Section 101 - Framing of guidelines - Income-tax Act, 1961

1 [****] 3 [****] 4 [101. Framing of guidelines. The provisions of this Chapter shall be applied in accordance with such guidelines and subject to such conditions, as may be prescribed. ] *************** NOTES:- 1. Omitted vide Section 29 of the Finance Act 1965 w.e.f. 01-04-1965 before it was read as, Newly established industrial undertakings or hotels 101. (1) The assessee shall be entitled to a deduction from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the super-tax, calculated at the average rate of super-tax, on profits or gains derived from an industrial undertaking or hotel in cases where and to the extent to which income-tax is not payable on such profits or gains under section 84. (2) Subject to any rules that may be made by the Board in this behalf, a shareholder shall be entitled to a deduction, from the amount of super-tax with which he is chargeable on his total income, of an amount equal to the super-tax, calculated at the average rate of super-tax, on so much of any dividend paid or deemed to be paid to him by an industrial undertaking or hotel as is attributable to that part of the profits or gains on which it is entitled to a deduction of super-tax under this section. 2. Inserted vide Section 41 of the Finance Act 2012 w.e.f. 01-04-2014 3. Omitted vide Section 25 of the Finance Act, 2013 w.e.f. 01-04-2014 before it was read as, 2 [101. Framing of guidelines. The provisions of this Chapter shall be applied in accordance with such guidelines and subject to such conditions and the manner as may be prescribed. ] 4. Inserted vide Section 26 of the Finance Act, 2013 w.e.f. 01-04-2016