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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2014 Chapters List Chapter III DIRECT TAXES This

Clause 38 - Amendment of section 115JC - FINANCE (No. 2) BILL, 2014

FINANCE (No. 2) BILL, 2014
Chapter III
DIRECT TAXES
  • Contents

Amendment of section 115JC

38. In section 115JC of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2015,—

          (a) in clause (i), the word “and” occurring at the end, shall be omitted;

          (b) in clause (ii), for the words, figures and letters “under section 10AA”, the words, figures and letters “under section 10AA; and” shall be substituted;  (c) after clause (ii), the following clause shall be inserted, namely:–– “(iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction under that section is claimed.”.

 



 

Notes on Clauses:

Clause 38 of the Bill seeks to amend section 115JC of the Income-tax Act relating to the provisions for payment of tax by certain persons other than a company.

          The existing provisions of section 115JC provide that the total income shall be increased by deductions claimed under Part C of Chapter VI-A and deductions claimed under section 10AA to arrive at adjusted total income.

          It is proposed to insert a new clause (iii) in sub-section (2) so that the total income shall be increased by the deduction claimed under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 to arrive at adjusted total income.

          These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years.

 
 
 
 

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