Insertion of new section 115JAA
Section 38 of the Finance Act, 1997 deals with insertion of new section 115JAA. Insertion of new section 115JAA. 38. After section 115JA of the Income-tax Act, the following section shall be inserted, namely:— "115JAA.
Insertion of new section 115JAA.
38. After section 115JA of the Income-tax Act, the following section shall be inserted, namely:—
"115JAA. Tax credit in respect of tax paid on deemed income relating to certain companies.—(1) Where any amount of tax is paid under sub-section (1) of section 115JA by an assessee being a company for any assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the provisions of this section.
(2) The tax credit to be allowed under sub-section (1) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115JA and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this Act :
Provided that no interest shall be payable on the tax credit allowed under sub-section (1).
(3) The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-section (4) and sub-section (5) but such carry forward shall not be allowed beyond the fifth assessment year immediately succeeding the assessment year in which tax credit becomes allowable under sub-section (1).
(4) Tax credit shall be allowed set-off in a year when tax becomes payable on the total income computed in accordance with the provisions of this Act other than section 115JA.
(5) Set off in respect of brought forward tax credit shall be allowed for any assessment year to the extent of the difference between the tax on his total income and the tax which would have been payable under the provisions of sub-section (1) of section 115JA for that assessment year.
(6) Where as a result of an order under sub-section (1) or sub-section (3) of section 143, section 144, section 147, section 154, section 155, sub-section (4) of section 245D, section 250, section 254, section 260, section 262, section 263 or section 264, the amount of tax payable under this Act is reduced or increased, as the case may be, the amount of tax credit allowed under this section shall also be increased or reduced accordingly.".
© Copyright. Taxmann Publications Pvt. Ltd.
Section 38, The Finance Act, 1997.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Questions about Section 38
What does Section 38 of the Finance Act deal with?
Section 38 of the Finance Act is headed "Insertion of new section 115JAA". Insertion of new section 115JAA. 38. After section 115JA of the Income-tax Act, the following section shall be inserted, namely:— "115JAA.
How do I find court cases under Section 38 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 1997 38, section 38 Finance Act 1997, section 38 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 38 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 115JA (Deemed income relating to certain companies), 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 1997. 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 Schedule4803 words
- 2. Income-tax1461 words
- 25. Amendment of section 80-IA1316 words
- 6. Insertion of new section 35ABB644 words
- 40. Insertion of new Chapter XII-D552 words
- 3. Amendment of section 10486 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.