Section 21 - Insertion of new section 80QQ - Taxation Laws (Amendment) Act, 1970

21. Insertion of new section 80QQ. After section 80Q of the Income-tax Act, the following section shall be inserted, namely:- 80QQ. Deduction in respect of profits and gains from the business of publication of books. (1) Where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1971, or to any one of the four assessment years next following that assessment year, includes any profits and gains derived from a business carried on in India of printing and publication of books or publication of books, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent. thereof. (2) In a case where the assessee is entitled also to the deduction under section 80H or section 80J or section 80P, in relation to any part of the profits and gains referred to in sub-section (1), the deduction under sub-section (1) shall be allowed with reference to such profits and gains included in the gross total income as reduced by the deductions under sections 80H, 80J and 80P. (3) For the purposes of this section, books shall not include newspapers, journals, magazines, diaries, brochures, tracts, pamphlets and other publications of a similar nature, by whatever name called. .