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Section 8 -Additional Emoluments(Compulsory Deposit) Act, 1974

Additional Emoluments(Compulsory Deposit) Act, 1974

 

 

8. Assessment for the purpose of income-tax.

 

(1) For the purposes of computing, under the Income -tax Act, 1961, (43 of 1961) the total income of an employee, the amount credited to his ledger account in the Additional Wages Deposit Account or the Additional Dearness Allowance Deposit Account shall not be included in his total income of the previous year in which it is so credited; but so much of the amount as is repaid to him shall be liable to be included in his total income of the previous year in which it is repaid.

 

(2) For the purposes of computing, under the Income-tax Act, 1961, (43 of 1961) the total income of an employee, the amount repaid to him under this Act shall be deemed to be salary paid to him in arrears and the provisions of sub-section (1) of section 89 of that Act shall apply accordingly.

 

Explanation. In this section, “previous year” and “total income” have the meanings respectively assigned to them in the Income-tax Act, 1961.(43 of 1961)

 

 

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Additional Emoluments (Compulsory Deposit) Act, 1974

 

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