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TypeBare Act JurisdictionCentral Government

Finance Act, 2002 Section 52

AMENDMENT OF SECTION 115-JB -In Section 115-JB-of the Income Tax Act,

~2 min read
https://sooperkanoon.com/act/250250

Bare act section · Research

About this section

Finance Act, 2002 Section 52 is part of Finance Act, 2002 - AMENDMENT OF SECTION 115-JB -In Section 115-JB-of the Income Tax Act,. Read the section text below and explore Indian court judgments that cite it.

Research copy - verify against official government publications before filing or court use.

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Section Text

a) in sub-section (1), for the words "the tax payable for the relevant previous year shall be deemed to be seven and one-half per cent of such book profit,", the words "such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income tax at the rate of seven and one-half per cent" shall be substituted and shall be deemed to have been'substituted with effect from the 1st day of April, 2001;

(b) in sub-section (2), in the

Explanation below the second proviso,-

(i) in clause (b), after the words "by whatever name called", the words, figures and letters ", other than a reserve specified underSection 33-AC-" shall be inserted with effect from the 1st day of April, 2003;

(ii) for clause (i) and the proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2001, namely:- "(i) the amount withdrawn from any reserve or provision (excluding a reserve created before the 1st day of April, 1997 otherwise than by way of a debit to the profit and loss account), if any such amount is credited to the profit and loss account:

Provided that where this section is applicable to an assessee in any previous year, the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1997 shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this

Explanation or

Explanation below the second proviso toSection 115-JA-, as the case may be; or";

(iii) for clause (iii) and the Explanation, the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2001, namely:- "(iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account.

Explanation.-For the purposes of this clause,-

(a) the loss shall not include depreciation;

(b) the provisions of this clause shall not apply if the amount of loss brought forward or unabsorbed depreciation is nil; or".

Frequently asked questions

What does Finance Act, 2002 Section 52 provide?

Section Section 52 of the Finance Act, 2002 (AMENDMENT OF SECTION 115-JB -In Section 115-JB-of the Income Tax Act,) is reproduced on this page as part of the Finance Act, 2002. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2002 Section 52?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2002 Section 52. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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