Insertion of new section 180A
Section 31 of the Finance Act, 1985 deals with insertion of new section 180A. Insertion of new section 180A. 31. 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.
Insertion of new section 180A.
31. 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 re-ceived 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 there of 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) the assessments for each of the two preceding previous years shall, if made, be accordingly rectified under section 154, the period of four years specified in sub-section (7) of that section being reckoned from the end of the financial year in which the assessment relating to the previous year in which the amount was received or receivable by such individual is made;
Explanation.—-For the purposes of this section, the expression "know-how" has the meaning assigned to it in section 35AB.".
[Finance Act, 1985]
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Section 31, The Finance Act, 1985 (Act 32 of 1985).
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Questions about Section 31
What does Section 31 of the Finance Act deal with?
Section 31 of the Finance Act is headed "Insertion of new section 180A". Insertion of new section 180A. 31. 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.
How do I find court cases under Section 31 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 1985 31, section 31 Finance Act 1985, section 31 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 31 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 180 (Royalties or copyright fees for literary or artistic work), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1985 as Act 32 of 1985. 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 Schedule6768 words
- 2. Income tax2478 words
- 7. Insertion of new section 33AB537 words
- 19. Substitution of new section for section 80HHC505 words
- 10. Amendment of section 36379 words
- 36. Consequential amendments370 words
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