11 October 2013
The proviso to section 269ss reads as under: "Provided that the provisions of this section shall not apply to loan or deposit where the person from whom loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agriculture income and neither of them has any income chargeable to tax under this Act"
My question is : here wt is the meaning of "income chargeable to tax" suppose a assesee(individual) having interest income of Rs. 4000/-(i.e. with in exemption limit) and agriculture income say 10,00,000/-
11 October 2013
It means that any of the party does not have any income taxable under this act...means either the income is not there or have exempted income or non taxable income...lik egariculture income exempted u/s 10(1).
CAclubindia
