India - Income Tax Act 2010 - Saarc

S. 194B I.T. ACT, 1961 1.748Profits Tax Act, 1963 (14 of 1963), or the Companies (Profits) SurtaxAct, 1964 (7 of 1964), or the Interest-tax Act, 1974 (45 of 1974);]28[(ix) to such income credited or paid by way of interest on the compensationamount awarded by the Motor Accidents Claims Tribunal wherethe amount of such income or, as the case may be, the aggregate ofthe amounts of such income credited or paid during the financial yeardoes not exceed fifty thousand rupees;]29[(x) to such income which is paid or payable by an infrastructure capitalcompany or infrastructure capital fund or a public sector company30[or scheduled bank] in relation to a zero coupon bond issued on orafter the 1st day of June, 2005 by such company or fund or publicsector company 30 [or scheduled bank].]31[Explanation 1.—For the purposes of clauses (i), (vii) and (viia), “time deposits”means deposits (excluding recurring deposits) repayable on the expiry of fixedperiods.Explanation 2.— 32 [***]]33[(4) The person responsible for making the payment referred to in sub-section(1) may, at the time of making any deduction, increase or reduce the amount tobe deducted under this section for the purpose of adjusting any excess ordeficiency arising out of any previous deduction or failure to deduct during thefinancial year.]Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-6-1992.]34[Winnings from lottery or crossword puzzle.35194B. 36 The person responsible for paying to any person any income by wayof winnings from any lottery or crossword puzzle 37 [or card gameand other game of any sort] in an amount exceeding 38 [ten thousand rupees]28. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.29. Inserted by the Finance Act, 2005, w.e.f. 1-6-2005.30. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.31. Explanation 1 and Explanation 2 substituted for Explanation by the Finance Act, 2005,w.e.f. 1-6-2005. Prior to its substitution, Explanation, as inserted by the Finance Act, 1995,w.e.f. 1-7-1995, read as under :‘Explanation.—For the purposes of clauses (i), (vii) and (viia), “time deposits” meansdeposits (excluding recurring deposits) repayable on the expiry of fixed periods.’32. Omitted by the Finance Act, 2006, w.e.f. 1-4-2006. Prior to its omission, Explanation 2 readas under:‘Explanation 2.—For the purposes of clause (x), “infrastructure capital company” and“infrastructure capital fund” shall have the meanings respectively assigned to them inclauses (a) and (b) of Explanation 1 to clause (23G) of section 10.’33. Inserted by the Finance Act, 1975, w.e.f. 1-4-1975.34. Inserted by the Finance Act, 1972, w.e.f. 1-4-1972.35. See also Circular No. 264, dated 11-2-1980. For details, see Taxmann’s Master Guide toIncome-tax Act.36. See rules 30, 31, 31A, 31AB, 37 and 37BA and Form Nos. 16A, 26AS and 26Q.37. Inserted by the Finance Act, 2001, w.e.f. 1-6-2001.38. Substituted for “five thousand rupees” by the Finance Act, 2010, w.e.f. 1-7-2010. Earlier“five thousand rupees” were substituted for “one thousand rupees” by the Finance Act,1986, w.e.f. 1-6-1986.