(1)   Notwithstanding anything contained in this Ordinance or any other law for the time being in force, where any amount referred to in sub-section (2) is received by or accrues or arises or is deemed to accrue or arise to an individual, unregistered firm, association of persons, Hindu undivided family or artificial juridical person referred to in clause (32) of section 2, the whole of such amount shall be deemed to be income of such person and tax thereon shall be charged at the rates specified in the First Schedule.

(2)   The amount referred to in sub-section (1) shall be the following, namely:-

(a)    dividend on which tax is deductible under sub-section (6A) of section 50;

(b)    interest or profit on which tax is deductible under sub-section (2A) of section 50;

(bb)  the amount received on encashment of bearer certificates on which tax is deductible under sub-section (5B) of section 50;

(c)    interest or profit on which tax is deductible under sub-section (7D) of section 50; and

(d)    prizes and winnings on which tax is deductible or collectable under sub-section (7C) of section 50.

(3)   Nothing contained in this Ordinance shall be so construed as to authorise any allowance or deduction against the income as determined under sub-section (1) or any refund of tax deducted or collected under section 50 or set off of any loss under any provision of this Ordinance.

(4)   Where the assessee has no income other than the income referred to in sub-section (1) in respect of which tax has been deducted or collected, the tax deducted or collected under section 50 shall be deemed to be the final discharge of the tax liability of the assessee under this Ordinance and he shall not be required to file the return of total income under section 55.

(5)   In a case to which sub-section (4) applies, an order under section 59A shall be deemed to have been made in respect of income referred to in sub-section (1).