India - Income Tax Act 2010 - Saarc

1.41 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(4)Explanation.—For the purposes of this clause, the share of a partnerin the total income of a firm separately assessed as such shall,notwithstanding anything contained in any other law, be an amountwhich bears to the total income of the firm the same proportion as theamount of his share in the profits of the firm in accordance with thepartnership deed bears to such profits ;](3) 92 [***]93[(4) (i) in the case of a non-resident, any income by way of intereston such securities or bonds as the Central Government may, bynotification in the Official Gazette 94 , specify in this behalf,including income by way of premium on the redemption of suchbonds :95[Provided that the Central Government shall not specify, for thepurposes of this sub-clause, such securities or bonds on or after the1st day of June, 2002;]96[ 97 (ii) in the case of an individual, any income by way of intereston moneys standing to his credit in a Non-Resident (External)Account in any bank in India in accordance with the ForeignExchange Regulation Act, 1973 (46 of 1973), and the rules madethereunder :Provided that such individual is a person resident outside India asdefined in clause (q) of section 2 98 of the said Act or is a person who92. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, clause (3), assubstituted by the Finance Act, 1972, w.e.f. 1-4-1972, and amended by the Finance Act,1986, w.e.f. 1-4-1987, Finance (No. 2) Act, 1991, w.e.f. 1-10-1991 and Finance Act, 1992, w.e.f.1-4-1992, read as under :‘(3) any receipts which are of a casual and non-recurring nature, to the extent suchreceipts do not exceed five thousand rupees in the aggregate :Provided that where such receipts relate to winnings from races including horseraces, the provisions of this clause shall have effect as if for the words “five thousandrupees”, the words “two thousand five hundred rupees” had been substituted :Provided further that this clause shall not apply to—(i) capital gains chargeable under the provisions of section 45 ; or(ii) receipts arising from business or the exercise of a profession or occupation; or(iii) receipts by way of addition to the remuneration of an employee ;’93. Substituted for clauses (4) and (4A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989. Prior to their substitution, clause (4) was amended by the Finance Act, 1964,w.e.f. 1-4-1964. Clause (4A) was inserted by the Finance Act, 1964, w.e.f. 1-4-1965,subsequently amended by the Finance Act, 1968, w.e.f. 1-4-1969 and substituted by theFinance Act, 1982, w.e.f. 1-4-1982.94. For specified securities, see Notification No. SO 3331, dated 19-10-1965. For details, seeTaxmann’s Master Guide to Income-tax Act.95. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.96. Substituted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.97. See also Circular No. 592, dated 4-2-1991. For details, see Taxmann’s Master Guide toIncome-tax Act.98. Clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973, defines “personresident outside India” as follows :‘(q) “person resident outside India” means a person who is not resident in India ;’For definition of the above term in FEMA, 1999, see Appendix.