Difference btwn explanation & proviso
This query is : Resolved
25 June 2013
what is the difference betwen explanation and proviso as per income tax act and also explain the meaning in detail.
25 June 2013
Dear Payal,
In any law, there are 3 terms viz. Provision, Explanation, Proviso.
provision is the section of the rule
explanation further clarifies the section or provides a further detail
proviso means an exception to the provision.
eg: provision says : long tax will be charged at 20% on the capital gains amount
Explaination: also education cess at 3% shall be levied on the above amount
Proviso: Provided that no tax shall be charged on the amount of gains on shares sold on a recognised stock exchange.
hope i am clear...if you have any doubt please feel free to ask
- Ankit
In any law, there are 3 terms viz. Provision, Explanation, Proviso.
provision is the section of the rule
explanation further clarifies the section or provides a further detail
proviso means an exception to the provision.
eg: provision says : long tax will be charged at 20% on the capital gains amount
Explaination: also education cess at 3% shall be levied on the above amount
Proviso: Provided that no tax shall be charged on the amount of gains on shares sold on a recognised stock exchange.
hope i am clear...if you have any doubt please feel free to ask
- Ankit
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