Section 198 - Income deemed to be received - Income Tax - Ready Reckoner - Income Tax

Income deemed to be received [ Section 198 ] From 01.04.2025 - All sums deducted in accordance with the foregoing provisions of this Chapter and income-tax paid outside India, by way of deduction, in respect of which an assessee is allowed a credit against the tax payable under this Act, shall, for the purpose of computing the income of an assessee, be deemed to be income received. [ Amended vide Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 ] Upto 31.03.2025 - All sums deducted in accordance with the foregoing provisions of this Chapter shall, for the purpose of computing the income of an assessee, be deemed to be income received. Exception of this section - The following tax paid or deducted would not be deemed to be income received by the assess for the purposes of computing the total income - the tax paid by an employer u/s 192(1A) on non-monetary perquisites provided by the employees. tax deducted under the provisions of section 194 .