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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 10(3) Amendment: Taxation on Non-Recurring Receipts and Gifts Over Rs. 1,000 Clarified by Finance Act 1972.</h1> The circular addresses the tax implications following the amendment to Section 10(3) by the Finance Act, 1972, which removed the tax exemption for casual and non-recurring receipts exceeding Rs. 1,000. It clarifies that such receipts, including gifts, are subject to income tax only if they qualify as 'income' under the Income-tax Act. Gifts of a purely personal nature remain non-taxable unless they are considered an addition to salary or arise from professional activities.
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