Income Tax Act, 2025
Section 5: Ins. by Act 27 of 1999, s. 22 (w.e.f. 12000).
5. Ins. by Act 27 of 1999, s. 22 (w.e.f. 12000).
217
Explanation.—For the purposes of this clause,—
(a) “computer system” means a device or collection of devices including input and
output support devices and excluding calculators which are not programmable and capable of
being used in conjunction with external files, or more of which contain computer
programmes, electronic instructions, input data and output data, that performs functions
including, but not limited to, logic, arithmetic, data storage and retrieval, communication and
control;
(b) “Y2K compliant computer system” means a computer system capable of correctly
processing, providing or receiving data relating to date within and between the twentieth and
twenty-first century;]
1[(xii) any expenditure (not being in the nature of capital expenditure) incurred by a
corporation or a body corporate, by whatever name called, if,—
(a) it is constituted or established by gjma Central, State or Provincial Act;
(b) such corporation or body corporate, having regard to the objects and purposes of the
Act referred to in sub-clause (a), is notified by the Central Government in the Official
Gazette for the purposes of this clause; and
(c) the expenditure is incurred for the objects and purposes authorised by the Act under
which it is constituted or established;]
2[(xiii) any amount of banking cash transaction tax paid by the assessee during the previous
year on the taxable banking transactions entered into by him.
Explanation.—For the purposes of this clause, the expressions “banking cash transaction tax”
and “taxable banking transaction” shall have the same meanings respectively assigned to them
under Chapter VII of the Finance Act, 2005;]
3[(xiv) any sum paid by a public financial institution by way of contribution to such credit
guarantee fund trust for small industries as the Central Government may, by notification in the
Official Gazette, specify in this behalf.
Explanation.—For the purposes of this clause, “public financial institution” shall have the
meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);]
4[(xv) an amount equal to the securities transaction tax paid by the assessee in respect of the
taxable securities transactions entered into in the course of his business during the previous year,
if the income arising from such taxable securities transactions is included in the income computed
under the head “Profits and gains of business or profession”.
“computer system” means a device or collection of devices including input and
output support devices and excluding calculators which are not programmable and capable of
being used in conjunction with external files, or more of which contain computer
programmes, electronic instructions, input data and output data, that performs functions
including, but not limited to, logic, arithmetic, data storage and retrieval, communication and
control;
“Y2K compliant computer system” means a computer system capable of correctly
processing, providing or receiving data relating to date within and between the twentieth and
twenty-first century;]
1[
any expenditure (not being in the nature of capital expenditure) incurred by a
corporation or a body corporate, by whatever name called, if,—
it is constituted or established by gjma Central, State or Provincial Act;
such corporation or body corporate, having regard to the objects and purposes of the
Act referred to in sub-clause
the expenditure is incurred for the objects and purposes authorised by the Act under
which it is constituted or established;]
2[
any amount of banking cash transaction tax paid by the assessee during the previous
year on the taxable banking transactions entered into by him.
Explanation.—For the purposes of this clause, the expressions “banking cash transaction tax”
and “taxable banking transaction” shall have the same meanings respectively assigned to them
under Chapter VII of the Finance Act, 2005;]
3[
any sum paid by a public financial institution by way of contribution to such credit
guarantee fund trust for small industries as the Central Government may, by notification in the
Official Gazette, specify in this behalf.
Explanation.—For the purposes of this clause, “public financial institution” shall have the
meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);]
4[
an amount equal to the securities transaction tax paid by the assessee in respect of the
taxable securities transactions entered into in the course of his business during the previous year,
if the income arising from such taxable securities transactions is included in the income computed
under the head “Profits and gains of business or profession”.