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TMI BlogFinance Act, 1984X X X X Extracts X X X X X X X X Extracts X X X X ..... rcharge, calculated in each case in the manner provided therein : Provided that where an assessee, being a company, has made, during the financial year commencing on the 1st day of April, 1983, any deposit with the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964), under the Companies Deposits (Surcharge on Income-tax) Scheme, 1983, then, the surcharge on income-tax payable by the company,-- (a) in a case where the amount of the deposit so made is equal to, or exceeds, one-half of the amount of surcharge on income-tax payable by it, shall be reduced by one-half of the amount of surcharge payable by it ; and (b) in a case where the amount of the deposit so made falls short of one-half of the amount of surcharge on income-tax payable by it, shall be reduced by the amount of the deposit. (2) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds,-- (i) in a case to which the said Sub-Paragr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with sub-clause (ii) : Provided that in a case referred to in the said Sub-Paragraph II, where the sum so arrived at exceeds sixty per cent. of the amount by which the total income exceeds twelve thousand rupees, the excess shall be disregarded ; (iv) the amount of income-tax determined in accordance with sub-clause (iii) shall be increased by a surcharge for purposes of the Union calculated at the rate of twelve and a half per cent. of such income-tax and the sum so arrived at shall be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XIIA or section 164 or section 164A or section 167A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be. (4) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act at the rates in force, the deduction shall be made at the rates specified in Part II of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -- (i) in a case to which the said Sub-Paragraph I applies, fifteen thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, twelve thousand rupees, then, in calculating income-tax under the first proviso to sub-section (5) of section 132 of the Income-tax Act or in charging income-tax under sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or in computing the " advance tax " payable under Chapter XVII-C of the said Act, at the rate or rates in force,-- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after,-- (i) in a case to which the said Sub-Paragraph I applies, the first fifteen thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, the first eight thousand rupees, of the total income but without being liable to tax], only for the purpose of calculating, charging or computing such income-tax or, as the case may be, " advance tax " in respect of the total income ; and (b) such income-tax or, as the case may be, " advance tax " shall be s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so arrived at shall be the income-tax or, as the case may be, " advance tax in respect of the total income. (7) Where an assessee, being a company, makes, during the financial year commencing on the 1st day of April, 1984, any deposit with the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964), under any such scheme as the Central Government may, by notification in the Official Gazette, frame in this behalf, then the surcharge on income-tax payable by the company for the assessment year commencing on the 1st day of April, 1985,-- (i) in a case where the amount of the deposit so made is equal to or exceeds the amount of surcharge on income-tax payable by it, shall be nil ; and (ii) in a case where the amount of the deposit so made falls short of the amount of surcharge on income-tax payable by it, shall be reduced by the amount of the deposit. (8) For the purposes of this section and the First Schedule,-- (a) " company in which the public are substantially interested " means a company which is such a company as is referred to in section 108 of the Income-tax Act ; (b) " domestic company " means an India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in this sub-section and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act. CHAPTER III DIRECT TAXES Income-tax 3. Amendment of section 10.-- In section 10 of the Income-tax Act, in clause (30), after the words " tea bushes ", the words " or for rejuvenation or consolidation of areas used for cultivation of tea " shall be inserted with effect from the 1st day of April, 1985. 4. Amendment of section 11.-- In section 11 of the Income-tax Act, in sub-section (5), after clause (x) and the Explanation thereto, the following clause shall be inserted with effect from the 1st day of April, 1985, namely :-- " (xi) deposits with the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964). ". 5. Amendment of section 33B.-- In section 33B of the Income-tax Act, before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 1985, namely :-- " Provided that no deduction under this section shall be allowed in relation to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year. ". 6. Amendment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one hundred and two thousand rupees " shall be substituted ; (b) in sub-clause (B), for the words " six thousand rupees " the words " eight thousand five hundred rupees " shall be substituted. 10. Amendment of section 40A.-- In section 40A of the Income-tax Act,-- (a) in sub-section (5) with effect from the 1st day of April, 1985,-- (1) in clause (a), in the first proviso, for the words " seventy-two thousand rupees ", the words " one hundred and two thousand rupees substituted ; (2) in clause (c), in sub-clause (i),-- the words " five thousand rupees ", the words " seven thousand five hundred rupees " shall be substituted ; (ii) for the words sixty thousand rupees ", the words " ninety thousand rupees " shall be substituted ; (iii) after the proviso, the following proviso shall be inserted, namely :-- 'Provided further that in relation to any month or part thereof comprised in any such previous year as is relevant to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year, the reference to " five thousand rupees " in the preceding proviso shall be construed as a reference to " seven thousand five hundred rupees ".' ; (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him, and where any claim is so made, the unutilised amount shall be repaid, as soon as may be, to him ; (ii) to claim that any asset, being land, building, machinery, plant or furniture acquired or constructed by the fund, trust, company, association of persons, body of individuals, society or other institution out of the sum paid by the assessee, be transferred to him, and where any claim is so made, such asset shall be transferred, as soon as may be, to him. ". 11. Insertion of new section 44AB.-- After section 44AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1985, namely :-- '44AB. Audit of accounts of certain persons carrying on business or profession.--Every person,-- (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year or years relevant to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year ; or (b) carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year or years relevant to the assessment year comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and notified by it in this behalf in the Official Gazette ; (b) in clause (iii), for the words " under any scheme ", the words " under any other scheme " shall be substituted ; (c) the following provisos shall be inserted at the end, namely :-- Provided that where the gross total income of the assessee includes any income by way of interest on any deposits referred to in clause (iia), or income in respect of units referred to in clause (v), there shall be allowed in computing the total income of the assessee a further deduction of an amount equal to so much of such income as has not been allowed by way of deduction under the foregoing provisions of this sub-section ; so, however, that the amount of such further deduction shall not exceed three thousand rupees : Provided further that where any income by way of interest on any deposits referred to in clause (iia) remains unallowed after the deduction under the foregoing provisions 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is so liable at the maximum marginal rate : Provided that the provisions of this sub-section shall not apply where such profits and gains are receivable under a trust declared by any person by will exclusively for the benefit of any relative dependent on him for support and maintenance, and such trust is the only trust so declared by him. Explanation.-- For the purposes of this sub-section, " maximum marginal rate " shall have the meaning assigned to it in Explanation 2 below sub-section (3) of section 164.'. 21. Amendment of section 164.-- In section 164 of the Income-tax Act, effect from the 1st day of April, 1985,-- (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely :-- " Provided further that where any income in respect of which the person mentioned in clause (iv) of sub-section (1) of section 160 is liable as representative assessee consists of, or includes, profits and gains of business, the preceding proviso shall apply only if such profits and gains are receivable under a trust declared by any person by will exclusively for the benefit of any relative dependent on him for support and maintenance and such trust is the only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in India of a company in which the public are substantially interested, if-- (a) the dividend is paid by such company by an account payee cheque ; and (b) the amount of such dividend or, as the case may be, the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder does not exceed one thousand rupees : ". 24. Amendment of section 252.-- In section 252 of the Income-tax Act,-- (a) after sub-section (4), the following sub-section shall be inserted, namely :-- " (4A) The Central Government may appoint one of the Vice-Presidents of the Appellate Tribunal to be the Senior Vice-President thereof. " ; (b) in sub-section (5), for the words " A Vice-President ", the words " The Senior Vice-President or a Vice-President " shall be substituted. 25. Amendment of section 269C.-- In section 269F of the Income-tax Act, in sub-section (1), in clause (a), for the words " twenty-five thousand rupees ", the words " one hundred thousand rupees " shall be substituted with effect from the 1st day of June, 1984. 26. Amendment of section 269F.-- In section 269F of the Income-tax Act, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) " co-operative bank " shall have the meaning assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949) ; (iii) " loan or deposit " means loan or deposit of money.'. 29. Amendment of section 269T.-- In section 269T of the Income-tax Act, in the Explanation, after clause (i), the following clause shall be inserted, namely :-- (ia) " co-operative bank " shall have the meaning assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949) ; 30. Insertion of new section 271B.-- In the Income-tax Act, after section 271A, the following section shall be inserted with effect from the 1st day of April, 1985, namely :-- " 271B. Failure to get accounts audited.-- If any person fails, without reasonable cause, to get his accounts audited in respect of any previous year or years relevant to an assessment year or obtain a report of such audit as required under section 44AB, the Income-tax Officer may direct that such person shall pay, by way of penalty, a sum equal to one half per cent. of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a certified copy of any notice given by the claimant under sub-section (1) or sub-section (1A) or sub-section (1B), within fourteen days from the date of receipt of the application. ". 33. Consequential amendments to the Income-tax Act.-- The following amendments (being amendments of a consequential nature) shall be made in the Income-tax Act with effect from the 1st day of April, 1985, namely :-- (a) in section 246, in sub-section (2), after clause (g), the following clause shall be inserted, namely :-- " (gg) an order imposing a penalty under section 271B ; " ; (b) in the Ninth Schedule, for the brackets, words, figures and letters " [See section 32(1)(vi) and section 80M(1)(a)(i)] ", the brackets, words and figures " [See section 32(1)(vi) ] " shall be substituted. Wealth-tax 34. Amendment of Act 27 of 1957.-- In the wealth-tax Act, 1957, with effect from the 1st day of April, 1985,-- (a) in section 5,-- (i) in sub-section (1),-- (1) in clause (iv), in the proviso, for the words " one hundred thousand rupees ", at both the places where they occur, the words " two hundred thousand rupees " shall be substituted ; (2) after clause (xxv), the following clause sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act] is used or applied, directly or indirectly, for the benefit of any person referred to in sub-section (3) of section 13 of the Income-tax Act, or (ii) any part of the income of the trust [whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act], being a trust created on or after the 1st day of April, 1962, enures, directly or indirectly, for the benefit of any person referred to in sub-section (3) of section 13 of the said Act, or (iii) any funds of the trust are invested or deposited, or any shares in a company are held by the trust, in contravention of the provision of clause (d) of sub-section (1) of section 13 of the Income-tax Act, wealth-tax shall be leviable upon, and recoverable from, the trustee or manager (by whatever name called) in the like manner and to the same extent as if the property were held by an individual who is a citizen of India and resident in India for the purposes of this Act, but without excluding the value of any asset under sub-section (1) of section 5, and at the maximum margina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not amount by which the total income exceed Rs. 30,000 exceeds Rs. 25,000; (5) where the total income Rs. 4,500 plus 40 per cent. of the exceeds Rs. 30,000 but does not amount by which the total income exceed Rs. 50,000 exceeds Rs. 30,000; (6) where the total income Rs. 12,500 plus 50 per cent. of the exceeds Rs. 50,000 but does not amount by which the total income exceed Rs. 60,000 exceeds Rs. 50,000; (7) where the total income Rs. 17,500 plus 52.5 per cent. of the exceeds Rs. 60,000 but does not amount by which the total income exceed Rs. 70,000 exceeds Rs. 60,000; (8) where the total income Rs. 22,750 plus 55 per cent. of the exceeds Rs. 70,000 but does not amount by which the total income exceed Rs. 85,000 exceeds Rs. 70,000; (9) where the total income Rs. 31,000 plus 57.5 per cent. of the exceeds Rs. 85,000 but does not amount by which the total income exceed Rs. 1,00,000 exceeds Rs. 85,000; (10) where the total income Rs. 39,625 plus 60 per cent. of the exceeds Rs. 1,00,000 amount by which the total income exceeds Rs. 1,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragrap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) where the total income Rs. 4,000 plus 40 per cent. of the exceeds Rs. 20,000 amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of twelve and a half per cent. of such income-tax. Paragraph C Sub-Paragraph I In the case of every registered firm, not being a case to which Sub-Paragraph II of this Paragraph applies,--- Rates of income-tax (1) where the total income Nil; does not exceed Rs. 10,000 (2) where the total income 5 per cent. of the amount by which exceeds Rs. 10,000 but does not the total income exceeds Rs. 10,000; exceed Rs. 25,000 (3) where the total income Rs. 750 plus 7 per cent. of the exceeds Rs. 25,000 but does not amount by which the total exceed Rs. 50,000 income exceeds Rs. 25,000; (4) where the total income Rs. 2,500 plus 15 per cent. of the exceeds Rs. 50,000 but does not amount by which the total exceed Rs. 1,00,000 income exceeds Rs. 50,000; (5) where the total income Rs. 10,000 plus 24 per cent. of the exceeds Rs. 1,00,000 amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted--- (i) in the case of an industrial 60 per cent. of the total income; company (ii) in any other case 65 per cent. of the total income. II. In the case of a company other than a domestic company,---- (i) on so much of the total income as consists of---- (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961, but before the 1st day of April, 1976, or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964, but before the 1st day of April, 1976, and where such agreement has, 50 per cent.; in either case, been approved by the Central Government (ii) on the balance, if any, of 70 per cent. the total income Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge calculated at the rate of five per cent. of such income-tax. PART II Rates for deduction of tax at source in certain cases In ever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and surcharge on income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (B) on income by way 15 per cent. 1.875 per cent.; of interest payable on a tax-free security 2. In the case of a company--- (a) where the company is a domestic company--- (i) on income by way of 20 per cent. 1 per cent.; interest other than " Interest on securities " (ii) on any other income 21.5 per cent. 1.075 per cent.; (excluding interest payable on a tax-free security) (b) where the company is not a domestic company--- (i) on income by way of 25 per cent. Nil; dividends payable by any domestic company (ii) on income by way of 25 per cent. Nil; interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (iii) on income by way of 40 per cent. Nil; royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976, where such royalty is in consideration for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head " Salaries " or deducted under sub-section (9) of section 80E of the said Act from any payment referred to in the said sub-section (9) or in which the " advance tax " payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, " advance tax " [not being "advance tax" in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or sub-section (1A) of section 161 or section 164 or section 164A or section 167A of the Income-tax Act at the rates as specified in that Chapter or section], shall be so calculated, charged, deducted or computed at the following rate or rates :---- Paragraph-A Sub-Paragraph 1 In the case of every individual or Hindu undivided family or unregistered firm or other association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income exceeds Rs. 15,000; (4) where the total income Rs. 2,890 plus 35 per cent. of the exceeds Rs. 20,000 but does not amount by which the total exceed Rs. 25,000 income exceeds Rs. 20,000; (5) where the total income Rs. 4,640 plus 40 per cent. of the exceeds Rs. 25,000 but does not amount by which the total exceed Rs. 30,000 income exceeds Rs. 25,000; (6) where the total income Rs. 6,640 plus 50 per cent. of the exceeds Rs. 30,000 but does not amount by which the total exceed Rs. 50,000 income exceeds Rs. 30,000; (7) where the total income Rs. 16,640 plus 60 per cent. of the exceeds Rs. 50,000 amount by which the total income exceeds Rs. 50,000: Provided that for the purposes of this Sub-Paragraph,---- (i) no income-tax shall be payable on a total income not exceeding Rs. 12,000; (ii) where the total income exceeds Rs. 12,000 but does not exceed Rs. 17,610, the income-tax payable thereon shall not exceed forty per cent. of the amount by which the total income exceeds Rs. 12,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Uni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) where the total income Rs. 600 plus 7 per cent. of the amount exceeds Rs. 25,000 but does not by which the total income exceeds exceed Rs. 50,000 Rs. 25,000; (4) where the total income Rs. 2,350 plus 13 per cent. of the exceeds Rs. 50,000 but does not amount by which the total income exceed Rs. 1,00,000 exceeds Rs. 50,000; (5) where the total income Rs. 8,850 plus 22 per cent. of the exceeds Rs. 1,00,000 amount by which the total income exceeds Rs. 1,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of twelve and a half per cent. of such income-tax. Explanation.---For the purposes of this Paragraph, " registered firm " includes an unregistered firm assessed as a registered firm under clause (b) of section 183 of the Income-tax Act. Paragraph D In the case of every local authority,--- Rate of income-tax On the whole of the total income 50 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession " and the provisions of sections 30, 31, 32, 34, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43 and 43A of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3.---Agricultural income of the nature referred to in sub-clause (c) of clause (1) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to income-tax under that Act under the head " Income from house property " and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly : Provided that sub-section (2) of the said section 23 shall apply subject to the modifications that the references to " total income " therein shall be construed as refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the income of the assessee, if any, for that previous year from any other source of agricultural income : Provided that where the assessee is a partner of an unregistered firm which has not been assessed as a registered firm under clause (b) of section 183 of the Income-tax Act or is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the firm, association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 8.---Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 9.---(1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1984, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... puted for the previous year relevant to the assessment year commencing on the 1st day of April, 1981, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, or the 1st day of April, 1983, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1984. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1985, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than that previous year, in such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmencing on the 1st day of April, 1981, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, or the 1st day of April, 1983, or the 1st day of April, 1984, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, or the 1st day of April, 1984, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st ..... 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