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Special provision for payment of tax by certain companies
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....e,- (a) being a company, other than a company referred to in clause (b), shall, for the purposes of this section, prepare its ^37[statement of profit and loss] for the relevant previous year in accordance with the provisions of ^39[Schedule III] to the ^38[the Companies Act, 2013 (18 of 2013)] ; or (b) being a company, to which the ^40[second proviso to sub-section (1) of section 129] of ^38[the Companies Act, 2013 (18 of 2013)] is applicable, shall, for the purposes of this section, prepare its ^37[statement of profit and loss] for the relevant previous year in accordance with the provisions of the Act governing such company]: Provided that while preparing the annual accounts including ^37[statement of profit and loss],- (i) the accounting policies; (ii) the accounting standards adopted for preparing such accounts including ^37[statement of profit and loss]; (iii) the method and rates adopted for calculating the depreciation, shall be the same as have been adopted for the purpose of preparing such accounts including ^37[statement of profit and loss] and laid before the company at its annual general meeting in accordance with the p....
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....payable thereon in accordance with the provisions of this Act, other than the provisions of this Chapter, it is at a rate less than the rate specified in sub-section (1); or (fc) the amount representing notional loss on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by the trust referred to in clause (xvii) of section 47 or the amount representing notional loss resulting from any change in carrying amount of said units or the amount of loss on transfer of units referred to in clause (xvii) of section 47; or;] ^32[(fd) the amount or amounts of expenditure relatable to income by way of royalty in respect of patent chargeable to tax under section 115BBF; or] ^9[(g) the amount of depreciation,] ^18[(h) the amount of deferred tax and the provision therefor, ^21[(i) the amount or amounts set aside as provision for diminution in the value of any asset, ^25[(j) the amount standing in revaluation reserve relating to revalued asset on the retirement or disposal of such asset, ^29[(k) the amount of gain on transfer of units referred to in clause (xvii) of sec....
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....from,- (A) the capital gains arising on transactions in securities; or (B) the ^54[interest, dividend, royalty] or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII, if such income is credited to the ^37[statement of profit and loss] and the income-tax payable thereon in accordance with the provisions of this Act, other than the provisions of this Chapter, is at a rate less than the rate specified in sub-section (1); or (iie) the amount representing,- (A) notional gain on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47; or (B) notional gain resulting from any change in carrying amount of said units; or (C) gain on transfer of units referred to in clause (xvii) of section 47, if any, credited to the ^37[statement of profit and loss]; or (iif) the amount of loss on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the....
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....Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses. Explanation.-For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986); or ^19[(viii) the amount of deferred tax, if any such amount is credited to the ^37[statement of profit and loss].] ^20[Explanation 2.- For the purposes of clause (a) of Explanation 1, the amount of income-tax shall include- (i) any tax on distributed profits under section 115-O or on distributed income under section 115R; (ii) any interest charged under this Act; (iii) surcharge, if any, as levied by the Central Acts from time to time; (iv) Education Cess on income-tax, if any, as levied by the Central Acts from time to time; and (v) Secondary and Higher Education Cess on income-tax, if any, as levied by the Central Acts from time to time.] ^26[Explanation 3.- For the removal of doubts, it is hereby clarified that for the purpos....
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....redited to other comprehensive income in the statement of profit and loss under the head "Items that will not be re-classified to profit or loss"; (b) decreased by all amounts debited to other comprehensive income in the statement of profit and loss under the head "Items that will not be re-classified to profit or loss"; (c) increased by amounts or aggregate of the amounts debited to the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with Appendix A of the Indian Accounting Standards 10; (d) decreased by all amounts or aggregate of the amounts credited to the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with Appendix A of the Indian Accounting Standards 10: Provided that nothing contained in clause (a) or clause (b) shall apply to the amount credited or debited to other comprehensive income under the head "Items that will not be re-classified to profit or loss" in respect of- (i) revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting Standards 38; or (ii) gains ....
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....of the amounts adjusted in the other equity (excluding capital reserve and securities premium reserve) on the convergence date but not including the following,-- (A) amount or aggregate of the amounts adjusted in the other comprehensive income on the convergence date which shall be subsequently re-classified to the profit or loss; (B) revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting Standards 38 adjusted on the convergence date; (C) gains or losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with the Indian Accounting Standards 109 adjusted on the convergence date; (D) adjustments relating to items of property, plant and equipment and intangible assets recorded at fair value as deemed cost in accordance with paragraphs D5 and D7 of the Indian Accounting Standards 101 on the convergence date; (E) adjustments relating to investments in subsidiaries, joint ventures and associates recorded at fair value as deemed cost in accordance with paragraph D15 of the Indian Accounting Standards 101 on the convergence date; and....
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....ponse to a notice under clause (i) of sub-section (1) of section 142. (5) Save as otherwise provided in this section, all other provisions of this Act shall apply to every assessee, being a company, mentioned in this section.] ^51[(5A) The provisions of this section shall not apply to,- (i) any income accruing or arising to a company from life insurance business referred to in section 115B; (ii) a person who has exercised the option referred to under section 115BAA or section 115BAB.] ^16[(6) The provisions of this section shall not apply to the income accrued or arising on or after the 1st day of April, 2005 from any business carried on, or services rendered, by an entrepreneur or a Developer, in a Unit or Special Economic Zone, as the case may be:] ^23[Provided that the provisions of this sub-section shall cease to have effect in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2012.] ^36[(7) Notwithstanding anything contained in sub-section (1), where the assessee referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertibl....
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....ance Act, 2006 w.e.f. 01-04-2007 before it was read as, "seven and one-half per cent" And was Substituted vide Section 46 of the Finance (No.2) Act, 2009 w.e.f. 01-04-2010 before it was read as, "ten per cent". And was Substituted vide Section 30 of the Finance Act, 2010 w.e.f. 01-04-2011 before it was read as, "fifteen per cent". 6. Inserted vide Section 52 of the Finance Act, 2002 w.e.f. 01-04-2003 7. Substituted vide Section 24 of the Finance Act, 2006 w.e.f. 01-04-2007 before it was read as, "section 10 (other than the provisions contained in clause (23G) thereof) or section 10A or section 10B or section 11 or section 12 apply," Earlier, Amended vide Section 28 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 8. Omitted vide Section 34 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "section 10A or section 10B or" 9. Inserted vide Section 24 of the Finance Act, 2006 w.e.f. 01-04-2007 10. Substituted vide Section 24 of the Finance Act, 2006 w.e.f. 01-04-2007 before it was read as, "if any amount referred ....
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.... 01-04-2001 before it was read as, "if any amount referred to in clauses (a) to (h) is debited to the profit and loss account, and as reduced by-" 22. Omitted vide Section 18 of the Finance Act, 2011 w.e.f. 01-04-2005 before it was read as, "(iv) the amount of profits eligible for deduction under section 80HHC, computed under clause (a) or clause (b) or clause (c) of sub-section (3) or sub-section (3A), as the case may be, of that section, and subject to the conditions specified in that section; or (v) the amount of profits eligible for deduction under section 80HHE computed under sub-section (3) or sub-section (3A), as the case may be, of that section, and subject to the conditions specified in that section; or (vi) the amount of profits eligible for deduction under section 80HHF computed under sub-section (3) of that section, and subject to the conditions specified in that section; or" 23. Inserted vide Section 18 of the Finance Act, 2011 w.e.f. 01-04-2012 24. Substituted vide Section 48 of the Finance Act, 2012 w.e.f. 01-04-2013 before it was read as, "Every assessee, being a company, shall, for t....
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....nce Act 2017 w.e.f. 01-04-2017 before it was read as, "net profit". 44. Substituted vide Section 47 of the Finance Act 2017 w.e.f. 01-04-2017 before it was read as, "proviso to sub-section (2) of section 211 of" 45. Substituted vide Section 47 of the Finance Act 2017 w.e.f. 01-04-2017 before it was read as, "Part II and Part III of Schedule VI to the Companies Act, 1956", (1 of 1956.)" 46. Inserted vide Section 37 of the Finance Act 2018 w.e.f. 01-04-2018 47. Inserted vide Section 37 of the Finance Act 2018 w.e.f. 01-04-2018 48. Inserted vide Section 37 of the Finance Act 2018 w.e.f. 01-04-2001 49. Substituted vide Section 34 of the Finance (No. 2) Act 2019 w.e.f. 01-04-2020 before it was read as, ^"46[(iih) the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016). Explanation.--For the purposes of this clause....