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Start Free TrialFinance Act, 1982 Chapter III
Title: Direct Taxes
State: Central
Year: 1982
.....and the rate at which the amount of deduction under sub-section (1) is to be calculated, the Central Government shall have regard to the following factors, namely :- (a) the cost of manufacture or production of such goods or merchandise and prices of similar goods or merchandise in the foreign markets; (b) the need to develop foreign markets for such goods or merchandise; (c) the need to earn foreign exchange; (d) any other relevant factor. (5) The deduction under sub-section (1) for any assessment year shall not exceed ten per cent. of the amount of income-tax otherwise payable by the assessee for that assessment year on the amount of profits and gains derived from the export of such goods or merchandise out of India. Explanation : For the purposes of this sub-section, the amount of income-tax otherwise payable by the assessee for an assessment year on the profits and gains derived from the export of such goods or merchandise out of India shall be - (a) in a case where the total income for that assessment year consists only of such profits and gains, the amount of income-tax chargeable (without any deduction under this section) on the total income; (b) in a case.....
View Complete Act List Judgments citing this sectionFinance Act, 1982 Section 33
Title: Amendment of Section 2
State: Central
Year: 1982
In the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), in section 2, in clause (e), in sub-clause (2), with effect from the 1st day of April, 1983, - (a) in the first proviso, for the words "or any subsequent assessment year", the words, figures and letters "and the assessment year commencing on the 1st day of April, 1982" shall be substituted; (b) in the second proviso, for the words "Provided further that" the words "Provided also that" shall be substituted, and before the second proviso as so amended, the following proviso shall be inserted, namely :- "Provided further that in relation to the assessment year commencing on the 1st day of April, 1983, or any subsequent assessment year, this sub-clause shall have effect subject to the modification that for item (i) thereof, the following item shall be substituted, namely :- "(i)(a) agricultural land and growing crops (including fruits on trees), grass or standing trees on such land; (b) one building or one group of buildings owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that such building or group of buildings is on or in.....
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