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Difference btwn explanation & proviso

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(Querist)
25 June 2013 what is the difference betwen explanation and proviso as per income tax act and also explain the meaning in detail.
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Ankit

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Ankit (Expert)
25 June 2013 Dear Payal,

In any law, there are 3 terms viz. Provision, Explanation, Proviso.

provision is the section of the rule

explanation further clarifies the section or provides a further detail

proviso means an exception to the provision.

eg: provision says : long tax will be charged at 20% on the capital gains amount

Explaination: also education cess at 3% shall be levied on the above amount

Proviso: Provided that no tax shall be charged on the amount of gains on shares sold on a recognised stock exchange.


hope i am clear...if you have any doubt please feel free to ask

- Ankit
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