Income Tax Act, 2025
Section 9: Ins. by Act 49 of 1991, s. 40 (w.e.f. 11991).
9. Ins. by Act 49 of 1991, s. 40 (w.e.f. 11991).
10. Subs. by Act 18 of 1992, s. 54, for “and approved by the Central Government” (w.e.f. 11992).
11. Subs. by 32 of 1994, s. 32, for “approved by the Central Government or where the agreement relates to a matter”
(w.e.f. 11995).
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Provided that such book is on a subject, the books on which are permitted, according to the Import
Trade Control Policy of the Government of India for the period commencing from the 1st day of April,
1977, and ending with the 31st day of March, 1978, to be imported into India under an Open General
Licence:
1[Provided further that such computer software is permitted according to the Import Trade Control
Policy of the Government of India for the time being in force to be imported into India under an Open
General Licence.]
2[Explanation 1].—In this sub-section, “Open General Licence” means an Open General Licence
issued by the Central Government in pursuance of the Imports (Control) Order, 1955.]
3[Explanation 2.—In this sub-section, the expression “computer software” shall have the meaning
assigned to it in clause (b) of the Explanation to section 80HHE.]
(2) Nothing contained in sub-section (1) shall apply in relation to any income by way of royalty
received by a foreign company from an Indian concern in pursuance of an agreement made by it with the
Indian concern after the 31st day of March, 1976, if such agreement is deemed, for the 4[purposes of the
first proviso] to clause (vi) of sub-section (1) of section 9, to have been made before the 1st day of April,
1976; and the provisions of the annual Finance Act for calculating, charging, deducting or computing
income-tax shall apply in relation to such income as if such income had been received in pursuance of an
agreement made before the 1st day of April, 1976.]
5[(3) No deduction in respect of any expenditure or allowance shall be allowed to the assessee under
sections 28 to 44C and section 57 in computing his or its income referred to in sub-section (1).
(4) Where in the case of an assessee referred to in sub-section (1),—
(a) the gross total income consists only of the income referred to in clause (a) of that sub-section,
no deduction shall be allowed to him or it under Chapter VI-A;
(b) the gross total income includes any income referred to in clause (a) of that sub-section, the
gross total income shall be reduced by the amount of such income and the deduction under Chapter
VI-A shall be allowed as if the gross total income as so reduced were the gross total income of the
assessee.
(5) It shall not be necessary for an assessee referred to in sub-section (1) to furnish under
sub-section (1) of section 139 a return of his or its income if—
(a) his or its total income in respect of which he or it is assessable under this Act during the
previous year consisted only of income referred to in clause (a) of sub-section (1); and
(b) the tax deductible at source under the provisions of Chapter XVII-B has been deducted from
such income.]
6[115AB. Tax on income from units purchased in foreign currency or capital gains arising from
their transfer.—(1) Where the total income of an assessee, being an overseas financial organisation
(hereinafter referred to as Offshore Fund) includes—
(a) income received in respect of units purchased in foreign currency; or
(b) income by way of long-term capital gains arising from the transfer of units purchased in
foreign currency,
the income-tax payable shall be the aggregate of—
(i) the amount of income-tax calculated on the income in respect of units referred to in
clause (a), if any, included in the total income, at the rate of ten per cent;
(ii) the amount of income-tax calculated on the income by way of long-term capital gains referred
to in clause (b), if any, included in the total income, at the rate of ten per cent; and
Order, 1955.]
3[Explanation 2.—In this sub-section, the expression “computer software” shall have the meaning
assigned to it in clause
of the Explanation to section 80HHE.]
Nothing contained in sub-section
shall apply in relation to any income by way of royalty
received by a foreign company from an Indian concern in pursuance of an agreement made by it with the
Indian concern after the 31st day of March, 1976, if such agreement is deemed, for the 4[purposes of the
first proviso] to clause
of sub-section
of section 9, to have been made before the 1st day of April,
1976; and the provisions of the annual Finance Act for calculating, charging, deducting or computing
income-tax shall apply in relation to such income as if such income had been received in pursuance of an
agreement made before the 1st day of April, 1976.]
5[
No deduction in respect of any expenditure or allowance shall be allowed to the assessee under
sections 28 to 44C and section 57 in computing his or its income referred to in sub-section
Where in the case of an assessee referred to in sub-section
the gross total income consists only of the income referred to in clause
of that sub-section,
no deduction shall be allowed to him or it under Chapter VI-A;
the gross total income includes any income referred to in clause
of that sub-section, the
gross total income shall be reduced by the amount of such income and the deduction under Chapter
VI-A shall be allowed as if the gross total income as so reduced were the gross total income of the
assessee.
It shall not be necessary for an assessee referred to in sub-section
to furnish under
sub-section
of section 139 a return of his or its income if—
his or its total income in respect of which he or it is assessable under this Act during the
previous year consisted only of income referred to in clause
of sub-section
the tax deductible at source under the provisions of Chapter XVII-B has been deducted from
such income.]
6[115AB. Tax on income from units purchased in foreign currency or capital gains arising from
their transfer.—
Where the total income of an assessee, being an overseas financial organisation
(hereinafter referred to as Offshore Fund) includes—
income received in respect of units purchased in foreign currency; or
income by way of long-term capital gains arising from the transfer of units purchased in
foreign currency,
the income-tax payable shall be the aggregate of—
the amount of income-tax calculated on the income in respect of units referred to in
clause
the amount of income-tax calculated on the income by way of long-term capital gains referred
to in clause