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Start Free TrialFinance Act 1968 Section 5
Title: Insertion of New Sections 35b and 35c
State: Central
Year: 1968
.....of this Act for the same or any other assessment year. 35C. Agricultural development allowance. - (1)(a) Where any company is engaged in the manufacture or processing of any article or thing which is made from, or uses in such manufacture or precessing as raw material, any product of agriculture, animal husbandry, or dairy or poultry farming, and has incurred, after the 29th day of February, 1968, whether directly or through an association or body which has been approved for the purposes of this section by the prescribed authority, any expenditure in the provision of any goods, services or facilities specified in clause (b) to a person [not being a person referred to in clause (b) of sub-section (2) of section 40A] who is a cultivator, grower or producer of such product in India, the company shall, subject to the provisions of this section, be allowed a deduction of a sum equal to one and one-fifth times the amount of such expenditure incurred during the previous year. (b) The goods, services or facilities referred to in clause (a) are the following :- (i) fertilisers, seeds, pesticides, concentrates for cattle and poultry feed, tools or implements, for use by such.....
View Complete Act List Judgments citing this sectionFinance Act 1968 Schedule III
Title: Third Schedule
State: Central
Year: 1968
The Third Schedule (See section 30) Amendments in the Income-Tax Act 1 Section 2. In clause (42A), for "twelve months", at both places, substitute "twenty-four months". 2 Section 10. (a) in clause (4A), for "non-resident account", substitute "Non-resident (External) Account"; (b) in clause (11), insert at the end "or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette"; (c) in clause (15), after sub-clause (ii), insert - "(ii-a) interest on fixed deposits under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette, to the extent to which the amounts of such deposits do not exceed, in each case, the maximum amount which is permitted to be deposited therein;". 3 Section 16 For clause (iv), substitute - "(iv) where the assessee is not in receipt of a conveyance allowance, whether as such or as part of his salary, and owns a conveyance which is used for the purposes of his employment, a sum representing the expenditure incurred by him in its maintenance and as representing its normal wear and tear, calculated in respect of each calendar month.....
View Complete Act List Judgments citing this sectionFinance Act 1968 Chapter III
Title: Income-tax
State: Central
Year: 1968
..... Section 23 - Amendment of Section 280C In section 280C of the Income-tax Act, - (a) in sub-section (1), for the words "Where any Central Act enacts", the words, figures and letters "Where, in relation to any assessment year, not being an assessment year commencing on or after the 1st day of April, 1969, any Central Act enacts" shall be substituted; (b) in clause (ii) of sub-section (2), after the words "or any subsequent assessment year", the words, figures and letters "not being an assessment year commencing on or after the 1st day of April, 1969" shall be inserted. Section 24 - Amendment of Section 280-O In section 280-O of the Income-tax Act, in the proviso to sub-section (1), after the words "or any subsequent assessment year", the brackets, words, figures and letters "(not being an assessment year commencing on or after the 1st day of April, 1969)" shall be inserted. Section 25 - Amendment of Section 280X In section 280X of the Income-tax Act, in sub-section (1), after the words "or any subsequent assessment year" the brackets, words, figures and letters "(not being an assessment year commencing on or after the 1st day of April, 1969)" shall be.....
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