Finance Act, 1976
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Chapter V Benefits in Kind | ||
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Extension of charge to tax under section 52 (Schedule D) of Income Tax Act, 1967. |
22.—(1) Where a person (in this section referred to as “the employee”) holds an office or employment and— | |
(a) the profits or gains arising to him from that office or employment are, by virtue of section 52 of the Income Tax Act, 1967 , chargeable to tax under Case III of Schedule D, and | ||
(b) he receives a sum in respect of expenses or derives a benefit, being a sum or benefit to which this section applies, | ||
the profits or gains from that office or employment assessable to tax shall include the specified amount and shall be charged to tax accordingly. | ||
(2) This section applies to any sum received or benefit derived by the employee in respect of which there would be a charge to tax by virtue of Chapter III of Part V of the Income Tax Act, 1967 , if the office or employment held by him were one the profits or gains from which were chargeable to tax under Schedule E. | ||
(3) The specified amount referred to in subsection (1) is the amount which would by virtue of the said Chapter III be chargeable to tax in respect of the sum or benefit to which this section applies if the profits or gains from the office or employment referred to in that subsection were chargeable to tax under Schedule E. |