Income Tax Act, 2058 (2002)


Quantification, Allocation and Characterization of Amounts

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Quantification, Allocation and Characterization of Amounts


27. Quantification of amounts: (1) Any payment has to be quantified equal to the following amount:

(a) In the case of a payment made by way of transferring money or property by any person to another person, amount equal to the market value of the transferred money or property,

(b) The amount to be determined as prescribed for the payment made for the provision of the following matters or the amounts to be determined pursuant to clause (e) where there is no provision for determining the amount:-

(1) A motor vehicle used or made available for use for personal purposes of the recipient of payment in full or in part, or

(2) A building made available for the recipient of payment.

(c) The amount which remains by deducting the contributions of the recipient of payment from the expenditure made by the person making payment for the provision of the following things:-

(1) The services of a caretaker of the house, cook, driver, gardener or other domestic assistant,

(2) Any food, drinking or entertainment, or

(3) Services like water tap, electricity, telephone installed in the residence of the recipient,

(d) If the interest paid by any person who has to receive payment in any income year for a loan is less than the amount of interest to be paid as per the prevailing interest rate, the amount to the extent of such a less,

(e) In respect of a payment except the payment referred to in clauses (a), (b), (c) and (d), if a third person receives payment instead of the recipient of payment, the amount equal to the value of benefit derivable generally.

(2) The time when a payment is earned, received, made, borne or otherwise worked out for tax purposes in respect of clauses (a) and (e) of Sub-section (1) shall be the time when the quantification of amounts has been made.

28. Conversion in money: (1) If the income of a person and the amounts to be included and deducted in assessing the income has been quoted in other currency except Nepalese rupees, such amounts have to be converted into Nepalese rupees.

(2) If the amounts to be included or deducted in computing the income of any person in any income year have been quoted in other currency except Nepalese rupees, such currency has to be converted into Nepalese rupees as per the exchange rate prevailing at the time when the amount was received, expended, paid, or otherwise worked out for tax purposes.

(3) Notwithstanding anything contained in Sub-section (2), in cases where the department has, by issuing a notice in writing, given permission for purposes of that Sub-section, any person may apply the average exchange rate prescribed by the Department.

29. Indirect payments: In cases where any person intends to render benefits to other person through payments made by the payer or a person associated with him as follows, the Department may, by issuing a notice in writing, treat such other person or the specified person as the recipient of payment:-

(a) Where benefit is derived from any payment indirectly, or

(b) Where the recipient of any payment is specified.

30. Investment under joint ownership: Any person has to allocate the amounts to be included or deducted in computing the income for purposes of computing the income earned from the investment under joint ownership with other persons on the basis of proportion of the respective interests of the joint owners in that investment.

31. Characterization of payment for compensation: In cases where any person or his associated person has received any compensation amount for the following matters including payments for insurance, at the time of receipt of the amount for the compensation, such amount has to be included, as the case may be, in computing the income earned from employment, business or investment:-

(a) Compensation for any income earned or likely to be earned by that person from any business or investment or for any amount to be included in the computation of that income, or

(b) Compensation for any loss suffered or likely to be suffered by that person from any business or investment or for any expenses to be deducted in the computation of that income.

32. Characterization of payment under annuities, installment sale and financial lease: (1) Any payment made by the person who acquires a property under annuities or installment sale or payment made to any person for the use of any property under a financial lease has to be treated as the interest and return of capital under the debt claim under this Section.

(2) All payments referred to in Sub-section (1) have to be calculated in gross and the total sum thereof has to be divided into two portions as follows:-

(a) Capital portion comprising all payments for annuities as per necessity or equivalent to the market value of any property at the time of selling that property by installment or leasing it, and

(b) Interest portion to be set by subtracting the capital portion from the total sum of all payments referred to in Sub-section (1).

(1) In determining installments at the very time when annuities, installment sale or financial lease is carried out pursuant to Sub-section (2), the seller has to provide a total payment schedule clearly setting out the capital and interest portions. One who cannot provide such schedule has to treat the interest and principal portion, annuities, installment sale or financial lease as if they were mixed loans with interest to be kept on adding in every six months and allocate them in payments as referred to in Sub-section (1).

(2) The borrower has to pay the principal in part and the interest in part by working out the portion of interest in the due and payable principal at the time of each payment in a manner that the rate of interest is the same during the period of loan of payment to be made pursuant to Sub-section (1) as if it were a mixed loan.

(3) The following terms have to be fulfilled in making a lease under a financial lease pursuant to this section:-

(a) Where the lease agreement contains an option that ownership is transferred after expire of the validity period of the lease or the lessee can purchase that property at a certain price or a foreseen price after expire of the validity period of the lease,

(b) Where the period of lease exceeds Seventy-Five percent of the useful life of that property,

(c) Where the estimated market value of that property after expire of the period of the lease is less than twenty percent of the market value of that property prevailing at the beginning of the lease,

(d) In the case of a lease that commences prior to the ultimate twenty-five percent life of the useful life of the property, where the current value of the minimum lease payment is equal to ninety percent of the market value of that property at the time of commencement of the period of the lease or more than that, or

(e) Where a property has been prepared in a special manner for the lessee and, after expire of the period of lease, that property is not of practical use for any other person except the lessee.

(6) Each payment referred to in Sub-section (1) shall be divided into two portions pursuant to Sub-section (3), and the interest portion under the debt claim has to be treated as paid or to be paid interest and the capital portion as repayment of capital.

(7) A lessee under a financial lease shall be treated as the person having ownership of the property leased, and the lesser shall be treated as having debt claim over the lessee.

(8) The current value of the lease payment has to be computed by applying discount rate equal to the normal interest rate.

Explanation: "Period of lease" means and includes an additional period for which the lessee is entitled to have the lease renewed.

33. Price transferring and other arrangements between associated persons: (1) In cases where any provision is made between the associated persons and the provision is operated as per arms length, the Department may, by issuing a notice in writing, distribute, appropriate or allocate the amounts to be included or deducted in computing the income between those persons in such a manner as to reflect the taxable income or the payable tax that could be set for them.

(2) In carrying anything mentioned in Sub-section (1), the Department may do as follows:-

(a) To re-characterize any income, loss, amount or source and type of payment, or

(b) Where various expenses including main office expenses which any person had to incur to operate any business have yielded benefits to the associated person or persons, to allocate such expenses between the associated persons on the comparative basis of the turnover of the business.

34. Division of income: (1) If any person attempts to divide his income with another person and it appears that it will anyhow lessen the payable tax, the Department may, in order not to allow such less in liability, have the amounts to be included or deducted in computing the income of each person adjusted by giving a notice in writing.

(2) The transfer of the following amounts by one or more interposed entities directly or indirectly between persons and associated persons as mentioned in Sub-section (1) and circumstances where attempts are made to divide income to lessen the tax required to be paid by the persons or associated persons by virtue of that transfer shall also be included:-

(a) The amounts to be received and expenses to be incurred, or

(b) The amounts to be received or used from any property by the transferee of that property or expenses incurred or payment made by that person for the acquisition of ownership of that property.

(3) In determining as to whether or not any person has attempted to divide any income pursuant to Sub-section (2), the Department shall take the market value of any payment made for the transfer as the basis.

35. General rule against tax avoidance: For purposes of ascertaining the tax liability pursuant to this Act, the Department may carry out the followings:

(a) To re-characterize any arrangement or any part of such arrangement made or attempted to be made as a part of a tax avoidance scheme,

(b) To disregard any arrangement or any part of such arrangement that does not show any substantial effect, or

(c) To re-characterize any arrangement or any part of such arrangement that does not show any substantial element.



Explanation: For purposes of this Section, "tax avoidance scheme' means any arrangement with a main objective to have avoidance of tax liability or to lessen the tax liability.

Chapter-8

Assessment of Net Profit from Property and Liability

36. Net profits from property and liability: (1) The net profits derived from the disposal of business property or liability of a business of any person for any income year shall be computed by deducting the following losses from the sum of all profits derived from the disposal of business property or liability of that business in that income year:-

(a) The sum of all losses suffered in that year from the disposal of business property or liability,

(b) The loss that could not be deducted elsewhere out of the net loss suffered from any other business of that person in that year, and

(c) The loss that could not be deducted out of the net loss suffered from that business in any income year or from any other business of that person in the past.

(2) The net profits derived from the disposal of taxable non-business property of investment of any person for any income year shall be computed by deducting the following losses from the sum of all profits derived from the disposal of taxable non-business of that investment in that income year:-

(a) The sum of all losses suffered in that year from the disposal of taxable non-business property of that investment,

(b) The loss that could not be deducted elsewhere out of the net loss suffered from any other business or investment of that person in that year, and

(c) The loss that could not be deducted out of the net loss suffered from that investment, any business or any other investment of that person in any past income year.

(3) Any person can make a claim for deduction pursuant to sun-section (1) or (2) in respect of a loss suffered from the disposal of the property or liability of foreign source only to the extent of the benefit derived from the disposal of any property or liability of foreign source.

(4) If any person is entitled, under Sub-section (1) or (2) to deduct the net loss suffered from a business or investment in more than one computation pursuant to Sub-section (1) or (2), he may select computations for the purpose of deducting that loss or portion thereof.

Explanation: For purposes of this Act,-

(1) "Net loss" means,-

(a) In respect of any business, the amount to the extent that the loss suffered from the disposal of the business property or liability of that business in any income year exceeds the profit derived from the disposal of business property or liability of that business in that year, and

(b) In respect of any investment, the amount to the extent that the loss suffered from the disposal of the taxable non-business property of that investment in any income year exceeds the profit derived from the disposal of taxable non-business property of that investment in that year.

(2) "Net loss that could not be deducted" means of any business or investment,-

(a) The loss that could not be deducted pursuant to clause (b) or (c) of Sub-section (1) or clause (b) or (c) of Sub-section (2) out of the net loss suffered in that year, and

(b) Any loss of that business or investment that could not be deducted referred to in Sub-section (7) of Section 20, which could not be remitted by virtue of the time limit referred to in Sub-section (1) or (2) of Section 20.

37. Profit and loss made from property and liability: (1) The profit derived by any person from the disposal of any property or liability has to be computed, considering it to be the extent that the sum of the income derived from that property or liability exceeds the sum of the outgoings for that property or liability at the time of disposal.

(2) The loss suffered by any person from the disposal of any property or liability has to be computed, considering it to be the extent that the sum of the outgoings for that property or liability exceeds the sum of the income earned from that property or liability at the time of disposal.

38. Expenses and net expenses for property and liability: (1) The following expenses shall be included in the expenses for the property or liability of any person, subject to this Act:-

(a) In respect of any property, the expenses made by that person in acquiring that property, inclusive of the following amounts:-

(1) The related expenses made in the construction and production of that property, and

(2) Any amount required to be included in the assessment of the income of that person as a result of acquisition.

(b) The expenses made by that person in obtaining the ownership of that property or liability, inclusive of the expenses incurred in the alteration, improvement and repair and maintenance of the property or liability, and the expenses in the repair and maintenance of the property,

(c) The expenses made by him in the disposal of the property or liability, and

(d) Casual expenses made by him in acquiring the property or bearing liability and disposing such property or liability.

Provided that, the expenses referred to in clauses (a), (b), (c), (d), and (e) of Sub-section (1) of Section 21 and the expenses that are allowed to be deducted in the assessment of income are not required to be included in such expenses.

(2) The net expenses for any property or liability at any particular time shall be so computed as to consider the amounts to the extent of excess of the sum of all expenses for that property or liability than the sum of all incomes for that property or liability at that time.

(3) The amount of expenses to be deducted in computing the income as referred to in Chapter-6 and 7 shall be deemed as if they were made in respect of the expenses for any property or liability, and shall be applicable in respect of the expenses referred to in Sub-section (1). Provided that, Section 26 shall no apply in respect of the above-mentioned provision.

39. Income and net income for property and liability: (1) The following amounts shall be included in the incomes for the property or liability of any person, subject to this Act:-

(a) The amounts received, in respect of the liability, by that person in bearing the liability,

(b) The amounts to be received by that person in acquiring the property or in respect of bearing the liability, including the amounts acquired by altering or lessening the value of the property or increasing the liability, and

(c) The amounts received or to be received by that person in respect of the disposal of that property or liability.

Provided that, the amount exempted from tax, taxable amount subject to tax deduction finally or the amounts to be included in the income in assessing the income of that person shall not be included in such income.

(2) The net incomes for any property or liability at any time shall include the amounts to the extent of excess of the incomes for that property or liability than the sum of all expenses for that property or liability at that time.

(3) The amount to be included in the income in computing the income as referred to in Chapter-6 and 7 shall be deemed as if they were made in respect of the incomes for any property or liability, and shall be dealt with pursuant to Sub-section (1).

Provided that, Section 26 shall not apply in respect of the above-mentioned provision.

40. Disposal of property or liability: (1) If the ownership of any person over any property ceases, he shall be deemed to have disposed that property. The disposal of property has to include acts such as distribution of the property by the owner of the property, amalgamation of the property in other property or liability, sale of the property in installments or lease out to any other person under a financial lease, cancellation, destroy, loss, expiration or surrender of the same.

(2) If the burden of liability of any person ceases, he shall be deemed to have disposed that liability. The disposal of liability has to include acts such as settlement, cancellation, release and completion of the liability or amalgamation of liability in other liability or property.

(3) Notwithstanding anything contained in Sub-sections (1) and (2), any person shall be deemed to have disposed any property or liability in the following circumstances:-

(a) In respect of a natural person, immediately before the death of that person,

(b) In respect of any property, if the sum of the incomings for that property exceeds the sum of the outgoings for that property,

(c) In respect of any property subject to debt claim,-

(1) If it has become a bad debt as per the standards as prescribed in respect of a debt claim of a bank or financial institution, and

(2) If, in any other circumstance, that person has reasonably believed the debt claim as non-recoverable.

Provided that, the person has to have already pursued all proper measures to recover that debt claim.

(d) If any person has started using a business property, non-business taxable property, depreciable property or stock-in-trade in a manner to alter the type thereof, immediately before the use of the altered form of that property,

(e) In the circumstances referred to in section 57 in respect of any entity, and

(f) Immediately before that person has become a non-resident person, except the land or building situated in Nepal.

(4) If any person disposes any property by leasing it under a financial lease pursuant to Sub-section (1), the lessee of that property shall be deemed to have acquired the ownership of that property at the time of disposal.

(5) The following provisions shall apply for purposes of computing the profits derived by any person from the disposal of the property or liability:-

(a) The amounts of net expenses for any property under ownership of any person at the time of commencement of this Act shall be deemed to be equal to the market value of the property prevailing at that time,

(b) The amounts of net incomes for liability of any person at the time of commencement of this Act shall be deemed to be equal to the amount as per the market value of the liability prevailing at that time.

41. Disposal along with retention of property or liability: If any person disposes any property or liability in any manner referred to in clauses (c), (d), (e) and (f) of Sub-section (3) of Section 40, the following provisions shall apply:-

(a) In respect of property,-

(1) That person shall be deemed to have received the amount equal to the market value of that property at the time of disposal for the disposal, and

(2) The net outgoings made for that property until that time shall be deemed to be equal to the amount receivable.

(b) In respect of liability,-

(1) That person shall be deemed to have spent the amount equal to the market value of that liability at the time of disposal for the disposal, and

(2) The incomings derived for that liability pursuant to clause (1) until that time shall be deemed to be equal to the amount of expenses.

42. Disposal through installment sale or financial lease: If any person disposes any property by way of installment sale or lease under a financial lease to any other person, the following provisions shall apply:-

(a) The person who has disposed the property shall be deemed to have received the amount equal to the market value of that property at the time of disposal for the disposal, and

(b) The person who has acquired the property through disposal shall be deemed to have incurred cost in a sum equal to clause (a).

Provided that, this provision shall not be applicable where the provision of Section 45 applies.

43. Transfer of property to husband, wife or former husband, wife: If any natural person who is a divorcee or lives apart upon having partition share disposes a property by transferring it to her husband, his wife or former husband, wife, and that husband, wife or former husband, wife makes a choice in writing to have this Section enforced, the following provisions shall apply:

(a) That person shall be deemed to have obtained, for disposal, the amount equal to the net expenses incurred immediately before the disposal, and

(b) The person who has acquired the property through transfer shall be deemed to have incurred cost in a sum equal to clause (a).

44. Transfer of property after death: If the ownership of any property is disposed through transfer to any other person because of death of any natural person, the following provisions shall apply:

(a) That person shall be deemed to have obtained, for disposal, the amount equal to the market value of that property prevailing at the time of disposal, and

(b) The person who has acquired the property through transfer shall be deemed to have incurred cost in a sum equal to clause (a).

45. Transfer between associated persons and other non-market transfers: (1) If any person disposes any property by transferring it to an associated person or any other person for no consideration, the following provisions shall apply:-

(a) The person who has disposed the property shall be deemed to have received the amount equal to the market value of that property at the time of disposal for the disposal, and

(b) The person who has acquired the property through disposal shall be deemed to have incurred cost in a sum equal to clause (a).

Provided that, this provision shall not be applicable where the provision of Section 43 and 44 applies.

(2) Notwithstanding anything contained in Sub-section (1), if any person disposes any business property, non-business taxable property or property remaining as stock-in-trade by transferring ownership over such property to any associated person and the matters contained in Sub-section (6) are fulfilled, the following provisions shall apply:-

(a) That person shall be deemed to have received the amount equal to the net loss suffered for that property immediately before the disposal, for the disposal, and

(b) The person who has acquired the property through transfer shall be deemed to have incurred cost in a sum equal to that mentioned in clause (a).

(3) Notwithstanding anything contained in Sub-section (1), if any person disposes any depreciable property by transferring ownership over such property to any associated person by fulfilling the matters contained in Sub-section (6), the following provisions shall apply:-

(a) That person shall be deemed to have received, for the disposal, the amount equal to the remaining value of the group of the descending system pursuant to Section 4 of Schedule-2 at the time of disposal, and

(b) The person who has acquired the property through transfer shall be deemed to have incurred cost in a sum equal to that mentioned in clause (a).

(4) If any person disposes any liability by transferring it to an associated person pursuant to this Section or by transferring it to any other person without taking any value, the following provisions shall apply:-

(a) The person shall be deemed to have incurred cost for the disposal in a sum equal to the market value or the net income earned for the liability immediately before the disposal, whichever is lower, and

(b) The transferee of the liability shall be deemed to have received an amount equal to that liability in respect of assumption of the liability.

Provided that, this provision shall not be applicable where the provisions of Sections 43 and 44 apply.

(5) If any person disposes any liability assumed in earning income from any of his business by transferring it to an associated person, by fulfilling the matters mentioned in Sub-section (6), the following provisions shall apply:-

(a) The person shall be deemed to have incurred cost for the disposal in a sum equal to the net income earned for the liability immediately before the disposal, and

(b) The associated person shall be deemed to have received an amount equal to that amount in respect of assumption of the liability.

(6) For purposes of Sub-sections (2), (3) and (5), the following matters have to be fulfilled:-

(a) The disposed business property, stock-in-trade or depreciable property of business shall be the business property, stock-in-trade or depreciable property of business of the associated person immediately after the transfer by the person making such disposal.

(b) The disposed non-business taxable property, stock-in-trade or depreciable property of any investment shall be the business property, non-business taxable property stock-in-trade or depreciable property of the associated person immediately after the transfer by the person making such disposal.

(c) In the case of any liability, the liability has to be transferred to the associated person for the earning of income from any business or investment of the associated person.

(d) The transferor and the associated person shall have to be residents at the time of transfer, and the associated person has not to be a person enjoying tax exemption.

(e) The ownership vested in that property or burden vested in that liability shall continue to exist Fifty percent as the case may be.

(f) Both of that person and the associated person have to make request in writing in order to enforce an option under Sub-sections (2), (3) or (5), as the case may be.

46. Involuntary disposal of property or liability with substitution: (1) If any person, no later than one year of the involuntary disposal of any property in any mode out of the modes mentioned in Sub-section (1) of Section 40, acquires ownership over other property of similar type in lieu of that property and makes request in writing to have this Section applied, it shall be as follows:-

(a) That person shall be deemed to have received, for the disposal, an amount equal to the sum of the following amounts:-

(1) Net expenses for that property immediately before the disposal, and

(2) If the amount derived from the disposal exceeds the expenses incurred in acquiring the substituted property, the amount of such excess, and

(b) The person shall be deemed to have incurred expenses in a sum equal to the sum of the following amounts, in acquiring the substituted property.

(1) Net expenses for the disposed property immediately before the disposal, and

(2) If the expenses incurred in acquiring the substituted property exceed the amount derived from the disposal, the amount of such excess.

(2) If any person, no later than one year of the involuntary disposal of any liability in any mode out of the modes mentioned in Sub-section (2) of Section 40, bears other liability of similar type in lieu of that liability and makes request in writing to have this Section applied, it shall be as follows:-

(a) That person shall be deemed to have incurred expenses, for the disposal, in a sum to be set by subtracting the amount mentioned in clause (2) from the amount mentioned in clause (1):

(1) Amount for net incomes for that liability immediately before the disposal, and

(2) If the expenses incurred in making that disposal exceed the amount in assuming the substituted liability, the amount of such excess expenses, and

(c) The person shall be deemed to have received a sum equal to the sum of the following amounts, in acquiring the substituted liability:

(1) Net incomes for the disposed liability immediately before the disposal, and

(2) If the amount derived in assuming the substituted liability exceeds the expenses incurred in making the disposal, the amount of such excess.

(3) The circumstances where involuntary disposal is created after substitution of one security of any entity for another security as a result of a change in the security of the interest in the entity or restructuring of the entity shall be as prescribed.

47. Disposal upon amalgamation of property and liability: (1) If, as a result of acquisition of any property or bearing of any liability by any person, any other property under ownership of, or any other liability borne by, that person ceases or is amalgamated and thus disposal takes places, then the following provisions shall apply:-

(a) Where net expenses were incurred for the amalgamated property or liability immediately before disposal, that person:

(1) shall be deemed to have received an amount equal to the net expenses in respect of the disposal of the amalgamated property or liability,

Provided that, such amount shall not exceed the amount received by that person for the amalgamated liability.

(2) Shall be deemed to have incurred expenses in a sum equal to that amount in holding ownership or bearing liability of the amalgamated property.

(b) Where net incomes were earned for the amalgamated liability in respect of the amalgamated liability, immediately before the disposal of the liability, that person:

(1) shall be deemed to have incurred expenses in a sum equal to net incomes for the disposal of the amalgamated liability,

Provided that, in the case of the amalgamated property, that amount shall not exceed the amount spent by that person in acquiring that property.

(2) shall be deemed to have received an amount equal to that amount in holding ownership of or bearing liability of the amalgamated property.

(2) Without prejudice to the matters contained in Sub-section (1), that Sub-section shall also apply to the following circumstances:-

(a) If that person carries out an act of acquisition or sale of any property,

(b) If that person acquires the property leased, and

(c) If the guaranteed liability is transferred by the transferee.

48. Disposal of property and liability through division: If the rights related with any property owned by or the burdens related with any liability borne by any person devolve on any other person also by way of lease of any property or any part thereof, the following provisions shall apply:-

(a) Where the rights or burdens are permanent, that first person shall be deemed to have disposed any part of that property or liability but not to have acquired any new property or liability, and

(b) Where the rights or burdens are temporary or contingent, that first person shall be deemed not to have disposed any part of that property or liability.

Provided that, such person shall be deemed to have acquired a new property or assumed a new liability, as the case may be.

49. Disposal through allocation of incomes and expenses: (1) Any person shall, in the following circumstances, allocate the expenses or incomes made in acquiring, bearing or disposing any property or liability between properties and liabilities, on the basis of the market value at the time of acquisition, bearing or disposal, as the case may be:-

(a) Where one or more properties are acquired or one or more liabilities assumed at the same time,

(b) Where one or more properties or liabilities are disposed at the same time.

(2) If any person who holds ownership of any property or bears any liability disposes any part of that property or liability, the net expenses or net incomes of that property or liability immediately before the disposal have to be allocated in the portion of the disposed property or liability and in the remaining portion, as the case may be, on the basis of the market value thereof immediately after the disposal.



Chapter –9

Special Provisions on Natural Person

50. Spouse: (1) Both a resident natural person and his/her resident husband or wife may, by giving a notice in writing, choose to be treated as one natural person in any specific income year for tax purposes.

(2) The husband or wife out of the spouses who choose the provision contained in Sub-section (1) in respect of any income year shall be jointly and severally responsible between each other for the tax payable by them in that year.

51. Tax adjustment for medical treatment: (1) Any resident natural person may make a claim for adjustment of tax for medical treatment in any income year for the approved medical expenditure incurred by him/herself or through any other person for him/herself.

(2) The tax adjustment amount for medical treatment of a natural person in any income year shall be computed also by adding any amount, if any, referred to in Sub-section (4) to the amount to be set by Fifteen per cent of the approved medical treatment expenditure referred to in Sub-section (1).

(3) Notwithstanding anything contained in Sub-section (2), the amount of tax adjustment for medical treatment claimed by a natural person in any income year shall not exceed the prescribed limit.

(4) In the case of any natural person in any income year, the excess amounts as mentioned in clauses (a) and (b), up to the following limit, may be carried forward and be included in the amount referred to in Sub-section (2) in the forthcoming years:-

(a) Where the amount referred to in Sub-section (2) exceeds the limit referred to in Sub-section (3), the amount of such excess, and

(b) The amount to the extent that the person referred to in clause (a) of Section 3 is not allowed to use tax adjustment for medical treatment because of being less the amount of tax payable by that person in that year.

Explanation: For purposes of this Section, "approved medical treatment expenditure" means the approved medical treatment expenditure as prescribed.

Chapter-10


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