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TMI BlogOther deductions.X X X X Extracts X X X X X X X X Extracts X X X X ..... al was borrowed for acquisition of the asset till the date that asset was first put to use; (ii) recurring subscriptions paid periodically by shareholders or subscribers in Mutual Benefit Societies fulfilling the conditions as prescribed, shall be deemed to be capital borrowed; (c) contribution paid by a public financial institution to the credit guarantee fund trust for small industries as the Central Government may, by notification, specify; (d) the pro rata amount of discount on a zero coupon bond having regard to the period of life of such bond calculated in the manner, as prescribed, where-- (i) "discount" means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to (IV), the business of providing long-term finance for- (a) industrial or agricultural development; (b) development of infrastructure facility in India; or (c) development of housing in India; (II) in respect of the specified entity referred to in clause (e)(A)(V), the business of providing long-term finance for the construction or purchase of houses in India for residential purposes; and (III) in respect of the specified entity referred to in clause (e)(A)(VI), the business of providing long-term finance for development of infrastructure facility in India; (C) "infrastructure facility" means- (I) an infrastructure facility as defined in Explanation to section 80-IA(4)(i) of the Income-tax Act, 1961 (43 of 1961) or any other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital nature, one-fifth of it shall be deducted for the tax year in which it was incurred and the balance shall be deducted in equal instalments for each of the four immediately succeeding tax years; (ii) the provisions of sections 33(11) and 112(3) shall apply to deduction under this clause as they apply in relation to deductions allowable in respect of depreciation; (iii) the provisions of sections 38(1)(c), 39(4) (Table: Sl. No. 9) and 45(6), shall apply to an asset representing capital expenditure for promoting family planning, to the extent they apply to an asset representing capital expenditure on scientific research; (j) the amount being difference between the cost of animals used for the purposes of the business or profession ..... X X X X Extracts X X X X X X X X Extracts X X X X
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