|
82. Deduction of income of Investor Protection Fund.
|
|
|
82. Deduction of income of Investor Protection Fund.—(1) A person shall be allowed in the financial year a deduction of the amount specified in sub-section (2), if such amount is included in the gross total income from ordinary sources.
(2) The amount referred to in sub-section (1) shall be the contribution received from any recognised stock exchange, or recognised commodity exchange, and the members thereof.
(3) The deduction under sub-section (1) shall be allowed if—
(a) the person is an Investor Protection Fund set up, either jointly or separately, by recognised stock exchanges or recognised commodity exchanges ; and
(b) such Investor Protection Fund is notified by the Central Government.
Clause 82 seeks to provide that a person, being an Investor Protection Fund, shall be allowed a deduction of the amount of contribution received from any recognised stock exchange, or recognised commodity exchange, and the members thereof if such amount is included in its gross total income from ordinary sources.
The said clause further provides that the deduction shall be allowed if the Investor Protection Fund is set up, either jointly or separately, by recognised stock exchanges or recognised commodity exchanges and such Investor Protection Fund is notified by the Central Government.
|
|
|
Case Look ups