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Home Acts & Rules Bill Bills FINANCE BILL, 2010 Chapters List Chapter III - Part 1 Income Tax This

Clause 32 - Amendment of section 139 - FINANCE BILL, 2010

FINANCE BILL, 2010
Chapter III - Part 1
Income Tax
  • Contents

CHAPTER III

DIRECT TAXES

Income-tax

 

Amendment of section 139.

32. In section 139 of the Income-tax Act, in sub-section (4C), for the words "scientific research association" at both the places where they occur, the words "research association" shall be substituted with effect from the 1st day of April, 2011.

 



 

Notes on Clauses:

Clause 32 of the Bill seeks to amend section 139 of the Income tax Act relating to return of income.

Under the existing provisions contained in sub-section (4C) of the aforesaid section, every scientific research association referred to in clause (21) of section 10, shall, if the total income in respect of such scientific research association (without giving effect to the provisions of section 10) exceeds the maximum amount which is

not chargeable to income-tax, furnish a return of such income of the previous year.

It is proposed to amend sub-section (4C) in order to require a research association having as its object undertaking research in social science or statistical research to also furnish its return of income.

These amendments will take effect from 1st April, 2011 and will, accordingly, apply in relation to the assessment year 2011- 2012 and subsequent years.

 
 
 
 

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