TaxTMI 
TaxTMI 
The Finance Act, 1985
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....ses of the Union ; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, 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, 1984, 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, 1984, 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, the amount of surcharge on income-tax payable by it, shall be nil ; and (b) 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. (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 wh....
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....ced by the amount of income-tax determined in 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 case to which the provisions of Chapter XII or Chapter XIIA or sub-section (1A) of section 161 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 th....
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....ding six hundred rupees, in addition to total income and the total income exceeds, ---- (i) in a case to which the said Sub-Paragraph I applies, eighteen 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 eighteen thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, the first twelve 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 ....
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....eferred to in section 108 of the Income-tax Act ; (b) "domestic company" means an Indian company, or any other company which, in respect of its income liable to income-tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 1985, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions of section 194 of that Act ; (c) "industrial company" means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the carriage, by road or inland waterways, of passengers or goods or in the construction of ships or in the execution of projects or in the manufacture or processing of goods or in mining. Explanation. --- For the purposes of this clause, ---- (i) a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the carriage, by road or inland waterways, of passengers or goods or in the construction of ships or in the execution of projects or in the manuf....
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....it is a mutual benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the Central Government under section 620A of the Companies Act, 1956 (1 of 1956), to be a Nidhi or Mutual Benefit Society ; or". 4. Amendment of section 10.--- In section 10 of the Income-tax Act, --- (a) in clause (10B), for the portion beginning with the words "at the time of his retrenchment", and ending with the words "whichever is less.", the following shall be substituted with effect from the 1st day of April, 1986, namely :--- "at the time of his retrenchment : Provided that the amount exempt under this clause shall not exceed --- (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947) ; or (ii) fifty thousand rupees, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workme....
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....f new section 33AB. --- After section 33A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1986, namely :--- "33AB. Tea development account. --- (1) Where an assessee carrying on business of growing and manufacturing tea in India has, during the previous year, deposited with the National Bank any amount or amounts in an account (hereafter in this section referred to as the special account) maintained by the assessee with that Bank in accordance with a scheme (hereafter in this section referred to as the scheme) approved in this behalf by the Tea Board, the assessee shall, subject to the provisions of this section, be allowed a deduction of --- (a) a sum equal to the amount or the aggregate of the amounts so deposited during the previous year, or (b) a sum equal to twenty per cent. of the profits of such business (computed under the head "Profits and gains of business or profession" before making any deduction under this section), whichever is less. Explanation. --- In this section, --- (a) "National Bank" means the National Bank for Agriculture and Rural Development established under section 3 of the National Ba....
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....ing the profits and gains of the business for that previous year, and the balance amount shall be deducted in equal instalments for each of the five immediately succeeding previous years. (2) Where the know-how referred to in sub-section (1) is developed in a laboratory, university or institution referred to in sub-section (2B) of section 32A, one-third of the said lump sum consideration paid in the previous year by the assessee shall be deducted in computing the profits and gains of the business for that year, and the balance amount shall be deducted in equal instalments for each of the two immediately succeeding previous years. Explanation. --- For the purposes of this section, "know-how" means any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oil well or other sources of mineral deposits (including the searching for, discovery or testing of deposits or the winning of access thereto).". 9. Amendment of section 35CC. --- In section 35CC of the Income-tax Act, in sub-section (1), after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effec....
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....on 37. --- In section 37 of the Income-tax Act, with effect from the 1st day of April, 1986, --- (a) in sub-section (1), the words, figures and letters "and section 80VV" shall be omitted ; (b) sub-sections (3A), (3B), (3C) and (3D) shall be omitted. 12. Amendment of section 40A --- In section 40A of the Income-tax Act, --- (a) in sub-section (5), in clause (b) of Explanation 2 [as amended by section 11 of the Taxation Laws (Amendment) Act, 1984 (67 of 1984)], --- (i) in sub-clause (iv), the word "and" shall be inserted at the end ; (ii) in sub-clause (v), the word "and" occurring at the end shall be omitted ; (iii) sub-clause (vi) shall be omitted ; (b) sub-section (8) shall be omitted with effect from the 1st day of April, 1986 ; (c) after sub-section (11), the following sub-section shall be inserted with effect from the 1st day of April, 1986, namely :--- "(12) No deduction shall be allowed in excess of ten thousand rupees for any assessment year in respect of any expenditure incurred by the assessee by way of fees or other remuneration paid to any person (other than an employee of the assessee), --- (a) for services (not being services by way of....
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....n sub-section (2), in clause (a), after sub-clause (iiib), the following sub-clause shall be inserted, namely :--- "(iiic) the Indira Gandhi Memorial Trust, the deed of declaration in respect whereof was registered at New Delhi on the 21st day of February, 1985 ; or". 19. Substitution of new section for section 80HHC. --- In the Income-tax Act, for section 80HHC, the following section shall be substituted with effect from the 1st day of April, 1986, namely :--- "80HHC. Deduction in respect of profits retained for export business. --- (1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of export out of India of any goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount, not exceeding fifty per cent. of the profits derived by the assessee from the export of such goods or merchandise : Provided that an amount equal to the amount of the deduction claimed under this sub-section is debited to the profit and loss account of the previous year in ....
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....use (iv), for the words, figures and letters "before the 1st day of April, 1985", the words, figures and letters "before the 1st day of April, 1990" shall be substituted. 21. Omission of section 80JJ. --- Section 80JJ of the Income-tax Act shall be omitted with effect from 1st day of April, 1986. 22. Omission of section 80N. --- Section 80N of the Income-tax Act shall be omitted with effect from the 1st day of April, 1986. 23. Amendment of section 80QQA. --- In section 80QQA of the Income-tax Act, in sub-section (1), for the words "four assessment years", the words "nine assessment years" shall be substituted. 24. Omission of section 80V. --- Section 80V of the Income-tax Act shall be omitted with effect from the 1st day of April, 1986. 25. Omission of section 80VV. --- Section 80VV of the Income-tax Act shall be omitted with effect from the 1st day of April, 1986. 26. Amendment of section 115. --- In section 115 of the Income-tax Act, in clause (i) for sub-clause (a), the following sub-clause shall be substituted with effect from the 1st day of April, 1986, namely :--- "(a) on so much of the amount of such long-term capital gains as relate to buildings or land....
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....bers of an association of persons in the whole or any part of the income of such association shall be deemed to be indeterminate or unknown if such shares (in relation to the whole or any part of such income) are indeterminate or unknown on the date of formation of such association or at any time thereafter.'. 31. Insertion of new section 180A. --- After section 180 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1986, namely : --- '180A. Consideration for know-how. --- Where the time taken by an individual, who is resident in India, for developing any know-how is more than twelve months, he may elect that the gross amount of any lump sum consideration received or receivable by him during the previous year for allowing use of such know-how shall be treated for the purposes of charging income-tax for that year and for each of the two immediately preceding previous years as if one-third thereof were included in his income chargeable to tax for each of those years respectively and if he so elects, notwithstanding anything contained in any other provision of this Act, --- (a) such gross amount shall be so treated, and (b....
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....f India shall be deemed to have been brought into India in accordance with the law for the time being in force for regulating payments and dealings in foreign exchange, on the date on which such permission is given.' ; (c) in section 80P, in sub-section (3), the words, figures and letters "or section 80JJ" shall be omitted and for the words, figures and letters "section 80J and section 80JJ", the words, figures and letter "and section 80J" shall be substituted ; (d) in section 80VVA, in sub-section (2),--- (i) after clause (xiii), the following clause shall be inserted, namely :--- "(xiiia) section 33AB ;" ; (ii) clause (xxiii) shall be omitted ; (iii) clause (xxvi) shall be omitted ; (e) in section 155, sub-section (11) shall be omitted ; (f) in section 269SS, in the Explanation, for clause (i), the following clause shall be substituted, namely :--- '(i) "banking company" means a company to which the Banking Regulation Act, 1949 (10 of 1949), applies and includes any bank or banking institution referred to in section 51 of that Act ;' ; (g) in section 269T, in the Explanation, for clause (i), the following clause shall be substituted, namely :--- '....
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....I. --- In the Wealth-tax Act, for Part I of Schedule I, the following Part shall be substituted with effect from the 1st day of April, 1986, namely :--- " PART I (1) In the case of every individual or Hindu undivided family, not being a Hindu undivided family to which item (2) of this Part applies, ---- Rate of tax (a) where the net wealth does Nil ; not exceed Rs. 2,50,000 (b) where the net wealth 1/2 per cent. of the amount by exceeds Rs. 2,50,000 but does not which the net wealth exceeds exceed Rs. 10,00,000 Rs. 2,50,000 ; (c) where the net wealth Rs. 3,750 plus 1 per cent. of the exceeds Rs. 10,00,000 but does not amount by which the net exceed Rs. 20,00,000 wealth exceeds Rs. 10,00,000 ; (d) where the net wealth Rs. 13,750 plus 2 per cent. of the exceeds Rs. 20,00,000 amount by which the net wealth exceeds Rs. 20,00,000. (2) In the case of every Hindu undivided family which has at least one member whose net wealth assessable for the assessment year exceeds Rs. 2,50,000, ---- Rate of tax (a) where the net wealth Nil ; does not exceed Rs. 1,50,000 (b) where the net wealth 1 per cent. of the amount by which exceeds Rs. 1....
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....50 per cent. of the exceeds Rs. 70,000 but does amount by which the total income not exceed Rs. 1,00,000 exceeds Rs. 70,000 ; (9) where the total income Rs. 35,250 plus 55 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. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1985, exceeds Rs. 15,000,--- Rates of income-tax (1) where the total income Nil ; does not exceed Rs. 8,000 (2) where the total income 22 per cent. of the amount by exceeds Rs. 8,000 but does which the total income exceeds not exceed Rs. 15,000 Rs. 8,000 ; (3) where the total income Rs. 1,540 plus 27 per cent. of the exceeds Rs. 15,000 but does amount by which the total income not exc....
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....h exceeds Rs. 10,000 but does the total income exceeds not exceed Rs. 25,000 Rs. 10,000 ; (3) where the total income Rs. 750 plus 7 per cent. of the exceeds Rs. 25,000 but does amount by which the total income not exceed Rs. 50,000 exceeds Rs. 25,000 ; (4) where the total income Rs. 2,500 plus 15 per cent. of the exceeds Rs. 50,000 but does amount by which the total income not exceed Rs. 1,00,000 exceeds Rs. 50,000 ; (5) where the total income Rs. 10,000 plus 24 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. Sub-Paragraph II In the case of every registered firm whose total income includes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent. of such total income,--- Rates of income-tax (1) where, the total income Nil ; does not exceed Rs. 10,000 (2) where the total inc....
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.... 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, 70 per cent. of 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 every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to deduction at the following rates :--- &nbs....
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....p; surcharge I. In the case of a person other than a company--- (a) where the person is resident in India--- (i) on income by way of 10 per cent. Nil ; interest other than " Interest on securities " (ii) on income by way of  ....
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....; 10 per cent. Nil ; interest payable on (A) any security, other than a tax-free security, of the Cen- tral or a State Government ; (B) any debentures or other securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act ; (C) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), an....
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....; Nil ; of interest payable on a tax-free security (C) on the whole of the income-tax at 30 per cent. of the other income amount of the income, or &....
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.... Part III of this Schedule, if such &nb....
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....ern in foreign currency (iii) on income by way of 40 per cent. Nil ; royalty payable by Govern- ment or in Indian concern in pursuance of an agreement made by it with the Govern- ment or the Indian concern after the 31st day of March, 1976, where such royalty is in consideration for the tra- nsfer of all or any rights (including the granting of a licence) in respect of copy- right in any book on a subject referred to in the proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern (iv) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(iii)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and which has been approved by the Central Government,--- (A) where the agreement 50 per cent. 2.5 per cent. ; is made after the 31st day of March, 1961, but before the 1st day of April, 1976 (B) where the agreement is made after the 31st day of March, 1976--- (1) on so much of the amount 20 per cent. Nil ; of such income as consists of lu....
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....ified in that Chapter or section], shall be so calculated, charged, deducted or computed at the following rate or rates :--- Paragraph A Sub-Paragraph I 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 being a case to which Sub-Paragraph II of this Paragraph or any other Paragraph of this Part applies,--- Rates of income-tax (1) where the total income Nil ; does not exceed Rs. 18,000 (2) where the total income 25 per cent. of the amount by exceeds Rs. 18,000 but does which the total income exceeds not exceed Rs. 25,000 Rs. 18,000 ; (3) where the total income Rs. 1,750 plus 30 per cent. of the exceeds Rs. 25,000 but does not amount by which the total income exceed Rs. 50,000 exceeds Rs. 25,000 ; (4) where the total income Rs. 9,250 plus 40 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. 29,250 plu....
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....ome Rs. 2,500 plus 15 per cent. of the exceeds Rs. 50,000 but does amount by which the total income not exceed Rs. 1,00,000 exceeds Rs. 50,000 ; (5) where the total income Rs. 10,000 plus 24 per cent. of the exceeds Rs. 1,00,000 amount by which the total income exceeds Rs. 1,00,000. Sub-Paragraph II In the case of every registered firm whose total income includes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent. of such total income,--- Rates of income-tax (1) where the total income Nil ; does not exceed Rs. 10,000 (2) where the total income 4 per cent. of the amount by which exceeds Rs. 10,000 but does the total income exceeds not exceed Rs. 25,000 Rs. 10,000 ; (3) where the total income Rs. 600 plus 7 per cent. of the exceeds Rs. 25,000 but does amount by which the total income not exceed Rs. 50,000 exceeds Rs. 25,000 ; (4) where the total income Rs. 2,350 plus 13 per cent. of the exceeds Rs. 50,000 but does amount by which the total income not exceed Rs. 1,00,000 exceeds Rs. 50,000 ; (5) where the total income Rs. 8,850 plus 22 per cent. of the exceeds R....
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....f section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A. Rule 2.---Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1) of section 2 of the Income-tax Act [other than 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 " 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....
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....ural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 7.--- Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off 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 ....
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....ay of April, 1984, (v) the loss so computed 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, 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 agri....
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....e 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, or the 1st day of April, 1984, or the 1st day of April, 1985, (v) 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, or the 1st day of April, 1985, (vi) 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, or the 1st day of April, 1985, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, to the extent, if any, such loss ....