All income-tax-sections-for-quick-revision
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This document outlines the structure and contents of the All Income Tax sections in India. It begins with preliminary chapters on short titles, definitions, and basis of charge. It then covers incomes that do not form part of total income, computation of total income under various heads including salaries, house property, business/profession, capital gains, other sources. It also discusses aggregation of income and set offs or carry forwards of losses. Later chapters cover deductions, incomes with no tax, rebates and reliefs, double taxation relief, and special provisions relating to avoidance of tax and tax determination in special cases.
![CHAPTER – XIX-B ADVANCE RULINGS
245N Definitions
245O Authority for advance rulings
245P Vacancies, etc., not to invalidate proceedings
245Q Application for advance ruling
245R Procedure on receipt of application
245RR Appellate authority not to proceed in certain cases
245S Applicability of advance ruling
245T Advance ruling to be void in certain circumstances
245U Powers of the Authority
245V Procedure of Authority
CHAPTER XX APPEALS AND REVISION
A. APPEALS TO DEPUTY COMMISSIONER/COMMISSIONER [APPEALS]
246 Appealable orders
246A Appealable orders before Commissioner (Appeals)
248 Appeal by person denying liability to deduct tax in certain cases
249 Form of appeal and limitation
250 Procedure in appeal
251 Powers of the Commissioner (Appeals)
B. APPEALS TO APPELATE TRIBUNAL
252 Appellate Tribunal
253 Appeals to the Appellate Tribunal
254 Orders of Appellate Tribunal
255 Procedure of Appellate Tribunal
257 Statement of case to Supreme Court in certain cases
260 Effect to the decisions of Supreme Court and of the National Tax Tribunal
C. APPEALS TO HIGH COURT
260A Appeal to High Court
260B Case before High Court to be heard by not less than two Judges
D. APPELS TO SUPREME COURT
261 Appeal to Supreme Court
262 Hearing before Supreme Court
E. REVISION BY COMMISSIONER
263 Revision of orders prejudicial to revenue
264 Revision of other orders
F. GENERAL
265 Tax to be paid notwithstanding reference, etc.
266 Execution for costs awarded by Supreme Court
267 Amendment of assessment on appeal
268 Exclusion of time taken for copy
269 Definition of “High Court”
CHAPTER – XX-A ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX
269A Definitions
269AB Registration of certain transactions](https://image.slidesharecdn.com/all-income-tax-sections-for-quick-revision-130228100557-phpapp02/85/All-income-tax-sections-for-quick-revision-14-320.jpg)
All income-tax-sections-for-quick-revision
- 1. All income tax sections CHAPTER – I PRELIMINARY 1 Short title, extent and commencement 2 Definitions 3 "Previous year" defined CHAPTER – II BASIS OF CHARGE 4 Charge of income-tax 5 Scope of total income 5A Apportionment of income between spouses governed by Portuguese Civil Code 6 Residence in India 7 Income deemed to be received 8 Dividend income 9 Income deemed to accrue or arise in India CHAPTER – III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME 10 Incomes not included in total income 10A Special provision in respect of newly established undertakings in free trade zone, etc 10AA Special provisions in respect of newly established Units in Special Economic Zones 10B Special provisions in respect of newly established hundred per cent export-oriented undertakings 10BA Special provisions in respect of export of certain articles or things 10BB Meaning of computer programmes in certain cases 10C Special provision in respect of certain industrial undertakings in North-Eastern Region 11 Income from property held for charitable or religious purposes 12 Income of trusts or institutions from contributions 12A Conditions for applicability of sections 11 and 12 12AA Procedure for registration 13 Section 11 not to apply in certain cases 13A Special provision relating to incomes of political parties CHAPTER – IV COMPUTATION OF TOTAL INCOME 14 Heads of income 14A Expenditure incurred in relation to income not includible in total income A. SALARIES 15 Salaries 16 Deductions from salaries 17 “Salary”, “perquisite” and “profits in lieu of salary” defined B. INCOME FROM HOUSE PROPERTY 22 Income from house property 23 Annual value how determined
- 2. 24 Deductions from income from house property 25 Amounts not deductible from income from house property 25A Special provision for cases where unrealised rent allowed as deduction is realised subsequently 25AA Unrealised rent received subsequently to be charged to income-tax 25B Special provision for arrears of rent received 26 Property owned by co-owners 27 “Owner of house property”, “annual charge”, etc., defined C. PROFITS AND GAINS FROM BUSINESS OR PROFESSION 28 Profits and gains of business or profession 29 Income from profits and gains of business or profession, how computed 30 Rent, rates, taxes, repairs and insurance for buildings 31 Repairs and insurance of machinery, plant and furniture 32 Depreciation 32A Investment allowance 32AB Investment deposit account 33 Development rebate 33A Development allowance 33AB Tea development account, coffee development account and rubber development account 33ABA Site Restoration Fund 33AC Reserves for shipping business 33B Rehabilitation allowance 34 Conditions for depreciation allowance and development rebate 34A Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies 35 Expenditure on scientific research 35A Expenditure on acquisition of patent rights or copyrights 35AB Expenditure on know-how 35ABB Expenditure for obtaining licence to operate telecommunication services 35AC Expenditure on eligible projects or schemes 35CCA Expenditure by way of payment to associations and institutions for carrying out rural development programmes 35CCB Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources 35D Amortisation of certain preliminary expenses 35DD Amortisation of expenditure in case of amalgamation or demerger 35DDA Amortisation of expenditure incurred under voluntary retirement scheme 35E Deduction for expenditure on prospecting, etc., for certain minerals 36 Other deductions 37 General 38 Building, etc., partly used for business, etc., or not exclusively so used 40 Amounts not deductible 40A Expenses or payments not deductible in certain circumstances 41 Profits chargeable to tax 42 Special provision for deductions in the case of business for prospecting, etc., for mineral oil 43 Definitions of certain terms relevant to income from profits and gains of business or profession 43A Special provisions consequential to changes in rate of exchange of currency 43B Certain deductions to be only on actual payment
- 3. 43C Special provision for computation of cost of acquisition of certain assets 43D Special provision in case of income of public financial institutions, public companies, etc. 44 Insurance business 44A Special provision for deduction in the case of trade, professional or similar association 44AA Maintenance of accounts by certain persons carrying on profession or business 44AB Audit of accounts of certain persons carrying on business or profession 44AD Special provision for computing profits and gains of business of civil construction, etc. 44AE Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages 44AF Special provisions for computing profits and gains of retail business 44B Special provision for computing profits and gains of shipping business in the case of non-residents 44BB Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils 44BBA Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents 44BBB Special provision for computing profits and gains of foreign companies, engaged in the business of civil construction, etc., in certain turnkey power projects 44C Deduction of head office expenditure in the case of non-residents 44D Special provisions for computing income by way of royalties, etc., in the case of foreign companies 44DA Special provision for computing income by way of royalties, etc., in case of non-residents 44DB Special provision for computing deductions in the case of business reorganization of co-operative banks D. CAPITAL GAINS 45 Capital gains 46 Capital gains on distribution of assets by companies in liquidation 46A Capital gains on purchase by company of its own shares or other specified securities 47 Transactions not regarded as transfer 47A Withdrawal of exemption in certain cases 48 Mode of computation 49 Cost with reference to certain modes of acquisition 50 Special provision for computation of capital gains in case of depreciable assets 50A Special provision for cost of acquisition in case of depreciable asset 50B Special provision for computation of capital gains in case of slump sale 50C Special provision for full value of consideration in certain cases 51 Advance money received 54 Profit on sale of property used for residence 54B Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases 54D Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases 54E Capital gain on transfer of capital assets not to be charged in certain cases 54EA Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities 54EB Capital gain on transfer of long-term capital assets not to be charged in certain cases 54EC Capital gain not to be charged on investment in certain bonds 54ED Capital gain on transfer of certain listed securities or unit, not to be charged in certain cases 54F Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house 54G Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area 54GA Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone 54H Extension of time for acquiring new asset or depositing or investing amount of capital gain 55 Meaning of “adjusted”, “cost of improvement” and “cost of acquisition” 55A Reference to Valuation Officer E. INCOME FROM OTHER SOURCES
- 4. 56 Income from other sources 57 Deductions 58 Amounts not deductible 59 Profits chargeable to tax CHAPTER – V INCOME OF OTHER PERSONS INCLUDED IN ASSESSEES TOTAL INCOME 60 Transfer of income where there is no transfer of assets 61 Revocable transfer of assets 62 Transfer irrevocable for a specified period 63 “Transfer” and “revocable transfer” defined 64 Income of individual to include income of spouse, minor child, etc. 65 Liability of person in respect of income included in the income of another person CHAPTER – VI AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS A. AGGREGATION OF INCOME 66 Total income 67A Method of computing a member’s share in income of association of persons or body of individuals 68 Cash credits 69 Unexplained investments 69A Unexplained money, etc. 69B Amount of investments, etc., not fully disclosed in books of account 69C Unexplained expenditure, etc. 69D Amount borrowed or repaid on hundi B. SET OFF CARRY FORWARD AND SET OFF 70 Set off of loss from one source against income from another source under the same head of income 71 Set off of loss from one head against income from another 71A Transitional provisions for set off of loss under the head “Income from house property” 71B Carry forward and set off of loss from house property 72 Carry forward and set off of business losses 72A Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc. 72AA Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation of banking company in certain cases 72AB Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business reorganisation of co-operative banks 73 Losses in speculation business 74 Losses under the head “Capital gains” 74A Losses from certain specified sources falling under the head "income from other sources" 75 Losses of firms 78 Carry forward and set off of losses in case of change in constitution of firm or on succession 79 Carry forward and set off of losses in the case of certain companies 80 Submission of return for losses CHAPTER – VI A DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME A. GENERAL 80A Deductions to be made in computing total income
- 5. 80AB Deductions to be made with reference to the income included in the gross total income 80AC Deduction not to be allowed unless return furnished 80B Definitions B. DEDUCTIONS IN RESPECT OF CERTAIN PAYMENTS 80C Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. 80CCA Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan 80CCB Deduction in respect of investment made under Equity Linked Savings Scheme 80CCC Deduction in respect of contribution to certain pension funds 80CCD Deduction in respect of contribution to pension scheme of Central Government 80CCE Limit on deductions under sections 80C, 80CCC and 80CCD 80D Deduction in respect of medical insurance premia 80DD Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability 80DDB Deduction in respect of medical treatment, etc. 80E Deduction in respect of interest on loan taken for higher education 80G Deduction in respect of donations to certain funds, charitable institutions, etc. 80GG Deductions in respect of rents paid 80GGA Deduction in respect of certain donations for scientific research or rural development 80GGB Deduction in respect of contributions given by companies to political parties 80GGC Deductions in respect of contributions given by any person to political parties C. DEDUCTIONS IN RESPECT OF CERTAIN INCOMES 80HH Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas 80HHA Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas 80HHB Deduction in respect of profits and gains from projects outside India 80HHBA Deduction in respect of profits and gains from housing projects in certain cases 80HHC Deduction in respect of profits retained for export business 80HHD Deduction in respect of earnings in convertible foreign exchange 80HHE Deduction in respect of profits from export of computer software, etc. 80HHF Deduction in respect of profits and gains from export or transfer of film software, etc. 80I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc. 80IA Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. 80IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone 80IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings 80IC Special provisions in respect of certain undertakings or enterprises in certain special category States 80ID Deduction in respect of profits and gains from business of hotels and convention centres in specified area 80IE Special provisions in respect of certain undertakings in North-Eastern States 80JJA Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste 80JJAA Deduction in respect of employment of new workmen 80LA Deduction in respect of certain incomes of Offshore Banking Units and International Financial Services Centre 80O Deduction in respect of royalties, etc., from certain foreign enterprises 80P Deduction in respect of income of co-operative societies 80Q Deduction in respect of profits and gains from the business of publication of books 80QQA Deduction in respect of professional income of authors of text books in Indian languages 80QQB Deduction in respect of royalty income, etc., of authors of certain books other than text books 80R Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc. 80RR Deduction in respect of professional income from foreign sources in certain cases 80RRA Deduction in respect of remuneration received for services rendered outside India 80RRB Deduction in respect of royalty on Patents D. OTHERS 80U Deduction in case of a person with disability
- 6. CHAPTER – VII INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME TAX IS PAYABLE 86 Share of member of an association of persons or body of individuals in the income of the association or body CHAPTER – VIII REBATES AND RELIEF A. REBATE OF INCOME TAX 87 Rebate to be allowed in computing income-tax 88 Rebate on life insurance premia, contribution to provident fund, etc. 88E Rebate in respect of securities transaction tax B. RELIEF OF INCOME TAX 89 Relief when salary, etc., is paid in arrears or in advance CHAPTER – IX DOUBLE TAXATION RELIEF 90 Agreement with foreign countries 90A Adoption by Central Government of agreements between specified associations for double taxation relief 91 Countries with which no agreement exists CHAPTER – X SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX 92 Computation of income from international transaction having regard to arm’s length price 92A Meaning of associated enterprise 92B Meaning of international transaction 92C Computation of arm’s length price 92CA Reference to Transfer Pricing Officer 92D Maintenance and keeping of information and document by persons entering into an international transaction 92E Report from an accountant to be furnished by persons entering into international transaction 92F Definitions of certain terms relevant to computation of arm’s length price, etc 93 Avoidance of income-tax by transactions resulting in transfer of income to non-residents 94 Avoidance of tax by certain transactions in securities CHAPTER – XII DETERMINATION OF TAX IN CERTAIN SPECIAL CASES 110 Determination of tax where total income includes income on which no tax is payable 111 Tax on accumulated balance of recognised provident fund 111A Tax on short-term capital gains in certain cases 112 Tax on long-term capital gains 113 Tax in the case of block assessment of search cases 115A Tax on dividends, royalty and technical service fees in the case of foreign companies 115AB Tax on income from units purchased in foreign currency or capital gains arising from their transfer 115AC Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer 115ACA Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer 115AD Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer 115B Tax on profits and gains of life insurance business Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature 115BB whatsoever
- 7. 115BBA Tax on non-resident sportsmen or sports associations 115BBB Tax on income from units of an open-ended equity oriented fund of the unit Trust of India or of Mutual Funds 115BBC Anonymous donations to be taxed in certain cases CHAPTER – XII-A SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON RESIDENTS 115C Definitions 115D Special provision for computation of total income of non-residents 115E Tax on investment income and long-term capital gains 115F Capital gains on transfer of foreign exchange assets not to be charged in certain cases 115G Return of income not to be filed in certain cases 115H Benefit under Chapter to be available in certain cases even after the assessee becomes resident 115I Chapter not to apply if the assessee so chooses CHAPTER – XII-B SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES 115J Special provisions relating to certain companies 115JA Deemed income relating to certain companies 115JAA Tax credit in respect of tax paid on deemed income relating to certain companies 115JB Special provision for payment of tax by certain companies CHAPTER – XII-D SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES 115O Tax on distributed profits of domestic companies 115P Interest payable for non-payment of tax by domestic companies 115Q When company is deemed to be in default CHAPTER – XII-E SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME 115R Tax on distributed income to unit holders 115S Interest payable for non-payment of tax 115T Unit Trust of India or mutual fund to be an assessee in default CHAPTER – XII-F SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPITAL COMPANIES AND VENTUIRE CAPITAL FUNDS 115U Tax on income in certain cases CHAPTER – XII-G SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES A. MEANING OF CERTAIN EXPRESSIONS 115V Definitions B. COMPUTATION OF TONNAGE INCOME FROM BUSINESS OF OPERATING QUALIFYING SHIPS 115VA Computation of profits and gains from the business of operating qualifying ships 115VB Operating ships 115VC Qualifying company 115VD Qualifying ship 115VE Manner of computation of income under tonnage tax scheme 115VF Tonnage income 115VG Computation of tonnage income 115VH Calculation in case of joint operation, etc.
- 8. 115VI Relevant shipping income 115VJ Treatment of common costs 115VK Depreciation 115VL General exclusion of deduction and set off, etc. 115VM Exclusion of loss 115VN Chargeable gains from transfer of tonnage tax assets 115VO Exclusion from provisions of section 115JB C. PROCEDURE FOR OPTION OF TONNAGE TAX SCHEME 115VP Method and time of opting for tonnage tax scheme 115VQ Period for which tonnage tax option to remain in force 115VR Renewal of tonnage tax scheme 115VS Prohibition to opt for tonnage tax scheme in certain cases D. CONDITIONS FOR APPLICABILITY OF TONNAGE TAX SCHEME 115VT Transfer of profits to Tonnage Tax Reserve Account 115VU Minimum training requirement for tonnage tax company 115VV Limit for charter in of tonnage 115VW Maintenance and audit of accounts 115VX Determination of tonnage E. AMALGAMATION AND DEMERGER OF SHIPPING COMPANIES 115VY Amalgamation 115VZ Demerger F. MISCELLENEOUS 115VZA Effect of temporarily ceasing to operate qualifying ships G. PROVISIONS OF THIS CHAPTER NOT TO APPLY IN CERTAIN CASES 115VZB Avoidance of tax 115VZC Exclusion from tonnage tax scheme CHAPTER – XII-H INCOME TAX ON FRINGE BENEFITS A. MEANING OF CERTAIN EXPRESSIONS 115W Definitions B. BASIS OF CHARGE 115WA Charge of fringe benefit tax 115WB Fringe benefits 115WC Value of fringe benefits C. PROCEDURE FOR FILING OF RETURN IN RESPECT OF FRINGE BENEFITS ASSESSMENT AND PAYMEBNT OF TAX IN RESPECT THEREOF 115WD Return of fringe benefits 115WE Assessment 115WF Best judgment assessment 115WG Fringe benefits escaping assessment 115WH Issue of notice where fringe benefits have escaped assessment 115WI Payment of fringe benefit tax 115WJ Advance tax in respect of fringe benefits 115WK Interest for default in furnishing return of fringe benefits 115WKA Recovery of fringe benefit tax by the employer from the employee 115WL Application of other provisions of this Act CHAPTER – XIII INCOME TAX AUTHORITIES A. APPOINTMENT AND CONTROL
- 9. 116 Income-tax authorities 117 Appointment of income-tax authorities 118 Control of income-tax authorities 119 Instructions to subordinate authorities B. JURISDICTION 120 Jurisdiction of income-tax authorities 124 Jurisdiction of Assessing Officers 127 Power to transfer cases 129 Change of incumbent of an office C. POWERS 131 Power regarding discovery, production of evidence, etc. 132 Search and seizure 132A Powers to requisition books of account, etc. 132B Application of seized or requisitioned assets 133 Power to call for information 133A Power of survey 133B Power to collect certain information 134 Power to inspect registers of companies 135 Power of Director General or Director, Chief Commissioner or Commissioner and Joint Commissioner 136 Proceedings before income-tax authorities to be judicial proceedings D. DISCLOSURE OF INFORMATION 138 Disclosure of information respecting assessees CHAPTER – XIV PROCEDURE FOR ASESESSMENT 139 Return of income 139A Permanent account number 139B Scheme for submission of returns through Tax Return Preparers 139C Power of Board to dispense with furnishing documents, etc., with the return 139D Filing of return in electronic form 140 Return by whom to be signed 140A Self-assessment 142 Inquiry before assessment 142A Estimate by Valuation Officer in certain cases 143 Assessment 144 Best judgment assessment 144A Power of Joint Commissioner to issue directions in certain cases 145 Method of accounting 145A Method of accounting in certain cases 147 Income escaping assessment 148 Issue of notice where income has escaped assessment 149 Time limit for notice 150 Provision for cases where assessment is in pursuance of an order on appeal, etc. 151 Sanction for issue of notice 152 Other provisions 153 Time limit for completion of assessments and reassessments 153A Assessment in case of search or requisition 153B Time limit for completion of assessment under section 153A 153C Assessment of income of any other person 153D Prior approval necessary for assessment in cases of search or requisition
- 10. 154 Rectification of mistake 155 Other amendments 156 Notice of demand 157 Intimation of loss 158 Intimation of assessment of firm CHAPTER - XIV-A SPECIAL PROVISIONS FOR AVOIDING REPETITIVE APPEALS 158A Procedure when assessee claims identical question of law is pending before High Court or Supreme Court CHAPTER – XIV-B SPECIAL PROVISIONS FOR ASSESSMENT OF SEARCH CASES 158B Definitions 158BA Assessment of undisclosed income as a result of search 158BB Computation of undisclosed income of the block period 158BC Procedure for block assessment 158BD Undisclosed income of any other person 158BE Time limit for completion of block assessment 158BF Certain interests and penalties not to be levied or imposed 158BFA Levy of interest and penalty in certain cases 158BG Authority competent to make the block assessment 158BH Application of other provisions of this Act 158BI Chapter not to apply after certain date CHAPTER – XV LIABILITY IN SPECIAL CASES A. LEGAL REPRESENTATIVES 159 Legal representatives B. REPRESENTATIVE ASSESEES- GENERAL PROVISIONS 160 Representative assessee 161 Liability of representative assessee 162 Right of representative assessee to recover tax paid C. REPRESENTATIVE ASSESSEES- SPECIAL CASES 163 Who may be regarded as agent 164 Charge of tax where share of beneficiaries unknown 164A Charge of tax in case of oral trust 165 Case where part of trust income is chargeable D. REPRESENTATIVE ASSESSEES-MISCELLENEOUS PROVISIONS 166 Direct assessment or recovery not barred 167 Remedies against property in cases of representative assessees DD. FIRMS AOP AND BOI 167A Charge of tax in the case of a firm 167B Charge of tax where shares of members in association of persons or body of individuals unknown, etc. E. EXECUTORS 168 Executors 169 Right of executor to recover tax paid F. SUCCESSION OF BUSINESS OR PROFESSION 170 Succession to business otherwise than on death G. PARTITION 171 Assessment after partition of a Hindu undivided family H. PROFITS OF NON RESIDENTS FROM OCCASSIONAL SHIPPING BUSINESS
- 11. 172 Shipping business of non-residents I.RECOVERY OF TAX IN RESPECT OF NON RESIDENTS 173 Recovery of tax in respect of non-resident from his assets J. PERSONS LEAVING INDIA 174 Assessment of persons leaving India JA. AOP BOI OR ARTIFICIAL JURIDICAL PERSONS FORMED FOR A PARTICULAR EVENT OR PURPOSE 174A Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose K. PERSONS TRYING TO ALIENATE THEIR ASSETS 175 Assessment of persons likely to transfer property to avoid tax L. DISCONTINUANCE OF BUSINESS OR DISSOLUTION 176 Discontinued business 177 Association dissolved or business discontinued 178 Company in liquidation M. PRIVATE COMPANIES 179 Liability of directors of private company in liquidation N. SPECIAL PROVISIONS FOR CERTAIN KIND OF INCOMES 180 Royalties or copyright fees for literary or artistic work 180A Consideration for know-how CHAPTER – XVI SPECIAL PROVISIONS APPLICABLE TO FIRMS A. ASSESSMENT OF FIRMS 184 Assessment as a firm 185 Assessment when section 184 not complied with B. CHANGES IN CONSTITUTION, SUCCESSION AND DISSOLUTION 187 Change in constitution of a firm 188 Succession of one firm by another firm 188A Joint and several liability of partners for tax payable by firm 189 Firm dissolved or business discontinued 189A Provisions applicable to past assessments of firms CHAPTER XVII COLLECTION AND RECOVERY OF TAX A. GENERAL 190 Deduction at source and advance payment 191 Direct payment B. DEDUCTION AT SOURCE 192 Salary 193 Interest on securities 194 Dividends 194A Interest other than “Interest on securities” 194B Winnings from lottery or crossword puzzle 194BB Winnings from horse race 194C Payments to contractors and sub-contractors 194D Insurance commission 194E Payments to non-resident sportsmen or sports associations 194EE Payments in respect of deposits under National Savings Scheme, etc. 194F Payments on account of repurchase of units by Mutual Fund or Unit Trust of India 194G Commission, etc., on the sale of lottery tickets 194H Commission or brokerage
- 12. 194I Rent 194J Fees for professional or technical services 194K Income in respect of units 194L Payment of compensation on acquisition of capital asset 194LA Payment of compensation on acquisition of certain immovable property 195 Other sums 195A Income payable “net of tax” 196 Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations 196A Income in respect of units of non-residents 196B Income from units 196C Income from foreign currency bonds or shares of Indian company 196D Income of Foreign Institutional Investors from securities 197 Certificate for deduction at lower rate 197A No deduction to be made in certain cases 198 Tax deducted is income received 199 Credit for tax deducted 200 Duty of person deducting tax 201 Consequences of failure to deduct or pay 202 Deduction only one mode of recovery 203 Certificate for tax deducted 203A Tax deduction and collection account number 203AA Furnishing of statement of tax deducted 204 Meaning of “person responsible for paying” 205 Bar against direct demand on assessee 206 Persons deducting tax to furnish prescribed returns 206A Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax BB. COLLECTION AT SOURCE 206C Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. 206CA Tax collection account number C. ADVANCE PAYMENT OF TAX 207 Liability for payment of advance tax 208 Conditions of liability to pay advance tax 209 Computation of advance tax 210 Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer 211 Instalments of advance tax and due dates 214 Interest payable by Government 215 Interest payable by assessee 216 Interest payable by assessee in case of underestimate, etc. 217 Interest payable by assessee when no estimate made 218 When assessee deemed to be in default 219 Credit for advance tax D. COLLECTION AND RECOVERY 220 When tax payable and when assessee deemed in default 221 Penalty payable when tax in default 222 Certificate to Tax Recovery Officer 223 Tax Recovery Officer by whom recovery is to be effected 224 Validity of certificate and cancellation or amendment thereof 225 Stay of proceedings in pursuance of certificate and amendment or cancellation thereof 226 Other modes of recovery
- 13. 227 Recovery through State Government 228A Recovery of tax in pursuance of agreements with foreign countries 229 Recovery of penalties, fine, interest and other sums 230 Tax clearance certificate 232 Recovery by suit or under other law not affected E. OMITTED F. INTEREST CHARGEABLE IN CERTAIN CASES 234A Interest for defaults in furnishing return of income 234B Interest for defaults in payment of advance tax 234C Interest for deferment of advance tax 234D Interest on excess refund CHAPTER – XVIII RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES 236 Relief to company in respect of dividend paid out of past taxed profits 236A Relief to certain charitable institutions or funds in respect of certain dividends CHAPTER – XIX REFUNDS 237 Refunds 238 Person entitled to claim refund in certain special cases 239 Form of claim for refund and limitation 240 Refund on appeal, etc. 242 Correctness of assessment not to be questioned 243 Interest on delayed refunds 244 Interest on refund where no claim is needed 244A Interest on refunds 245 Set off of refunds against tax remaining payable CHAPTER – XIXA SETTLEMENT OF CASES 245A Definitions 245B Income-tax Settlement Commission 245BA Jurisdiction and powers of Settlement Commission 245BB Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances 245BC Power of Chairman to transfer cases from one Bench to another 245BD Decision to be by majority 245C Application for settlement of cases 245D Procedure on receipt of an application under section 245C 245DD Power of Settlement Commission to order provisional attachment to protect revenue 245E Power of Settlement Commission to reopen completed proceedings 245F Powers and procedure of Settlement Commission 245G Inspection, etc., of reports 245H Power of Settlement Commission to grant immunity from prosecution and penalty 245HA Abatement of proceeding before Settlement Commission 245HAA Credit for tax paid in case of abatement of proceedings 245I Order of settlement to be conclusive 245J Recovery of sums due under order of settlement 245K Bar on subsequent application for settlement 245L Proceedings before Settlement Commission to be judicial proceedings
- 14. CHAPTER – XIX-B ADVANCE RULINGS 245N Definitions 245O Authority for advance rulings 245P Vacancies, etc., not to invalidate proceedings 245Q Application for advance ruling 245R Procedure on receipt of application 245RR Appellate authority not to proceed in certain cases 245S Applicability of advance ruling 245T Advance ruling to be void in certain circumstances 245U Powers of the Authority 245V Procedure of Authority CHAPTER XX APPEALS AND REVISION A. APPEALS TO DEPUTY COMMISSIONER/COMMISSIONER [APPEALS] 246 Appealable orders 246A Appealable orders before Commissioner (Appeals) 248 Appeal by person denying liability to deduct tax in certain cases 249 Form of appeal and limitation 250 Procedure in appeal 251 Powers of the Commissioner (Appeals) B. APPEALS TO APPELATE TRIBUNAL 252 Appellate Tribunal 253 Appeals to the Appellate Tribunal 254 Orders of Appellate Tribunal 255 Procedure of Appellate Tribunal 257 Statement of case to Supreme Court in certain cases 260 Effect to the decisions of Supreme Court and of the National Tax Tribunal C. APPEALS TO HIGH COURT 260A Appeal to High Court 260B Case before High Court to be heard by not less than two Judges D. APPELS TO SUPREME COURT 261 Appeal to Supreme Court 262 Hearing before Supreme Court E. REVISION BY COMMISSIONER 263 Revision of orders prejudicial to revenue 264 Revision of other orders F. GENERAL 265 Tax to be paid notwithstanding reference, etc. 266 Execution for costs awarded by Supreme Court 267 Amendment of assessment on appeal 268 Exclusion of time taken for copy 269 Definition of “High Court” CHAPTER – XX-A ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX 269A Definitions 269AB Registration of certain transactions
- 15. 269B Competent authority 269C Immovable property in respect of which proceedings for acquisition may be taken 269D Preliminary notice 269E Objections 269F Hearing of objections 269G Appeal against order for acquisition 269H Appeal to High Court 269I Vesting of property in Central Government 269J Compensation 269K Payment or deposit of compensation 269L Assistance by Valuation Officers 269M Powers of competent authority 269N Rectification of mistakes 269O Appearance by authorised representative or registered valuer 269P Statement to be furnished in respect of transfers of immovable property 269Q Chapter not to apply to transfers to relatives 269R Properties liable for acquisition under this Chapter not to be acquired under other laws 269RR Chapter not to apply where transfer of immovable property made after a certain date 269S Chapter not to extend to State of Jammu and Kashmir CHAPTER XX-B REQUIREMENT AS TO MODE OF ACCEPTANCE PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX 269SS Mode of taking or accepting certain loans and deposits 269T Mode of repayment of certain loans or deposits 269TT Mode of repayment of Special Bearer Bonds, 1991 CHAPTER XXI PENALTIES IMPOSABLE 269U Commencement of Chapter 269UA Definitions 269UB Appropriate authority 269UC Restrictions on transfer of immovable property 269UD Order by appropriate authority for purchase by Central Government of immovable property 269UE Vesting of property in Central Government 269UF Consideration for purchase of immovable property by Central Government 269UG Payment or deposit of consideration 269UH Re-vesting of property in the transferor on failure of payment or deposit of consideration 269UI Powers of the appropriate authority 269UJ Rectification of mistakes 269UK Restrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property 269UL Restrictions on registration, etc., of documents in respect of transfer of immovable property 269UM Immunity to transferor against claims of transferee for transfer 269UN Order of appropriate authority to be final and conclusive 269UO Chapter not to apply to certain transfers 269UP Chapter not to apply where transfer of immovable property effected after certain date 271 Failure to furnish returns, comply with notices, concealment of income, etc. 271A Failure to keep, maintain or retain books of account, documents, etc. 271AA Penalty for failure to keep and maintain information and document in respect of international transaction 271AAA Penalty where search has been initiated 271B Failure to get accounts audited
- 16. 271BA Penalty for failure to furnish report under section 92E 271BB Failure to subscribe to the eligible issue of capital 271C Penalty for failure to deduct tax at source 271CA Penalty for failure to collect tax at source 271D Penalty for failure to comply with the provisions of section 269SS 271E Penalty for failure to comply with the provisions of section 269T 271F Penalty for failure to furnish return of income 271FA Penalty for failure to furnish annual information return 271FB Penalty for failure to furnish return of fringe benefits 271G Penalty for failure to furnish information or document under section 92D 272A Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. 272AA Penalty for failure to comply with the provisions of section 133B 272B Penalty for failure to comply with the provisions of section 139A 272BB Penalty for failure to comply with the provisions of section 203A 272BBB Penalty for failure to comply with the provisions of section 206CA 273 False estimate of, or failure to pay, advance tax 273A Power to reduce or waive penalty, etc., in certain cases 273B Penalty not to be imposed in certain cases 274 Procedure 275 Bar of limitation for imposing penalties CHAPTER XXII OFFENCES AND PROSECUTION 275A Contravention of order made under sub-section (3) of section 132 275B Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132 276 Removal, concealment, transfer or delivery of property to thwart tax recovery 276A Failure to comply with the provisions of sub-sections (1) and (3) of section 178 276AB Failure to comply with the provisions of sections 269UC, 269UE and 269UL 276B Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B 276BB Failure to pay the tax collected at source 276C Wilful attempt to evade tax, etc. 276CC Failure to furnish returns of income 276CCC Failure to furnish return of income in search cases 276D Failure to produce accounts and documents 277 False statement in verification, etc. 277A Falsification of books of account or document, etc. 278 Abetment of false return, etc. 278A Punishment for second and subsequent offences 278AA Punishment not to be imposed in certain cases 278B Offences by companies 278C Offences by Hindu undivided families 278D Presumption as to assets, books of account, etc., in certain cases 278E Presumption as to culpable mental state 279 Prosecution to be at instance of Chief Commissioner or Commissioner 279A Certain offences to be non-cognizable 279B Proof of entries in records or documents 280 Disclosure of particulars by public servants
- 17. CHAPTER XXIII MISCELLENEOUS 281 Certain transfers to be void 281B Provisional attachment to protect revenue in certain cases 282 Service of notice generally 283 Service of notice when family is disrupted or firm, etc., is dissolved 284 Service of notice in the case of discontinued business 285B Submission of statements by producers of cinematograph films 285BA Obligation to furnish annual information return 287 Publication of information respecting assessees in certain cases 287A Appearance by registered valuer in certain matters 288 Appearance by authorised representative 288A Rounding off of income 288B Rounding off amount payable and refund due 289 Receipt to be given 290 Indemnity 291 Power to tender immunity from prosecution 292 Cognizance of offences 292A Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply 292B Return of income, etc., not to be invalid on certain grounds 292C Presumption as to assets, books of account, etc. 293 Bar of suits in civil courts 293A Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils 293B Power of Central Government or Board to condone delays in obtaining approval 294 Act to have effect pending legislative provision for charge of tax 294A Power to make exemption, etc., in relation to certain Union territories 295 Power to make rules 296 Rules and certain notifications to be placed before Parliament 297 Repeals and savings 298 Power to remove difficulties SCHEDULES TO THE ACT I Insurance Business II Procedure for Recovery of Tax III Procedure for Distraint by AO/TRO IV A. RPF B. Approved Superannuation Funds C. Approved Gratuity Funds V List of Articles and Things VI Omitted VII A. Materials B. Groups of Associated Minerals VIII List of Industrially Backward States & UT IX Omitted X Omitted XI List of Articles or Things XII Processed Minerals or Ores XIII List of Articles or Things XIV List of Articles or Things or Operations