INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
Incomes not included in total income.
10. In computing the total income of a previous
year of any person, any income falling within any of the following
clauses shall not be included—
(1) agricultural income ;
92(2)
93[subject to the provisions of sub-section (2) of
section 64,]
any sum received by an individual as a member of a Hindu undivided
family, where such sum has been paid out of the income of the family,
or, in the case of any impartible estate, where such sum has been paid
out of the income of the estate belonging to the family ;
94[(2A)
in the case of a person being a partner of a firm which is separately
assessed as such, his share in the total income of the firm.
Explanation.—For the
purposes of this clause, the share of a partner in the total income of a
firm separately assessed as such shall, notwithstanding anything
contained in any other law, be an amount which bears to the total income
of the firm the same proportion as the amount of his share in the
profits of the firm in accordance with the partnership deed bears to
such profits ;]
(3) 95[***]
96[(4) (i)
in the case of a non-resident, any income by way of interest on such
securities or bonds as the Central Government may, by notification in
the Official Gazette97, specify in this behalf, including income by way of premium on the redemption of such bonds :
98[Provided
that the Central Government shall not specify, for the purposes of this
sub-clause, such securities or bonds on or after the 1st day of June,
2002;]
99[1(ii)
in the case of an individual, any income by way of interest on moneys
standing to his credit in a Non-Resident (External) Account in any bank
in India in accordance with the Foreign Exchange Regulation Act, 1973
(46 of 1973), and the rules made thereunder :
Provided that such individual is a person resident outside India as defined in clause (q) of
section 22 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account ;]]
3[***]
4[(4B)
in the case of an individual, being a citizen of India or a person of
Indian origin, who is a non-resident, any income from interest on such
savings certificates issued
5[before the 1st day of June, 2002] by the Central Government as that Government may, by notification in the Official Gazette6, specify in this behalf :
Provided that the
individual has subscribed to such certificates in convertible foreign
exchange remitted from a country outside India in accordance with the
provisions of the Foreign Exchange Regulation Act, 1973 (46 of 1973),
and any rules made thereunder.
Explanation.—For the purposes of this clause,—
(a) a person shall be deemed to be of Indian
origin if he, or either of his parents or any of his grandparents, was
born in undivided India ;
(b) "convertible foreign exchange" means
foreign exchange which is for the time being treated by the Reserve Bank
of India as convertible foreign exchange for the purposes of the
Foreign Exchange Regulation Act, 1973 (46 of 1973), and any rules made
thereunder ;]
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