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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1996 Update: Clause Added to Tax Income Not Covered Under Business Profits or Salaries</h1> Section 56 of the Finance (No. 2) Act, 1996, is amended to include a new clause in sub-section (2). Effective October 1, 1996, clause (iv) is added, specifying that income described in sub-clause (xi) of clause (24) of section 2 is included if it is not taxable under 'Profits and gains of business or profession' or 'Salaries.'
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