Finance Act, 1991
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Amendment of section 138B (employee allowance) of Income Tax Act, 1967. |
7.—As respects the year 1991-92 and subsequent years of assessment, section 138B (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , is hereby amended by the addition after subsection (2) of the following subsection: | |
“(3) Where an individual is in receipt of profits or gains from an office or employment held or exercised outside the State, such profits or gains shall be deemed to be emoluments within the meaning of subsection (2) if such profits or gains— | ||
(a) are chargeable to tax in the country in which they arise, and | ||
(b) are, on payment by the person making such payment, subject to a system of tax deduction which is similar in form to that provided for in Chapter IV of Part V, and | ||
(c) are chargeable to tax in the State on the full amount thereof under Schedule D, and | ||
(d) would, if the said office or employment was held or exercised within the State and the said person was resident in the State, be emoluments within the meaning of subsection (2).”. |