Section 33 - Amendment of section 115K - Finance Act, 1994

33. Amendment of section 115K. In section 115K of the income-tax Act, with effect from the 1st day of April, 1995,- (i) in sub-section (1), for the portion beginning with the words to whom this section applies, carrying on , and ending with the words from such business or vocation , the following shall be substituted, namely:- 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 maxicab 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 forty-two thousand rupees shall be deemed to be the profits and gains of such person from such business or vocation ; (ii) in sub-section (2).- (a) In clause (b).- (1) in sub-clause (i), for the words thirty-seven thousand rupees , the words forty-two thousand rupees shall be substituted;. (2) for sub-clause (ii), the following sub-clause shall be substituted, namely: (ii) clause (b) or clause (c) of sub-section (1), his income from the said business or vocation, during the relevant previous year does not exceed forty-two thousand rupees; and ; (b) in clause (c), for the words of retail trade or from the business of running the eating place or from the business of operating, hiring or leasing a goods carriage, a motor cab, a maxicab or a three-wheeled motor vehicle or from the vocation , the words, brackets, letters and figure or vocation referred to in clause (a), clause (b) or, as the case may be, clause (c) of sub-section (1) shall be substituted. (iii) in sub-section (4). (a) in clause (a).- (1) in sub-clause (i), for the words thirty-seven thousand , the words forty-two thousand shall be substituted; (2) for sub-clause (ii), the following sub-clause shall be substituted, namely:- (ii) where he is carrying on the business or vocation referred to in clause (b) or, as the case may be, clause (c) of that sub-section, his income during the relevant previous year from such business or vocation does not exceed forty-two thousand rupees. : (b) in clause (b), the proviso shall be omitted; (iv) sub-section (6) shall be omitted; (v) in the Explanation, in clause (a), the words goods carriage shall be omitted.