Amendment of section 35
Section 7 of the Finance Act, 1980 deals with amendment of section 35. Amendment of section 35 7. In section 35 of the Income-tax Act,— (a) in sub-section (2), in clause (iv),— (i) for the brackets and figures "(ii), (iii)", the brackets, figures and letter "(ii), (iia), (iii)" shall be substituted with effect from the 1st day of.
Amendment of section 35
7. In section 35 of the Income-tax Act,—
(a) in sub-section (2), in clause (iv),—
(i) for the brackets and figures "(ii), (iii)", the brackets, figures and letter "(ii), (iia), (iii)" shall be substituted with effect from the 1st day of. April, 1981;
(ii) for the words "for the same previous year", the words "for the same or any other previous year" shall be substituted and shall be deemed always to have been substituted;
(b) in sub-section (2A), with effect from the 1st day of September, 1980,—
(i) in the opening paragraph, after the words, brackets and figures "clause (ii) of sub-section (1)", the words "or to a public sector company" shall be inserted;
(ii) the following Explanation shall be inserted at the end, namely: —
Explanation.-For the purposes of this sub-section, "public sector company" shall have 'the same meaning as in clause (b) of the Explanation below sub-section (2B) of section 32A.';
(c) after sub-section (2A), the following sub-section shall be inserted with effect from the 1st day of September, 1980, namely:—
"(2B) (a)' Where an assessee has incurred any expenditure (not being in the nature of capital expendllure incurred on the acquisition of any land or building or construction of any building) on scientific research undertaken under a programme approved in this behalf by the prescribed authority having regard to the social, economic and industrial needs of India, he shall, subject to the provisions of this sub-section, be allowed a de- ' duction of a sum equal to one and one-fourth times the amount of the expenditure certified by the prescribed authority to have been so incurred during the previous year.
(b) Where a deduction has been allowed under clause (a) for any previous year in respect of any expenditure, no deduction in respect of such expenditure shall be allowed under clause (i) of sub-section (1) or clause (ia) of sub-section (2) for the same or any other previous year.
(c) Where a deduction is allowed for any previous year under this sub-section in respect of expenditure represented wholly or partly by an asset, no deduction shall be allowed in respect of that asset under clauses (i), (ii), (iia) and (iii) of sub-section (1) or under sub-section (1A) of section 32 for the same or any subsequent previous year.
(d) Any deduction made under this sub-section in respect of any expenditure on scientific research in excess of the expenditure actually incurred shall be deemed to. have been wrongly made for the purposes of this Act if the assessee fails to furnish witiiin one year of the period allowed by the prescribed authority for "completion of the programme a certificate of its completion obtained from that authority, and the provisiens of sub-section (5B) of section 155 shall apply accordingly.".
[Finance (No.
2) Act, 1980]
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Section 7, The Finance Act, 1980 (Act 44 of 1980).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 7
What does Section 7 of the Finance Act deal with?
Section 7 of the Finance Act is headed "Amendment of section 35". Amendment of section 35 7. In section 35 of the Income-tax Act,— (a) in sub-section (2), in clause (iv),— (i) for the brackets and figures "(ii), (iii)", the brackets, figures and letter "(ii), (iia), (iii)" shall be substituted with effect from the 1st day of.
How do I find court cases under Section 7 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1980 7, section 7 Finance Act 1980, section 7 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 7 of the Finance Act, and has it changed?
Its own text turns on section 32 (Amendment of section 215), section 35 (Consequential amendments to certain sections), Income-tax Act 35 (Expenditure on scientific research), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1980 as Act 44 of 1980. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7354 words
- 2. Income-tax1893 words
- 16. Insertion of new section 89-I1730 words
- 53. Amendment of Act 38 of 19741179 words
- 27. Amendment of section 164789 words
- 17. Amendment of section 80J780 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.