TaxTMI 
TaxTMI 
Omitted
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....titution deemed under section 46 of that Act to be a Financial Corporation established by the State Government for the State within the meaning of that Act. 3. The Shipping Development Fund Committee, constituted under section 15 of the Merchant Shipping Act, 1958 (44 of 1958). 4. The Unit Trust of India, established under the Unit Trust of India Act, 1963 (52 of 1963). 5. The Industrial Development Bank of India, established under the Industrial Development Bank of India Act, 1964 (18 of 1964). 6. State Electricity Boards, constituted under the Electricity (Supply) Act, 1948 (54 of 1948). 7. The Life Insurance Corporation of India, established under the Life Insurance Corporation Act, 1956 (31 o....
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....on 24(I)(ii) . . . . . . 3,600 Section 37(aA) . . . . . . 10,000 Section 44AA(2)(i) and (iii) . . . . . . 25,000 and 2,50,000 Section 44AB . . . . . . 40,00,000 and 10,00,000 Section 48(2) . . . . . . 10,000 Section 80C(I) . . . . . . 6,000, 9,000 and 12,000 Section 80C(a)(d) . . . . . . 10,000 . Section 80C(4) . . . . . . 60,000 and 40,000 Section 80F(2)(b) . . . . . . 50,000 Section 80L(I) . . . . . 7,000 (occurring in two places) Section 80L(1)-1st proviso . . . . . . 3,000 Section 80L(I)-2nd proviso . . . . . . 2,000 Section 80U . . . . . . 15,000 Section 139A . . . . . . 50,000" 8. Substituted vide Section 56 of the Direct Tax La....
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....RE THE PREVIOUS YEAR IN RELATION TO THE ASSESSMENT YEAR COMMENCING ON THE 1ST APRIL, 1989, REFERRED TO IN SECTION 3 (2), EXCEEDS TWELVE MONTHS 1. Definition. In this Schedule, "transitional previous year" means the period reckoned as the previous year for the assessment year commencing on the 1st day of April, 1989, in the manner specified in sub-section (2) of section 3 and, in a case where ^4[the first proviso or the third proviso] to that sub-section applies, the longer or, as the case may be, the longest of the periods reckoned in the manner laid down in ^5[the said first proviso or, as the case may be, the said third proviso]. 2. Special provisions in a case where the transitional previous year is longer than....
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....sed within the transitional previous year and the remaining transfer or transfers is or are made during the period beyond the said period of twelve months comprised within the transitional previous year: Provided also that where more than one period in respect of different sources of income are included in the transitional previous year under the first proviso or the third proviso to sub-section (2) of section 3, then the amount or amounts specified in column (2) of the said Table shall be increased to such extent and in such manner as the Board may, having regard to,- (a) length of the period or periods included in the transitional previous year in respect of different sources of income; (b) length of the transit....
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.... . 3,000 Section 80L(1), 2nd proviso . . . . . 3,000 Section 80P(2)(c) . . . . . 40,000 and 20,000 Section 80P(2)(f) . . . . . 20,000 Section 80U . . . . . 15,000 Section 139A(2) . . . . . 50,000] ^8[4. Modification in section 6. Where the transitional previous year comprises a period of eighteen months or more, then, sub-section (1) of section 6 shall be subject to the modification that references therein to the periods of one hundred and eighty-two days, ninety days and sixty days shall be construed as references, respectively, to the periods of two hundred and seventy-three days, one hundred and thirty-five days and ninety days. 5. Modification in respect of depreciation allowan....
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....t to the assessment year commencing on the 1st day of April, 1988) and the denominator is twelve.] 6. Modification in respect of rate of tax. The tax chargeable on the total income of the transitional previous year shall be calculated at the average rate of tax on the amount obtained by multiplying such total income by a fraction of which the numerator is twelve and the denominator is the number of months in the transitional previous year, as if the resultant amount were the total income. ^9[Provided that where more than one period in respect of different sources of income are included in the transitional previous year under the first proviso or the third proviso to sub-section (2) of section 3, then the tax shall....