Computation of excluded income: treat excluded amounts as Income-tax Act figures reduced where Chapter VIA deductions apply. The amendment adds an Explanation that the amount of any income or profits required to be excluded under rule 1 of the First Schedule shall be the amount as computed under the Income-tax Act (except Chapter VIA), and where a deduction under Chapter VIA is allowable in respect of such income or profits, the excluded amount shall be that computed figure reduced by the Chapter VIA deduction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Computation of excluded income: treat excluded amounts as Income-tax Act figures reduced where Chapter VIA deductions apply.
The amendment adds an Explanation that the amount of any income or profits required to be excluded under rule 1 of the First Schedule shall be the amount as computed under the Income-tax Act (except Chapter VIA), and where a deduction under Chapter VIA is allowable in respect of such income or profits, the excluded amount shall be that computed figure reduced by the Chapter VIA deduction.
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