India - Income Tax Act 2010 - Saarc

S. 115BBC I.T. ACT, 1961 1.558the income-tax payable by the assessee shall be the aggregate of—(i) the amount of income-tax calculated on income referred to in clause(a) or clause (b) at the rate of ten per cent; and(ii) the amount of income-tax with which the assessee would have beenchargeable had the total income of the assessee been reduced by theamount of income referred to in clause (a) or clause (b) :Provided that no deduction in respect of any expenditure or allowance shall beallowed under any provision of this Act in computing the income referred to inclause (a) or clause (b).(2) It shall not be necessary for the assessee to furnish under sub-section (1) ofsection 139 a return of his income if—(a) his total income in respect of which he is assessable under this Actduring the previous year consisted only of income referred to inclause (a) or clause (b) of sub-section (1); and(b) the tax deductible at source under the provisions of Chapter XVII-Bhas been deducted from such income.]34[Tax on income from units of an open-ended equity oriented fund of the UnitTrust of India or of Mutual Funds.115BBB. (1) Where the total income of an assessee includes any income fromunits of an open-ended equity oriented fund of the Unit Trust of Indiaor of a Mutual Fund, the income-tax payable shall be the aggregate of—(a) the amount of income-tax calculated on income from units of anopen-ended equity oriented fund of the Unit Trust of India or of aMutual Fund, at the rate of ten per cent; and(b) the amount of income-tax with which the assessee would have beenchargeable had his total income been reduced by the amount ofincome referred to in clause (a).(2) Nothing contained in sub-section (1) shall apply in relation to any income fromunits of an open-ended equity oriented fund of the Unit Trust of India or of theMutual Fund arising after the 31st day of March, 2003.Explanation.—For the purposes of this section, the expressions “Mutual Fund”,“open-ended equity oriented fund” and “Unit Trust of India” shall have themeanings respectively assigned to them in the Explanation to section 115T.]35[Anonymous donations to be taxed in certain cases.115BBC. (1) Where the total income of an assessee, being a person in receipt ofincome on behalf of any university or other educational institutionreferred to in sub-clause (iiiad) or sub-clause (vi) or any hospital or otherinstitution referred to in sub-clause (iiiae) or sub-clause (via) or any fund orinstitution referred to in sub-clause (iv) or any trust or institution referred to insub-clause (v) of clause (23C) of section 10 or any trust or institution referred toin section 11, includes any income by way of any anonymous donation, theincome-tax payable shall be the aggregate of—34. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.35. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.