Amendment of section 192
In section 192 of the Income-tax Act, with effect from the 1st day of October, 2024,—
| (I) | in sub-section (1C), for the words, brackets and figures “clause (vi) of sub-section (2)”, the words, brackets and figures “sub-clause (vi) of clause (2)” shall be substituted; | |
| (II) | in sub-section (2A), the words, brackets and figure “sub-section (1) of” shall be omitted; | |
| (III) | for sub-section (2B), the following sub-section shall be substituted, namely:— | |
| ‘(2B) Where an assessee who receives any income chargeable under the head “Salaries” has, in addition,— |
| (i) | any income chargeable under any other head of income (not being a loss under any such head other than the loss under the head “Income from house property”); or | |
| (ii) | any tax deducted or collected under the provisions of Part B or Part BB of this Chapter, as the case may be, |
| for the same financial year, he may send to the person responsible for making the payment referred to in sub-section (1), the particulars of— |
| (a) | such other income; | |
| (b) | any tax deducted or collected under any other provision of Part B or Part BB of this Chapter, as the case may be; and | |
| (c) | the loss, if any, under the head “Income from house property”; |
in such form and verified in such manner as may be prescribed, and thereupon the person responsible as aforesaid shall take into account the particulars referred to in clauses (a), (b) and (c) for the purposes of making the deduction under sub-section (1):
Provided that this sub-section shall not in any case have the effect of reducing the tax deductible from income under the head “Salaries”, except where the loss under the head “Income from house property” and the tax deducted in accordance with other provisions of Part B and tax collected in accordance with the provisions of Part BB, of this Chapter, has been taken into account.