Income inclusion rule: exemption under sections 11 and 12 does not apply when specified proviso becomes applicable. The amendment to section 13 provides that when the first proviso to clause (15) of section 2 becomes applicable in a previous year, sections 11 and 12 ... Summary
Income inclusion rule: exemption under sections 11 and 12 does not apply when specified proviso becomes applicable.
The amendment to section 13 provides that when the first proviso to clause (15) of section 2 becomes applicable in a previous year, sections 11 and 12 shall not operate to exclude that income from the person's total income for that year, thereby requiring inclusion despite the usual exemption provisions.
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