Regulation 4 - Determination of income for individual for the purposes of Sections 27 and 48 of the Act - CCI (Determination Of Turnover Or Income) Regulations, 2024

4. Determination of income for individual for the purposes of Sections 27 and 48 of the Act (1) Income in case of an individual shall be the gross total income as per the Income Tax Returns (ITRs) as prescribed under the Income Tax Act, 1961 and the rules framed thereunder. Such gross total income shall exclude: (a) income from house property, and (b) income from capital gains. (2) In case Income Tax Returns are not available or tax returns are filed in multiple jurisdictions or not filed in any jurisdiction, income shall be the total income as certified by a Chartered Accountant and supported by an affidavit by such individual. (3) In case of an individual who is not required to file an Income Tax Returns, income shall be the total income as certified by a Chartered Accountant and supported by an affidavit by such individual.