Indian Income-Tax Act, 1922

[56A. Exemption from super-tax of certain dividends.—(1) No super-tax shall be payable by a company on such part of its total income as consists of dividends received from an Indian company formed and registered after the 31st day of March, 1952, where—

(i) the Central Government is satisfied that the Indian company is wholly or mainly engaged in an industry for the manufacture or production of any one or more of the following, namely:—

(1) Coal, including coke and other derivatives;

[(2) Iron and steel (metal), ferro-alloys, and special steels;]

(3) Motor and aviation fuel, kerosene, crude oils and synthetic oils (not being oil exploration);

[(4) Chemicals (other than fertilisers) of the following types:—

(i) Inorganic heavy chemicals;

(ii) Organic heavy chemicals;

((iii) Fine chemicals including photographic chemicals;

(iv) Synthetic rubber;

(v) Man-made fibres other than viscose rayon;

(vi) Coke oven by-products;

(vii) Coal-tar distillation products like naphthalene, anthracene and the like;

(viii) Explosives including gun-powder and safety fuses;

(4A) Inorganic, organic and mixed fertilisers;

(5) Industrial machinery of the following types (including gear wheels and parts thereof, boilers and steam generating plants):—

A. Major items of specialised equipment used in specific industries:

(i) Textile machinery (such as frames, carding machines, power-looms and the like) including textile accessories;

(ii) Jute machinery;

(iii) Rayon machinery;

(iv) Sugar machinery;

(v) Tea machinery;

(vi) Mining machinery;

(vii) Metallurgical machinery;

(viii) Cement machinery;

(ix) Chemical machinery;

(x) Pharmaceuticals machinery;

(xi) Paper machinery;

B. General items of mac .... To read the full section download the app from Google Play store