Amendment of section 33AC
Section 8 of the Finance Act, 1995 deals with amendment of section 33AC. Amendment of section 33AC. 8. In section 33AC of the Income-tax Act, in sub-section (1), for the portion beginning with the words "In the case of an assessee" and ending with the words, brackets and figure "manner laid down in sub-section (2):";
Amendment of section 33AC.
8. In section 33AC of the Income-tax Act, in sub-section (1), for the portion beginning with the words "In the case of an assessee" and ending with the words, brackets and figure "manner laid down in sub-section (2):"; the following shall be substituted with effect from the 1st day of April, 1996, namely:—
'In the case of an assessee, being a Government company or a public company formed and registered in India with the main object of carrying on the business of operation of ships, there shall, in accordance with and subject to and provisions of this section, be allowed a deduction of an amount not exceeding fifty per cent. of profits derived from the business of operation of ships (computed under the head "Profits and gains of business or profession" and before making any deduction under this section), as is debited to the profit and loss account of the previous year in respect which the deduction is to be allowed and credited to a reserve account, to be utilised in the manner laid down in sub-section (2):'.
[Finance Act, 1995]
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Section 8, The Finance Act, 1995 (Act 22 of 1995).
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Questions about Section 8
What does Section 8 of the Finance Act deal with?
Section 8 of the Finance Act is headed "Amendment of section 33AC". Amendment of section 33AC. 8. In section 33AC of the Income-tax Act, in sub-section (1), for the portion beginning with the words "In the case of an assessee" and ending with the words, brackets and figure "manner laid down in sub-section (2):";
How do I find court cases under Section 8 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 1995 8, section 8 Finance Act 1995, section 8 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 8 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 33AC (Reserves for shipping business), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1995 as Act 22 of 1995. 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 Schedule5064 words
- 2. Income-tax1851 words
- 32. Insertion of new Chapter XIV-B1627 words
- 4. Amendment of section 101177 words
- 36. Insertion of new sections 194J and 194K967 words
- 30. Substitution of new section for section 139A690 words
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