{"act":{"id":"finance-act-2002","short_title":"The Finance Act, 2002","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2002-2003.","act_number":null,"act_year":2002,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":124,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2002/"},"unit":"section","section":{"number":"71","heading":"Amendment of section 192","text":"Amendment of section 192. 71. In section 192 of the Income-tax Act, with effect from the 1st day of June, 2002,— (a ) after sub-section (1), the following sub-sections shall be inserted, namely:— \"(1A) Without prejudice to the provisions contained in sub-section (1), the person responsible for paying any income in the nature of a perquisite which is not provided for by way of monetary payment, referred to in clause (2) of section 17, may pay, at his option, tax on the whole or part of such income without making any deduction therefrom at the time when such tax was otherwise deductible under the provisions of sub-section (1). (1B) For the purpose of paying tax under sub-section (1A), tax shall be determined at the average of income-tax computed on the basis of the rates in force for the financial year, on the income chargeable under the head \"Salaries\" including the income referred to in sub-section (1A), and the tax so payable shall be construed as if it were, a tax deductible at source, from the income under the head \"Salaries\" as per the provisions of sub-section (1), and shall be subject to the provisions of this Chapter.\"; (b ) in sub-section (3), after the words, brackets and figure \"sub-section (1)\", the words, brackets, figure and letter \"or sub-section (1A)\" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 192.</b></p><p><b>71.</b> In section 192 of the Income-tax Act, with effect from the 1st day of June, 2002,—</p><p>(<i>a</i> ) after sub-section (1), the following sub-sections shall be inserted, namely:—</p><p>\"(1A) Without prejudice to the provisions contained in sub-section (1), the person responsible for paying any income in the nature of a perquisite which is not provided for by way of monetary payment, referred to in clause (<i>2</i>) of section 17, may pay, at his option, tax on the whole or part of such income without making any deduction therefrom at the time when such tax was otherwise deductible under the provisions of sub-section (1).</p><p><span class=\"num\">(1B)</span> For the purpose of paying tax under sub-section (1A), tax shall be determined at the average of income-tax computed on the basis of the rates in force for the financial year, on the income chargeable under the head \"Salaries\" including the income referred to in sub-section (1A), and the tax so payable shall be construed as if it were, a tax deductible at source, from the income under the head \"Salaries\" as per the provisions of sub-section (1), and shall be subject to the provisions of this Chapter.\";</p><p>(<i>b</i> ) in sub-section (3), after the words, brackets and figure \"sub-section (1)\", the words, brackets, figure and letter \"or sub-section (1A)\" shall be inserted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":228,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2002/section/71/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}