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[Cites 0, Cited by 0] [Section 99(5)] [Section 99] [Entire Act]

Union of India - Subsection

Section 99(5)(a) in The Income Tax Act, 2025

(a)for sub-section (1)(a)(i),––
(i)the income referred to in that clause shall be included in the hands of either of the spouse whose total income before such inclusion is greater; and
(ii)such income, once included in the total income of either spouse, for a tax year, shall not be included in the income of the other spouse for any succeeding tax year, unless the Assessing Officer is so satisfied, after giving the other spouse an opportunity of being heard;
(iii)an individual shall be deemed to have a substantial interest in a concern,—(A) in case where the concern is a company, if its shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than 20% of the voting power are, at any time during the tax year, owned beneficially by the individual or jointly with one or more of his relatives;(B) in any other case, if such person is entitled, or such person and one or more of his relatives are jointly entitled, to at least 20% of the profits of such concern at any time during the tax year;