TaxTMI 
TaxTMI 
Omitted
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....r in such University, institution, association or body, there shall be allowed a deduction from such remuneration of an amount equal to fifty per cent. thereof, in computing the total income of the individual : Provided that where the individual renders continuous service outside India in such University, institution, association or body for a period exceeding thirty-six months, no deduction under this section shall be allowed in respect of the remuneration for such service relating to any period after the expiry of the thirty-six months aforesaid.]" 3. Omitted vide Third Schedule of the Finance Act, 1968 w.e.f. 01-04-1969 before it was read as, "(3) If the gross total income of the assessee includes earned income chargeable under any head, the deduction under sub-section (1) shall, to the extent possible, be made in computing such earned income and, as to the balance, if any, in computing any other income; and if there is no earned income, the deduction shall be made in computing any other income under any head." 4. Omitted vide Section 17 of the Finance Act, 1985 w.e.f. 01-04-1986 before it was read as, "2[80F. Deduction in respect of ....
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....er relevant factors, there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified hereunder, namely :- (i) any amount applied in India by the person referred to in clause (a), or by the trust or institution referred to in clause (d), during the previous year wholly and exclusively to the purposes of the trust or institution; (ii) any amount applied in India by the person referred to in clause (b) during the previous year wholly and exclusively to the charitable or religious purposes of the trust; (iii) any amount applied outside India by the person referred to in clause (c) during the previous year wholly and exclusively for the benefit of citizens of India abroad or for promoting international welfare in which India is interested, where the Board has, by general or special order, directed such amount to be deducted: Provided that any such amount applied wholly and exclusively for the benefit of citizens of India abroad shall qualify for the deduction under this clause only if such amount is applied in accordance with a scheme framed by such person and approved by the Board and notified in the Official Gazette; (iv) any a....
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.... as the case may be, the governing body of the institution. (3) The deduction under sub-section (1) shall not be allowed where - (a) any part of the property of the trust or institution is held for a private religious purpose which does not ensure for the benefit of the public or any part of the income from such property is applied to any such purpose as aforesaid; (b) in the case of a trust for charitable purposes or a charitable institution created or established after the commencement of this Act, the trust or institution is created or established for the benefit of any particular religious community or caste; (c) (i) in the case of a trust or an institution created or established after the commencement of this Act, any part of the income of the trust or institution, under the terms of the trust or the rules governing the institution, ensures, or (ii) in the case of a trust or institution whenever created or established, any part of the income or any property of the trust or institution is, during the previous year, used or applied, in a manner which results directly or indirectly in conferring any benefit, amenity or perquisite (whether convertible into money or not....
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....s of what may be reasonably paid for such services; (d) the services of the trust or institution are made available to any interested person during the previous year without adequate remuneration or other compensation; (e) any share, security or other property is purchased by or on behalf of the trust or institution from any interested person during the previous year for a consideration which is more than adequate; (f) any share, security or other property is sold by er om behalf of the trust or institution to any interested person during the previous year for a consideration which is less than adequate; (g) any income or property of the trust or institution is diverted during the previous year in favour of any interested person: Provided that this clause shall not apply where the income, or the value of the property or, as the case may be, the aggregate of the income and the value of the property so diverted does not exceed one thousand rupees; (h) any funds of the trust or institution are, or continue to remain, invested for any period during the previous year in any concern in which any interested person has a substantial interest: Provided that in a case where the....
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....form duly signed and verified by such accountant and setting forth such particulars as may be prescribed; (b) in computing the profits and gains of such business, no deduction shall be allowed in respect of any expenditure which results directly or indirectly in the provision of any remuneration, perquisite, benefit or amenity to any interested person, whether for any services rendered or otherwise; (c) the provisions of sections 71 and 72 shall not be applicable in relation to any loss pertaining to such business; (d) any amount referred to in clause (i) or clause (ii) or clause (iii) of sub-section (1), in so far as such amount is applied out of the profits and gains of such business, shall qualify for the deduction under that sub-section, if- (i) such amount is so applied during the previous year; or (ii) such amount is so applied during the financial year next following the previous year and, until it is so applied, the amount is kept in deposit in a separate account in any scheduled bank and it is not utilised for any purpose which is not a purpose of the trust or institution, and any amount which is not so applied out of such deposit during the financial year afor....
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.... or manager (by whatever name called) of the institution; (v) any relative of any such author, founder, person, member, trustee or manager as aforesaid; (vi) any concern in which any of the persons referred to in sub-clauses (i), (ii), (iii), (iv) and (v) has a substantial interest; (b) "relative", in relation to an individual, means,- (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) any lineal ascendant or descendant of the individual; (v) any lineal ascendant or descendant of the spouse of the individual; (vi) spouse of a person referred to in sub-clause (ii), sub-clause (iii), sub-clause (iv) or sub-clause (v); (vii) any lineal ascendant or descendant of a brother or sister of either the individual or of the spouse of the individual; (c) "scheduled bank" shall have the same meaning as in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36; (d) "trust" includes any other legal obligation; (e) any reference to "institution" shall be construed as including also a reference to "fund". Explanation 2 .- A trust or institution created or establis....