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Income Tax Act with Master Guide to Income Tax Act

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Income Tax Act

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CONTENTS
DIVISION ONE
Income-tax Act, 1961
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I-3 1.1 1.1057 1.1123

Arrangement of Sections Text of the Income-tax Act, 1961 as amended by the Finance Act, 2012 Appendix : Text of remaining provisions of Allied Acts referred to in Income-tax Act Subject Index

DIVISION TWO
Finance Act, 2012
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2.3 2.7

Arrangement of Sections Text of the Finance Act, 2012

DIVISION THREE
National Tax Tribunal Act, 2005
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3.3 3.5

Arrangement of Sections Text of the National Tax Tribunal Act, 2005 as amended up to date

DIVISION FOUR
Securities Transaction Tax
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4.3 4.5

Arrangement of Sections Text of the Securities Transaction Tax as amended by the Finance Act, 2012
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Master Guide to Income Tax Act

CONTENTS

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CONTENTS
DIVISION ONE
Commentary on Finance Act, 2012
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Amendments made by Finance Act, 2012 at a glance

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GENERAL ANTI AVOIDANCE RULE (‘GAAR’)

1.1 1.2 1.3

Introduction 1.1.1 Nature of provisions Objective Arrangement 1.3.1 Definition 1.3.2 Analysis Arrangement ‘entered’ into by assessee ‘may’ be declared to be an impermissible avoidance arrangement (IAA) 1.4.1 Onus 1.4.2 May Impermissible Avoidance Arrangement (IAA) 1.5.1 Conditions 1.5.2 Illustrations 1.5.3 Factual exercise Explanation to section 95 1.6.1 May 1.6.2 Onus Options available to Assessing Officer for invoking GAAR

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1.5

1.6

1.7

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104 1.7 Round trip financing 1.13.14.1 Abuse 1.94 1.106 1.94 1.104 1.110 1.1 Shall presume Alternate Conditions 1.10.108 1.8.107 1.95 1.102 1.97 1.12 1.8.15.6 Direct Taxes Code 1.9 1.8 Accommodating Party Carried out by means or manner not ordinarily employed for bona fide purposes 1.2 Arm’s length Misuse or abuse of the provisions of the Act [section 96(1)(b)] 1.104 1.15.14.8 Tax benefit 1.111 1.1 Arrangement lacking or deemed to lack commercial substance 1.2 Purpose Statutory presumption 1.107 1.13.13 1.CONTENTS I-8 PAGE 1.3 Illustration 1.104 1.5 Irrelevant factors 1.111 1.15 .101 1.106 1.12.2 Meaning of commercial substance 1.109 1.12.106 1.14.1 Ordinarily 1.104 1.2 Bona fide purpose 1.4 Deemed lack of commercial substance 1.108 1.10 1.14.11.9.14 1.11 1.9.107 1.14.2 Objective behind introduction of a provision 1.14.1 Main 1.107 1.107 1.13.14.94 1.1 Onus Creation of rights or obligations which are not ordinarily created [section 96(1)(a)] 1.1 Definition 1.1 Ordinarily 1.14.95 1.106 1.2 Analysis Main purpose 1.111 1.3 Benefit of a provision in the Act does not per se result in abuse/misuse Lack of commercial substance [Section 96(1)(c)] 1.

119 1.2 Consequences of directions 1.22.20.20.1 Steps 1.21 1.126 1.20.117 1.116 1.2 Analysis Application of GAAR (section 100) Chapter to be applied in accordance with prescribed guidelines etc.122 1.120 1.128 1.17 Arrangement to be ‘declared’ to be an IAA Consequences of applicability of Chapter X-A [section 98] 1.16 1.20 1.120 1.20.114 1.20.20.2 Amendments 1.11 Tremendous sanctity of the review by the Commissioner/Approving Panel Appeal against assessment order Advance ruling in respect of an impermissible avoidance arrangement 1.4 Analysis 1.20.1 Statutory provisions 1.116 1.I-9 CONTENTS PAGE 1.17.10 Nature of proceedings before the AO in relation to determination of consequences 1.7 Opinion by Commissioner 1.3 Analysis 1.126 1.127 1.118 1.117 1.19 1.113 1.113 1.124 1.125 1.125 1. Procedure regarding application of GAAR by Income tax department (section 144BA) 1.23 Other aspects of GAAR and applicability of GAAR to other provisions 1.127 1.127 1.22 1.121 1.23.22.1 Background 1.115 1.17.112 1.125 1.20.22.23.125 1.8 Approving Panel 1.128 1.20.2 Benefit 1.18 1.5 AO’s reference 1.20.3 Relevance of Finance Minister’s speech and Explanatory Memorandum .1 Complex and interlinked provisions 1.23.115 1.6 Assessment proceedings 1.20.3 Other matters 1.22A GAAR vis-à-vis binding force of AAR’s rulings 1.9 Prior approval of the Commissioner 1.

2012 Explanatory Memorandum to Finance Bill.16 Recommendations by the Standing Committee of the Parliament 1.23.1-2 Analysis Amendment to definition of transfer 2.23.15 Penalties 1.17 Onus 1.4.135 1.2-2 Analysis Amendment to section 9(1)(i) 2.2 2.129 1.146 1.CONTENTS I-10 PAGE 1.23.146 1.13 Assessment of representative assessee 1. General Anti Avoidance Regulations (GAAR) 1.132 1.9 Year of application of Chapter XA 1.129 1.148 1.1 Amendment to definition of property 2.4 .23.151 1.150 1.23.143 2 TAXATION OF NON-RESIDENTS 2.148 1.7 Whether applicable to past transactions? 1.2-1 Amendment 2.137 1.3-1 Brief description of amendments in section 9(1)(i) Statutory explanation regarding the amendment in section 9(1)(i) 2.18 Implications under other laws Annex 1.23.3 2.8 Non obstante provisions 1.141 1.23.149 1.138 1.4-3 Notes on Clauses to Finance Bill.153 2.150 1.14 TDS 1.1 2.23.1 Reliance on Memorandum explaining the provisions of the Finance Bill 1.131 1.23.23.12 Specific Anti Avoidance Regulations (SAAR) v. 2012 Finance Minister’s Speech 1.5 Legal or genuine arrangements are also covered 1.129 1.1-1 Amendment 2.142 1.140 1.10 GAAR and DTAA 1.4.2 2.137 1.23.23.23.151 1.142 1.150 1.23.23.129 1.146 1.130 1.11 Applicability to Court sanctioned schemes 1.4 No threshold limit 1.6 Non-related parties 1.

153 1.163 1.158 1.10 ‘Through’ qualifies all the limbs of section 9(1)(i) 2.7-12 Validation clause 1.6-5 2.5-1 Explanation 4 2.154 1.154 1.4 2.7.161 1.6.171 1.7-6 General principles regarding retrospective amendment Retrospective legislation and Income-tax Restrictions on retrospective amendments Retrospective amendment when permissible Onus to prove that amendment not permissible Factors considered relevant in assessing unreasonableness of amendment 2.154 1.154 1.6-11 Substantial Retrospectivity 2.6-6 No threshold for smaller transactions No exception to listed companies No limit to tiers Illustration Interest in any entity is covered by the amendment No proportionate abatement qua value derived from non India assets 2.7 Determination of value 2.2 2.5 Analysis of amendment in section 9(1)(i) 2.3 2.7-2 2.158 1.160 1.I-11 CONTENTS PAGE 2.168 1.6.1 2.6.7-11 Fresh imposition of levy 2.7.177 .1 2.164 1.156 1.157 1.164 1.8 View 2 : Retrospective amendment to section 9(1) and allied provisions is not permissible (see paras 2.160 1.7-3 2.6-9 No step up of cost 2.6.6 2.165 2.158 1.156 1.8 to 2.153 1.6.7.167 1.7.5-2 Explanation 5 Consequences of the amendments in section 9(1)(i) 2.154 1.161 1.156 1.7.6-8 Taxation of transfer of shares in all holding companies situated in the UK/USA 2.12) 2.153 1.6.7-4 2.7 View 1 : Retrospective amendment to section 9(1)(i) is permissible 2.7-10 Explanation 5 regarding ‘deemed’ location in India 2.7-9 Amendment to ‘through’ 2.7-5 2.176 1.7 1.

197 1.2 3.12 2.9-2 Analysis Amendments to section 90A Section 115A Amendment in relation to taxation of non-resident entertainers (Section 115BBA) 2.1-2 Effects of the amendment 3.198 1.191 1.182 1.2-1 First proviso 3.178 1.203 1.199 1.1 Exemption of maturity proceeds of Life Insurance Policy [Section 10(10D)] 3.10 2.191 1.1 3 EXEMPTIONS 3.178 1.179 1.200 1.2-2 Amendment 3.197 1.13 Annex 2.200 1.199 1.181 1.8-3 Analysis Amendment to section 90 2.2-3 Analysis Amendment in the definition of Venture Capital Undertaking [Section 10(23FB)] 3.194 2.199 1.191 1.198 1.181 1.8 Amendments to section 9(1)(vi) 2.1-1 Amendment 3.3 .CONTENTS I-12 PAGE 2.1 Amendments 2.203 3.1A 3.3-2 Background and Amendment Analysis 1.190 1.203 1.12-1 Analysis Validation of Demand Meaning of the word “Management” 1.11 2.9-1 Amendment 2.3-1 3.8-2 Object 2.178 1.192 1.1-3 Analysis Exemption to Prasar Bharati Application of first proviso to section 2(15) (‘First proviso’) and effects on exemption to charitable trusts 3.8.9 2.

4 4.216 1.4-2 Expenditure 4.207 1.215 1.1-2 Amendment 4.217 1.207 1.7-2 4.1-3 Analysis Weighted Deduction for Scientific Research and Development Deduction in respect of capital expenditure on specified business 4.204 1.7 .6 4.221 4.7-3 Background Amendment relating to specified domestic transactions Amendment relating to list of ‘specified persons’ 1.220 1.5-3 Other issues Disallowance under section 40(a)(ia) 4.5-1 Skill Development project 4.4-1 Agricultural extension project meaning of 4.214 1.4-3 An assessee 4.1-1 Background 4.206 1.215 1.204 1.215 1.216 1.5 4.2 4.6-1 Present provision 4.Extension to the business of generation or generation and distribution of power 4.206 1.4-2 Amendment Analysis 1.2 Analysis Expenditure on agricultural extension project [Section 35CCC] 4.216 1.3-1 Amendment 4.3 4.220 1.220 1.6-3 Analysis Amendment to section 40A(2) in respect of disallowance of unreasonable or excessive expenditure 4.4-4 Other issues Expenditure on skill development project [Section 35CCD] 4.207 1.216 1.207 1.5-2 Expenditure 4.216 1.7-1 4.213 1.214 1.208 1.206 1.3.217 1.6-2 Amendment 4.4 Exemption to income of a foreign company on account of sale of crude oil [section 10(48)] 3.205 4 BUSINESS INCOME 4.I-13 CONTENTS PAGE 3.1 Additional depreciation .4-1 3.

4-1 Objects of the provision 5.238 1.6 .241 1.6-1 5.224 1.241 1.224 1.5 5.1-2 Analysis Exemption from capital gains to a shareholder in case of amalgamation [Section 47] Cost of capital asset in case of succession to business by companies [Section 49] Fair Market Value to be deemed as full value of consideration in certain cases [Section 50D] 5.223 1.245 1.240 1.1 Demerger 5.4-2 Rulings neutralised 5.9-2 Person earning brokerage/commission income 4.243 1.236 1.240 1.4 5.244 1.237 1.9-1 1.238 1.9-4 Increase in threshold limit to Rs.222 1.8-2 Analysis Specified Date for Furnishing Tax Audit Report Tax on presumptive basis in case of certain eligible business 4.225 1. 1 crore Annex 4.9-3 Agency Business 4.3 5.6-3 5.236 1.222 1.6-4 Salient Features of the provision Analysis of the provision Residential property Owned by 1.8 Threshold limit for Tax Audit [Section 44AB] 4.2 5.230 1.243 1.8A 4.231 1.8-1 Amendment 4.222 1.232 4.CONTENTS I-14 PAGE 4.245 1.6-2 5.252 5.1-1 Amendment 5.4-3 Other issues Exemption of Capital Gain on transfer of land used for agriculture purpose [Section 54B] Exemption to capital gains on transfer of residential property not to be charged in certain cases [Section 54GB] 5.9 Person carrying on profession referred to in section 44AA 4.1 Relevant extracts from National Manufacturing Policy 5 CAPITAL GAINS 5.

253 1.9-2 Analysis Special provisions relating to conversion of Indian branch of a foreign bank into a subsidiary company 5.2-3 6.2-2 6.258 1.2-1 6.1-1 Amendment Share premium in excess of the fair market value deemed as income 6.292 1.6-9 Quantum of capital gains exempt 5.290 1.284 1.289 1.286 1.290 1.10-2 Subsequent failure 1.264 1.6-6 5.274 1.284 1.277 1.283 1.6-10 Cost of new asset 5.6-5 5.9 Eligible assessee Utilisation of the net consideration for subscribing to shares 5.291 1.I-15 CONTENTS PAGE 5.312 1.2-7 Salient features of the provision Objective of the amendment Certain aspects relevant for interpreting clause Analysis of the clause Allowance of expenditure Applicability of section 55A Effects 1.284 1.6-7 Eligible company 5.8 5.2-6 6.2 .253 1.283 1.7-1 Amendment Tax on short-term capital gains [Section 111A] Tax on long-term capital gains [Section 112] 5.287 1.292 1.2-5 6.10 6 INCOME FROM OTHER SOURCES 6.7 5.274 1.9-1 Amendment 5.10-1 Initial failure to comply with the conditions 5.311 1.6-11 Withdrawal of exemption in case of certain transfers within 5 years [Sub-section (4)] Reference to Valuation Officer 5.1 Exemption of any sum or property received by HUF from its members 6.2-4 6.312 6.294 1.6-8 Utilisation by the company 5.287 5.284 1.

2 .1 Amendment to the definition of market value in section 80A(6) 7.2-1 8.316 1.3 7.324 1.2 7.319 1.317 1.8-1 Analysis Deduction for investment under equity saving scheme 7. etc.317 1.2-2 Background Amendments relating to second proviso 1.1A Analysis of amendment Deduction in respect of Life Insurance Premium 7.1-2 Analysis Amendment to section 92C(2) regarding deviation from arithmetic mean (AM) 8.332 8.323 7.318 1.4 7.1 Extension of transfer pricing provisions to specified domestic transactions (SDT) 8.9 8 TRANSFER PRICING 8.9-2 Salient features of the provision Analysis 1.322 1.319 1.7-1 Amendment to section 80-IA(8) 7.315 1.6 7.3-1 Amendment 7.7 7.324 1.1.314 1.7-2 Amendment to section 80-IA(10) Deduction of interest on savings account deposit 7.1 Amendment 7.3-2 Analysis Deduction in respect of medical treatment.332 1.9-1 7.318 1.325 1.319 1.332 1.8 7.1 Amendment 8.1.322 1.321 1.Mode of Payment Extension of sunset clause for tax holiday under section 80-IA Amendment to the definition of market value in section 80-IA(8)/(10) 7.314 1.CONTENTS I-16 PAGE 7 DEDUCTION UNDER CHAPTER VI-A 7. [Section 80DDB] Deductions in respect of certain donations under sections 80G and 80GGA .321 1.316 1.2-1 Effects of the amendments Deduction in respect of health insurance premium 7.5 7.1.314 1.319 1.

6 9 MINIMUM ALTERNATE TAX (‘MAT’) AND ALTERNATE MINIMUM TAX (‘AMT’) 9. ASSESSMENT AND APPEALS 10.339 1.350 1.2 10 RETURN.1-4 Exemption to life insurance business Alternate Minimum Tax (‘AMT’) 9.336 1.351 1.347 1.3 8.357 1.6-1 Analysis 1.4 8.349 1.1-3 Option for preparation of accounts 9.2-1 Amendment 1.336 1.I-17 CONTENTS PAGE 8.338 1.1 Minimum Alternate Tax (MAT) 9.2-2 9.333 1.2-3 Amendments relating to first proviso 8.348 1.336 1.339 1.1-2 Preparation of accounts Adjustment of amount standing to the credit of revaluation reserve 9.4-2 Analysis Advance Pricing Agreement [section 92CC] 8.1 9.1-1 Amendment Assessment 10.351 9.2 Furnishing return of income by certain resident 10.2-3 The Provision Amendment Analysis 1.340 1.5 8.1 Amendment 8.5-1 Amendment 8.1 10.350 1.357 .346 8.350 1.2-4 Analysis Amendment relating to transactions not reported in the Audit Report under section 92E Amendment in definition of international transaction 8.332 1.1.347 1.4.353 1.345 1.5-2 Analysis Effect of APA in term of return of income/assessment (section 92CD) 8.353 1.2-1 9.

3/4-1 Background 10.12 Appeal to Commissioner (Appeals) 10.358 1.Notice of Demand 10.8 10.3/4-3 Analysis Amendment relating to reassessment of income [section 147] 10.3/4-2 Amendments 10.359 1.12-3 Appeal against assessment etc.364 1.11 Section 156 .359 1.2-3 Third Proviso 10.360 1.371 10.12-7 Appeal against penalty order under section 271AAB 1. under section 147 Exceptions 10.370 1.CONTENTS I-18 PAGE 10.12-5 Appeal against assessment or reassessment or recomputation of total income pursuant to Advance Pricing Agreement (‘APA’) 10.363 1.6-1 Background 10.371 .370 1.366 1.6-3 Analysis Time limit for completion of assessment or reassessment 10.10-1 Amendment 10.364 1.358 1.5-1 Background 10.10 Rectification of mistakes 10.6 10.359 1.363 1.9 10.Exceptions 10.358 1.358 1.5-2 Amendments 10.360 1.370 1.12-2 Appeal against assessment order under section 143(3) Exceptions 10.12-1 Rights of appeal to deductor 10.8-1 Amendment Amendments to section 153B 1.366 1.368 1.1 Amendments Notice for assessment in search or requisition or other cases 10.363 1.3/4 Dispute Resolution Panel 10.12-6 Appeal against rectification orders .5 10.369 1.6-2 Amendments 10.366 1.371 1.7 10.2-2 Analysis 10.5-3 Analysis Amendment relating to provisions relating to time limit for notice under section 148 10.358 1.12-4 Assessment or reassessment pursuant to search 10.369 1.7.368 1.371 1.363 1.

8-1 11.388 1.13-3 Appeal by AO against own order.375 1.386 1.13-2 Appeal against order passed under section 144BA(12) 10.2 11.13-1 Appeal against certain orders passed under section 153A/153C 10.377 1.375 1.377 1.13 Appeal to the Appellate Tribunal 10.8-3 11.1 11.374 1.8 .5 TDS from interest on securities 11.388 11.386 1.8-4 11.372 1.372 1.3-1 Analysis TDS from payment of compensation on acquisition of certain immovable property TDS from interest payable by specified Indian company 11.372 1.14 Disposal of appeal by ITAT within specified period 1.7 11. Person deemed to be assessee in default 11.8-2 11.374 1.385 1.385 1.375 1.373 11 DEDUCTION AND COLLECTION OF TAX AT SOURCE 11.6 11.I-19 CONTENTS PAGE 10.376 1.7-1 No deduction of tax to be made 11.1-1 Amendment TDS from payments to non-resident sportsmen etc.376 1.373 1.13-4 Cross objections 10. TDS from fees for professional or technical services 11.5-2 Analysis Amendments to section 195 11.386 1.5-1 Insertion of section 194LC 11.387 1.376 1.378 1.8-5 Amendment Conditions Analysis Amendment in section 206C Consequences where person responsible treated as assessee in default 1.372 1.7-2 No TDS in case of certain payments to notified institutions etc.4 11. pursuant to objection to DRP 10.3 11.385 1.6-2 Analysis Amendment in section 197A 11.

396 1.2 Analysis Interest under section 234A and AMT Credit 12.8-7 Limitation period under section 201(3) Interest under section 220(2) 1.392 1.4-2 Amendment Interest under section 234B and AMT Credit 12.3.401 12.391 1.11-2 Inclusion of specified minerals 11.9 11.398 1.397 1.5-2 Amendment 1.2-2 Analysis Computation of advance tax 12.5-1 Background 12.390 1.397 1.10 Person responsible for paying 11.1-1 Amendment 12.12-1 Amendment 11.2 12.396 1.12-2 Analysis 12 TAX & INTEREST PAYMENTS 12.2-1 Amendment 12.3 12.11-1 Amendment 11.11-3 Goods utilised for power generation .11-5 Interest under section 206C(7) 11.391 1.397 1.11 Collection of tax from buyers of coal or lignite or iron ore or bullion or jewellery 11.11-4 Bullion or Jewellery 11.398 1.5 .394 11.CONTENTS I-20 PAGE 11.390 1.12 Fees for default in furnishing statements in respect of tax deductible or collectible 11.4 12.400 1.392 1.3-1 Background 12.Not subject to tax collection 11.8-6 Interest under section 201(1A) 11.1 Credit for payment of Alternate Minimum Tax (AMT) 12.399 1.389 1.399 1.391 1.389 1.396 1.398 1.400 1.Exemption to resident senior citizen having non-business income 12.4-1 Background 12.393 1.1-2 Effect of the amendment Advance tax .393 1.400 1.392 1.

1-1 Background 13.5-1 TDS statements 13. 13.417 1.5-4 Furnishing incorrect information Penalty under section 272A(2)(k) Reasonable cause 1.I-21 CONTENTS PAGE 12.401 1.417 .411 1.7 14 PROSECUTION 14.2 13.2-1 Details 14.404 1.7-1 Amendment 1.1 14.5 13.6-2 Amendment Interest on excess refund 12.401 1.5-3 Failure to furnish TDS/TCS statements 13.412 1.403 1.1-2 Amendment Penalty for failure to keep and maintain documentation in respect of SDT [Section 271AA] Penalty in search cases 13.4 13.415 13.406 1.403 1.3-1 Penalty under section 271AAB 13.3-2 Analysis Penalty for failure to furnish information or document under section 92D Penalty for failure to furnish statements etc.3 13.411 1.404 1.2-2 Objectives of the amendments 1.6 Interest under section 234C 12.404 1.2 Prosecution provisions Amendments 14.5-2 TCS statements 13.7 13 PENALTIES 13.402 1.403 1.415 1.401 1.402 12.415 1.6 13.6-1 Background 12.414 1.414 1.1 Penalty for concealment of income in respect of ‘Specified Domestic Transaction’ (SDT) 13.417 1.417 1.

5-1 Amendment 15.8 15.2-3 Increasing threshold and reduction in period 14.1 15.430 1.2 Definition of ‘Commissioner’ Cash credits under section 68 of the Act 15.2-5 Compounding 1.433 1. etc.425 1.4 15.433 1.6-1 Background 15.1 Amendment 15.438 1.10 Authorisation and assessment in case of search or requisition 15.423 1.2-4 Special Court 14.5-2 Analysis Taxation of investors in VCC/VCF [Section 115U] 15.430 1.6 15.3.6-2 Amendments 15.5 15.435 1.7 15.3-4 Other issues Tax on dividends received from foreign companies Dividend distribution tax 15.438 15.437 1.434 1.12 Amendment in Schedule IV .436 1.436 1.10-2 Amendment 15.2-4 Taxation Background Amendment Salient features of the first proviso Analysis of income referred to in section 68.CONTENTS I-22 PAGE 14.432 1.3 15.431 1.422 1.419 1.3-2 Objective of the amendment 15.418 1.10-1 Background 15.6-3 Analysis Amendment to taxation of tonnage income Settlement of cases Application for Advance Ruling [Section 245Q] 15.2-2 15.426 1.431 1.437 1.432 1.438 1.432 1.422 1.9 15.422 1.421 15 MISCELLANEOUS 15.437 1.2-1 15.11 Consequential amendment in section 296 15. 1.3-3 Illustration 15.2-3 15.433 1.430 1.

16-2 Retrospective amendments. whether retrospective or prospective 15.Interest other than interest on securities [Section 194A] .19 2.Payments to contractors [Section 194C] 2.16 Retrospective amendments and its practical effects 15.16-1 Mode and manner in which effect can be given 15.14 Reassessment of wealth escaping assessment [Section 17] 15.88 2.Interest on securities [Section 193] .17 Amendment to securities transaction tax 1.72 2 IMPORTANT PROCEDURES UNDER INCOME-TAX ACT u Deduction of tax at source .Dividends [Section 194] .13 Definition of asset under section 2(ea) of the Wealth-tax Act 15.84 2.98 .I-23 CONTENTS PAGE 15.96 2.Winnings from lottery or crossword puzzle [Section 194B] .Salary [Section 192] .68 2.440 1.75 2.Winnings from horse races [Section 194BB] .439 1.439 1.3 2.440 1.15 Exemption to RBI from Wealth-tax 15.440 1.75 2.443 DIVISION TWO Practice Manual 1 CHARTS & TABLES UNDER INCOME-TAX ACT u u u u u List of tax-free incomes Deductions/Allowances Periods of limitation Penalties Offences and prosecutions 2.41 2.442 1.79 2.93 2.

Payments to non-resident sportsmen/sports associations [Section 194E] . etc.143 2.130 2.142 2.CONTENTS I-24 PAGE .146 2.149 2. etc. [Section 194J] .Income from foreign currency bonds or global depository receipts of Indian companies [Section 196C] .Payments to non-residents [Section 195] . [Section 194EE] .129 2.Interest from specified Indian Company [Section 194LC] (From 1-7-2012) .Effect of non-furnishing of PAN [Section 206AA] u u u u u u u 2.142 2.Processing of TDS statements [Section 200A] .Payment of compensation on acquisition of certain immovable property [Section 194LA] .Payments on account of repurchase of units by UTI/Mutual Fund [Section 194F] .123 2.114 2.136 2.141 2.Commission or brokerage [Section 194H] .Rent payments [Section 194-I] .102 2.129 2.126 2.134 2.Income of foreign institutional investors from securities [Section 196D] .139 2.Insurance commission [Section 194D] .117 2.Commission on sale of lottery tickets [Section 194G] .112 2.152 Tax Deduction and Collection Account Number [Section 203A] Collection of tax at source [Section 206C] Advance tax [Section 211] e-Payment of tax Self-assessment tax [Section 140A] Return of income [Section 139] Summary assessment [Section 143(1)] .105 2.Payments in respect of deposits under NSS.150 2.120 2.Income from units in case of offshore fund [Section 196B] .Fees for professional or technical services.108 2.149 2.Income by way of Interest from Infrastructure Debt Fund [Section 194LB] .

190 2.175 2.191 2.202 2. 234A to 234D & 244A] Permanent Account Number [Section 139A] Quoting of Permanent Account Number in documents pertaining to certain prescribed transactions [Section 139A] Rectification of mistakes [Section 154] Revision of orders by Commissioner [Sections 263 & 264] Waiver of penalty by Commissioner [Section 273A] Waiver of penalty under section 273AA Appeals to Commissioner (Appeals) [Sections 246A to 249] Appeals to Tribunal [Sections 252 to 255] Appeal to High Court [Section 260A] Advance rulings [Sections 245N to 245V] Survey [Section 133A] Search and seizure [Section 132] Annual information returns [Section 285BA] 2.184 u u u u u u u u u u u u u 3 TAX RATES u u u u u u u u u Tax liability .176 2.198 2.181 2.I-25 CONTENTS PAGE u u u Scrutiny assessment [Section 143(2)/(3)] Refunds [Section 237] Interest chargeable [Sections 201(1A).175 2.160 2.203 .172 2.154 2.174 2.198 2.178 2.153 2.173 2. 220(2).How to find out Income-tax Compulsory deposit Wealth-tax Gift-tax Estate duty Rates for tax deduction at source Rates for tax collection at source Dividend tax under section 115-O 2.167 2.198 2.198 2.198 2.155 2.180 2.179 2.

i 3.209 2. associations of persons and body of individuals Income-tax rates for firms (PFAs) Income-tax rates for companies Dividend tax rates under section 115-O Income-tax rates for co-operative societies Rates of wealth-tax Rates of gift-tax 2.203 2.204 4 TAX RATES FOR THE LAST TEN ASSESSMENT YEARS u Income-tax rates for individuals.210 DIVISION THREE Circulars.209 2. 1981 u Gold and Silver rates for the current year.March 2012] Alphabetical key to Circulars.v 3. HUFs. Clarifications & Notifications [1961 .March 2012] u Section key to Circulars.208 2.March 2012] Circulars. Clarifications & Notifications issued by CBDT [1961 .208 2.209 u u u u u u 5 GOLD AND SILVER RATES FOR THE CURRENT YEAR.206 2.3 u u . LAST TEN ASSESSMENT YEARS AND ON APRIL 1. Clarifications & Notifications issued by CBDT [1961 .March 2012] 3. Clarifications & Notifications [1961 .209 2. last ten assessment years and on April 1.CONTENTS I-26 PAGE u u Tax on income distributed by UTI/Mutual Fund under section 115R Other taxes 2. 1981 2.

3 u u .March 2012] 4.March 2012] Alphabetical key to Landmark Rulings of Supreme Court/ High Courts [1922 .I-27 CONTENTS DIVISION FOUR Case Laws [1922 .v 4.March 2012] Case Laws [1922 .i 4.March 2012] u PAGE Section key to Landmark Rulings of Supreme Court/High Courts [1922 .