India - Income Tax Act 2010 - Saarc

S. 40 I.T. ACT, 1961 1.25499[Explanation 1.—For the removal of doubts, it is hereby declaredthat for the purposes of this sub-clause, any sum paid onaccount of any rate or tax levied includes and shall be deemedalways to have included any sum eligible for relief of tax undersection 90 or, as the case may be, deduction from the Indianincome-tax payable under section 91.]1[Explanation 2.—For the removal of doubts, it is hereby declaredthat for the purposes of this sub-clause, any sum paid on accountof any rate or tax levied includes any sum eligible for relief of taxunder section 90A;]2[ 3 (iia) any sum paid on account of wealth-tax.Explanation.—For the purposes of this sub-clause, “wealth-tax”means wealth-tax chargeable under the Wealth-tax Act, 1957 (27of 1957), or any tax of a similar character chargeable under anylaw in force in any country outside India or any tax chargeableunder such law with reference to the value of the assets of, or thecapital employed in, a business or profession carried on by theassessee, whether or not the debts of the business or professionare allowed as a deduction in computing the amount with referenceto which such tax is charged, but does not include any taxchargeable with reference to the value of any particular asset ofthe business or profession;]4[(iii) any payment which is chargeable under the head “Salaries”, if itis payable—(A) outside India; or(B) to a non-resident,and if the tax has not been paid thereon nor deducted therefromunder Chapter XVII-B;](iv) any payment to a provident or other fund established for thebenefit of employees of the assessee, unless the assessee hasmade effective arrangements to secure that tax shall be deductedat source from any payments made from the fund which arechargeable to tax under the head “Salaries”;99. Inserted by the Finance Act, 2006, w.e.f. 1-4-2006.1. Inserted, ibid., w.e.f. 1-6-2006.2. Inserted by the Income-tax (Amendment) Act, 1972, w.r.e.f. 1-4-1962 subject to savingsprescribed by sections 4 and 5 of that Act.3. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.4. Substituted by the Finance Act, 2003, w.e.f. 1-4-2004. Prior to its substitution, sub-clause(iii) read as under :‘(iii) any payment which is chargeable under the head “Salaries”, if it is payable outsideIndia and if the tax has not been paid thereon nor deducted therefrom underChapter XVII-B;’