Income Tax Rules

by Dr. Girish Ahuja & Dr. Ravi Gupta

DIVISION I – INCOME-TAX RULES

PART I

PRELIMINARY

1 Short title and commencement.	1.3
2 Definitions.	1.3

PART II

DETERMINATION OF INCOME

A.—Salaries

2A Limits for the purposes of section 10(13A).	1.3
2B. Conditions for the purpose of section 10(5).	1.4
2BA. Guidelines for the purposes of section 10(10C).	1.6
2BB. Prescribed allowances for the purposes of clause (14) of section 10.	1.8
2BBA. Circumstances and conditions for the purposes of clause (19) of section 10.	1.29
2BBB. Percentage of Government Grant for considering university, hospital, etc., as substantially financed by the Government for the purposes of clause (23C) of section 10.	1.29
2BC. Amount of annual receipts for the purposes of sub-clauses (iiiad) and (iiiae) of clause (23C) of section 10.	1.29
2C. Application for the purpose of grant of approval of a fund or trust or institution or university or any hospital or other medical institution under clause (i) or clause (ii) or clause (iii) or clause (iv) of first proviso to clause (23C) of Section 10.	1.30
2D. Guidelines for approval under clause (23F) of section 10.	1.32
2DA. Guidelines for approval under clause (23FA) of section 10.	1.34
2DAA. “Conditions for the Venture Capital Fund for the clause (23FB) of section 10.	1.35
2DB. Other conditions to be satisfied by the pension fund.	1.35
2DC. Guidelines for notification under clause (23FE) of section 10.	1.36
2DCA. Computation of minimum investment and exempt income for the purposes of clause (23FE) of section 10 of the Act.	1.37
2DD. Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10.	1.43
2E. Guidelines for approval under clause (23G) of section 10.	1.44
2F. Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10.	1.45
3A. Exemption of medical benefits from perquisite value in respect of medical treatment of prescribed diseases or ailments in hospitals approved by the Chief Commissioner.	1.69
3B. Annual accretion referred to in the sub-clause (viia) of clause (2) of section 17 of the Act.	1.71

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About the Author

Dr. Girish Ahuja & Dr. Ravi Gupta

Dr. Girish Ahuja did his graduation and post-graduation from Shri Ram College of Commerce, Delhi and was a position holder. He was awarded a Ph.D. degree by Faculty of Management Studies (FMS), Delhi University. He is a Fellow of the Institute of Chartered Accountant of India (ICAI) and was a rank holder of both Intermediate and Final examinations of the Institute. He had been nominated by the Government of India as a member of the Task Force for redrafting the Income-tax Act and New Income-tax Law. He is also on the Board of Directors of many reputed companies and has a vast and rich experience in the field of finance and taxation. He has been nominated by the Government of Directors of UNITECH LTD with the approval of the Supreme Court to Board and was also been nominated by the Govt. of India as Independent Director of the Central Board of State Bank of India. Dr. Ahuja is a author of various books on Direct Taxation and he has addressed more than 5000 seminars organized by the ICAI, ICSI, ICWAI, Chambers of Commerce.

Dr. Ravi Gupta did his graduation and post-graduation from Shri Ram College of Commerce. Thereafter, he did LL.B. from Delhi University and MBA (Finance) from Faculty of Management Studies, Delhi. He has been awarded a Ph.D. degree in International Finance by the Delhi University. He had been a faculty member at Shri Ram College of Commerce (Delhi University). He is an advocate and leading consultant at Delhi NCR and also has vast practical experience in handling tax matters of trade and industry. He has been appointed by the Government of India as a member of the Committee consututed for Simplification of Income Tax Act. He is also a Central Council member of ICAI (Government of India Nominee) and on the Board of various reputed companies. He is a co-author of various books on Income-tax. He has addressed more than 3000 seminars on Direct Taxes organized by ICAI, Chambers of Commerce, Universities, etc.

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