CHAPTER
II
Basis of charge
13[R1] 4. 14[R2] (1) Where
any Central Act enacts that income-tax15[R3] shall be charged for any assessment year at
any rate or rates, income-tax at that rate or those rates shall be charged for
that year in accordance with, and 16[R4] [subject to the provisions (including
provisions for the levy of additional income-tax) of, this Act]17
in respect of the total income17[R5] of the previous year 18[R6] [* * *] of every person :
Provided that where by virtue of any provision of this Act income-tax is to be
charged in respect of the income of a period other than the previous year,
income-tax shall be charged accordingly.
(2) In respect of income chargeable under sub-section (1), income-tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.
19[R7] 5. 20[R8] (1) Subject to21[R9] the provisions of this Act, the total income
of any previous year of a person who is a resident includes all income from
whatever source derived which—
(a) is
received21[R10] or is deemed to be received21[R11] in India in such year by or on behalf of
such person ; or
(b) accrues21[R12] or arises21[R13] or is deemed21[R14] to accrue or arise to him in India during
such year ; or
(c) accrues21[R15] or arises21[R16] to him outside India during such year :
Provided that,
in the case of a person not ordinarily resident in India within the meaning of
sub-section (6)*[R17] of section 6, the income which accrues or
arises to him outside India shall not be so included
unless it is derived from a business controlled in or a profession set up in
India.
(2) Subject to22[R18] the
provisions of this Act, the total income22[R19] of
any previous year of a person who is a non-resident includes all income from
whatever source derived which—
(a) is
received22[R20] or is deemed to be received22[R21] in India in such year by or on behalf of
such person ; or
(b) accrues22[R22] or arises22[R23] or is deemed to accrue or arise to him in
India during such year.
Explanation 1.—Income accruing or arising outside India
shall not be deemed to be received22 [R24] in
India within the meaning of this section by reason only of the fact that it is
taken into account in a balance sheet prepared in India.
Explanation 2.—For the removal of doubts, it is hereby declared that income which has been included in the total income of a person on the basis that it has accrued22 [R25] or arisen22[R26] or is deemed to have accrued22[R27] or arisen22[R28] to him shall not again be so included on the basis that it is received or deemed to be received by him in India.
23[R29] [Apportionment of income between spouses governed by Portuguese
Civil Code.
5A. (1) Where the husband and wife are governed
by the system of community of property (known under the Portuguese Civil Code
of 1860 as “COMMUNIAO DOS BENS”) in force in the State of Goa and in the Union territories of Dadra
and Nagar Haveli and Daman
and Diu, the income of the husband and of the wife
under any head of income shall not be assessed as that of such community of
property (whether treated as an association of persons or a body of
individuals), but such income of the husband and of the wife under each head of
income (other than under the head “Salaries”) shall be apportioned equally
between the husband and the wife and the income so apportioned shall be
included separately in the total income of the husband and of the wife
respectively, and the remaining provisions of this Act shall apply accordingly.
(2) Where the husband or, as the case may
be, the wife governed by the aforesaid system of community of property has any
income under the head “Salaries”, such income shall be included in the total
income of the spouse who has actually earned it.]
24[R30] 6. For the purposes of this Act,—
(1) An individual is said to be resident in
India in any previous year, if he—
(a) is in India in that year for a period or periods amounting
in all to one hundred and eighty-two days or more ; or
(c) having
within the four years preceding that year been in India for a period or periods
amounting in all to three hundred and sixty-five days or more, is in India
for a period or periods amounting in all
to sixty days or more in that year.
26[R32] [Explanation.—In the case of an
individual,—
(a) being
a citizen of India, who leaves India in any previous year 27[R33] [as a member of the crew of an 28[R34] Indian ship as defined in clause (18)
of section 3 of the Merchant Shipping Act, 1958 (44 of 1958), or] for the
purposes of employment outside India, the provisions of sub-clause (c)
shall apply in relation to that year as if for the words “sixty days”, occurring
therein, the words “one hundred and eighty-two days” had been substituted ;
(b) being
a citizen of India, or a person of Indian origin within the meaning of Explanation
to clause (e) of section 115C, who, being outside India, comes on a
visit to India in any previous year, the provisions of sub-clause (c)
shall apply in relation to that year as if for the words “sixty days”,
occurring therein, the words “one hundred and 29[R35] [eighty-two] days” had been substituted.]
(2) A Hindu undivided family, firm or other
association of persons is said to be resident in India in any previous year in
every case except where during that year the control and management30 [R36] of its affairs30[R37] is situated wholly30[R38] outside India.
(3) A company is said to be resident in
India in any previous year, if—
(i) it is an
Indian company ; or
(ii) during that year, the control and
management30 of its affairs30
is situated wholly30 in India.
(4) Every other person is said to be
resident in India in any previous year in every case, except where during that
year the control and management of his affairs is situated wholly outside
India.
(5) If a person is resident in India in a
previous year relevant to an assessment year in respect of any source of
income, he shall be deemed to be resident in India in the previous year
relevant to the assessment year in respect of each of his other sources of
income.
(6) A person is said to be “not ordinarily
resident” in India in any previous year if such person is—
(a) an
individual who has not been resident in India in nine out of the ten previous
years preceding that year, or has not during the seven previous years preceding
that year been in India for a period of, or periods amounting in all to, seven
hundred and thirty days or more ; or
(b) a
Hindu undivided family whose manager has not been resident in India in nine out
of the ten previous years preceding that year, or has not during the seven
previous years preceding that year been in India for a period of, or periods amounting
in all to, seven hundred and thirty days or more.
The following clause (6) shall be
substituted for the existing clause (6) of section 6 by the Finance Act,
2003, w.e.f. 1-4-2004 :
(6) A person is said to be “not ordinarily
resident” in India in any previous year if such person is—
(a) an
individual who has been a non-resident in India in nine out of the ten previous
years preceding that year, or has during the seven previous years preceding that
year been in India for a period of, or periods amounting in all to, seven
hundred and twenty-nine days or less; or
(b) a Hindu undivided family whose manager has been a non-resident in India in nine out of the ten previous years preceding that year, or has during the seven previous years preceding that year been in India for a period of, or periods amounting in all to, seven hundred and twenty-nine days or less.
7. The
following incomes shall be deemed to be received in the previous year :—
(i) the annual accretion in the previous year to the balance at
the credit of an employee participating in a recognised
provident fund, to the extent provided in rule 6 of Part A of the Fourth
Schedule ;
(ii) the transferred balance in a recognised provident fund, to the extent provided in sub-rule (4) of rule 11 of Part A of the Fourth Schedule.
8. 31[R39] [For
the purposes of inclusion in the total income of an assessee,—
(a) any dividend] declared by a company or
distributed or paid by it within the meaning of sub-clause (a) or
sub-clause (b) or sub-clause (c) or sub-clause (d) or
sub-clause (e) of clause (22) of section 2 shall be deemed to be
the income of the previous year in which it is so declared, distributed or
paid, as the case may be ;
32[R40] [(b) any interim dividend shall be deemed to be the income of the previous year in which the amount of such dividend is unconditionally made available by the company to the member who is entitled to it.]
Income deemed
to accrue or arise in India.
33[R41] 9. 34[R42] (1) The following incomes shall be deemed35 [R43] to
accrue or arise in India :—
36[R44] (i) all income accruing or arising, whether
directly or indirectly, through or from any business connection37[R45] in India, or through or from any property37[R46] in India, or through or from any asset or
source of income in India, 38[R47] [* * *] or through the transfer of a
capital asset situate in India.
38a[R47] [Explanation.]—For
the purposes of this clause—
(a) in
the case of a business of which all the operations39[R48] are not carried out in India, the income
of the business deemed under this clause to accrue or arise in India shall be
only such part of the income as is reasonably attributable to the operations39[R49] carried out in India ;
(b) in the case of a non-resident, no income shall be deemed to
accrue or arise in India to him through or from operations which are confined
to the purchase of goods in India for the purpose of export ;
40[R49] [* * *]
41[R50] [(c) in the case of a non-resident, being a
person engaged in the business of running a news agency or of publishing
newspapers, magazines or journals, no income shall be deemed to accrue or arise
in India to him through or from activities which are confined to the collection
of news and views in India for transmission out of India ;]
42[R51] [(d) in the case of a non-resident, being—
(1) an individual who is not a citizen of India ; or
(2) a firm which does not have any partner who is a citizen of
India or who is resident in India ; or
(3) a company which does not have any
shareholder who is a citizen of India or who is resident in India, no income
shall be deemed to accrue or arise in India to such individual, firm or company
through or from operations43[R52] which are confined to the shooting of any
cinematograph film in India ;]
The following Explanation 2 and Explanation 3 shall be inserted after the renumbered Explanation 1 to clause (i) of sub-section (1) of section 9 by the Finance Act, 2003, w.e.f. 1-4-2004 :
Explanation 2.—For
the removal of doubts, it is hereby declared that “business connection” shall
include any business activity carried out through a person who, acting on
behalf of the non-resident,—
(a) has
and habitually exercises in India, an authority to conclude contracts on behalf
of the non-resident, unless his activities are limited to the purchase of goods
or merchandise for the non-resident; or
(b) has no such authority, but habitually maintains in India a
stock of goods or merchandise from which he regularly delivers goods or
merchandise on behalf of the non-resident; or
(c) habitually secures orders in India, mainly or wholly for the
non-resident or for that non-resident and other non-residents controlling,
controlled by, or subject to the same common control, as that non-resident:
Provided that such business
connection shall not include any business activity carried out through a
broker, general commission agent or any other agent having an independent
status, if such broker, general commission agent or any other agent having an
independent status is acting in the ordinary course of his business
:
Provided
further that where such broker, general commission
agent or any other agent works mainly or wholly on behalf of a non-resident
(hereafter in this proviso referred to as the principal non-resident) or on
behalf of such non-resident and other non-residents which are controlled by the
principal non-resident or have a controlling interest in the principle
non-resident or are subject to the same common control as the principal
non-resident, he shall not be deemed to be a broker, general commission agent
or an agent of an independent status.
Explanation 3.—Where
a business is carried on in India through a person referred to in clause (a)
or clause (b) or clause (c) of Explanation 2, only so much
of income as is attributable to the operations carried out in India shall be
deemed to accrue or arise in India.
(ii) income which
falls under the head “Salaries”, if it is earned43a[R53] in India.
44[R53] [Explanation.—For
the removal of doubts, it is hereby declared that the income of the nature referred
to in this clause payable for—
(a) service rendered in India; and
(b) the rest period or leave period which is
preceded and succeeded by services rendered in India and forms part of the
service contract of employment, shall be regarded as income earned in India ;]
(iii) income
chargeable under the head “Salaries” payable by the Government to a citizen of
India for service outside India ;
(iv) a dividend paid
by an Indian company outside India ;
45[R54] [(v) income by way of interest payable by—
(a) the Government ; or
(b) a
person who is a resident, except where the interest is payable in respect of
any debt incurred, or moneys borrowed and used, for the purposes of a business
or profession carried on by such person outside India or for the purposes of
making or earning any income from any source outside India ; or
(c) a
person who is a non-resident, where the interest is payable in respect of any
debt incurred, or moneys borrowed and used, for the purposes of a business or
profession carried on by such person in India ;
(vi) income by way of
royalty46[R55] payable by—
(a) the Government ; or
(b) a
person who is a resident, except where the royalty is payable in respect of any
right, property or information used or services utilised
for the purposes of a business or profession carried on by such person outside
India or for the purposes of making or earning any income from any source
outside India ; or
(c) a person who is a non-resident, where the royalty is payable
in respect of any right, property or information used or services utilised for the purposes of a business or profession
carried on by such person in India or for the purposes of making or earning any
income from any source in India :
Provided
that nothing contained in this clause shall apply in relation to so much of the
income by way of royalty as consists of lump sum consideration for the transfer
outside India of, or the imparting of information outside India in respect of,
any data, documentation, drawing or specification relating to any patent,
invention, model, design, secret formula or process or trade mark or similar
property, if such income is payable in
pursuance of an agreement made before the 1st day of April, 1976, and the
agreement is approved by the Central Government :
47[R56] [Provided further that nothing
contained in this clause shall apply in relation to so much of the income by
way of royalty as consists of lump sum payment made by a person, who is a
resident, for the transfer of all or any rights (including the granting of a
licence) in respect of computer software supplied by a non-resident manufacturer along with a computer or computer-based equipment under
any scheme approved under the Policy on Computer Software Export, Software
Development and Training, 1986 of the Government of India.]
Explanation 1.—For
the purposes of the 48[R57] [first] proviso, an agreement made on
or after the 1st day of April, 1976, shall be deemed to have been made before
that date if the agreement is made in accordance with proposals approved by the
Central Government before that date; so, however, that, where the recipient of
the income by way of royalty is a foreign company, the agreement shall not be
deemed to have been made before that date unless, before the expiry of the time
allowed under sub-section (1) or sub-section (2) of section 139 (whether fixed
originally or on extension) for furnishing the return of income for the
assessment year commencing on the 1st day of April, 1977, or the assessment
year in respect of which such income first becomes chargeable to tax under this
Act, whichever assessment year is later, the company exercises an option by
furnishing a declaration in writing to the 49[R58] [Assessing] Officer (such option being
final for that assessment year and for every subsequent assessment year) that
the agreement may be regarded as an agreement made before the 1st day of April,
1976.
Explanation 2.—For
the purposes of this clause, “royalty” means consideration (including any lump
sum consideration but excluding any consideration which would be the income of
the recipient chargeable under the head “Capital gains”) for—
(i) the transfer
of all or any rights (including the granting of a licence) in respect of a
patent, invention, model, design, secret formula or process or trade mark or
similar property ;
(ii) the imparting of any information concerning the working of,
or the use of, a patent, invention, model, design, secret formula or process or
trade mark or similar property ;
(iii) the use of any patent, invention,
model, design, secret formula or process or trade mark or similar property ;
(iv) the imparting of any information
concerning technical, industrial, commercial or scientific knowledge,
experience or skill ;
50[R59] [(iva) the use or right
to use any industrial, commercial or scientific equipment but not including
the amounts referred to in section 44BB;]
(v) the
transfer of all or any rights (including the granting of a licence) in respect
of any copyright, literary, artistic or scientific work including films or
video tapes for use in connection with television or tapes for use in
connection with radio broadcasting, but not including consideration for the
sale, distribution or exhibition of cinematographic films ; or
(vi) the rendering of any services in
connection with the activities referred to in sub-clauses (i)
to 50[R60] [(iv), (iva)
and] (v).
51[R61] [Explanation 3.—For the purposes of
this clause, “computer software” means any computer programme
recorded on any disc, tape, perforated media or other information storage
device and includes any such programme or any
customized electronic data;]
(vii) income by way of
fees for technical services payable52[R62] by—
(a) the Government ; or
(b) a
person who is a resident, except where the fees are payable in respect of
services utilised in a business or profession carried
on by such person outside India or for the purposes of making or earning any
income from any source outside India ; or
(c) a person who is a non-resident, where the fees are payable
in respect of services utilised in a business or
profession carried on by such person in India or for the purposes of making or
earning any income from any source in India :
53[R63] [Provided that nothing contained in
this clause shall apply in relation to any income by way of fees for technical services
payable in pursuance of an agreement made before the 1st day of April, 1976,
and approved by the Central Government.]
54[R64] [Explanation 1.—For the purposes of
the foregoing proviso, an agreement made on or after the 1st day of April,
1976, shall be deemed to have been made before that date if the agreement is
made in accordance with proposals approved by the Central Government before
that date.]
Explanation 55[R65] [2].—For the purposes of
this clause, “fees for technical services” means any consideration (including
any lump sum consideration) for the rendering of any managerial, technical or
consultancy services (including the provision of services of technical or other
personnel) but does not include consideration for any
construction56[R66] , assembly, mining or like project
undertaken by the recipient or consideration which would be income of the
recipient chargeable under the head “Salaries”.]
(2) Notwithstanding anything contained in sub-section (1), any pension payable outside India to a person residing permanently outside India shall not be deemed to accrue or arise in India, if the pension is payable to a person referred to in article 314 of the Constitution or to a person who, having been appointed before the 15th day of August, 1947, to be a Judge of the Federal Court or of a High Court within the meaning of the Government of India Act, 1935, continues to serve on or after the commencement of the Constitution as a Judge in India.
[R1]See also Circular No. 142, dated 1-8-1974, Circular No. 447, dated 22-1-1986, Circular No. 573, dated 21-8-1990, Circular No. 776, dated 8-6-1999, Letter No. 75/19/191/62-ITJ, dated 24-8-1966 and Instruction No. 747 [F. No. 288/29/74-IT(A-II)], (relevant extracts), dated 30-8-1974.
[R2]For
relevant case laws
[R3]For the
meaning of the term “income-tax”
[R4]Substituted for “subject to the
provisions of this Act” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.
[R5]For the
meaning of the expressions “in accordance with, and subject to the provisions
of, this Act” and “total income”
[R6]“or previous years, as the case may be,” omitted by the
Direct Tax Laws (Amendment) Act, 1987, w.e.f.
1-4-1989.
[R7]See also Circular No. 369, dated 17-9-1983.
[R8]For relevant case laws
[R9]For the meaning
of the terms/expressions “subject to”, “is received” “deemed to be received”,
“accrues or arises” and “deemed to accrue”, see Direct Taxes Manual, Vol. 3.
[R10]For the meaning of the terms/expressions “subject to”, “is received” “deemed to be received”, “accrues or arises” and “deemed to accrue”, see Direct Taxes Manual, Vol. 3.
[R11]For the meaning of the terms/expressions “subject to”, “is received” “deemed to be received”, “accrues or arises” and “deemed to accrue”, see Direct Taxes Manual, Vol. 3.
[R12]For the meaning of the terms/expressions
“subject to”, “is received” “deemed to be received”, “accrues or arises” and
“deemed to accrue”, see Direct Taxes Manual, Vol. 3.
[R13]For the meaning of the terms/expressions “subject to”, “is received” “deemed to be received”, “accrues or arises” and “deemed to accrue”, see Direct Taxes Manual, Vol. 3.
[R14]For the meaning of the terms/expressions “subject to”, “is received” “deemed to be received”, “accrues or arises” and “deemed to accrue”, see Direct Taxes Manual, Vol. 3
[R15]For the meaning of the terms/expressions
“subject to”, “is received” “deemed to be received”, “accrues or arises” and
“deemed to accrue”, see s Direct Taxes Manual, Vol. 3.
[R16]For the
meaning of the
terms/expressions “subject to”, “is received” “deemed to be received”, “accrues
or arises” and “deemed to accrue”, see Direct Taxes Manual, Vol. 3.
[R18]For the
meaning of the terms/expressions “subject to”, “total income”, “is received”,
“deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed
to have accrued”
[R19]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R20]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R21]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R22]For the
meaning of the terms/expressions “subject to”, “total income”, “is received”,
“deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed
to have accrued”
[R23]For the
meaning of the terms/expressions “subject to”, “total income”, “is received”,
“deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed
to have accrued”
[R24]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R25]For the
meaning of the terms/expressions “subject to”, “total income”, “is received”,
“deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed
to have accrued”
[R26]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R27]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R28]For the meaning of the terms/expressions “subject to”, “total income”, “is received”, “deemed to be received”, “accrues or arises”, “accrued or arisen” and “deemed to have accrued”
[R29]Inserted by the Finance Act, 1994, w.r.e.f. 1-4-1963.
[R30]For relevant case laws
[R31]Omitted by the Finance Act, 1982, w.e.f. 1-4-1983.
[R32]Substituted by the Direct Tax Laws (Second
Amendment) Act, 1989, w.e.f. 1-4-1990. Original Explanation,
as inserted by the Finance Act, 1978, w.e.f. 1-4-1979
and later amended by the Finance Act, 1982, w.e.f.
1-4-1983, read as under :
‘Explanation.—In the case of an
individual, being a citizen of India,—
(a) who
leaves India in any previous year for the purposes of employment outside India,
the provisions of sub-clause (c) shall apply in relation to that year as
if for the words “sixty days”, occurring therein, the words “one hundred and
eighty-two days” had been substituted;
(b) who, being outside India, comes on a visit to India in any previous year, the provisions of sub-clause (c) shall apply in relation to that year as if for the words “sixty days”, occurring therein, the words “ninety days” had been substituted.’
[R33]Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.
[R34]Clause (18) of section 3 of the Merchant
Shipping Act, 1958, defines “Indian ship” as follows :
‘(18) “Indian ship” means a ship registered as such under this Act and includes any ship registered at any port in India at the commencement of this Act which is recognised as an Indian ship under the proviso to sub-section (2) of section 22;’
[R35]Substituted for “fifty” by the Finance Act, 1994, w.e.f. 1-4-1995.
[R36]For the meaning of the terms/expressions “control and management”, “affairs” and “wholly”
[R37]For the meaning of the terms/expressions “control and management”, “affairs” and “wholly”
[R38]For the meaning of the terms/expressions “control and management”, “affairs” and “wholly”
[R39]Substituted for “For the purposes of inclusion in the total income of an assessee, any dividend” by the Finance Act, 1965, w.e.f. 1-4-1965
[R40]Inserted
by the Finance Act, 1965, w.e.f. 1-4-1965.
[R41]See also Circular No. 23, dated 23-7-1969, Circular No. 163, dated 29-5-1975, Circular No. 35(XXXIII-7) of 1956, dated 3-9-1956, Circular No. 4, dated 20-2-1969 and Circular No. 382, dated 4-5-1984.
[R42]For relevant case laws
[R43]For the meaning of the term “deemed”
[R44]See rule 10 for manner of computation of income of non-residents in certain cases. See also Appendix Two for an analysis of rule 10.
[R45]For the meaning of the terms/expressions “business connection” and “property”
[R46]For the meaning of the terms/expressions “business connection” and “property”
[R47]Words
“or through or from any money lent at interest and brought into India in cash
or in kind” omitted by the Finance Act, 1976, w.e.f.
1-6-1976.
[R48]For the meaning of the term “operations”
[R49]For the meaning of the term “operations”
[R50]Inserted by the Finance Act, 1983, w.r.e.f. 1-4-1962
[R51]Inserted by the Taxation Laws (Amendment) Act, 1984, w.r.e.f. 1-4-1982.
[R52]For the meaning of the term “operations”
[R53]For the
meaning of the term “earned”
[R54]Clauses (v), (vi) and (vii) inserted by the Finance Act, 1976, w.e.f. 1-6-1976.
[R55]For the meaning of the term “royalty”
[R56]Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.
[R57]Substituted for “foregoing” by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.
[R58]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R59]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002
[R60]Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.
[R61]Substituted by the
Finance Act, 2000, w.e.f. 1-4-2001. Prior to its
substitution, Explanation 3, as inserted by the Finance (No. 2) Act,
1991, w.e.f. 1-4-1991, read as under
:
‘Explanation 3.—For the purposes of this clause, the expression “computer software” shall have the meaning assigned to it in clause (b) of the Explanation to section 80HHE.’
[R62]For the meaning of the expression “fees for technical services payable”
[R63]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1977.
[R64]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1977
[R65]Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1977.
[R66]For the meaning of the term “construction”