What is income tax act 44ac?
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Anonymous
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09 June 2012
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09 June 2012
44AC. 2[ Special provision for computing profits and gains from the business of trading in certain goods.- Omitted by the Finance Act, 1992 , w. e. f 1- 4- 1993.
(1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an assessee, being a person other than a public sector company (hereafter in this section referred to as the buyer), obtaining in any sale by way of auction, tender or any other mode, conducted by any other person or his agent (hereafter in this section referred to as the seller),-
(a) any goods in the nature of alcoholic liquor for human consumption (other than Indian- made foreign liquor), a sum equal to forty per cent of the amount paid or payable by the buyer as the purchase price in respect of such goods shall be deemed to be the profits and gains of the buyer from the business of trading in such goods chargeable to tax under the head" Profits and gains of business or profession": [ Provided that nothing contained in this clause shall apply to a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act;] [ Explanation.- For the purposes of this clause," purchase price" means any amount (by whatever name called) paid or payable by the buyer to obtain the goods referred to in this clause, but shall not include the amount paid or payable by him towards the bid money in an auction, or, as the case may be, the highest accepted offer in case of tender or any other mode;]
(b) the right to receive any goods of the nature specified in column (2) of the Table below, or such goods, as the case may be, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of the amount paid or payable by the buyer in respect of the sale of such light or as the purchase price in respect of such goods shall be deemed to be the profits and gains of the buyer from the business of trading in such goods chargeable to tax under the head" Profits and gains of business or profession". TABLE S. No. Nature of goods Percentage
(i) Timber obtained under a forest lease Thirty- five per cent
(ii) Timber obtained by any mode other Fifteen per cent than under a forest lease
(iii) Any other forest produce not being Thirty- five per cent timber
(1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an assessee, being a person other than a public sector company (hereafter in this section referred to as the buyer), obtaining in any sale by way of auction, tender or any other mode, conducted by any other person or his agent (hereafter in this section referred to as the seller),-
(a) any goods in the nature of alcoholic liquor for human consumption (other than Indian- made foreign liquor), a sum equal to forty per cent of the amount paid or payable by the buyer as the purchase price in respect of such goods shall be deemed to be the profits and gains of the buyer from the business of trading in such goods chargeable to tax under the head" Profits and gains of business or profession": [ Provided that nothing contained in this clause shall apply to a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act;] [ Explanation.- For the purposes of this clause," purchase price" means any amount (by whatever name called) paid or payable by the buyer to obtain the goods referred to in this clause, but shall not include the amount paid or payable by him towards the bid money in an auction, or, as the case may be, the highest accepted offer in case of tender or any other mode;]
(b) the right to receive any goods of the nature specified in column (2) of the Table below, or such goods, as the case may be, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of the amount paid or payable by the buyer in respect of the sale of such light or as the purchase price in respect of such goods shall be deemed to be the profits and gains of the buyer from the business of trading in such goods chargeable to tax under the head" Profits and gains of business or profession". TABLE S. No. Nature of goods Percentage
(i) Timber obtained under a forest lease Thirty- five per cent
(ii) Timber obtained by any mode other Fifteen per cent than under a forest lease
(iii) Any other forest produce not being Thirty- five per cent timber
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