Income-tax Act,1961
Act No : 43
Section :
SPECIAL PROVISIONS RELATING TO RETAIL TRADE, ETC.
1[CHAPTER XIIC SPECIAL PROVISIONS RELATING TO RETAIL TRADE, ETC. 115K. Special provision for computation of income in certain cases 2 3(1) Notwithstanding anything contained in any other provision of this Act relating to the computation of income chargeable under the head "Profits and gains of business or profession", in the case of any person, 4[to whom this section applies and who is- (a) carrying on the business of retail trade in any goods or merchandise; or (b) carrying on the business of running an eating place or of operating, hiring or leasing a motor cab, a taxicab or a three-wheeled motor vehicle or any other business as may be prescribed; or (c) engaged in any vocation, and submits a statement in accordance with the provisions of sub- section (4), a sum of 5[forty-two] thousand rupees shall be deemed to be the profits and gains of such person from such business or vocation.] (2) The provisions of sub-section (1) shall apply to any person, being an individual or a Hindu undivided family, where- (a) such person has not been assessed to income-tax for any assessment year commencing on or before the 1st day of April, 1992; (b) in the case of person referred to in- (i) clause (a) of sub-section (1), his turnover from the business of retail trade during the relevant previous year does not exceed ----------------------------------------------------------------------- 1 Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 4 Substituted for the following by the Finance Act, 1994, w.e.f. 1- 4-1995: "to whom this section applies, carrying on- (a) the business of retail trade in any goods or merchandise and who submits a statement in accordance with the provisions of sub-section (4), a sum *[of thirty-seven thousand rupees) shall be deemed to be the profits and gains of such person from the business of retail trade; 0 (b) the business of running an eating place [or of operating, hiring or leasing a goods carriage, a motor cab, a maxicab or a three-wheeled motor vehicle] or engaged in any vocation and who submits a statement in accordance with the provisions of sub-section (4), a sum of [thirty-seven] thousand rupees shall be deemed to be the profits and gains of such person from such business or vocation." * Substituted for "equal to seven per cent of the amount specified in sub-section (5)" by the Finance Act, 1993, w.e.f. 1-4-1994.
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