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Report No. 29

Appendix 11

Provisions of the Income-Tax Act, 1961 (43 of 1961) Referred to in Report of the Committee on Prevention of Corruption-Page 271 (Middle) as Offering Scope for Evasion

Section Number

Gist of the section

(1)

(2)

10(3)

Excludes from total income receipts of casual and non-recurring nature (unless they are capital gains or receipts arising from business or exercise of a profession or receipts by way of addition to the remuneration of an employee).

10(4)

Excludes from total income in the case of non-residents income from interest etc. on bonds issued by the Central Government under a loan agreement with the international bank etc. or bonds similarly issued by a Financial Corporation etc.

11

Excludes from total income (subject to the provisions of sections 60 to 63) income from property held for charitable or religious purposes.

13

Excludes the application of section 11 in certain cases (roughly speaking in respect of property held for a private religious purpose, where the trust does not ensure for the benefit of the public, and trust or charitable institution created for the benefit of any particular religious community or caste or for the author of trust or his relative).

37

Allows expenditure (subject to certain exceptions) laid out or expended wholly and exclusively for the purposes of the business or profession.

52

Deals with acquisition of capital asset from an assessee, where the person acquiring is directly or indirectly connected with the object ofavoidance or reduction of the liability of the assessee under section 45. Section 45 provides for charge of income-tax or capital gains.

60

Provides that all income-arising by virtue of a transfer whether revocable or not, shall be chargeable to income-tax as the transferor's income where there is no transfer of the assets (as to the meaning of "transfer", see section 63).

64

Provides that in computing the total income of any individual, there shall be included all such income as arises directly or indirectly to the spouse or minor child of such individual through membership of a firm or from assets transferred to the spouse or minor child.

67

Deals with method of computing a partner's share in the income of the firm.

68

Deals with cash credits.

69

Deals with unexplained investments.

73

Deals with losses in speculation business.

74

Deals with losses under capital gains.

92

Contain special provisions relating to avoidance of tax, mainly in relation to non-residents and in relation to sale or purchase back of securities, and other transactions involving securities.

93

Deals with super tax on undistributed income.

94

104



Proposal to include certain Social and Economic Offences in the Indian Penal Code Back




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