All income tax sections

CHAPTER – I PRELIMINARY Short title, extent and commencement 1 Definitions 2 "Previous year" defined 3 CHAPTER – II BASIS OF CHARGE 4 5 5A 6 7 8 9 Charge of income-tax Scope of total income Apportionment of income between spouses governed by Portuguese Civil Code Residence in India Income deemed to be received Dividend income Income deemed to accrue or arise in India

CHAPTER – III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME 10 10A 10AA 10B 10BA 10BB 10C 11 12 12A 12AA 13 13A Incomes not included in total income Special provision in respect of newly established undertakings in free trade zone, etc Special provisions in respect of newly established Units in Special Economic Zones Special provisions in respect of newly established hundred per cent export-oriented undertakings Special provisions in respect of export of certain articles or things Meaning of computer programmes in certain cases Special provision in respect of certain industrial undertakings in North-Eastern Region Income from property held for charitable or religious purposes Income of trusts or institutions from contributions Conditions for applicability of sections 11 and 12 Procedure for registration Section 11 not to apply in certain cases Special provision relating to incomes of political parties

CHAPTER – IV COMPUTATION OF TOTAL INCOME 14 14A A. 15 16 17 B. 22 23 Heads of income Expenditure incurred in relation to income not includible in total income SALARIES Salaries Deductions from salaries “Salary”, “perquisite” and “profits in lieu of salary” defined INCOME FROM HOUSE PROPERTY Income from house property Annual value how determined

24 25 25A 25AA 25B 26 27 C. 28 29 30 31 32 32A 32AB 33 33A 33AB 33ABA 33AC 33B 34 34A 35 35A 35AB 35ABB 35AC

Deductions from income from house property Amounts not deductible from income from house property Special provision for cases where unrealised rent allowed as deduction is realised subsequently Unrealised rent received subsequently to be charged to income-tax Special provision for arrears of rent received Property owned by co-owners “Owner of house property”, “annual charge”, etc., defined PROFITS AND GAINS FROM BUSINESS OR PROFESSION Profits and gains of business or profession Income from profits and gains of business or profession, how computed Rent, rates, taxes, repairs and insurance for buildings Repairs and insurance of machinery, plant and furniture Depreciation Investment allowance Investment deposit account Development rebate Development allowance Tea development account, coffee development account and rubber development account Site Restoration Fund Reserves for shipping business Rehabilitation allowance Conditions for depreciation allowance and development rebate Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies Expenditure on scientific research Expenditure on acquisition of patent rights or copyrights Expenditure on know-how Expenditure for obtaining licence to operate telecommunication services Expenditure on eligible projects or schemes

35CCA 35CCB 35D 35DD 35DDA 35E 36 37 38 40 40A 41 42 43 43A 43B

Expenditure by way of payment to associations and institutions for carrying out rural development programmes Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources Amortisation of certain preliminary expenses Amortisation of expenditure in case of amalgamation or demerger Amortisation of expenditure incurred under voluntary retirement scheme Deduction for expenditure on prospecting, etc., for certain minerals Other deductions General Building, etc., partly used for business, etc., or not exclusively so used Amounts not deductible Expenses or payments not deductible in certain circumstances Profits chargeable to tax Special provision for deductions in the case of business for prospecting, etc., for mineral oil Definitions of certain terms relevant to income from profits and gains of business or profession Special provisions consequential to changes in rate of exchange of currency Certain deductions to be only on actual payment

43C 43D 44 44A 44AA 44AB 44AD 44AE 44AF 44B 44BB 44BBA 44BBB 44C 44D 44DA 44DB D. 45 46 46A 47 47A 48 49 50 50A 50B 50C 51 54 54B 54D 54E 54EA 54EB 54EC 54ED 54F 54G 54GA 54H 55 55A E.

Special provision for computation of cost of acquisition of certain assets Special provision in case of income of public financial institutions, public companies, etc. Insurance business Special provision for deduction in the case of trade, professional or similar association Maintenance of accounts by certain persons carrying on profession or business Audit of accounts of certain persons carrying on business or profession Special provision for computing profits and gains of business of civil construction, etc. Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages Special provisions for computing profits and gains of retail business Special provision for computing profits and gains of shipping business in the case of non-residents Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents Special provision for computing profits and gains of foreign companies, engaged in the business of civil construction, etc., in certain turnkey power projects Deduction of head office expenditure in the case of non-residents Special provisions for computing income by way of royalties, etc., in the case of foreign companies Special provision for computing income by way of royalties, etc., in case of non-residents Special provision for computing deductions in the case of business reorganization of co-operative banks CAPITAL GAINS Capital gains Capital gains on distribution of assets by companies in liquidation Capital gains on purchase by company of its own shares or other specified securities Transactions not regarded as transfer Withdrawal of exemption in certain cases Mode of computation Cost with reference to certain modes of acquisition Special provision for computation of capital gains in case of depreciable assets Special provision for cost of acquisition in case of depreciable asset Special provision for computation of capital gains in case of slump sale Special provision for full value of consideration in certain cases Advance money received Profit on sale of property used for residence Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases Capital gain on transfer of capital assets not to be charged in certain cases Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities Capital gain on transfer of long-term capital assets not to be charged in certain cases Capital gain not to be charged on investment in certain bonds Capital gain on transfer of certain listed securities or unit, not to be charged in certain cases Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone Extension of time for acquiring new asset or depositing or investing amount of capital gain Meaning of “adjusted”, “cost of improvement” and “cost of acquisition” Reference to Valuation Officer INCOME FROM OTHER SOURCES

56 57 58 59

Income from other sources Deductions Amounts not deductible Profits chargeable to tax

CHAPTER – V INCOME OF OTHER PERSONS INCLUDED IN ASSESSEES TOTAL INCOME 60 61 62 63 64 65 Transfer of income where there is no transfer of assets Revocable transfer of assets Transfer irrevocable for a specified period “Transfer” and “revocable transfer” defined Income of individual to include income of spouse, minor child, etc. 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. 66 67A 68 69 69A 69B 69C 69D B. 70 71 71A 71B 72 72A 72AA 72AB 73 74 74A 75 78 79 80 AGGREGATION OF INCOME Total income Method of computing a member’s share in income of association of persons or body of individuals Cash credits Unexplained investments Unexplained money, etc. Amount of investments, etc., not fully disclosed in books of account Unexplained expenditure, etc. Amount borrowed or repaid on hundi SET OFF CARRY FORWARD AND SET OFF Set off of loss from one source against income from another source under the same head of income Set off of loss from one head against income from another Transitional provisions for set off of loss under the head “Income from house property” Carry forward and set off of loss from house property Carry forward and set off of business losses Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc. 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 Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business reorganisation of co-operative banks Losses in speculation business Losses under the head “Capital gains” Losses from certain specified sources falling under the head "income from other sources" Losses of firms Carry forward and set off of losses in case of change in constitution of firm or on succession Carry forward and set off of losses in the case of certain companies Submission of return for losses

CHAPTER – VI A DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME A. 80A GENERAL Deductions to be made in computing total income

Deductions to be made with reference to the income included in the gross total income Deduction not to be allowed unless return furnished Definitions B. DEDUCTIONS IN RESPECT OF CERTAIN PAYMENTS Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. 80C Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan 80CCA Deduction in respect of investment made under Equity Linked Savings Scheme 80CCB 80CCC Deduction in respect of contribution to certain pension funds 80CCD Deduction in respect of contribution to pension scheme of Central Government Limit on deductions under sections 80C, 80CCC and 80CCD 80CCE Deduction in respect of medical insurance premia 80D Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability 80DD Deduction in respect of medical treatment, etc. 80DDB Deduction in respect of interest on loan taken for higher education 80E Deduction in respect of donations to certain funds, charitable institutions, etc. 80G Deductions in respect of rents paid 80GG 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 Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas 80HH Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas 80HHA Deduction in respect of profits and gains from projects outside India 80HHB 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 Deduction in respect of profits from export of computer software, etc. 80HHE Deduction in respect of profits and gains from export or transfer of film software, etc. 80HHF Deduction in respect of profits and gains from industrial undertakings after a certain date, etc. 80I Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. 80IA Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone 80IAB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings 80IB Special provisions in respect of certain undertakings or enterprises in certain special category States 80IC Deduction in respect of profits and gains from business of hotels and convention centres in specified area 80ID Special provisions in respect of certain undertakings in North-Eastern States 80IE Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste 80JJA 80JJAA Deduction in respect of employment of new workmen Deduction in respect of certain incomes of Offshore Banking Units and International Financial Services Centre 80LA Deduction in respect of royalties, etc., from certain foreign enterprises 80O Deduction in respect of income of co-operative societies 80P Deduction in respect of profits and gains from the business of publication of books 80Q 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 Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc. 80R Deduction in respect of professional income from foreign sources in certain cases 80RR Deduction in respect of remuneration received for services rendered outside India 80RRA Deduction in respect of royalty on Patents 80RRB D. OTHERS Deduction in case of a person with disability 80U 80AB 80AC 80B

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. 87 88 88E B. 89 REBATE OF INCOME TAX Rebate to be allowed in computing income-tax Rebate on life insurance premia, contribution to provident fund, etc. Rebate in respect of securities transaction tax RELIEF OF INCOME TAX Relief when salary, etc., is paid in arrears or in advance

CHAPTER – IX DOUBLE TAXATION RELIEF 90 90A 91 Agreement with foreign countries Adoption by Central Government of agreements between specified associations for double taxation relief Countries with which no agreement exists

CHAPTER – X SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX 92 92A 92B 92C 92CA 92D 92E 92F 93 94 Computation of income from international transaction having regard to arm’s length price Meaning of associated enterprise Meaning of international transaction Computation of arm’s length price Reference to Transfer Pricing Officer Maintenance and keeping of information and document by persons entering into an international transaction Report from an accountant to be furnished by persons entering into international transaction Definitions of certain terms relevant to computation of arm’s length price, etc Avoidance of income-tax by transactions resulting in transfer of income to non-residents Avoidance of tax by certain transactions in securities

CHAPTER – XII DETERMINATION OF TAX IN CERTAIN SPECIAL CASES 110 111 111A 112 113 Determination of tax where total income includes income on which no tax is payable Tax on accumulated balance of recognised provident fund Tax on short-term capital gains in certain cases Tax on long-term capital gains Tax in the case of block assessment of search cases

115A 115AB 115AC 115ACA 115AD 115B 115BB

Tax on dividends, royalty and technical service fees in the case of foreign companies Tax on income from units purchased in foreign currency or capital gains arising from their transfer Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer 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 whatsoever

115BBA 115BBB 115BBC

Tax on non-resident sportsmen or sports associations Tax on income from units of an open-ended equity oriented fund of the unit Trust of India or of Mutual Funds Anonymous donations to be taxed in certain cases

CHAPTER – XII-A SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON RESIDENTS 115C 115D 115E 115F 115G 115H 115I Definitions Special provision for computation of total income of non-residents Tax on investment income and long-term capital gains Capital gains on transfer of foreign exchange assets not to be charged in certain cases Return of income not to be filed in certain cases Benefit under Chapter to be available in certain cases even after the assessee becomes resident Chapter not to apply if the assessee so chooses

CHAPTER – XII-B SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES 115J 115JA 115JAA 115JB Special provisions relating to certain companies Deemed income relating to certain companies Tax credit in respect of tax paid on deemed income relating to certain companies Special provision for payment of tax by certain companies

CHAPTER – XII-D SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES 115O 115P 115Q Tax on distributed profits of domestic companies Interest payable for non-payment of tax by domestic companies When company is deemed to be in default

CHAPTER – XII-E SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME 115R 115S 115T Tax on distributed income to unit holders Interest payable for non-payment of tax 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. 115V B. 115VA 115VB 115VC 115VD 115VE 115VF 115VG 115VH MEANING OF CERTAIN EXPRESSIONS Definitions COMPUTATION OF TONNAGE INCOME FROM BUSINESS OF OPERATING QUALIFYING SHIPS Computation of profits and gains from the business of operating qualifying ships Operating ships Qualifying company Qualifying ship Manner of computation of income under tonnage tax scheme Tonnage income Computation of tonnage income Calculation in case of joint operation, etc.

115VI 115VJ 115VK 115VL 115VM 115VN 115VO C. 115VP 115VQ 115VR 115VS D. 115VT 115VU 115VV 115VW 115VX E. 115VY 115VZ F. 115VZA G. 115VZB 115VZC

Relevant shipping income Treatment of common costs Depreciation General exclusion of deduction and set off, etc. Exclusion of loss Chargeable gains from transfer of tonnage tax assets Exclusion from provisions of section 115JB PROCEDURE FOR OPTION OF TONNAGE TAX SCHEME Method and time of opting for tonnage tax scheme Period for which tonnage tax option to remain in force Renewal of tonnage tax scheme Prohibition to opt for tonnage tax scheme in certain cases CONDITIONS FOR APPLICABILITY OF TONNAGE TAX SCHEME Transfer of profits to Tonnage Tax Reserve Account Minimum training requirement for tonnage tax company Limit for charter in of tonnage Maintenance and audit of accounts Determination of tonnage AMALGAMATION AND DEMERGER OF SHIPPING COMPANIES Amalgamation Demerger MISCELLENEOUS Effect of temporarily ceasing to operate qualifying ships PROVISIONS OF THIS CHAPTER NOT TO APPLY IN CERTAIN CASES Avoidance of tax Exclusion from tonnage tax scheme

CHAPTER – XII-H INCOME TAX ON FRINGE BENEFITS MEANING OF CERTAIN EXPRESSIONS 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 Payment of fringe benefit tax 115WI Advance tax in respect of fringe benefits 115WJ 115WK Interest for default in furnishing return of fringe benefits 115WKA Recovery of fringe benefit tax by the employer from the employee Application of other provisions of this Act 115WL 115W CHAPTER – XIII INCOME TAX AUTHORITIES A. APPOINTMENT AND CONTROL A.

Income-tax authorities Appointment of income-tax authorities Control of income-tax authorities Instructions to subordinate authorities B. JURISDICTION Jurisdiction of income-tax authorities 120 Jurisdiction of Assessing Officers 124 Power to transfer cases 127 Change of incumbent of an office 129 C. POWERS Power regarding discovery, production of evidence, etc. 131 Search and seizure 132 Powers to requisition books of account, etc. 132A Application of seized or requisitioned assets 132B Power to call for information 133 Power of survey 133A Power to collect certain information 133B Power to inspect registers of companies 134 Power of Director General or Director, Chief Commissioner or Commissioner and Joint Commissioner 135 Proceedings before income-tax authorities to be judicial proceedings 136 D. DISCLOSURE OF INFORMATION Disclosure of information respecting assessees 138 116 117 118 119 CHAPTER – XIV PROCEDURE FOR ASESESSMENT 139 139A 139B 139C 139D 140 140A 142 142A 143 144 144A 145 145A 147 148 149 150 151 152 153 153A 153B 153C 153D Return of income Permanent account number Scheme for submission of returns through Tax Return Preparers Power of Board to dispense with furnishing documents, etc., with the return Filing of return in electronic form Return by whom to be signed Self-assessment Inquiry before assessment Estimate by Valuation Officer in certain cases Assessment Best judgment assessment Power of Joint Commissioner to issue directions in certain cases Method of accounting Method of accounting in certain cases Income escaping assessment Issue of notice where income has escaped assessment Time limit for notice Provision for cases where assessment is in pursuance of an order on appeal, etc. Sanction for issue of notice Other provisions Time limit for completion of assessments and reassessments Assessment in case of search or requisition Time limit for completion of assessment under section 153A Assessment of income of any other person Prior approval necessary for assessment in cases of search or requisition

154 155 156 157 158

Rectification of mistake Other amendments Notice of demand Intimation of loss 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 158BA 158BB 158BC 158BD 158BE 158BF 158BFA 158BG 158BH 158BI Definitions Assessment of undisclosed income as a result of search Computation of undisclosed income of the block period Procedure for block assessment Undisclosed income of any other person Time limit for completion of block assessment Certain interests and penalties not to be levied or imposed Levy of interest and penalty in certain cases Authority competent to make the block assessment Application of other provisions of this Act Chapter not to apply after certain date

CHAPTER – XV LIABILITY IN SPECIAL CASES A. LEGAL REPRESENTATIVES Legal representatives 159 B. REPRESENTATIVE ASSESEES- GENERAL PROVISIONS Representative assessee 160 Liability of representative assessee 161 Right of representative assessee to recover tax paid 162 C. REPRESENTATIVE ASSESSEES- SPECIAL CASES Who may be regarded as agent 163 Charge of tax where share of beneficiaries unknown 164 Charge of tax in case of oral trust 164A Case where part of trust income is chargeable 165 D. REPRESENTATIVE ASSESSEES-MISCELLENEOUS PROVISIONS Direct assessment or recovery not barred 166 Remedies against property in cases of representative assessees 167 DD. FIRMS AOP AND BOI Charge of tax in the case of a firm 167A Charge of tax where shares of members in association of persons or body of individuals unknown, etc. 167B E. EXECUTORS Executors 168 Right of executor to recover tax paid 169 F. SUCCESSION OF BUSINESS OR PROFESSION Succession to business otherwise than on death 170 G. PARTITION Assessment after partition of a Hindu undivided family 171 H. PROFITS OF NON RESIDENTS FROM OCCASSIONAL SHIPPING BUSINESS

Shipping business of non-residents RECOVERY OF TAX IN RESPECT OF NON RESIDENTS Recovery of tax in respect of non-resident from his assets 173 J. PERSONS LEAVING INDIA Assessment of persons leaving India 174 JA. AOP BOI OR ARTIFICIAL JURIDICAL PERSONS FORMED FOR A PARTICULAR EVENT OR PURPOSE Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose 174A K. PERSONS TRYING TO ALIENATE THEIR ASSETS Assessment of persons likely to transfer property to avoid tax 175 L. DISCONTINUANCE OF BUSINESS OR DISSOLUTION Discontinued business 176 Association dissolved or business discontinued 177 Company in liquidation 178 M. PRIVATE COMPANIES Liability of directors of private company in liquidation 179 N. SPECIAL PROVISIONS FOR CERTAIN KIND OF INCOMES Royalties or copyright fees for literary or artistic work 180 Consideration for know-how 180A 172 I. CHAPTER – XVI SPECIAL PROVISIONS APPLICABLE TO FIRMS A. 184 185 B. 187 188 188A 189 189A ASSESSMENT OF FIRMS Assessment as a firm Assessment when section 184 not complied with CHANGES IN CONSTITUTION, SUCCESSION AND DISSOLUTION Change in constitution of a firm Succession of one firm by another firm Joint and several liability of partners for tax payable by firm Firm dissolved or business discontinued Provisions applicable to past assessments of firms

CHAPTER XVII COLLECTION AND RECOVERY OF TAX A. 190 191 B. 192 193 194 194A 194B 194BB 194C 194D 194E 194EE 194F 194G 194H GENERAL Deduction at source and advance payment Direct payment DEDUCTION AT SOURCE Salary Interest on securities Dividends Interest other than “Interest on securities” Winnings from lottery or crossword puzzle Winnings from horse race Payments to contractors and sub-contractors Insurance commission Payments to non-resident sportsmen or sports associations Payments in respect of deposits under National Savings Scheme, etc. Payments on account of repurchase of units by Mutual Fund or Unit Trust of India Commission, etc., on the sale of lottery tickets Commission or brokerage

194I 194J 194K 194L 194LA 195 195A 196 196A 196B 196C 196D 197 197A 198 199 200 201 202 203 203A 203AA 204 205 206 206A

Rent Fees for professional or technical services Income in respect of units Payment of compensation on acquisition of capital asset Payment of compensation on acquisition of certain immovable property Other sums Income payable “net of tax” Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations Income in respect of units of non-residents Income from units Income from foreign currency bonds or shares of Indian company Income of Foreign Institutional Investors from securities Certificate for deduction at lower rate No deduction to be made in certain cases Tax deducted is income received Credit for tax deducted Duty of person deducting tax Consequences of failure to deduct or pay Deduction only one mode of recovery Certificate for tax deducted Tax deduction and collection account number Furnishing of statement of tax deducted Meaning of “person responsible for paying” Bar against direct demand on assessee Persons deducting tax to furnish prescribed returns Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax

BB. COLLECTION AT SOURCE Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. 206C Tax collection account number 206CA C. ADVANCE PAYMENT OF TAX Liability for payment of advance tax 207 Conditions of liability to pay advance tax 208 Computation of advance tax 209 Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer 210 Instalments of advance tax and due dates 211 Interest payable by Government 214 Interest payable by assessee 215 Interest payable by assessee in case of underestimate, etc. 216 Interest payable by assessee when no estimate made 217 When assessee deemed to be in default 218 Credit for advance tax 219 D. COLLECTION AND RECOVERY When tax payable and when assessee deemed in default 220 Penalty payable when tax in default 221 Certificate to Tax Recovery Officer 222 Tax Recovery Officer by whom recovery is to be effected 223 Validity of certificate and cancellation or amendment thereof 224 Stay of proceedings in pursuance of certificate and amendment or cancellation thereof 225 Other modes of recovery 226

227 228A 229 230 232

Recovery through State Government Recovery of tax in pursuance of agreements with foreign countries Recovery of penalties, fine, interest and other sums Tax clearance certificate Recovery by suit or under other law not affected E. OMITTED F. INTEREST CHARGEABLE IN CERTAIN CASES Interest for defaults in furnishing return of income 234A Interest for defaults in payment of advance tax 234B Interest for deferment of advance tax 234C Interest on excess refund 234D

CHAPTER – XVIII RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES 236 236A Relief to company in respect of dividend paid out of past taxed profits Relief to certain charitable institutions or funds in respect of certain dividends

CHAPTER – XIX REFUNDS 237 238 239 240 242 243 244 244A 245 Refunds Person entitled to claim refund in certain special cases Form of claim for refund and limitation Refund on appeal, etc. Correctness of assessment not to be questioned Interest on delayed refunds Interest on refund where no claim is needed Interest on refunds Set off of refunds against tax remaining payable

CHAPTER – XIXA SETTLEMENT OF CASES 245A 245B 245BA 245BB 245BC 245BD 245C 245D 245DD 245E 245F 245G 245H 245HA 245HAA 245I 245J 245K 245L Definitions Income-tax Settlement Commission Jurisdiction and powers of Settlement Commission Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances Power of Chairman to transfer cases from one Bench to another Decision to be by majority Application for settlement of cases Procedure on receipt of an application under section 245C Power of Settlement Commission to order provisional attachment to protect revenue Power of Settlement Commission to reopen completed proceedings Powers and procedure of Settlement Commission Inspection, etc., of reports Power of Settlement Commission to grant immunity from prosecution and penalty Abatement of proceeding before Settlement Commission Credit for tax paid in case of abatement of proceedings Order of settlement to be conclusive Recovery of sums due under order of settlement Bar on subsequent application for settlement Proceedings before Settlement Commission to be judicial proceedings

CHAPTER – XIX-B ADVANCE RULINGS 245N 245O 245P 245Q 245R 245RR 245S 245T 245U 245V Definitions Authority for advance rulings Vacancies, etc., not to invalidate proceedings Application for advance ruling Procedure on receipt of application Appellate authority not to proceed in certain cases Applicability of advance ruling Advance ruling to be void in certain circumstances Powers of the Authority Procedure of Authority

CHAPTER XX APPEALS AND REVISION A. 246 246A 248 249 250 251 B. 252 253 254 255 257 260 C. 260A 260B D. 261 262 E. 263 264 F. 265 266 267 268 269 APPEALS TO DEPUTY COMMISSIONER/COMMISSIONER [APPEALS] Appealable orders Appealable orders before Commissioner (Appeals) Appeal by person denying liability to deduct tax in certain cases Form of appeal and limitation Procedure in appeal Powers of the Commissioner (Appeals) APPEALS TO APPELATE TRIBUNAL Appellate Tribunal Appeals to the Appellate Tribunal Orders of Appellate Tribunal Procedure of Appellate Tribunal Statement of case to Supreme Court in certain cases Effect to the decisions of Supreme Court and of the National Tax Tribunal APPEALS TO HIGH COURT Appeal to High Court Case before High Court to be heard by not less than two Judges APPELS TO SUPREME COURT Appeal to Supreme Court Hearing before Supreme Court REVISION BY COMMISSIONER Revision of orders prejudicial to revenue Revision of other orders GENERAL Tax to be paid notwithstanding reference, etc. Execution for costs awarded by Supreme Court Amendment of assessment on appeal Exclusion of time taken for copy Definition of “High Court”

CHAPTER – XX-A ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX 269A 269AB Definitions Registration of certain transactions

269B 269C 269D 269E 269F 269G 269H 269I 269J 269K 269L 269M 269N 269O 269P 269Q 269R 269RR 269S

Competent authority Immovable property in respect of which proceedings for acquisition may be taken Preliminary notice Objections Hearing of objections Appeal against order for acquisition Appeal to High Court Vesting of property in Central Government Compensation Payment or deposit of compensation Assistance by Valuation Officers Powers of competent authority Rectification of mistakes Appearance by authorised representative or registered valuer Statement to be furnished in respect of transfers of immovable property Chapter not to apply to transfers to relatives Properties liable for acquisition under this Chapter not to be acquired under other laws Chapter not to apply where transfer of immovable property made after a certain date 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 269T 269TT Mode of taking or accepting certain loans and deposits Mode of repayment of certain loans or deposits Mode of repayment of Special Bearer Bonds, 1991

CHAPTER XXI PENALTIES IMPOSABLE 269U 269UA 269UB 269UC 269UD 269UE 269UF 269UG 269UH 269UI 269UJ 269UK 269UL 269UM 269UN 269UO 269UP 271 271A 271AA 271AAA 271B Commencement of Chapter Definitions Appropriate authority Restrictions on transfer of immovable property Order by appropriate authority for purchase by Central Government of immovable property Vesting of property in Central Government Consideration for purchase of immovable property by Central Government Payment or deposit of consideration Re-vesting of property in the transferor on failure of payment or deposit of consideration Powers of the appropriate authority Rectification of mistakes Restrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property Restrictions on registration, etc., of documents in respect of transfer of immovable property Immunity to transferor against claims of transferee for transfer Order of appropriate authority to be final and conclusive Chapter not to apply to certain transfers Chapter not to apply where transfer of immovable property effected after certain date Failure to furnish returns, comply with notices, concealment of income, etc. Failure to keep, maintain or retain books of account, documents, etc. Penalty for failure to keep and maintain information and document in respect of international transaction Penalty where search has been initiated Failure to get accounts audited

271BA 271BB 271C 271CA 271D 271E 271F 271FA 271FB 271G 272A 272AA 272B 272BB 272BBB 273 273A 273B 274 275

Penalty for failure to furnish report under section 92E Failure to subscribe to the eligible issue of capital Penalty for failure to deduct tax at source Penalty for failure to collect tax at source Penalty for failure to comply with the provisions of section 269SS Penalty for failure to comply with the provisions of section 269T Penalty for failure to furnish return of income Penalty for failure to furnish annual information return Penalty for failure to furnish return of fringe benefits Penalty for failure to furnish information or document under section 92D Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. Penalty for failure to comply with the provisions of section 133B Penalty for failure to comply with the provisions of section 139A Penalty for failure to comply with the provisions of section 203A Penalty for failure to comply with the provisions of section 206CA False estimate of, or failure to pay, advance tax Power to reduce or waive penalty, etc., in certain cases Penalty not to be imposed in certain cases Procedure Bar of limitation for imposing penalties

CHAPTER XXII OFFENCES AND PROSECUTION 275A 275B 276 276A 276AB 276B 276BB 276C 276CC 276CCC 276D 277 277A 278 278A 278AA 278B 278C 278D 278E 279 279A 279B 280 Contravention of order made under sub-section (3) of section 132 Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132 Removal, concealment, transfer or delivery of property to thwart tax recovery Failure to comply with the provisions of sub-sections (1) and (3) of section 178 Failure to comply with the provisions of sections 269UC, 269UE and 269UL Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B Failure to pay the tax collected at source Wilful attempt to evade tax, etc. Failure to furnish returns of income Failure to furnish return of income in search cases Failure to produce accounts and documents False statement in verification, etc. Falsification of books of account or document, etc. Abetment of false return, etc. Punishment for second and subsequent offences Punishment not to be imposed in certain cases Offences by companies Offences by Hindu undivided families Presumption as to assets, books of account, etc., in certain cases Presumption as to culpable mental state Prosecution to be at instance of Chief Commissioner or Commissioner Certain offences to be non-cognizable Proof of entries in records or documents Disclosure of particulars by public servants

CHAPTER XXIII MISCELLENEOUS 281 281B 282 283 284 285B 285BA 287 287A 288 288A 288B 289 290 291 292 292A 292B 292C 293 293A 293B 294 294A 295 296 297 298 Certain transfers to be void Provisional attachment to protect revenue in certain cases Service of notice generally Service of notice when family is disrupted or firm, etc., is dissolved Service of notice in the case of discontinued business Submission of statements by producers of cinematograph films Obligation to furnish annual information return Publication of information respecting assessees in certain cases Appearance by registered valuer in certain matters Appearance by authorised representative Rounding off of income Rounding off amount payable and refund due Receipt to be given Indemnity Power to tender immunity from prosecution Cognizance of offences Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply Return of income, etc., not to be invalid on certain grounds Presumption as to assets, books of account, etc. Bar of suits in civil courts Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils Power of Central Government or Board to condone delays in obtaining approval Act to have effect pending legislative provision for charge of tax Power to make exemption, etc., in relation to certain Union territories Power to make rules Rules and certain notifications to be placed before Parliament Repeals and savings Power to remove difficulties

SCHEDULES TO THE ACT I II III IV V VI VII VIII IX X XI XII XIII XIV Insurance Business Procedure for Recovery of Tax Procedure for Distraint by AO/TRO A. RPF B. Approved Superannuation Funds C. Approved Gratuity Funds List of Articles and Things Omitted A. Materials B. Groups of Associated Minerals List of Industrially Backward States & UT Omitted Omitted List of Articles or Things Processed Minerals or Ores List of Articles or Things List of Articles or Things or Operations

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