Amendment of section 115J
Section 19 of the Finance Act, 1989 deals with amendment of section 115J. Amendment of section 115J 19. In section 115J of the Income-tax Act,— (i) after sub-section (1) and before the Explanation, the following sub-section shall be inserted, namely:— "(1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for th
Amendment of section 115J
19. In section 115J of the Income-tax Act,—
(i) after sub-section (1) and before the Explanation, the following sub-section shall be inserted, namely:—
"(1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 (1 of 1956).";
(ii) in the Explanation,—
(a) in the opening portion, for the words and figures "prepared in accordance with the provisions of Parts II and III of the Sixth Schedule to the Companies Act, 1956 (1 of 1956)", the words, brackets, figure and letter "prepared under sub-section (1A)" shall be substituted;
(b) in clause (i), for the words "profit and loss account; or", the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1988, namely:—
"profit and loss account:
Provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1988 shall not be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the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation; or".
[Finance Act, 1989]
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Section 19, The Finance Act, 1989 (Act 13 of 1989).
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This section refers to
Questions about Section 19
What does Section 19 of the Finance Act deal with?
Section 19 of the Finance Act is headed "Amendment of section 115J". Amendment of section 115J 19. In section 115J of the Income-tax Act,— (i) after sub-section (1) and before the Explanation, the following sub-section shall be inserted, namely:— "(1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for th
How do I find court cases under Section 19 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 1989 19, section 19 Finance Act 1989, section 19 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 19 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 115J (Special provisions relating to certain companies), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1989 as Act 13 of 1989. 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 Schedule6983 words
- 2. Income-tax2165 words
- 4. Amendment of section 2568 words
- 7. Amendment of section 32AB544 words
- 11. Amendment of section 48350 words
- 17. Amendment of section 80U251 words
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