Insertion of new section 80Q

Section 35 of the Finance Act, 1991 deals with insertion of new section 80Q. Insertion of new section 80Q. 35. After section 80P of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1992, namely:— '80Q.

Insertion of new section 80Q.

35. After section 80P of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 1992, namely:—

'80Q. Deduction in respect of profits and gains from the business of publication of books.—(1) Where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1992, or to any one of the four assessment years next following that assessment year, includes any profits and gains derived from a business carried on in India of printing and publication of books or publication of books, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent. thereof.

(2) In a case where the assessee is entitled also to the deduction under section 80HH or section 80HHA or section 80HHC or section 80-I or section 80-IA or section 80J or section 80P, in relation to any part of the profits and gains referred to in sub-section (2), the deduction under sub-section (1) shall be allowed with reference to such profits and gains included in the gross total income as reduced by the deduction under section 80HH, section 80HHA, section 80HHC, section 80-I, section 80-IA, section 80J and section 80P.

(3) For the purposes of this section, "books" shall not include newspapers, journals, magazines, diaries, brochures, tracts, pamphlets and other publications of a similar nature by whatever name called.'.

[Finance (No.

2) Act, 1991]

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Section 35, The Finance Act, 1991 (Act 49 of 1991).