varshith7/income-tax-act-india huggingface dataset:
Income Tax Act, 2025
Section 3: Subs. by Act 25 of 2014, s. 30, for “the 31st day of March, 2014” (w.e.f. 12015).
3. Subs. by Act 25 of 2014, s. 30, for “the 31st day of March, 2014” (w.e.f. 12015).
Income Tax Act, 2025
Section 6: Subs. by Act 33 of 2009, s. 36, for “the 31st day of March, 2008” (w.e.f. 12008).
6. Subs. by Act 33 of 2009, s. 36, for “the 31st day of March, 2008” (w.e.f. 12008).
Income Tax Act, 2025
Section 2: Subs. by Act 33 of 2009, s. 37, for sub-section (9) (w.e.f. 12000).
2. Subs. by Act 33 of 2009, s. 37, for sub-section (9) (w.e.f. 12000).
(w.e.f. 12000).
Income Tax Act, 2025
Section 4: Ins. by Act 14 of 2001, s. 45 (w.e.f. 12002).
4. Ins. by Act 14 of 2001, s. 45 (w.e.f. 12002).
5. Subs. by Act 23 of 2004, s. 18, for “an undertaking deriving profit from” (w.e.f. 12005).
Income Tax Act, 2025
Section 2: Clause (a) re-lettered as clause (aa) thereof by s. 18, ibid. (w.e.f. 12005).
2. Clause (a) re-lettered as clause (aa) thereof by s. 18, ibid. (w.e.f. 12005).
re-lettered as clause
thereof by s. 18, ibid. (w.e.f. 12005).
Income Tax Act, 2025
Section 2: Subs. by Act 14 of 2010, s. 28, for “the 31st day of March, 2010” (w.e.f. 12011).
2. Subs. by Act 14 of 2010, s. 28, for “the 31st day of March, 2010” (w.e.f. 12011).
Income Tax Act, 2025
Section 3: Ins. by Act 18 of 2008, s. 19 (w.e.f. 12009).
3. Ins. by Act 18 of 2008, s. 19 (w.e.f. 12009).
407
(c) “initial assessment year”—
(i) in the case of a hotel, means the assessment year relevant to the previous year in which
the business of the hotel starts functioning;
(ii) in the case of a convention centre, means the assessment year relevant to the previous
year in which the convention centre starts operating on a commercial basis;
(d) “specified area” means the National Capital Territory of Delhi and the districts of Faridabad,
Gurgaon, Gautam Budh Nagar and Ghaziabad;]
1[(e) “specified district having a World Heritage Site” means districts, specified in column (2) of
the Table below, of the States, specified in the corresponding entry in column (3) of the said Table:
TABLE
S.No. Name of district Name of State
(1) (2) (3)
“initial assessment year”—
in the case of a hotel, means the assessment year relevant to the previous year in which
the business of the hotel starts functioning;
in the case of a convention centre, means the assessment year relevant to the previous
year in which the convention centre starts operating on a commercial basis;
“specified area” means the National Capital Territory of Delhi and the districts of Faridabad,
Gurgaon, Gautam Budh Nagar and Ghaziabad;]
1[
“specified district having a World Heritage Site” means districts, specified in column
of
the Table below, of the States, specified in the corresponding entry in column
of the said Table:
TABLE
S.No. Name of district Name of State
(2)
Income Tax Act, 2025
Section 3: Ins. by Act 49 of 1991, s. 34 (w.e.f. 11992).
3. Ins. by Act 49 of 1991, s. 34 (w.e.f. 11992).
4. Subs. by Act 26 of 1997, s. 29, for certain words (w.e.f. 11998). Earlier amended by Act 49 of 1991, s. 34
(w.e.f. 11992).
5. The words “under an agreement approved in this behalf by the Chief Commissioner or the Director General;” omitted by
Act 49 of 1991, s. 34 (w.e.f. 11992).Earlier these words were substituted by Act 26 of 1988, s. 26 (w.e.f. 11989).
6. Subs. by Act 26 of 1988, s. 26, for certain words (w.e.f. 11988). Earlier section was amended by Act 20 of 1974, s. 9
(w.e.f. 11972). Later on amended by Act 21 of 1984, s. 18 (w.e.f. 11985).
Income Tax Act, 2025
Section 3: Subs. by Act 49 of 1991, s. 34, for “Provided also” (w.e.f. 11992).
3. Subs. by Act 49 of 1991, s. 34, for “Provided also” (w.e.f. 11992).
4. Subs. by Act 27 of 1999, s. 53, for certain words (w.e.f. 11999).earlier amended by Act 20 of 1974, s. 9
(w.e.f. 11975).
Income Tax Act, 2025
Section 1: Subs. by Act 11 of 1999, s. 8, for sub-clause (iii) (w.r.e.f. 11968).
1. Subs. by Act 11 of 1999, s. 8, for sub-clause (iii) (w.r.e.f. 11968).
(w.r.e.f. 11968).
Income Tax Act, 2025
Section 2: Subs. by s. 37, ibid., for “twenty thousand rupees” (w.e.f. 11999).
2. Subs. by s. 37, ibid., for “twenty thousand rupees” (w.e.f. 11999).
3. The word “chargeable under section 18” omitted by Act 26 of 1988, s. 27 (w.e.f. 11989).
Income Tax Act, 2025
Section 4: Subs.by Act 26 of 1974, s. 11, for “section 80H or section 80J” (w.e.f. 11974).
4. Subs.by Act 26 of 1974, s. 11, for “section 80H or section 80J” (w.e.f. 11974).
5. The words, figures, and letter “section 80H or” omitted by Act 41 of 1975, s. 24 (w.e.f. 11976).
Income Tax Act, 2025
Section 6: Subs. by Act 29 of 1977, s. 29, for “section 80HH or section 80J” (w.e.f. 11978).
6. Subs. by Act 29 of 1977, s. 29, for “section 80HH or section 80J” (w.e.f. 11978).
Income Tax Act, 2025
Section 12: Now section 80J omitted by Act 33 of 1996, s. 29 (w.r.e.f. 11989).
12. Now section 80J omitted by Act 33 of 1996, s. 29 (w.r.e.f. 11989).
13. The words, figures and letters “or section 80JJA” omitted by Act 11 of 1983, s. 39 (w.e.f. 11984). Earlier which was
inserted by Act 21 of 1979, s. 22 (w.e.f 11976).
14. Subs. by Act 41 of 1975, s. 24, for “deduction under section 80H, section 80HH, section 80J and section 80JJ”
(w.e.f. 11976). Section 80J also omitted by s. 25 (w.e.f. 11976).
Income Tax Act, 2025
Section 15: Subs. by Act 29 of 1977, s. 29, for “section 80HH or section 80J” (w.e.f. 11978).
15. Subs. by Act 29 of 1977, s. 29, for “section 80HH or section 80J” (w.e.f. 11978).
Income Tax Act, 2025
Section 16: Subs. by Act 16 of 1981, s. 25,for “section 80HHA, section 80J” (w.e.f. 11981).
16. Subs. by Act 16 of 1981, s. 25,for “section 80HHA, section 80J” (w.e.f. 11981).
17. Subs. by Act 11 of 1983, s. 39, for “section 80J, section 80JJ or section 80 JJA” (w.e.f. 11983).
Income Tax Act, 2025
Section 1: Ins. by Act 21 of 1979, s. 15 (w.e.f. 11980).
1. Ins. by Act 21 of 1979, s. 15 (w.e.f. 11980).
2. Subs. by Act 49 of 1991, s. 36, for “commencing on the 1st day of April, 1980, or to any one of the nine assessment years
next following that assessment year, includes” (w.e.f. 11992). Earlier “nine” was substituted for “four” by Act 32 of
1985, s. 23 (w.e.f. 11985).
Income Tax Act, 2025
Section 80R: Deduction in respect of remuneration from certain foreign sources in the case of
80R. Deduction in respect of remuneration from certain foreign sources in the case of
professors, teachers, etc.—Where the gross total income of an individual who is a citizen of India
includes any remuneration received by him outside India from any University or other educational
institution established outside India or 1[any other association or body established outside India], for any
service rendered by him during his stay outside India in his capacity as a professor, teacher or research
worker in such University, institution, association or body, there shall be 2[allowed, in computing the total
income of the individual, 3[a deduction from such remuneration of an amount equal to—
(i) sixty per cent. of such remuneration for an assessment year beginning on the 1st day of April,
2001;
(ii) forty-five per cent. of such remuneration for an assessment year beginning on the 1st day of
April, 2002;
(iii) thirty per cent. of such remuneration for an assessment year beginning on the 1st day of
April, 2003;
(iv) fifteen per cent. of such remuneration for an assessment year beginning on the 1st day of
April, 2004,
as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of
six months from the end of the previous year or within such further period as the competent authority may
1. Subs. by Act 11 of 1983, s. 31, for “such other association or body established outside India as may be notified in this
behalf by the Central Government in the Official Gazette” (w.e.f. 11984).
2. Subs. by Act 12 of 1990, s. 27, for “allowed a deduction from such remuneration of an amount equal to fifty per cent.
thereof, in computing the total income of the individual” (w.e.f. 11991).
sixty per cent. of such remuneration for an assessment year beginning on the 1st day of April,
2001;
forty-five per cent. of such remuneration for an assessment year beginning on the 1st day of
April, 2002;
thirty per cent. of such remuneration for an assessment year beginning on the 1st day of
April, 2003;
fifteen per cent. of such remuneration for an assessment year beginning on the 1st day of
April, 2004,
as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of
six months from the end of the previous year or within such further period as the competent authority may
1. Subs. by Act 11 of 1983, s. 31, for “such other association or body established outside India as may be notified in this
behalf by the Central Government in the Official Gazette” (w.e.f. 11984).
2. Subs. by Act 12 of 1990, s. 27, for “allowed a deduction from such remuneration of an amount equal to fifty per cent.
thereof, in computing the total income of the individual” (w.e.f. 11991).
Income Tax Act, 2025
Section 4: Subs. by Act 44 of 1980, s. 20, for “musician or actor” (w.e.f. 11980).
4. Subs. by Act 44 of 1980, s. 20, for “musician or actor” (w.e.f. 11980).
5. Subs. by Act 12 of 1990, s. 28, for “and such income is received in, or brought into, India by him or on his behalf in
accordance with the Foreign Exchange Regulation Act, 1947, and any rules made thereunder, there shall be allowed a
deduction from such income of an amount equal to twenty-five per cent. of the income. so received or brought, in
computing the total income of the individual” (w.e.f. 11991).
Income Tax Act, 2025
Section 2: The proviso omitted by Act 12 of 1990, s. 29 (w.e.f. 11991).
2. The proviso omitted by Act 12 of 1990, s. 29 (w.e.f. 11991).
3. Subs. by Act 17 of 2013, s. 4, for “the Foreign Exchange Regulation Act, 1973 (46 of 1973)” (w.e.f. 12013).
Income Tax Act, 2025
Section 2: Ins. by Act 19 of 1968, s. 30 and the Third Schedule (w.e.f. 11969).
2. Ins. by Act 19 of 1968, s. 30 and the Third Schedule (w.e.f. 11969).
3. Subs. by Act 32 of 2003, s. 46, for section 80U (w.e.f. 12004). Earlier substituted by Act 49 of 1991, s. 37
(w.e.f. 11992).
Income Tax Act, 2025
Section 3: Ins. by s. 30, ibid. (w.e.f. 11991).
3. Ins. by s. 30, ibid. (w.e.f. 11991).
4. Subs. by Act 23 of 2004, s. 20, for “section 88, 88A, 88B and 88C” (w.e.f. 12005). Earlier section amended by
Act 18 of 1992, s. 50 (w.e.f. 11993) and Act
Income Tax Act, 2025
Section 7: Subs. by Act 7 of 2019, s. 8, for “three hundred fifty thousand” (w.e.f. 12020).
7. Subs. by Act 7 of 2019, s. 8, for “three hundred fifty thousand” (w.e.f. 12020).
8. Subs. by Act 7 of 2017, s. 38, for “five thousand rupees” (w.e.f. 12018) and by Act 28 of 2016, s. 46, for “two
thousand rupees” (w.e.f. 12017).
Income Tax Act, 2025
Section 3: Clause (B) omitted by Act 49 of 1991, s. 38 (w.e.f. 11992).
3. Clause (B) omitted by Act 49 of 1991, s. 38 (w.e.f. 11992).
omitted by Act 49 of 1991, s. 38 (w.e.f. 11992).
Income Tax Act, 2025
Section 1: Ins. by Act 32 of 2003, s. 47 (w.e.f. 12004).
1. Ins. by Act 32 of 2003, s. 47 (w.e.f. 12004).
2. Ins. by Act 20 of 2002, s. 37 (w.e.f. 12003). Earlier sub-section (3) was omitted by Act 22 of 1995, s. 22 (w.e.f. 1
1996).
was omitted by Act 22 of 1995, s. 22 (w.e.f. 1
1996).
Income Tax Act, 2025
Section 1: Sub-clause (iii) omitted by Act 32 of 1994, s. 29 (w.e.f. 11991).
1. Sub-clause (iii) omitted by Act 32 of 1994, s. 29 (w.e.f. 11991).
2. Ins. by Act 32 of 2003, s. 47 (w.e.f. 12004). Earlier clause (d) omitted by Act 32 of 1994, s. 29 (w.e.f. 11991).
omitted by Act 32 of 1994, s. 29 (w.e.f. 11991).
2. Ins. by Act 32 of 2003, s. 47 (w.e.f. 12004). Earlier clause
omitted by Act 32 of 1994, s. 29 (w.e.f. 11991).
Income Tax Act, 2025
Section 3: Subs. by Act 20 of 2002, s. 37, for sub-section (5) (w.e.f. 12003).
3. Subs. by Act 20 of 2002, s. 37, for sub-section (5) (w.e.f. 12003).
(w.e.f. 12003).
Income Tax Act, 2025
Section 2: Ins. by Act 18 of 2008, s. 20 (w.e.f. 12008).
2. Ins. by Act 18 of 2008, s. 20 (w.e.f. 12008).
3. Subs. by Act 20 of 2002, s.38, for section 89 (w.e.f. 11996). Earlier section substituted by42 of 1970, s. 23
(w.e.f. 11971).
Income Tax Act, 2025
Section 1: Ins. by Act 23 of 2012, s. 32 (w.e.f. 12013).
1. Ins. by Act 23 of 2012, s. 32 (w.e.f. 12013).
2. Subs. by Act 17 of 2013, s. 23, for “a certificate, containing such particulars as may be prescribed, of his being a resident”
(w.e.f. 12013).
Income Tax Act, 2025
Section 2: Ins. by Act 23 of 2012, s. 33 (w.e.f. 12013).
2. Ins. by Act 23 of 2012, s. 33 (w.e.f. 12013).
3. Subs. by Act 17 of 2013, s. 24, for “a certificate, containing such particulars as may be prescribed, of his being a resident”
(w.e.f. 12013).
Income Tax Act, 2025
Section 2: Clause (i) omitted by Act 7 of 2017, s. 41 (w.e.f. 12017).
2. Clause (i) omitted by Act 7 of 2017, s. 41 (w.e.f. 12017).
omitted by Act 7 of 2017, s. 41 (w.e.f. 12017).
Income Tax Act, 2025
Section 1: Subs. by Act 23 of 2012, s. 38, for “international transaction” (w.e.f. 12013).
1. Subs. by Act 23 of 2012, s. 38, for “international transaction” (w.e.f. 12013).
2. Ins. by Act 33 of 2009, s. 41 (w.e.f. 12009). Earlier substituted by Act 20 of 2002, s. 41, for proviso (w.e.f. 12002).
Income Tax Act, 2025
Section 3: Subs. by Act 8 of 2011, s. 13, for “five per cent. of the latter” (w.e.f. 12012).
3. Subs. by Act 8 of 2011, s. 13, for “five per cent. of the latter” (w.e.f. 12012).
4. Subs. by Act 23 of 2012, s. 37, for “does not exceed such percentage of latter as may be notified” (w.e.f. 12013)
Income Tax Act, 2025
Section 1: Subs. by Act 23 of 2012, s. 38, for “international transaction” (w.e.f. 12013).
1. Subs. by Act 23 of 2012, s. 38, for “international transaction” (w.e.f. 12013).
2. Subs. by Act 21 of 2006, s. 21, for “section 10A or section 10M or section 10B” (w.e.f. 12007).
Income Tax Act, 2025
Section 2: Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 12013).
2. Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 12013).
447
1[(9A) The agreement referred to in sub-section (1), may, subject to such conditions, procedure and
manner as may be prescribed, provide for determining the arm’s length price or specify the manner in
which arm’s length price shall be determined in relation to the international transaction entered into by
the person during any period not exceeding four previous years preceding the first of the previous years
referred to in sub-section (4), and the arm’s length price of such international transaction shall be
determined in accordance with the said agreement.]
(10) Where an application is made by a person for entering into an agreement referred to in subsection (1), the proceeding shall be deemed to be pending in the case of the person for the purposes of the
Act.
The agreement referred to in sub-section
Where an application is made by a person for entering into an agreement referred to in subsection
Income Tax Act, 2025
Section 6: Subs. by Act 23 of 2012, s. 42, for “ten per cent.” (w.e.f. 12009).
6. Subs. by Act 23 of 2012, s. 42, for “ten per cent.” (w.e.f. 12009).
7. Ins. by Act 28 of 2016, s. 49 (w.e.f. 12017). The second proviso omitted by Act 20 of 2015, s. 27 (w.e.f. 12016).
Earlier the same proviso was inserted by Act 25 of 2014, s. 34 (w.e.f. 12015).
Income Tax Act, 2025
Section 3: Subs. by s. 31, ibid., for “company” (w.e.f. 11995).
3. Subs. by s. 31, ibid., for “company” (w.e.f. 11995).
4. Subs. by Act 33 of 1996, s. 37, for “thirty per cent.” (w.e.f. 11997).Earlier substituted by Act 32 of 1994, s. 31, for
“forty per cent.” (w.e.f. 11995).
5. Proviso omitted by Act 22 of 1995, s. 23 (w.e.f. 11996). Prior to its omission, the proviso, as amended by the 22 of
1995, s. 23 (w.e.f. 11996). Prior to its omission, the proviso, as amended by the 32 of 1994, s. 31 (11995).
Income Tax Act, 2025
Section 6: Subs. by Act 23 of 2012, s. 43, for sub-clause (ii) (w.e.f. 12013).
6. Subs. by Act 23 of 2012, s. 43, for sub-clause (ii) (w.e.f. 12013).
(w.e.f. 12013).
Income Tax Act, 2025
Section 7: Subs. by 28 of 2016, s. 50, for “unlisted securities” (w.e.f. 12017).
7. Subs. by 28 of 2016, s. 50, for “unlisted securities” (w.e.f. 12017).
8. Clause (c) relettered as Clause (d) thereof by Act 32 of 1994, s. 31 (w.e.f. 11995).
relettered as Clause
thereof by Act 32 of 1994, s. 31 (w.e.f. 11995).
Income Tax Act, 2025
Section 5: Ins. by Act 25 of 2014, s. 35 (w.e.f. 12015).
5. Ins. by Act 25 of 2014, s. 35 (w.e.f. 12015).
6. Subs. by Act 10 of 2000, s. 49, for the Explanation (w.e.f. 12000). Prior to its Inserted by Act 27 of 1999, s. 57
(w.e.f. 12000).
Income Tax Act, 2025
Section 4: Subs. by Act 32 of 1994, s. 32, for sub-section (1) (w.e.f. 11995).
4. Subs. by Act 32 of 1994, s. 32, for sub-section (1) (w.e.f. 11995).
5. Subs. by Act 32 of 2003, s. 50, for “dividends” (w.e.f. 12004). Earlier the word “dividends” substituted by Act 26 of
1997, s. 32 (w.e.f. 11998) and the words, figures and letter “other than dividends referred to in section 115-O” omitted
by Act 20 of 2002, s. 45 (w.e.f. 12003).
(w.e.f. 11995).
5. Subs. by Act 32 of 2003, s. 50, for “dividends” (w.e.f. 12004). Earlier the word “dividends” substituted by Act 26 of
1997, s. 32 (w.e.f. 11998) and the words, figures and letter “other than dividends referred to in section 115-O” omitted
by Act 20 of 2002, s. 45 (w.e.f. 12003).
Income Tax Act, 2025
Section 4: Ins. by Act 25 of 2014, s. 36 (w.e.f. 12015).
4. Ins. by Act 25 of 2014, s. 36 (w.e.f. 12015).
5. Subs. by Act 32 of 2003, s. 50, for “a foreign company, includes any income by way of royalty or fees for technical
services” (w.e.f. 12004).
6. Subs. by Act 17 of 2013, s. 27 for sub-clauses (A), (AA), (B) and (BB) (w.e.f. 12014).
and
(w.e.f. 12014).
Income Tax Act, 2025
Section 1: Ins. by Act 49 of 1991, s. 40 (w.e.f. 11991).
1. Ins. by Act 49 of 1991, s. 40 (w.e.f. 11991).
2. The existing Explanation renumbered as Explanation 1 by s. 40, ibid (w.e.f. 11991).
Income Tax Act, 2025
Section 3: Subs. by Act 14 of 2001, s. 51, for “Central Government” (w.e.f. 12001).
3. Subs. by Act 14 of 2001, s. 51, for “Central Government” (w.e.f. 12001).
4. Subs. by Act 17 of 2013, s. 4, for “the Foreign Exchange Regulation Act, 1973 (46 of 1973)” (w.e.f. 12013).
Income Tax Act, 2025
Section 2: Subs. by Act 14 of 2001, s. 53, for sub-section (1) (w.e.f. 12001).
2. Subs. by Act 14 of 2001, s. 53, for sub-section (1) (w.e.f. 12001).
(w.e.f. 12001).
Income Tax Act, 2025
Section 2: Ins. by s. 34, ibid. (w.e.f. 12019).
2. Ins. by s. 34, ibid. (w.e.f. 12019).
3. Section 115B renumbered as sub-section (1) by Act 26 of 1988, s. 31 (w.e.f. 11989).
by Act 26 of 1988, s. 31 (w.e.f. 11989).
Income Tax Act, 2025
Section 2: Ins. by Act 28 of 2016, s. 51 (w.e.f. 12017).
2. Ins. by Act 28 of 2016, s. 51 (w.e.f. 12017).
3. Subs. by Act 13 of 2018, s. 35, for “provisions of section 111A and section 112” (w.e.f. 12017).
Income Tax Act, 2025
Section 1: Ins. by Act 8 of 2011, s. 17 (w.e.f. 12012).
1. Ins. by Act 8 of 2011, s. 17 (w.e.f. 12012).
2. The words “for the previous year relevant to the assessment year beginning on the 1st day of April, 2012 or beginning on
the 1st day of April, 2013 or beginning on the 1st day of April, 2014” omitted by Act 25 of 2014, s. 38 (w.e.f. 12015).
Income Tax Act, 2025
Section 3: Ins. by Act 28 of 2016, s. 52 (w.e.f. 12017).
3. Ins. by Act 28 of 2016, s. 52 (w.e.f. 12017).
4. Subs. by Act 7 of 2017, s. 44, for “an assessee, being an individual, a Hindu Undivided Family or a
firm” (w.e.f. 12018).
Income Tax Act, 2025
Section 115C: Definitions.—In this Chapter, unless the context otherwise requires,—
115C. Definitions.—In this Chapter, unless the context otherwise requires,—
(a) “convertible foreign exchange” means foreign exchange which is for the time being treated by
the Reserve Bank of India as convertible foreign exchange for the purposes of 3[the Foreign Exchange
Management Act, 1999 (42 of 1999),] and any rules made thereunder;
(b) “foreign exchange asset” means any specified asset which the assessee has acquired or
purchased with, or subscribed to in, convertible foreign exchange;
(c) “investment income” means any 4[income derived other than dividends referred to in section
115-O] from a foreign exchange asset;
(d) “long-term capital gains” means income chargeable under the head “Capital gains” relating to
a capital asset, being a foreign exchange asset which is not a short-term capital asset;
(e) “non-resident Indian” means an individual, being a citizen of India or a person of Indian
origin who is not a “resident”.
Explanation.—A person shall be deemed to be of Indian origin if he, or either of his parents or
any of his grand-parents, was born in undivided India;
(f) “specified asset” means any of the following assets, namely:—
(i) shares in an Indian company;
(ii) debentures issued by an Indian company which is not a private company as defined in the
Companies Act, 1956 (1 of 1956);
(iii) deposits with an Indian company which is not a private company as defined in the
Companies Act, 1956 (1 of 1956);
“convertible foreign exchange” means foreign exchange which is for the time being treated by
the Reserve Bank of India as convertible foreign exchange for the purposes of 3[the Foreign Exchange
Management Act, 1999 (42 of 1999),] and any rules made thereunder;
“foreign exchange asset” means any specified asset which the assessee has acquired or
purchased with, or subscribed to in, convertible foreign exchange;
“investment income” means any 4[income derived other than dividends referred to in section
115-O] from a foreign exchange asset;
“long-term capital gains” means income chargeable under the head “Capital gains” relating to
a capital asset, being a foreign exchange asset which is not a short-term capital asset;
“non-resident Indian” means an individual, being a citizen of India or a person of Indian
origin who is not a “resident”.
Explanation.—A person shall be deemed to be of Indian origin if he, or either of his parents or
any of his grand-parents, was born in undivided India;
“specified asset” means any of the following assets, namely:—
shares in an Indian company;
debentures issued by an Indian company which is not a private company as defined in the
Companies Act, 1956 (1 of 1956);
deposits with an Indian company which is not a private company as defined in the
Companies Act, 1956 (1 of 1956);
Income Tax Act, 2025
Section 2: Ins. by Act 11 of 1983, s. 36 (w.e.f. 11983).
2. Ins. by Act 11 of 1983, s. 36 (w.e.f. 11983).
3. Subs. by Act 17 of 2013, s. 4, for “The Foreign Exchange Regulation Act, 1973 (46 of 1973)” (w.e.f. 12013).
Income Tax Act, 2025
Section 4: Ins. by Act 13 of 1989, s. 19 (w.e.f. 11989).
4. Ins. by Act 13 of 1989, s. 19 (w.e.f. 11989).
5. Subs. by s. 19, ibid., for “prepared in accordance with the provisions of Parts II and III of the Sixth Schedule to the
Companies Act, 1956 (1 of 1956)” (w.e.f. 11989).
Income Tax Act, 2025
Section 2: Clause (iii) renumbered as clause (iv) by s. 19, ibid. (w.e.f. 11989).
2. Clause (iii) renumbered as clause (iv) by s. 19, ibid. (w.e.f. 11989).
renumbered as clause
by s. 19, ibid. (w.e.f. 11989).
Income Tax Act, 2025
Section 1: Subs. by Act 21 of 2006, s. 23, for sub-sections (2) and (3) (w.e.f. 12007).
1. Subs. by Act 21 of 2006, s. 23, for sub-sections (2) and (3) (w.e.f. 12007).
and
(w.e.f. 12007).
Income Tax Act, 2025
Section 2: Subs. by Act 8 of 2011, s. 18, for “the 1st day of April, 2011” (w.e.f. 12012).
2. Subs. by Act 8 of 2011, s. 18, for “the 1st day of April, 2011” (w.e.f. 12012).
Income Tax Act, 2025
Section 3: Subs. by s. 18, ibid., for “eighteen per cent.” (w.e.f. 12012).
3. Subs. by s. 18, ibid., for “eighteen per cent.” (w.e.f. 12012).
4. Subs. by Act 20 of 2002, s. 52, for “the tax payable for the relevant previous year shall be deemed to be seven and onehalf per cent. of such book profit” (w.e.f. 12001).
5. Subs. by Act 23 of 2012, s. 48, for the portion beginning with the words “Every assessee,” and ending with the words and
figures “the Companies Act, 1956 (1 of 1956):” (w.e.f. 12013).
Income Tax Act, 2025
Section 8: Subs. by s. 47, ibid., for “the Companies Act, 1956 (1 of 1956)” (w.e.f. 12017).
8. Subs. by s. 47, ibid., for “the Companies Act, 1956 (1 of 1956)” (w.e.f. 12017).
9. Subs. by s. 47, ibid., for “proviso to sub-section (2) of section 211” (w.e.f. 12017).
of section 211” (w.e.f. 12017).