of Interest On Certain Securities, Dividends, Etc:

(1) Where the gross total income of an assessee, being - (a) An individual, or

 (b) A Hindu undivided family, includes any income by way of - (i) Interest on any security of the Central Government or a State Government;

(ia) Interest on National Savings Certificates (VI Issue) or National Savings Certificates (VII Issue) or National Savings Certificates (VIII Issue) issued under the Government Savings Certificates Act, 1959 (46 of 1959);

(ii) Interest on such debentures, issued by any institution or authority or any public sector company, or any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank), as the Central Government may, by notification in the Official Gazette, specify in this behalf;

 (iia) Interest on deposits under such National Deposit Scheme 1134 as may be framed by the Central Government and notified by it in this behalf in the Official Gazette;

 (iii) Interest of deposits under any other scheme framed by the Central Government and notified by it in this behalf in the Official Gazette;

 (iiia) Interest on deposits under the Post Office (Monthly Income Account) Rules, 1987;

 (vi) Interest on deposits with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act), or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank);

(via) Interest on deposits with any such bank, not being a banking company or a co-operative society referred to in clause (vi) but being a bank established by or under any law made by Parliament, as may be approved 1141 by the Central Government for the purposes of this clause;

(vii) Interest on deposits with a financial corporation which is engaged in providing long-term finance for industrial development in India :

Provided that the corporation is for the time being approved by the Central Government for the purposes of clause (viii) of sub-section (1) of section 36;

(viia) Interest on deposits with any authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both;

(viii) Interest on deposits with a co-operative society, not being a co-operative society referred to in clause (vi), made by a member of the society;

(ix) Dividends from any co-operative society;

(x) Interest on deposits with any public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes : There shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee a deduction as specified hereunder, namely :- (1) In a case where the amount of such income does not exceed in the aggregate twelve thousand rupees, the whole of such amount, and

(2) In any other case twelve thousand rupees.

 Provided that where any income referred in clause (i) clause (v) or clause (va) remains unallowed after the deduction under the foregoing provision of this section, there shall be allowed in computing the total income of the assessee, an additional deduction of an amount equal to so much of such income as has remained unallowed; so, however, that the amount of such additional deduction shall not exceed three thousand rupees.

 Explanation : For the purposes of this sub-section, the expression "security" means a Government security as defined in clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944).

(3) For the removal of doubts, it is hereby declared that where the income referred to in sub-section (1) is derived from any asset held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under the said sub-section in respect of such income in computing the total income of any partner of the firm or any member of the association or body.

Section 80 K of Income Tax Act 1961-Deduction In Respect Of Dividends Attributable To Profits And Gains From New Industrial Undertakings Or Ships Or Hotel Business

Section 80 K of Income Tax Act 1961-Deduction In Respect Of Dividends Attributable To Profits And Gains From New Industrial Undertakings Or Ships Or Hotel Business:

OMITTED BY THE FINANCE ACT, 1986, W.E.F. 1-4-1987

Section 80 JJAA of Income Tax Act 1961-Deduction in Respect of Employment of New Workmen

Section 80 JJAA of Income Tax Act 1961-Deduction in  Respect of Employment of New Workmen:

 (1) Where the gross total income of an assessee, being an Indian company, includes any profits and gains derived from any industrial undertaking engaged in the manufacture or production of article or thing, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty per cent of additional wages paid to the new regular workmen employed by the assessee in the previous year for three assessment years including the assessment year relevant to the previous year in which such employment is provided.

(2) No deduction under sub-section (1) shall be allowed -

(a) If the industrial undertaking is formed by splitting up or reconstruction of an existing undertaking or amalgamation with another industrial undertaking;

(b) Unless the assessee furnishes alongwith the return of income the report of the accountant, as defined in the Explanation below sub-section (2) of section 288 giving such particulars in the report as may be prescribed.

Explanation : For the purposes of this section, the expressions, - (i) "Additional wages" means the wages said to the new regular workman in excess of one hundred workmen employed during the previous year :

Provided that in the case of an existing undertaking, the additional wages shall be nil if the increase in the number of regular workman employed during the year is less than ten per cent of existing number of workmen employed in such undertaking as on the last day of the preceding 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 three hundred days during the previous year;

(iii) "Workman" shall have the meaning assigned to it in clause (s) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947).