Income Tax Act — Section 1999

1999), and the rules made thereunder. Explanation.—For the purposes of this section—

This Bare Act is a government source available in the public domain. It is being used strictly for educational purposes only.

(a) "foreign currency" shall have the meaning assigned to it in the Foreign Exchange Management Act,

1999 (42 of 1999);

(b) "non-resident Indian" shall have the meaning assigned to it in clause (e) of section 115C; (c) "Unit Trust of India" means the Unit Trust of India established under the Unit Trust of India Act, 1963

(52 of 1963);

(d) where any income as aforesaid is credited to any account, whether called "Suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.

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