India - Income Tax Act 2010 - Saarc

1.143 CH. IV - COMPUTATION OF TOTAL INCOME S. 14AHeads of income.CHAPTER IVCOMPUTATION OF TOTAL INCOMEHeads of income6514. Save as otherwise provided by this Act, all income shall, for the purposesof charge of income-tax and computation of total income, be classifiedunder the following heads of income :—A.—Salaries.B.— 66 [***]C.—Income from house property.D.—Profits and gains of business or profession.E.—Capital gains.F.—Income from other sources.67[Expenditure incurred in relation to income not includible in total income 68 .14A.69[(1)] For the purposes of computing the total income under this Chapter,no deduction shall be allowed in respect of expenditure incurred by theassessee in relation to income which does not form part of the total income underthis Act.]69[(2) The Assessing Officer shall determine the amount of expenditure incurredin relation to such income which does not form part of the total income underthis Act in accordance with such method as may be prescribed 70 , if the AssessingOfficer, having regard to the accounts of the assessee, is not satisfied with thecorrectness of the claim of the assessee in respect of such expenditure in relationto income which does not form part of the total income under this Act.(3) The provisions of sub-section (2) shall also apply in relation to a case wherean assessee claims that no expenditure has been incurred by him in relation toincome which does not form part of the total income under this Act :]71[Provided that nothing contained in this section shall empower the AssessingOfficer either to reassess under section 147 or pass an order enhancing theassessment or reducing a refund already made or otherwise increasing theliability of the assessee under section 154, for any assessment year beginning onor before the 1st day of April, 2001.]65. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.66. “B.—Interest on securities” omitted by the Finance Act, 1988, w.e.f. 1-4-1989.67. Inserted by the Finance Act, 2001, w.r.e.f. 1-4-1962.68. See also Circular No. 11/2001, dated 23-7-2001. For details, see Taxmann’s Master Guideto Income-tax Act.69. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.70. See rule 8D.71. Inserted by the Finance Act, 2002, w.r.e.f. 11-5-2001.