THE INCOME-TAX ACT, 1961

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ARRANGEMENT OF SECTIONS
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CHAPTER I
PRELIMINARY

SECTIONS

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.
9A. Certain activities not to constitute business connection 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.
13B. Special provisions relating to voluntary contributions received by electoral trust.


Subject to verification and confirmation by the Department.

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 CHAPTER IV

COMPUTATION OF TOTAL INCOME

Heads of income

SECTIONS

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.— [Omitted]

18. [Omitted.].
19. [Omitted.].
20. [Omitted.].
21. [Omitted.].

C.—Income from house property

22. Income from house property.

23. Annual value how determined.
24. Deductions from income from house property.
25. Amounts not deductible from income from house property.
25A. Special provision for arrears of rent and unrealised rent received subsequently.
26. Property owned by co-owners.
27. “Owner of house property”, “annual charge”, etc., defined.

D.—Profits and gains of 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.
32AC. Investment in new plant or machinery.
32AD. Investment in new plant or machinery in notified backward areas in certain States.
33. Development rebate.
33A. Development allowance.
33AB. Tea development account, coffee development account and rubber development account.

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SECTIONS
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.
35ABA. Expenditure for obtaining right to use spectrum for telecommunication services.
35ABB. Expenditure for obtaining licence to operate telecommunication services.
35AC. Expenditure on eligible projects or schemes.
35AD. Deduction in respect of expenditure on specified business.
35B. [Omitted.].
35C. [Omitted.].
35CC. [Omitted.].
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.
35CCC. Expenditure on agricultural extension project.
35CCD. Expenditure on skill development project.
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.
39. [Omitted.].
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.
43AA. Taxation of foreign exchange fluctuation.
43B. Certain deductions to be only on actual payment.
43C. Special provision for computation of cost of acquisition of certain assets.
43CA. Special provision for full value of consideration for transfer of assets other than capital assets
in certain cases.
43CB. Computation of income from construction and service contracts.
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.

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SECTIONS
44AC. [Omitted.].
44AD. Special provision for computing profits and gains of business on presumptive basis.
44ADA. Special provision for computing profits and gains of profession on presumptive basis.
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 the case of non- residents.
44DB. Special provision for computing deductions in the case of business reorganisation of
co-operative banks.
E.—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.
50CA. Special provision for full value of consideration for transfer of share other than quoted share.
50D. Fair market value deemed to be full value of consideration in certain cases.
51. Advance money received.
52. [Omitted.].
53. [Omitted.].
54. Profit on sale of property used for residence.
54A. [Omitted.].
54B. Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.
54C. [Omitted.].
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.

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SECTIONS

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.
54EE. Capital gain not to be charged on investment in units of a specified fund.
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 capital gains on transfer of assets in cases of shifting of industrial undertaking
from urban area to any Special Economic Zone.
54GB. Capital gain on transfer of residential property not to be charged in certain cases.
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.

F.—Income from other sources

56. Income from other sources.

57. Deductions.
58. Amounts not deductible.
59. Profits chargeable to tax.

CHAPTER V
INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S 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

Aggregation of income

66. Total income.

67. [Omitted.].
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.

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 Set off, or carry forward and set off

SECTIONS

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.
73A. Carry forward and set off of losses by specified 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 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.

80AA. [Omitted.].
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.
80CC. [Omitted.].
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.

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SECTIONS
80CCF. Deduction in respect of subscription to long-term infrastructure bonds.
80CCG. Deduction in respect of investment made under an equity savings scheme.
80D. Deduction in respect of health insurance premia.
80DD. Deduction in respect of maintenance including medical treatment of a dependant 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.
80EE. Deduction in respect of interest on loan taken for residential house property.
80F. [Omitted.].
80FF. [Omitted.].
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. Deduction in respect of contributions given by any person to political parties.
C.-Deductions in respect of certain incomes
80H. [Omitted.].
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.
80-I. Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.
80-IA. Deductions in respect of profits and gains from industrial undertakings or enterprises engaged
in infrastructure development, etc.
80-IAB. Deductions in respect of profits and gains by an undertaking or enterprise engaged in
development of Special Economic Zone.
80-IAC. Special provision in respect of specified business.

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SECTIONS
80-IB. Deduction in respect of profits and gains from certain industrial undertakings other than
infrastructure development undertakings.
80-IBA. Deductions in respect of profits and gains from housing projects.
80-IC. Special provisions in respect of certain undertakings or enterprises in certain special category
States.
80-ID. Deduction in respect of profits and gains from business of hotels and convention centres in
specified area.
80-IE. Special provisions in respect of certain undertakings in North-Eastern States.
80J. [Omitted.].
80JJ. [Omitted.].
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.
80K. [Omitted.].
80L. [Omitted.].
80LA. Deductions in respect of certain incomes of Offshore Banking Units and International
Financial Services Centre.
80M. [Omitted.].
80MM. [Omitted.].
80N. [Omitted.].
80-O. Deduction in respect of royalties, etc., from certain foreign enterprises.
80P. Deduction in respect of income of co-operative societies.
80PA. Deduction in respect of certain income of Producer Companies.
80Q. Deduction in respect of profits and gains from the business of publication of books.
80QQ. [Omitted.].
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.
80S. [Omitted.].
80T. [Omitted.].
80TT. [Omitted.].
CA.—Deductions in respect of other incomes
80TTA. Deduction in respect of interest on deposits in savings account.
80TTB. Deduction in respect of interest on deposits in case of senior citizens.
D.—Other deductions
80U. Deduction in case of a person with disability.

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SECTIONS
80V. [Omitted.].
80VV. [Omitted.].
CHAPTER VI-B
RESTRICTION ON CERTAIN DEDUCTIONS IN THE CASE OF COMPANIES
80VVA. [Omitted.].
CHAPTER VII
INCOMES FORMING PART OF TOTAL INCOME
ON WHICH NO INCOME-TAX IS PAYABLE
81. [Omitted.].
82. [Omitted.].
83. [Omitted.].
84. [Omitted.].
85. [Omitted.].
85A. [Omitted.].
85B. [Omitted.].
85C. [Omitted.].
86. Share of member of an association of persons or body of individuals in the income of the
association or body.
86A. [Omitted.].
CHAPTER VIII
REBATES AND RELIEFS
A.—Rebate of income-tax
87. Rebate to be allowed in computing income-tax.
87A. Rebate of income-tax in case of certain individuals.
88. Rebate on life insurance premia, contribution to provident fund, etc.
88A. [Omitted.].
88B. [Omitted.].
88C. [Omitted.].
88D. [Omitted.].
88E. Rebate in respect of securities transaction tax.
B.—Relief for income-tax
89. Relief when salary, etc., is paid in arrears or in advance.
89A. [Omitted.].
CHAPTER IX
DOUBLE TAXATION RELIEF
90. Agreement with foreign countries or specified territories.
90A. Adoption by Central Government of agreement 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.

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SECTIONS
92BA. Meaning of specified domestic transaction.
92C. Computation of arm’s length price.
92CA. Reference to Transfer Pricing Officer.
92CB. Power of Board to make safe harbour rules.
92CC. Advance pricing agreement.
92CD. Effect to advance pricing agreement.
92CE. Secondary adjustment in certain cases.
92D. Maintenance and keeping of information and document by persons entering into an international
transaction or specified domestic transaction.
92E. Report from an accountant to be furnished by persons entering into international transaction or
specified domestic 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.
94A. Special measures in respect of transactions with persons located in notified jurisdictional
area.
94B. Limitation on interest deduction in certain cases.
CHAPTER XA
GENERAL ANTI-AVOIDANCE RULE
95. Applicability of General Anti-Avoidance Rule.
96. Impermissible avoidance arrangement.
97. Arrangement to lack commercial substance.
98. Consequences of impermissible avoidance arrangement.
99. Treatment of connected person and accommodating party.
100. Application of this Chapter.
101. Framing of guidelines.
102. Definitions.
CHAPTER XI
ADDITIONAL INCOME-TAX ON UNDISTRIBUTED PROFITS
103. [Omitted.].
104. [Omitted.].
105. [Omitted.].
106. [Omitted.].
107. [Omitted.].
107A. [Omitted.].
108. [Omitted.].
109. [Omitted.].
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.

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SECTIONS
112A. Tax on long-term capital gains in certain cases.
113. Tax in the case of block assessment of search cases.
114. [Omitted.].
115. [Omitted.].
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.
115BA. Tax on income of certain domestic companies.
115BB. 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. 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.
115BBD. Tax on certain dividends received from foreign companies.
115BBDA. Tax on certain dividends received from domestic companies.
115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or
section 69C or section 69D.
115BBF. Tax on income from patent.
115BBG. Tax on income from transfer of carbon credits.
CHAPTER XIIA
SPECIAL PROVIONS 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 become resident.
115-I. Chapter not to apply if the assessee so chooses.

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 CHAPTER XII-B
SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES
SECTIONS
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 c ompanies.
115JB. Special provision for payment of tax by certain companies.
CHAPTER XII-BA
SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS OTHER THAN A COMPANY
115JC. Special provisions for payment of tax by certain persons other than a company.
115JD. Tax credit for alternate minimum tax.
115JE. Application of other provisions of this Act.
115JEE. Application of this Chapter to certain persons.
115JF. Interpretation in this Chapter.
CHAPTER XII-BB
SPECIAL PROVISIONS RELATING TO CONVERSION OF INIDAN BRANCH OF A
FOREIGN BANK INTO A SUBSIDIARY COMPANY
115JG. Conversion of an Indian branch of foreign company into subsidiary Indian company.
CHAPTER XII-BC
SPECIAL PROVISIONS RELATING TO FOREIGN COMPANY SAID TO
BE RESIDENT IN INIDA
115JH. Foreign company said to be resident in india.
CHAPTER XII-C
SPECIAL PROVISIONS RELATING TO RETAIL TRADE, ETC.
115K. [Omitted.].
115L. [Omitted.].
115M. [Omitted.].
115N. [Omitted.].
CHAPTER XII-D
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED
PROFITS OF DOMESTIC COMPANIES
115-O. 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-DA
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC
COMPANY FOR BUY-BACK OF SHARES
115QA. Tax on distributed income to shareholders.

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SECTIONS
115QB. Interest payable for non-payment of tax by company.
115QC. When company is deemed to be assessee 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-EA
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME BY
SECURITISATION TRUSTS
115TA. Tax on distributed income to investors.
115TB. Interest payable for non-payment of tax.
115TC. Securitisation trust to be assessee in default.
115TCA. Tax on income from securitization trusts.
CHAPTER XII-EB
SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME
OF CERTAIN TRUSTS AND INSTITUTIONS
115TD. Tax on accreted income.
115TE. Interest payable for non-payment of tax by trust or institution.
115TF. When trust or institution is deemed to be assessee in default.
CHAPTER XII-F
SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPTIAL
COMPANIES AND VENTURE CAPTIAL FUNDS
115U. Tax on income in certain cases.
CHAPTER XII-FA
SPECIAL PROVISIONS RELATING TO BUSINESS TRUSTS
115UA. Tax on income of unit holder and business trust.
CHAPTER XII-FB
SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME
RECEIVED FROM SUCH FUNDS
115UB. Tax on income of investment fund and its unit holders.
CHAPTER XII-G
SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES
A. — Meaning of certain expressions
115V. Definitions.

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 B.—Computation of tonnage income from business of
operating qualifying ships
SECTIONS
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.
115V-I. 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.
115V-O. 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.— Miscellaneous
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 OF FRINGE BENEFITS
A. — Meaning of certain expressions
115W. Definitions.

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 B. —Basis of charge
SECTIONS
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

payment 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.
115WKB. Deemed payment of tax by employee.
115WL. Application of other provisions of this Act.
115WM. Chapter XII-H not to apply after a certain date.
CHAPTER XIII
INCOME-TAX AUTHORITIES
A. —Appointment and control
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.
121. [Omitted.].
121A. [Omitted.].
122. [Omitted.].
123. [Omitted.].
124. Jurisdiction of Assessing Officers.
125. [Omitted.].
125A. [Omitted.].
126. [Omitted.].
127. Power to transfer cases.
128. [Omitted.].
129. Change of incumbent of an office.
130. [Omitted.].
130A. [Omitted.].

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 C.—Powers
SECTIONS
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.
133C. Power to call for information by prescribed income-tax authority.
134. Power to inspect registers of companies.
135. Power of Principal Director General or Director General or Principal Director or Director,
Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or
Commissioner and Joint Commissioner.
136. Proceedings before income-tax authorities to be judicial proceedings.
D. —Disclosure of information
137. [Omitted.].
138. Disclosure of information respecting assessees.
CHAPTER XIV
PROCEDURE FOR ASSESSMENT
139. Return of income.
139A. Permanent account number.
139AA. Quoting of Aadhaar number.
139B. Scheme for submission of returns through Tax Return Preparers.
139C. Power of Board to dispense with furnishing documents, etc., with return.
139D. Filing of return in electronic form.
140. Return by whom to be verified.
140A. Self-assessment.
141. [Omitted.].
141A. [Omitted.].
142. Inquiry before assessment.
142A. Estimation of value of assets by Valuation Officer.
143. Assessment.
144. Best judgment assessment.
144A. Power of Joint Commissioner to issue directions in certain cases.
144B. [Omitted.].
144BA. Reference to Principal Commissioner or Commissioner in certain cases.
144C. Reference to dispute resolution panel.
145. Method of accounting.
145A. Method of accounting in certain cases.
145B. Taxability of certain income.
146. [Omitted.].
147. Income escaping assessment.

16
SECTIONS
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, reassessments and recomputation.
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.
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 PROVISION FOR AVOIDING REPETITIVE APPEALS
158A. Procedure when assessee claims identical question of law is pending before High Court or
Supreme Court.
158AA. Procedure when in an appeal by revenue an identical question of law is pending before
Supreme Court.
CHAPTER XIV-B
SPECIAL PROCEDURE 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 assesses – General provisions
160. Representative assessee.
161. Liability of representative assessee.
162. Right of representative assessee to recover tax paid.
C.—Representative assesses- Special cases
163. Who may be regarded as agent.

17
SECTIONS
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 assesses-Miscellaneous provisions
166. Direct assessment or recovery not barred.
167. Remedies against property in cases of representative assessees.
DD.—Firms, association of persons and body of individuals
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.
167C. Liability of partners of limited liability partnership in liquidation.
E.—Executors
168. Executors.
169. Right of executor to recover tax paid.
F.—Succession to 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 occasional shipping business
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.—Association of persons or body of individuals or artificial juridical person
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 kinds of income
180. Royalties or copyright fees for literary or artistic work.
180A. Consideration for know-how.

18
 O.—[Omitted]
SECTIONS
181. [Omitted.].
CHAPTER XVI
SPECIAL PROVISIONS APPLICABLE TO FIRMS
A.—Assessment of firms
182. [Omitted.].
183. [Omitted.].
184. Assessment as a firm.
185. Assessment when section 184 not complied with.
C.—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.
192A. Payment of accumulated balance due to an employee.
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.
194D. Insurance commission.
194DA. Payment in respect of life insurance policy.
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.
194-I. Rent.
194-IA. Payment on transfer of certain immovable property other than agricultural land.

19
SECTIONS
194-IB. Payment of rent by certain individuals or Hindu undivided family.
194-IC. Payment under specified agreement.
194J. Fees for professional or technical services.
194K. [Omitted.].
194L. [Omitted.].
194LA. Payment of compensation on acquisition of certain immovable property.
194LB. Income by way of interest from infrastructure debt fund.
194LBA. Certain income from units of a business trust.
194LBB. Income in respect of units of investment fund.
194LBC. Income in respect of investment in securitization trust.
194LC. Income by way of interest from Indian company.
194LD. Income by way of interest on certain bonds and Government securities.
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.
200A. Processing of statements of tax deducted at source.
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.
206AA. Requirement to furnish Permanent Account Number.
206B. [Omitted.].
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.

20
SECTIONS
206CB. Processing of statements of tax collected at source.
206CC. Requirement to furnish Permanent Account Number by collectee.
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.
209A. [Omitted.].
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.
212. [Omitted.].
213. [Omitted.].
214. Interest payable by Government.
215. Interest payable by assessee.
216. Interest payable by assessee in case of under-estimate, 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.
227. Recovery through State Government.
228. [Omitted.].
228A. Recovery of tax in pursuance of agreements with foreign countries.
229. Recovery of penalties, fine, interest and other sums.
230. Tax clearance certificate.
230A. [Omitted.].
231. [Omitted.].
232. Recovery by suit or under other law not affected.
E.—Tax payable under provisional assessment
233. [Omitted.].
234. [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.
G.—Levy of fee in certain cases
234E. Fee for default in furnishing statements.
234F. Fee for default in furnishing return of income.

21
 CHAPTER XVIII
RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES
SECTIONS
235. [Omitted.].
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.
241. [Omitted.].
241A. Withholding of refund in certain cases.
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.
245-I. 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.

22
SECTIONS
245M. [Omitted.].
CHAPTER XIX-B
ADVANCE RULINGS
245N. Definitions.
245-O. 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.—Appleas to the Deputy Commissioner (Appeals) and commissioner (Appeals)
246. Appealable orders.
246A. Appealable orders before Commissioner (Appeals).
247. [Omitted.].
248. Appeal by a 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 the Appellate Tribunal
252. Appellate Tribunal.
252A. Qualifications, terms and conditions of service of President, Vice-President and Member.
253. Appeals to the Appellate Tribunal.
254. Orders of Appellate Tribunal.
255. Procedure of Appellate Tribunal.
C.—Reference to High Court
256. Statement of case to the High Court.
257. Statement of case to Supreme Court in certain cases.
258. Power of High Court or Supreme Court to require statement to be amended.
259. Case before High Court to be heard by not less than two judges.
260. Decision of High Court or Supreme Court on the case stated.
CC.—Appeals to High Court
260A. Appeal to High Court.
260B. Case before High Court to be heard by not less than two Judges.

23
 D.—Appeals to the Supreme Court
SECTIONS
261. Appeal to Supreme Court.
262. Hearing before Supreme Court.
E.—Revision by the Principal Commissioner or 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.
268A. Filing of appeal or application for reference by income-tax authority.
269. Definition of “High Court”.
CHAPTER XXA
ACQUISITION OF IMMOVABLE PROPERTIES IN
CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX

269A. Definitions.
269AB. Registration of certain transactions.
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.
269-O. 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.

24
 CHAPTER XXB
REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT
OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX
SECTIONS
269SS. Mode of taking or accepting certain loans, deposits and specified sum.
269ST. Mode of undertaking transactions.
269T. Mode of repayment of certain loans or deposits.
269TT. Mode of repayment of Special Bearer Bonds, 1991.
CHAPTER XXC
P URCHASE BY CENTRAL GOVERNMENT OF IMMOVABLE
PROPERTIES IN CERTAIN CASES OF TRANSFER
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.
CHAPTER XXI
PENALTIES IMPOSABLE
270. [Omitted.].
270A. Penalty for under reporting and misreporting of income.
270AA. Immunity from imposition of penalty, etc.
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, etc., in respect of
certain transactions.

25
SECTIONS
271AAA. Penalty where search has been initiated.
271AAB. Penalty where search has been initiated.
271AAC. Penalty in respect of certain income.
271B. Failure to get accounts audited.
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.
271DA. Penalty for failiure to comply with provisions of section 269ST.
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 statement of financial transaction or reportable income.
271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable
account.
271FAB. Penalty for failure to furnishing statement or information or document by an eligible
investment fund.
271FB. Penalty for failure to furnish return of fringe benefits.
271G. Penalty for failure to furnish information or document under section 92D.
271GA. Penalty for failure to furnish information or document under section 285A.
271GB. Penalty for failure to furnish report or for furnishing inaccurate report under section 286.
271H. Penalty for failure to furnish statements, etc.
271-I. Penalty for failure to furnish information or furnishing inaccurate information under
section 195.
271J. Penalty for furnishing incorrect information in reports or certificates.
272. [Omitted.].
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.
273AA. Power of Principal Commissioner or Commissioner to grant immunity from penalty.
273B. Penalty not to be imposed in certain cases.
274. Procedure.
275. Bar of limitation for imposing penalties.
CHAPTER XXII
OFFENCES AND PROSECUTIONS
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.
276AA. [Omitted.].

26
SECTIONS
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.
276DD. [Omitted.].
276E. [Omitted.].
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.
278AB. Power of Principal Commissioner or Commissioner to grant immunity from prosecution.
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 Principal Chief Commissioner or Chief Commissioner
or Principal 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.
280A. Special Courts.
280B. Offences triable by Special Court.
280C.Trial of offences as summons case.
280D. Application of Code of Criminal Procedure, 1973 to proceedings before Special Court.
CHAPTER XXII-A

ANNUITY DEPOSITS

280E. [Omitted.].

280F. [Omitted.].

280G. [Omitted.].

280H. [Omitted.].

280-I. [Omitted.].

280J. [Omitted.].

280K. [Omitted.].

280L. [Omitted.].

27
SECTIONS
280M. [Omitted.].
280N. [Omitted.].
280-O. [Omitted.].
280P. [Omitted.].
280Q. [Omitted.].
280R. [Omitted.].
280S. [Omitted.].
280T. [Omitted.].
280U. [Omitted.].
280V. [Omitted.].
280W. [Omitted.].
280X. [Omitted.].
CHAPTER XXII-B
TAX CREDIT CERTIFICATES
280Y. [Omitted.].
280Z. [Omitted.].
280ZA. [Omitted.].
280ZB. [Omitted.].
280ZC. [Omitted.].
280ZD. [Omitted.].
280ZE. [Omitted.].
CHAPTER XXIII
MISCELLANEOUS
281. Certain transfers to be void.
281A. [Repealed.].
281B. Provisional attachment to protect revenue in certain cases.
282. Service of notice generally.
282A. Authentication of notices and other documents.
282B. [Omitted.].
283. Service of notice when family is disrupted or firm, etc., is dissolved.
284. Service of notice in the case of discontinued business.
285. Submission of statement by a non-resident having liaison office.
285A. Furnishing of information or documents by an Indian concern in certain cases.
285B. Submission of statements by producers of cinematograph films.
285BA. Obligation to furnish statement of financial transaction or reportable account.
286. Furnishing of report in respect of international group.
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.

28
SECTIONS
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.
292BB. Notice deemed to be valid in certain circumstances.
292C. Presumption as to assets, books of account, etc.
292CC. Authorisation and assessment in case of search or requisition.
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.
293C. Power to withdraw 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.

THE FIRST SCHEDULE.

THE SECOND SCHEDULE.
THE THIRD SCHEDULE.
THE FOURTH SCHEDULE.
THE FIFTH SCHEDULE.
THE SIXTH SCHEDULE—[Omitted.].
THE SEVENTH SCHEDULE.
THE EIGHTH SCHEDULE.
THE NINTH SCHEDULE.
THE TENTH SCHEDULE.
THE ELEVENTH SCHUDULE.
THE TWELFTH SCHUDELE.
THE THIRTEENTH SCHEDULE.
THE FOURTEENTH SCHEDULE.

29
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8 6 1
5/17/23, 1:33 PM Income Tax Department

CHAPTER IV
COMPUTATION OF TOTAL INCOME
Heads of income
Heads of income.
14. Save as otherwise provided by this Act, all income shall, for the purposes of charge of income-tax and
computation of total income, be classified under the following heads of income :—
A.—Salaries.
B.—[***]
C.—Income from house property.
D.—Profits and gains of business or profession.
E.—Capital gains.
F.—Income from other sources.

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A.—Salaries
Salaries.
15. The following income shall be chargeable to income-tax under the head "Salaries"—
 (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid
or not;
  (b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former
employer though not due or before it became due to him;
 (c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a
former employer, if not charged to income-tax for any earlier previous year.
Explanation 1.—For the removal of doubts, it is hereby declared that where any salary paid in advance is
included in the total income of any person for any previous year it shall not be included again in the total
income of the person when the salary becomes due.
Explanation 2.—Any salary, bonus, commission or remuneration, by whatever name called, due to, or
received by, a partner of a firm from the firm shall not be regarded as "salary" for the purposes of this section.

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Deductions from salaries.

16. The income chargeable under the head "Salaries" shall be computed after making the following
deductions, namely :—
  (i) [***]
(ia) a deduction of fifty thousand rupees or the amount of the salary, whichever is less;
 (ii) a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted
by an employer to the assessee who is in receipt of a salary from the Government, a sum equal to one-
fifth of his salary (exclusive of any allowance, benefit or other perquisite) or five thousand rupees,
whichever is less;
(iii) a deduction of any sum paid by the assessee on account of a tax on employment within the meaning of
clause (2) of article 276 of the Constitution, leviable by or under any law.
(iv) [***]
 (v) [***]

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"Salary", "perquisite" and "profits in lieu of salary" defined.

17. For the purposes of sections 15 and 16 and of this section,—
 (1) "salary" includes—
   (i) wages;
  (ii) any annuity or pension;
 (iii) any gratuity;
 (iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages;
  (v) any advance of salary;
(va) any payment received by an employee in respect of any period of leave not availed of by him;
  (vi) the annual accretion to the balance at the credit of an employee participating in a recognised
provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth
Schedule;
(vii) the aggregate of all sums that are comprised in the transferred balance as referred to in sub-rule
(2) of rule 11 of Part A of the Fourth Schedule of an employee participating in a recognised
provident fund, to the extent to which it is chargeable to tax under sub-rule (4) thereof; *and
(viii) the contribution made by the Central Government or any other employer in the previous year, to
the account of an employee under a pension scheme referred to in section 80CCD;**
  80[(ix) the contribution made by the Central Government in the previous year, to the Agniveer Corpus
Fund account of an individual enrolled in the Agnipath Scheme referred to in section 80CCH;]
 81(2) "perquisite" includes—
   (i) the value of rent-free accommodation provided to the assessee by his employer 82[computed in
such manner as may be prescribed];
  (ii) the value of any concession in the matter of rent respecting any accommodation provided to the
assessee by his employer.
Explanation 1.—For the purposes of this sub-clause, concession in the matter of rent shall be
deemed to have been provided if,—
 (a) in a case where an unfurnished accommodation is provided by any employer other than
the Central Government or any State Government and—
  (i) the accommodation is owned by the employer, the value of the accommodation
determined at the specified rate in respect of the period during which the said
accommodation was occupied by the assessee during the previous year, exceeds the
rent recoverable from, or payable by, the assessee;
  (ii) the accommodation is taken on lease or rent by the employer, the value of the
accommodation being the actual amount of lease rental paid or payable by the
employer or fifteen per cent of salary, whichever is lower, in respect of the period
during which the said accommodation was occupied by the assessee during the
previous year, exceeds the rent recoverable from, or payable by, the assessee;
 (b) in a case where a furnished accommodation is provided by the Central Government or any
State Government, the licence fee determined by the Central Government or any State
Government in respect of the accommodation in accordance with the rules framed by such
Government as increased by the value of furniture and fixtures in respect of the period
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during which the said accommodation was occupied by the assessee during the previous
year, exceeds the aggregate of the rent recoverable from, or payable by, the assessee and
any charges paid or payable for the furniture and fixtures by the assessee;
  (c) in a case where a furnished accommodation is provided by an employer other than the
Central Government or any State Government and—
  (i) the accommodation is owned by the employer, the value of the accommodation
determined under sub-clause (i) of clause (a) as increased by the value of the furniture
and fixtures in respect of the period during which the said accommodation was
occupied by the assessee during the previous year, exceeds the rent recoverable from,
or payable by, the assessee;
  (ii) the accommodation is taken on lease or rent by the employer, the value of the
accommodation determined under sub-clause (ii) of clause (a) as increased by the
value of the furniture and fixtures in respect of the period during which the said
accommodation was occupied by the assessee during the previous year, exceeds the
rent recoverable from, or payable by, the assessee;
 (d) in a case where the accommodation is provided by the employer in a hotel (except where
the assessee is provided such accommodation for a period not exceeding in aggregate
fifteen days on his transfer from one place to another), the value of the accommodation
determined at the rate of twenty-four per cent of salary paid or payable for the previous
year or the actual charges paid or payable to such hotel, whichever is lower, for the period
during which such accommodation is provided, exceeds the rent recoverable from, or
payable by, the assessee.
Explanation 2.—For the purposes of this sub-clause, value of furniture and fixture shall be ten
per cent per annum of the cost of furniture (including television sets, radio sets, refrigerators,
other household appliances, air-conditioning plant or equipment or other similar appliances or
gadgets) or if such furniture is hired from a third party, the actual hire charges payable for the
same as reduced by any charges paid or payable for the same by the assessee during the previous
year.
Explanation 3.—For the purposes of this sub-clause, "salary" includes the pay, allowances,
bonus or commission payable monthly or otherwise or any monetary payment, by whatever
name called, from one or more employers, as the case may be, but does not include the
following, namely:—
 (a) dearness allowance or dearness pay unless it enters into the computation of superannuation
or retirement benefits of the employee concerned;
 (b) employer's contribution to the provident fund account of the employee;
 (c) allowances which are exempted from the payment of tax;
 (d) value of the perquisites specified in this clause;
 (e) any payment or expenditure specifically excluded under the proviso to this clause.
Explanation 4.—For the purposes of this sub-clause, "specified rate" shall be—
  (i) fifteen per cent of salary in cities having population exceeding twenty-five lakhs as per
2001 census;
  (ii) ten per cent of salary in cities having population exceeding ten lakhs but not exceeding
twenty-five lakhs as per 2001 census; and
(iii) seven and one-half per cent of salary in any other place;
Following sub-clause (ii) and Explanation shall be substituted for the existing sub-clause
(ii) and Explanations 1 to 4 of clause (2) of section 17 by the Finance Act, 2023, w.e.f. 1-4-
2024:
  (ii) the value of any accommodation provided to the assessee by his employer at a concessional
rate.

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Explanation.—For the purposes of this sub-clause, it is clarified that accommodation shall be

deemed to have been provided at a concessional rate, if the value of accommodation computed
in such manner as may be prescribed, exceeds the rent recoverable from, or payable by, the
assessee;
 (iii) the value of any benefit or amenity granted or provided free of cost or at concessional rate in
any of the following cases—
 (a) by a company to an employee who is a director thereof;
  (b) by a company to an employee being a person who has a substantial interest in the
company;
  (c) by any employer (including a company) to an employee to whom the provisions of
paragraphs (a) and (b) of this sub-clause do not apply and whose income under the head
"Salaries" (whether due from, or paid or allowed by, one or more employers), exclusive of
the value of all benefits or amenities not provided for by way of monetary payment,
exceeds fifty thousand rupees:
Explanation.—For the removal of doubts, it is hereby declared that the use of any vehicle
provided by a company or an employer for journey by the assessee from his residence to his
office or other place of work, or from such office or place to his residence, shall not be regarded
as a benefit or amenity granted or provided to him free of cost or at concessional rate for the
purposes of this sub-clause;
(iiia) [***]
 (iv) any sum paid by the employer in respect of any obligation which, but for such payment, would
have been payable by the assessee;
  (v) any sum payable by the employer, whether directly or through a fund, other than a recognised
provident fund or an approved superannuation fund or a Deposit-linked Insurance Fund
established under section 3G of the Coal Mines Provident Fund and Miscellaneous Provisions
Act, 1948 (46 of 1948), or, as the case may be, section 6C of the Employees' Provident Funds
and Miscellaneous Provisions Act, 1952 (19 of 1952), to effect an assurance on the life of the
assessee or to effect a contract for an annuity;
  (vi) the value of any specified security or sweat equity shares allotted or transferred, directly or
indirectly, by the employer, or former employer, free of cost or at concessional rate to the
assessee.
Explanation.—For the purposes of this sub-clause,—
  (a) "specified security" means the securities as defined in clause (h) of section 2 of the
Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees' stock
option has been granted under any plan or scheme therefor, includes the securities offered
under such plan or scheme;
  (b) "sweat equity shares" means equity shares issued by a company to its employees or
directors at a discount or for consideration other than cash for providing know-how or
making available rights in the nature of intellectual property rights or value additions, by
whatever name called;
 (c) the value of any specified security or sweat equity shares shall be the fair market value of
the specified security or sweat equity shares, as the case may be, on the date on which the
option is exercised by the assessee as reduced by the amount actually paid by, or recovered
from, the assessee in respect of such security or shares;
 (d) "fair market value" means the value determined in accordance with the method as may be
prescribed;
  (e) "option" means a right but not an obligation granted to an employee to apply for the
specified security or sweat equity shares at a predetermined price;
(vii) the amount or the aggregate of amounts of any contribution made to the account of the assessee
by the employer—

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 (a) in a recognised provident fund;

 (b) in the scheme referred to in sub-section (1) of section 80CCD; and
 (c) in an approved superannuation fund,
to the extent it exceeds seven lakh and fifty thousand rupees in a previous year;
(viia) the annual accretion by way of interest, dividend or any other amount of similar nature during
the previous year to the balance at the credit of the fund or scheme referred to in sub-clause (vii)
to the extent it relates to the contribution referred to in the said sub-clause which is included in
total income under the said sub-clause in any previous year computed in such manner as may be
prescribed83; and
(viii) the value of any other fringe benefit or amenity as may be prescribed84:
Provided that nothing in this clause shall apply to,—
   (i) the value of any medical treatment provided to an employee or any member of his family in any
hospital maintained by the employer;
  (ii) any sum paid by the employer in respect of any expenditure actually incurred by the employee
on his medical treatment or treatment of any member of his family—
 (a) in any hospital maintained by the Government or any local authority or any other hospital
approved by the Government for the purposes of medical treatment of its employees;
  (b) in respect of the prescribed diseases85 or ailments, in any hospital approved by the
Principal Chief Commissioner or Chief Commissioner having regard to the prescribed
guidelines86:
Provided that, in a case falling in sub-clause (b), the employee shall attach87 with his
return of income a certificate from the hospital specifying the disease or ailment for which
medical treatment was required and the receipt for the amount paid to the hospital;
88[(c) in respect of any illness relating to COVID-19 subject to such conditions as the Central
Government may, by notification in the Official Gazette, specify in this behalf;]
 (iii) any portion of the premium paid by an employer in relation to an employee, to effect or to keep
in force an insurance on the health of such employee under any scheme approved by the Central
Government or the Insurance Regulatory and Development Authority established under sub-
section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of
1999), for the purposes of clause (ib) of sub-section (1) of section 36;
 (iv) any sum paid by the employer in respect of any premium paid by the employee to effect or to
keep in force an insurance on his health or the health of any member of his family under any
scheme approved by the Central Government or the Insurance Regulatory and Development
Authority established under sub-section (1) of section 3 of the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999), for the purposes of section 80D;
  (v) [***]
 (vi) any expenditure incurred by the employer on—
  (1) medical treatment of the employee, or any member of the family of such employee,
outside India;
 (2) travel and stay abroad of the employee or any member of the family of such employee for
medical treatment;
 (3) travel and stay abroad of one attendant who accompanies the patient in connection with
such treatment,
subject to the condition that—
 (A) the expenditure on medical treatment and stay abroad shall be excluded from perquisite
only to the extent permitted by the Reserve Bank of India; and
  (B) the expenditure on travel shall be excluded from perquisite only in the case of an
employee whose gross total income, as computed before including therein the said
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expenditure, does not exceed two lakh rupees;

(vii) any sum paid by the employer in respect of any expenditure actually incurred by the employee
for any of the purposes specified in clause (vi) subject to the conditions specified in or under that
clause :
Provided further that for the assessment year beginning on the 1st day of April, 2002, nothing
contained in this clause shall apply to any employee whose income under the head "Salaries" (whether
due from, or paid or allowed by, one or more employers) exclusive of the value of all perquisites not
provided for by way of monetary payment, does not exceed one lakh rupees.
Explanation.—For the purposes of clause (2),—
   (i) "hospital" includes a dispensary or a clinic or a nursing home;
  (ii) "family", in relation to an individual, shall have the same meaning as in clause (5) of section 10;
and
 (iii) "gross total income" shall have the same meaning as in clause (5) of section 80B;
 (3) "profits in lieu of salary" includes—
   (i) the amount of any compensation due to or received by an assessee from his employer or former
employer at or in connection with the termination of his employment or the modification of the
terms and conditions relating thereto;
  (ii) any payment (other than any payment referred to in clause (10), clause (10A), clause (10B),
clause (11), clause (12), clause (13) or clause (13A) of section 10), due to or received by an
assessee from an employer or a former employer or from a provident or other fund, to the extent
to which it does not consist of contributions by the assessee or interest on such contributions or
any sum received under a Keyman insurance policy including the sum allocated by way of
bonus on such policy.
Explanation.—For the purposes of this sub-clause, the expression "Keyman insurance policy"
shall have the meaning assigned to it in clause (10D) of section 10;
 (iii) any amount due to or received, whether in lump sum or otherwise, by any assessee from any
person—
 (A) before his joining any employment with that person; or
 (B) after cessation of his employment with that person.

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C.—Income from house property

Income from house property.
22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the
assessee is the owner, other than such portions of such property as he may occupy for the purposes of any
business or profession carried on by him the profits of which are chargeable to income-tax, shall be
chargeable to income-tax under the head "Income from house property".

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Annual value how determined.

23. (1) For the purposes of section 22, the annual value of any property shall be deemed to be—
 (a) the sum for which the property might reasonably be expected to let from year to year; or
 (b) where the property or any part of the property is let and the actual rent received or receivable by the
owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or
receivable; or
 (c) where the property or any part of the property is let and was vacant during the whole or any part of the
previous year and owing to such vacancy the actual rent received or receivable by the owner in respect
thereof is less than the sum referred to in clause (a), the amount so received or receivable :
Provided that the taxes levied by any local authority in respect of the property shall be deducted (irrespective
of the previous year in which the liability to pay such taxes was incurred by the owner according to the
method of accounting regularly employed by him) in determining the annual value of the property of that
previous year in which such taxes are actually paid by him.
Explanation.—For the purposes of clause (b) or clause (c) of this sub-section, the amount of actual rent
received or receivable by the owner shall not include, subject to such rules89 as may be made in this behalf,
the amount of rent which the owner cannot realise.
(2) Where the property consists of a house or part of a house which—
 (a) is in the occupation of the owner for the purposes of his own residence; or
 (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business
or profession carried on at any other place, he has to reside at that other place in a building not
belonging to him,
the annual value of such house or part of the house shall be taken to be nil.
(3) The provisions of sub-section (2) shall not apply if—
 (a) the house or part of the house is actually let during the whole or any part of the previous year; or
 (b) any other benefit therefrom is derived by the owner.
(4) Where the property referred to in sub-section (2) consists of more than two houses—
 (a) the provisions of that sub-section shall apply only in respect of two of such houses, which the assessee
may, at his option, specify in this behalf;
 (b) the annual value of the house or houses, other than the house or houses in respect of which the assessee
has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or
houses had been let.
(5) Where the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the
property or any part of the property is not let during the whole or any part of the previous year, the annual
value of such property or part of the property, for the period up to two years from the end of the financial year
in which the certificate of completion of construction of the property is obtained from the competent
authority, shall be taken to be nil.

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Deductions from income from house property.

24. Income chargeable under the head "Income from house property" shall be computed after making the
following deductions, namely:—
 (a) a sum equal to thirty per cent of the annual value;
  90(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed
capital, the amount of any interest payable on such capital:
Provided that in respect of property referred to in sub-section (2) of section 23, the amount of
deduction or, as the case may be, the aggregate of the amount of deduction shall not exceed thirty
thousand rupees :
Provided further that where the property referred to in the first proviso is acquired or constructed with
capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is
completed within five years from the end of the financial year in which capital was borrowed, the
amount of deduction or, as the case may be, the aggregate of the amounts of deduction under this clause
shall not exceed two lakh rupees.
Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest,
if any, payable on such capital borrowed for the period prior to the previous year in which the property
has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other
provision of this Act, shall be deducted under this clause in equal instalments for the said previous year
and for each of the four immediately succeeding previous years:
Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a
certificate, from the person to whom any interest is payable on the capital borrowed, specifying the
amount of interest payable by the assessee for the purpose of such acquisition or construction of the
property, or, conversion of the whole or any part of the capital borrowed which remains to be repaid as
a new loan.
Explanation.—For the purposes of this proviso, the expression "new loan" means the whole or any part
of a loan taken by the assessee subsequent to the capital borrowed, for the purpose of repayment of
such capital:
Provided also that the aggregate of the amounts of deduction under the first and second provisos shall
not exceed two lakh rupees.

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Amounts not deductible from income from house property.

25. Notwithstanding anything contained in section 24, any interest chargeable under this Act which is payable
outside India (not being interest on a loan issued for public subscription before the 1st day of April, 1938), on
which tax has not been paid or deducted under Chapter XVII-B and in respect of which there is no person in
India who may be treated as an agent under section 163 shall not be deducted in computing the income
chargeable under the head "Income from house property".

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Special provision for arrears of rent and unrealised rent received subsequently.
25A. (1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently
from a tenant, as the case may be, by an assessee shall be deemed to be the income from house property in
respect of the financial year in which such rent is received or realised, and shall be included in the total
income of the assessee under the head "Income from house property", whether the assessee is the owner of
the property or not in that financial year.
(2) A sum equal to thirty per cent of the arrears of rent or the unrealised rent referred to in sub-section (1)
shall be allowed as deduction.

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Property owned by co-owners.

26. Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or
more persons and their respective shares are definite and ascertainable, such persons shall not in respect of
such property be assessed as an association of persons, but the share of each such person in the income from
the property as computed in accordance with sections 22 to 25 shall be included in his total income.
Explanation.—For the purposes of this section, in applying the provisions of sub-section (2) of section 23 for
computing the share of each such person as is referred to in this section, such share shall be computed, as if
each such person is individually entitled to the relief provided in that sub-section.

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"Owner of house property", "annual charge", etc., defined.

27. For the purposes of sections 22 to 26—
  (i) an individual who transfers otherwise than for adequate consideration any house property to his or her
spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being
a married daughter, shall be deemed to be the owner of the house property so transferred;
  (ii) the holder of an impartible estate shall be deemed to be the individual owner of all the properties
comprised in the estate;
(iii) a member of a co-operative society, company or other association of persons to whom a building or
part thereof is allotted or leased under a house building scheme of the society, company or association,
as the case may be, shall be deemed to be the owner of that building or part thereof;
(iiia) a person who is allowed to take or retain possession of any building or part thereof in part performance
of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882),
shall be deemed to be the owner of that building or part thereof;
(iiib) a person who acquires any rights (excluding any rights by way of a lease from month to month or for a
period not exceeding one year) in or with respect to any building or part thereof, by virtue of any such
transaction as is referred to in clause (f) of section 269UA, shall be deemed to be the owner of that
building or part thereof;
(iv) [***]
 (v) [***]
(vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes
levied by the local authority in respect of the property.

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D.—Profits and gains of business or profession

Profits and gains of business or profession.
28. The following income shall be chargeable to income-tax under the head "Profits and gains of business or
profession",—
  (i) the profits and gains of any business or profession which was carried on by the assessee at any time
during the previous year ;
 (ii) any compensation or other payment due to or received by,—
  (a) any person, by whatever name called, managing the whole or substantially the whole of the
affairs of an Indian company, at or in connection with the termination of his management or the
modification of the terms and conditions relating thereto;
  (b) any person, by whatever name called, managing the whole or substantially the whole of the
affairs in India of any other company, at or in connection with the termination of his office or the
modification of the terms and conditions relating thereto ;
  (c) any person, by whatever name called, holding an agency in India for any part of the activities
relating to the business of any other person, at or in connection with the termination of the
agency or the modification of the terms and conditions relating thereto ;
  (d) any person, for or in connection with the vesting in the Government, or in any corporation
owned or controlled by the Government, under any law for the time being in force, of the
management of any property or business ;
  (e) any person, by whatever name called, at or in connection with the termination or the
modification of the terms and conditions, of any contract relating to his business;
(iii) income derived by a trade, professional or similar association from specific services performed for its
members ;
(iiia) profits on sale of a licence granted under the Imports (Control) Order, 1955, made under the Imports
and Exports (Control) Act, 1947 (18 of 1947) ;
(iiib) cash assistance (by whatever name called) received or receivable by any person against exports under
any scheme of the Government of India ;
(iiic) any duty of customs or excise re-paid or re-payable as drawback to any person against exports under
the Customs and Central Excise Duties Drawback Rules, 1971 ;
(iiid) any profit on the transfer of the Duty Entitlement Pass Book Scheme, being the Duty Remission
Scheme under the export and import policy formulated and announced under section 5 of the Foreign
Trade (Development and Regulation) Act, 1992 (22 of 1992) ;
(iiie) any profit on the transfer of the Duty Free Replenishment Certificate, being the Duty Remission
Scheme under the export and import policy formulated and announced under section 5 of the Foreign
Trade (Development and Regulation) Act, 1992 (22 of 1992) ;
(iv) the value of any benefit or perquisite, whether convertible into money or not, arising from business or
the exercise of a profession ;
Following clause (iv) shall be substituted for the existing clause (iv) of section 28 by the Finance
Act, 2023, w.e.f. 1-4-2024:
(iv) the value of any benefit or perquisite arising from business or the exercise of a profession, whether—
 (a) convertible into money or not; or

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 (b) in cash or in kind or partly in cash and partly in kind;

 (v) any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received
by, a partner of a firm from such firm :
Provided that where any interest, salary, bonus, commission or remuneration, by whatever name called,
or any part thereof has not been allowed to be deducted under clause (b) of section 40, the income
under this clause shall be adjusted to the extent of the amount not so allowed to be deducted ;
(va) any sum, whether received or receivable, in cash or kind, under an agreement for—
  (a) not carrying out any activity in relation to any business or profession; or
  (b) not sharing any know-how, patent, copyright, trade-mark, licence, franchise or any other
business or commercial right of similar nature or information or technique likely to assist in the
manufacture or processing of goods or provision for services:
Provided that sub-clause (a) shall not apply to—
   (i) any sum, whether received or receivable, in cash or kind, on account of transfer of the right to
manufacture, produce or process any article or thing or right to carry on any business or
profession, which is chargeable under the head "Capital gains";
  (ii) any sum received as compensation, from the multilateral fund of the Montreal Protocol on
Substances that Deplete the Ozone layer under the United Nations Environment Programme, in
accordance with the terms of agreement entered into with the Government of India.
Explanation.—For the purposes of this clause,—
   (i) "agreement" includes any arrangement or understanding or action in concert,—
 (A) whether or not such arrangement, understanding or action is formal or in writing; or
 (B) whether or not such arrangement, understanding or action is intended to be enforceable by
legal proceedings;
  (ii) "service" means service of any description which is made available to potential users and
includes the provision of services in connection with business of any industrial or commercial
nature such as accounting, banking, communication, conveying of news or information,
advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate,
construction, transport, storage, processing, supply of electrical or other energy, boarding and
lodging;
(vi) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on
such policy.
Explanation.—For the purposes of this clause, the expression "Keyman insurance policy" shall have the
meaning assigned to it in clause (10D) of section 10;
(via) the fair market value of inventory as on the date on which it is converted into, or treated as, a capital
asset determined in the prescribed manner91;
(vii) any sum, whether received or receivable, in cash or kind, on account of any capital asset (other than
land or goodwill or financial instrument) being demolished, destroyed, discarded or transferred, if the
whole of the expenditure on such capital asset has been allowed as a deduction under section 35AD.
Explanation 1.—[Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]
Explanation 2.—Where speculative transactions carried on by an assessee are of such a nature as to constitute
a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and
separate from any other business.

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Income from profits and gains of business or profession, how computed.

29. The income referred to in section 28 shall be computed in accordance with the provisions contained in
sections 30 to 43D.

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Rent, rates, taxes, repairs and insurance for buildings.

30. In respect of rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or
profession, the following deductions shall be allowed—
 (a) where the premises are occupied by the assessee—
   (i) as a tenant, the rent paid for such premises ; and further if he has undertaken to bear the cost of
repairs to the premises, the amount paid on account of such repairs ;
  (ii) otherwise than as a tenant, the amount paid by him on account of current repairs to the premises
;
 (b) any sums paid on account of land revenue, local rates or municipal taxes ;
 (c) the amount of any premium paid in respect of insurance against risk of damage or destruction of the
premises.
Explanation.—For the removal of doubts, it is hereby declared that the amount paid on account of the cost of
repairs referred to in sub-clause (i), and the amount paid on account of current repairs referred to in sub-
clause (ii), of clause (a), shall not include any expenditure in the nature of capital expenditure.

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Repairs and insurance of machinery, plant and furniture.

31. In respect of repairs and insurance of machinery, plant or furniture used for the purposes of the business
or profession, the following deductions shall be allowed—
  (i) the amount paid on account of current repairs thereto ;
 (ii) the amount of any premium paid in respect of insurance against risk of damage or destruction thereof.
Explanation.—For the removal of doubts, it is hereby declared that the amount paid on account of current
repairs shall not include any expenditure in the nature of capital expenditure.

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Depreciation.
32. (1) In respect of depreciation of—
  (i) buildings, machinery, plant or furniture, being tangible assets;
  (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or
commercial rights of similar nature, being intangible assets acquired on or after the 1st day of
April, 1998, 92[not being goodwill of a business or profession,]
owned, wholly or partly, by the assessee and used for the purposes of the business or profession, the
following deductions shall be allowed—
  (i) in the case of assets of an undertaking engaged in generation or generation and distribution of
power, such percentage on the actual cost thereof to the assessee as may be prescribed93;
 (ii) in the case of any block of assets, such percentage on the written down value thereof as may be
prescribed94:
Provided that no deduction shall be allowed under this clause in respect of—
  (a) any motor car manufactured outside India, where such motor car is acquired by the
assessee after the 28th day of February, 1975 but before the 1st day of April, 2001, unless
it is used—
  (i) in a business of running it on hire for tourists ; or
 (ii) outside India in his business or profession in another country ; and
  (b) any machinery or plant if the actual cost thereof is allowed as a deduction in one or more
years under an agreement entered into by the Central Government under section 42 :
Provided further that where an asset referred to in clause (i) or clause (ii) or clause (iia) or the
first proviso to clause (iia), as the case may be, is acquired by the assessee during the previous
year and is put to use for the purposes of business or profession for a period of less than one
hundred and eighty days in that previous year, the deduction under this sub-section in respect of
such asset shall be restricted to fifty per cent of the amount calculated at the percentage
prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may be :
Provided also that where an asset referred to in clause (iia) or the first proviso to clause (iia), as
the case may be, is acquired by the assessee during the previous year and is put to use for the
purposes of business for a period of less than one hundred and eighty days in that previous year,
and the deduction under this sub-section in respect of such asset is restricted to fifty per cent of
the amount calculated at the percentage prescribed for an asset under clause (iia) for that
previous year, then, the deduction for the balance fifty per cent of the amount calculated at the
percentage prescribed for such asset under clause (iia) shall be allowed under this sub-section in
the immediately succeeding previous year in respect of such asset:
Provided also that where an asset being commercial vehicle is acquired by the assessee on or
after the 1st day of October, 1998 but before the 1st day of April, 1999 and is put to use before
the 1st day of April, 1999 for the purposes of business or profession, the deduction in respect of
such asset shall be allowed on such percentage on the written down value thereof as may be
prescribed.
Explanation.—For the purposes of this proviso,—

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  (a) the expression "commercial vehicle" means "heavy goods vehicle", "heavy passenger
motor vehicle", "light motor vehicle", "medium goods vehicle" and "medium passenger
motor vehicle" but does not include "maxi-cab", "motor-cab", "tractor" and "road-roller";
  (b) the expressions "heavy goods vehicle", "heavy passenger motor vehicle", "light motor
vehicle", "medium goods vehicle", "medium passenger motor vehicle", "maxi-cab",
"motor-cab", "tractor" and "road roller" shall have the meanings respectively as assigned
to them in section 2 of the Motor Vehicles Act, 1988 (59 of 1988):
Provided also that, in respect of the previous year relevant to the assessment year commencing
on the 1st day of April, 1991, the deduction in relation to any block of assets under this clause
shall, in the case of a company, be restricted to seventy-five per cent of the amount calculated at
the percentage, on the written down value of such assets, prescribed under this Act immediately
before the commencement of the Taxation Laws (Amendment) Act, 1991:
Provided also that the aggregate deduction, in respect of depreciation of buildings, machinery,
plant or furniture, being tangible assets or know-how, patents, copyrights, trademarks, licences,
franchises or any other business or commercial rights of similar nature, being intangible assets
allowable to the predecessor and the successor in the case of succession referred to in clause
(xiii), clause (xiiib) and clause (xiv) of section 47 or section 170 or to the amalgamating
company and the amalgamated company in the case of amalgamation, or to the demerged
company and the resulting company in the case of demerger, as the case may be, shall not
exceed in any previous year the deduction calculated at the prescribed rates as if the succession
or the amalgamation or the demerger, as the case may be, had not taken place, and such
deduction shall be apportioned between the predecessor and the successor, or the amalgamating
company and the amalgamated company, or the demerged company and the resulting company,
as the case may be, in the ratio of the number of days for which the assets were used by them.
Explanation 1.—Where the business or profession of the assessee is carried on in a building not
owned by him but in respect of which the assessee holds a lease or other right of occupancy and
any capital expenditure is incurred by the assessee for the purposes of the business or profession
on the construction of any structure or doing of any work in or in relation to, and by way of
renovation or extension of, or improvement to, the building, then, the provisions of this clause
shall apply as if the said structure or work is a building owned by the assessee.
Explanation 2.—For the purposes of this sub-section "written down value of the block of assets"
shall have the same meaning as in clause (c) of sub-section (6) of section 43.
Explanation 3.—For the purposes of this sub-section, the expression "assets" shall mean—
  (a) tangible assets, being buildings, machinery, plant or furniture;
  (b) intangible assets, being know-how, patents, copyrights, trade marks, licences, franchises
or any other business or commercial rights of similar nature 95[, not being goodwill of a
business or profession].
Explanation 4.—For the purposes of this sub-section, the expression "know-how" means any
industrial information or technique likely to assist in the manufacture or processing of goods or
in the working of a mine, oil-well or other sources of mineral deposits (including searching for
discovery or testing of deposits for the winning of access thereto).
Explanation 5.—For the removal of doubts, it is hereby declared that the provisions of this sub-
section shall apply whether or not the assessee has claimed the deduction in respect of
depreciation in computing his total income;
(iia) in the case of any new machinery or plant (other than ships and aircraft), which has been
acquired and installed after the 31st day of March, 2005, by an assessee engaged in the business
of manufacture or production of any article or thing or in the business of generation,
transmission or distribution of power, a further sum equal to twenty per cent of the actual cost of
such machinery or plant shall be allowed as deduction under clause (ii) :
Provided that where an assessee, sets up an undertaking or enterprise for manufacture or
production of any article or thing, on or after the 1st day of April, 2015 in any backward area
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notified by the Central Government in this behalf, in the State of Andhra Pradesh or in the State
of Bihar or in the State of Telangana or in the State of West Bengal, and acquires and installs any
new machinery or plant (other than ships and aircraft) for the purposes of the said undertaking or
enterprise during the period beginning on the 1st day of April, 2015 and ending before the 1st
day of April, 2020 in the said backward area, then, the provisions of clause (iia) shall have
effect, as if for the words "twenty per cent", the words "thirty-five per cent" had been substituted
:
Provided further that no deduction shall be allowed in respect of—
  (A) any machinery or plant which, before its installation by the assessee, was used either
within or outside India by any other person; or
 (B) any machinery or plant installed in any office premises or any residential accommodation,
including accommodation in the nature of a guest-house; or
 (C) any office appliances or road transport vehicles; or
 (D) any machinery or plant, the whole of the actual cost of which is allowed as a deduction
(whether by way of depreciation or otherwise) in computing the income chargeable under
the head "Profits and gains of business or profession" of any one previous year;
(iii) in the case of any building, machinery, plant or furniture in respect of which depreciation is
claimed and allowed under clause (i) and which is sold, discarded, demolished or destroyed in
the previous year (other than the previous year in which it is first brought into use), the amount
by which the moneys payable in respect of such building, machinery, plant or furniture, together
with the amount of scrap value, if any, fall short of the written down value thereof :
Provided that such deficiency is actually written off in the books of the assessee.
Explanation.—For the purposes of this clause,—
  (1) "moneys payable" in respect of any building, machinery, plant or furniture includes—
 (a) any insurance, salvage or compensation moneys payable in respect thereof;
 (b) where the building, machinery, plant or furniture is sold, the price for which it is sold,
so, however, that where the actual cost of a motor car is, in accordance with the proviso to
clause (1) of section 43, taken to be twenty-five thousand rupees, the moneys payable in
respect of such motor car shall be taken to be a sum which bears to the amount for which
the motor car is sold or, as the case may be, the amount of any insurance, salvage or
compensation moneys payable in respect thereof (including the amount of scrap value, if
any) the same proportion as the amount of twenty-five thousand rupees bears to the actual
cost of the motor car to the assessee as it would have been computed before applying the
said proviso;
  (2) "sold" includes a transfer by way of exchange or a compulsory acquisition under any law
for the time being in force but does not include a transfer, in a scheme of amalgamation, of
any asset by the amalgamating company to the amalgamated company where the
amalgamated company is an Indian company or in a scheme of amalgamation of a banking
company, as referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10
of 1949) with a banking institution as referred to in sub-section (15) of section 45 of the
said Act, sanctioned and brought into force by the Central Government under sub-section
(7) of section 45 of that Act, of any asset by the banking company to the banking
institution.
(iv) [***]
 (v) [***]
(vi) [***]
(1A) [***]
(2) Where, in the assessment of the assessee, full effect cannot be given to any allowance under sub-section
(1) in any previous year, owing to there being no profits or gains chargeable for that previous year, or owing
to the profits or gains chargeable being less than the allowance, then, subject to the provisions of sub-section
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(2) of section 72 and sub-section (3) of section 73, the allowance or the part of the allowance to which effect
has not been given, as the case may be, shall be added to the amount of the allowance for depreciation for the
following previous year and deemed to be part of that allowance, or if there is no such allowance for that
previous year, be deemed to be the allowance for that previous year, and so on for the succeeding previous
years.

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Investment allowance.
32A. (1) In respect of a ship or an aircraft or machinery or plant specified in sub-section (2), which is owned
by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in
accordance with and subject to the provisions of this section, be allowed a deduction, in respect of the
previous year in which the ship or aircraft was acquired or the machinery or plant was installed or, if the ship,
aircraft, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of
that previous year, of a sum by way of investment allowance equal to twenty-five per cent of the actual cost
of the ship, aircraft, machinery or plant to the assessee :
Provided that in respect of a ship or an aircraft or machinery or plant specified in sub-section (8B), this sub-
section shall have effect as if for the words "twenty-five per cent", the words "twenty per cent" had been
substituted :
Provided further that no deduction shall be allowed under this section in respect of—
  (a) any machinery or plant installed in any office premises or any residential accommodation, including
any accommodation in the nature of a guest house ;
 (b) any office appliances or road transport vehicles ;
  (c) any ship, machinery or plant in respect of which the deduction by way of development rebate is
allowable under section 33 ; and
 (d) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by
way of depreciation or otherwise) in computing the income chargeable under the head "Profits and
gains of business or profession" of any one previous year.
Explanation.—For the purposes of this sub-section, "actual cost" means the actual cost of the ship, aircraft,
machinery or plant to the assessee as reduced by that part of such cost which has been met out of the amount
released to the assessee under sub-section (6) of section 32AB.
(2) The ship or aircraft or machinery or plant referred to in sub-section (1) shall be the following, namely :—
 (a) a new ship or new aircraft acquired after the 31st day of March, 1976, by an assessee engaged in the
business of operation of ships or aircraft ;
 (b) any new machinery or plant installed after the 31st day of March, 1976,—
  (i) for the purposes of business of generation or distribution of electricity or any other form of
power ; or
 (ii) in a small-scale industrial undertaking for the purposes of business of manufacture or production
of any article or thing ; or
 (iii) in any other industrial undertaking for the purposes of business of construction, manufacture or
production of any article or thing, not being an article or thing specified in the list in the
Eleventh Schedule :
Provided that nothing contained in clauses (a) and (b) shall apply in relation to,—
   (i) a new ship or new aircraft acquired, or
  (ii) any new machinery or plant installed,
after the 31st day of March, 1987 but before the 1st day of April, 1988, unless such ship or aircraft is
acquired or such machinery or plant is installed in the circumstances specified in clause (a) of sub-
section (8B) and the assessee furnishes evidence to the satisfaction of the Assessing Officer as specified
in that clause ;

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 (c) any new machinery or plant installed after the 31st day of March, 1983, but before the 1st day of April,
1987, for the purposes of business of repairs to ocean-going vessels or other powered craft if the
business is carried on by an Indian company and the business so carried on is for the time being
approved for the purposes of this clause by the Central Government.
Explanation.—For the purposes of this sub-section and sub-sections (2B), (2C) and (4),—
(1) (a) "new ship" or "new aircraft" includes a ship or aircraft which before the date of acquisition by the
assessee was used by any other person, if it was not at any time previous to the date of such acquisition
owned by any person resident in India ;
(b) "new machinery or plant" includes machinery or plant which before its installation by the assessee
was used outside India by any other person, if the following conditions are fulfilled, namely :—
    (i) such machinery or plant was not, at any time previous to the date of such installation by the
assessee, used in India ;
  (ii) such machinery or plant is imported into India from any country outside India ; and
 (iii) no deduction on account of depreciation in respect of such machinery or plant has been allowed
or is allowable under the provisions of the Indian Income-tax Act, 1922 (11 of 1922), or this Act
in computing the total income of any person for any period prior to the date of the installation of
the machinery or plant by the assessee,
 (2) an industrial undertaking shall be deemed to be a small-scale industrial undertaking, if the aggregate
value of the machinery and plant (other than tools, jigs, dies and moulds) installed, as on the last day of
the previous year, for the purposes of the business of the undertaking does not exceed,—
   (i) in a case where the previous year ends before the 1st day of August, 1980, ten lakh rupees ;
  (ii) in a case where the previous year ends after the 31st day of July, 1980, but before the 18th day
of March, 1985, twenty lakh rupees; and
  (iii) in a case where the previous year ends after the 17th day of March, 1985, thirty-five lakh
rupees,
and for this purpose the value of any machinery or plant shall be,—
  (a) in the case of any machinery or plant owned by the assessee, the actual cost thereof to the
assessee ; and
  (b) in the case of any machinery or plant hired by the assessee, the actual cost thereof as in the case
of the owner of such machinery or plant.
(2A) The deduction under sub-section (1) shall not be denied in respect of any machinery or plant installed
and used mainly for the purposes of business of construction, manufacture or production of any article or
thing, not being an article or thing specified in the list in the Eleventh Schedule, by reason only that such
machinery or plant is also used for the purposes of business of construction, manufacture or production of
any article or thing specified in the said list.
(2B) Where any new machinery or plant is installed after the 30th day of June, 1977, but before the 1st day of
April, 1987, for the purposes of business of manufacture or production of any article or thing and such article
or thing—
  (a) is manufactured or produced by using any technology (including any process) or other know-how
developed in, or
 (b) is an article or thing invented in,
a laboratory owned or financed by the Government, or a laboratory owned by a public sector company or
a University or by an institution recognised in this behalf by the prescribed authority,96
the provisions of sub-section (1) shall have effect in relation to such machinery or plant as if for the words
"twenty-five per cent", the words "thirty-five per cent" had been substituted, if the following conditions are
fulfilled, namely :—
    (i) the right to use such technology (including any process) or other know-how or to manufacture or
produce such article or thing has been acquired from the owner of such laboratory or any person
deriving title from such owner ;

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 (ii) the assessee furnishes, along with his return of income for the assessment year for which the deduction
is claimed, a certificate from the prescribed authority96 to the effect that such article or thing is
manufactured or produced by using such technology (including any process) or other know-how
developed in such laboratory or is an article or thing invented in such laboratory ; and
(iii) the machinery or plant is not used for the purpose of business of manufacture or production of any
article or thing specified in the list in the Eleventh Schedule.
Explanation.—For the purposes of this sub-section,—
 (a) "laboratory financed by the Government" means a laboratory owned by any body [including a society
registered under the Societies Registration Act, 1860 (21 of 1860)] and financed wholly or mainly by
the Government;
 (b) [***]
 (c) "University" means a University established or incorporated by or under a Central, State or Provincial
Act and includes an institution declared under section 3 of the University Grants Commission Act, 1956
(3 of 1956) to be a University for the purposes of that Act.
(2C) Where any new machinery or plant, being machinery or plant which would assist in control of pollution
or protection of environment and which has been notified in this behalf by the Central Government in the
Official Gazette, is installed after the 31st day of May, 1983 but before the 1st day of April, 1987, in any
industrial undertaking referred to in sub-clause (i) or sub-clause (ii) or sub-clause (iii) of clause (b) of sub-
section (2), the provisions of sub-section (1) shall have effect in relation to such machinery or plant as if for
the words "twenty-five per cent", the words "thirty-five per cent" had been substituted.
(3) Where the total income of the assessee assessable for the assessment year relevant to the previous year in
which the ship or aircraft was acquired or the machinery or plant was installed, or, as the case may be, the
immediately succeeding previous year (the total income for this purpose being computed after deduction of
the allowances under section 33 and section 33A, but without making any deduction under sub-section (1) of
this section or any deduction under Chapter VI-A) is nil or is less than the full amount of the investment
allowance,—
  (i) the sum to be allowed by way of investment allowance for that assessment year under sub-section (1)
shall be only such amount as is sufficient to reduce the said total income to nil ; and
 (ii) the amount of the investment allowance, to the extent to which it has not been allowed as aforesaid,
shall be carried forward to the following assessment year, and the investment allowance to be allowed
for the following assessment year shall be such amount as is sufficient to reduce the total income of the
assessee assessable for that assessment year, computed in the manner aforesaid, to nil, and the balance
of the investment allowance, if any, still outstanding shall be carried forward to the following
assessment year and so on, so, however, that no portion of the investment allowance shall be carried
forward for more than eight assessment years immediately succeeding the assessment year relevant to
the previous year in which the ship or aircraft was acquired or the machinery or plant was installed or,
as the case may be, the immediately succeeding previous year.
Explanation.—Where for any assessment year, investment allowance is to be allowed in accordance with the
provisions of this sub-section in respect of any ship or aircraft acquired or any machinery or plant installed in
more than one previous year, and the total income of the assessee assessable for that assessment year (the
total income for this purpose being computed after deduction of the allowances under section 33 and section
33A, but without making any deduction under sub-section (1) of this section or any deduction under Chapter
VI-A) is less than the aggregate of the amounts due to be allowed in respect of the assets aforesaid for that
assessment year, the following procedure shall be followed, namely :—
 (a) the allowance under clause (ii) shall be made before any allowance under clause (i) is made; and
 (b) where an allowance has to be made under clause (ii) in respect of amounts carried forward from more
than one assessment year, the amount carried forward from an earlier assessment year shall be allowed
before any amount carried forward from a later assessment year.
(4) The deduction under sub-section (1) shall be allowed only if the following conditions are fulfilled, namely
:—

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  (i) the particulars prescribed in this behalf have been furnished by the assessee in respect of the ship or
aircraft or machinery or plant;
 (ii) an amount equal to seventy-five per cent of the investment allowance to be actually allowed is debited
to the profit and loss account of any previous year in respect of which the deduction is to be allowed
under sub-section (3) or any earlier previous year (being a previous year not earlier than the year in
which the ship or aircraft was acquired or the machinery or plant was installed or the ship, aircraft,
machinery or plant was first put to use) and credited to a reserve account (to be called the "Investment
Allowance Reserve Account") to be utilised—
  (a) for the purposes of acquiring, before the expiry of a period of ten years next following the
previous year in which the ship or aircraft was acquired or the machinery or plant was installed,
a new ship or a new aircraft or new machinery or plant [other than machinery or plant of the
nature referred to in clauses (a), (b) and (d) of the second proviso to sub-section (1)] for the
purposes of the business of the undertaking; and
  (b) until the acquisition of a new ship or a new aircraft or new machinery or plant as aforesaid, for
the purposes of the business of the undertaking other than for distribution by way of dividends
or profits or for remittance outside India as profits or for the creation of any asset outside India:
Provided that this clause shall have effect in respect of a ship as if for the word "seventy-five", the
word "fifty" had been substituted.
Explanation.—Where the amount debited to the profit and loss account and credited to the Investment
Allowance Reserve Account under this sub-section is not less than the amount required to be so credited on
the basis of the amount of deduction in respect of investment allowance claimed in the return made by the
assessee under section 139, but a higher deduction in respect of the investment allowance is admissible on the
basis of the total income as proposed to be computed by the Assessing Officer under section 143, the
Assessing Officer shall, by notice in writing in this behalf, allow the assessee an opportunity to credit within
the time specified in the notice or within such further time as the Assessing Officer may allow, a further
amount to the Investment Allowance Reserve Account out of the profits and gains of the previous year in
which such notice is served on the assessee or of the immediately preceding previous year, if the accounts for
that year have not been made up; and, if the assessee credits any further amount to such account within the
time aforesaid, the amount so credited shall be deemed to have been credited to the Investment Allowance
Reserve Account of the previous year in which the deduction is admissible and such amount shall not be
taken into account in determining the adequacy of the reserve required to be created by the assessee in respect
of the previous year in which such further credit is made:
Provided that such opportunity shall not be allowed by the Assessing Officer in a case where the difference
in the total income as proposed to be computed by him and the total income as returned by the assessee arises
out of the application of the proviso to sub-section (1) of section 145 or sub-section (2) of that section or the
omission by the assessee to disclose his income fully and truly.
(5) Any allowance made under this section in respect of any ship, aircraft, machinery or plant shall be
deemed to have been wrongly made for the purposes of this Act—
 (a) if the ship, aircraft, machinery or plant is sold or otherwise transferred by the assessee to any person at
any time before the expiry of eight years from the end of the previous year in which it was acquired or
installed; or
  (b) if at any time before the expiry of ten years from the end of the previous year in which the ship or
aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the amount
credited to the reserve account under sub-section (4) for the purposes of acquiring a new ship or a new
aircraft or new machinery or plant [other than machinery or plant of the nature referred to in clauses
(a), (b) and (d) of the second proviso to sub-section (1)] for the purposes of the business of the
undertaking; or
 (c) if at any time before the expiry of the ten years aforesaid, the assessee utilises the amount credited to
the reserve account under sub-section (4) for distribution by way of dividends or profits or for
remittance outside India as profits or for the creation of any assets outside India or for any other
purpose which is not a purpose of the business of the undertaking,
and the provisions of sub-section (4A) of section 155 shall apply accordingly:
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Provided that nothing in clause (a) shall apply—

    (i) where the ship, aircraft, machinery or plant is sold or otherwise transferred by the assessee to the
Government, a local authority, a corporation established by a Central, State or Provincial Act or a
Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956); or
  (ii) where the sale or transfer of the ship, aircraft, machinery or plant is made in connection with the
amalgamation or succession, referred to in sub-section (6) or sub-section (7).
(6) Where, in a scheme of amalgamation, the amalgamating company sells or otherwise transfers to the
amalgamated company any ship, aircraft, machinery or plant, in respect of which investment allowance has
been allowed to the amalgamating company under sub-section (1),—
 (a) the amalgamated company shall continue to fulfil the conditions mentioned in sub-section (4) in respect
of the reserve created by the amalgamating company and in respect of the period within which such
ship, aircraft, machinery or plant shall not be sold or otherwise transferred and in default of any of these
conditions, the provisions of sub-section (4A) of section 155 shall apply to the amalgamated company
as they would have applied to the amalgamating company had it committed the default; and
 (b) the balance of investment allowance, if any, still outstanding to the amalgamating company in respect
of such ship, aircraft, machinery or plant, shall be allowed to the amalgamated company in accordance
with the provisions of sub-section (3), so, however, that the total period for which the balance of
investment allowance shall be carried forward in the assessments of the amalgamating company and the
amalgamated company shall not exceed the period of eight years specified in sub-section (3) and the
amalgamated company shall be treated as the assessee in respect of such ship, aircraft, machinery or
plant for the purposes of this section.
(7) Where a firm is succeeded to by a company in the business carried on by it as a result of which the firm
sells or otherwise transfers to the company any ship, aircraft, machinery or plant, the provisions of clauses (a)
and (b) of sub-section (6) shall, so far as may be, apply to the firm and the company.
Explanation.—The provisions of this sub-section shall apply only where—
    (i) all the property of the firm relating to the business immediately before the succession becomes the
property of the company;
  (ii) all the liabilities of the firm relating to the business immediately before the succession become the
liabilities of the company; and
(iii) all the shareholders of the company were partners of the firm immediately before the succession.
(8) The Central Government, if it considers necessary or expedient so to do, may, by notification in the
Official Gazette, direct that the deduction allowable under this section shall not be allowed in respect of any
ship or aircraft acquired or any machinery or plant installed after such date as may be specified therein.
(8A) The Central Government, if it considers necessary or expedient so to do, may, by notification in the
Official Gazette, omit any article or thing from the list of articles or things specified in the Eleventh
Schedule.
(8B) Notwithstanding anything contained in sub-section (8) or the notification of the Government of India in
the Ministry of Finance (Department of Revenue) No. GSR 870(E), dated the 12th June, 1986, issued
thereunder, the provisions of this section shall apply in respect of,—
 (a) (i) a new ship or new aircraft acquired after the 31st day of March, 1987 but before the 1st day of April,
1988, if the assessee furnishes evidence to the satisfaction of the Assessing Officer that he had, before
the 12th day of June, 1986, entered into a contract for the purchase of such ship or aircraft with the
builder or manu-facturer or owner thereof, as the case may be;
(ii) any new machinery or plant installed after the 31st day of March, 1987 but before the 1st day of
April, 1988, if the assessee furnishes evidence to the satisfaction of the Assessing Officer that before
the 12th day of June, 1986, he had purchased such machinery or plant or had entered into a contract for
the purchase of such machinery or plant with the manufacturer or owner of, or a dealer in, such
machinery or plant, or had, where such machinery or plant has been manufactured in an undertaking
owned by the assessee, taken steps for the manufacture of such machinery or plant:

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Provided that nothing contained in sub-section (1) shall entitle the assessee to claim deduction in
respect of a ship or aircraft or machinery or plant referred to in this clause in any previous year except
the previous year relevant to the assessment year commencing on the 1st day of April, 1989;
 (b) a new ship or new aircraft acquired or any new machinery or plant installed after the 31st day of March,
1988, but before such date as the Central Government, if it considers necessary or expedient so to do,
may, by notification in the Official Gazette, specify in this behalf.
(8C) Subject to the provisions of clause (ii) of sub-section (3), where a deduction has been allowed to an
assessee under sub-section (1) in any assessment year, no deduction shall be allowed to the assessee under
section 32AB in the said assessment year (hereinafter referred to as the initial assessment year) and a block of
further period of four years beginning with the assessment year immediately succeeding the initial assessment
year.
(9) [Omitted by the Finance Act, 1990, w.r.e.f. 1-4-1976.]

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Investment deposit account.

32AB. (1) Subject to the other provisions of this section, where an assessee, whose total income includes
income chargeable to tax under the head "Profits and gains of business or profession", has, out of such
income,—
 (a) deposited any amount in an account (hereafter in this section referred to as deposit account) maintained
by him with the Development Bank before the expiry of six months from the end of the previous year
or before furnishing the return of his income, whichever is earlier; or
  (b) utilised any amount during the previous year for the purchase of any new ship, new aircraft, new
machinery or plant, without depositing any amount in the deposit account under clause (a),
in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the
scheme) to be framed by the Central Government, or if the assessee is carrying on the business of growing
and manufacturing tea in India, to be approved in this behalf by the Tea Board, the assessee shall be allowed
a deduction (such deduction being allowed before the loss, if any, brought forward from earlier years is set
off under section 72) of—
  (i) a sum equal to the amount, or the aggregate of the amounts, so deposited and any amount so utilised; or
 (ii) a sum equal to twenty per cent of the profits of business or profession as computed in the accounts of
the assessee audited in accordance with sub-section (5),
whichever is less :
Provided that where such assessee is a firm, or any association of persons or any body of individuals, the
deduction under this section shall not be allowed in the computation of the income of any partner, or as the
case may be, any member of such firm, association of persons or body of individuals:
Provided further that no such deduction shall be allowed in relation to the assessment year commencing on
the 1st day of April, 1991, or any subsequent assessment year.
(2) For the purposes of this section,—
  (i) [***]
  (ii) "new ship" or "new aircraft" includes a ship or aircraft which before the date of acquisition by the
assessee was used by any other person, if it was not at any time previous to the date of such acquisition
owned by any person resident in India;
(iii) "new machinery or plant" includes machinery or plant which before its installation by the assessee was
used outside India by any other person, if the following conditions are fulfilled, namely :—
  (a) such machinery or plant was not, at any time previous to the date of such installation by the
assessee, used in India;
  (b) such machinery or plant is imported into India from any country outside India; and
  (c) no deduction on account of depreciation in respect of such machinery or plant has been allowed
or is allowable under this Act in computing the total income of any person for any period prior
to the date of the installation of the machinery or plant by the assessee;
(iv) "Tea Board" means the Tea Board established under section 4 of the Tea Act, 1953 (29 of 1953).
(3) The profits of business or profession of an assessee for the purposes of sub-section (1) shall be an amount
arrived at after deducting an amount equal to the depreciation computed in accordance with the provisions of
sub-section (1) of section 32 from the amounts of profits computed in accordance with the requirements of
Parts II and III of the Schedule VI to the Companies Act, 1956 (1 of 1956), as increased by the aggregate of
—
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  (i) the amount of depreciation;

 (ii) the amount of income-tax paid or payable, and provision therefor;
(iii) the amount of surtax paid or payable under the Companies (Profits) Surtax Act, 1964 (7 of 1964);
(iv) the amounts carried to any reserves, by whatever name called;
  (v) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained
liabilities;
(vi) the amount by way of provision for losses of subsidiary companies; and
(vii) the amount or amounts of dividends paid or proposed,
if any debited to the profit and loss account; and as reduced by any amount or amounts withdrawn from
reserves or provisions, if such amounts are credited to the profit and loss account.
(4) No deduction under sub-section (1) shall be allowed in respect of any amount utilised for the purchase of
—
 (a) any machinery or plant to be installed in any office premises or residential accommodation, including
any accommodation in the nature of a guest-house;
 (b) any office appliances (not being computers);
 (c) any road transport vehicles;
 (d) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by
way of depreciation or otherwise) in computing the income chargeable under the head "Profits and
gains of business or profession" of any one previous year;
  (e) any new machinery or plant to be installed in an industrial undertaking, other than a small-scale
industrial undertaking, as defined in section 80HHA, for the purposes of business of construction,
manufacture or production of any article or thing specified in the list in the Eleventh Schedule.
(5) The deduction under sub-section (1) shall not be admissible unless the accounts of the business or
profession of the assessee for the previous year relevant to the assessment year for which the deduction is
claimed have been audited by an accountant as defined in the Explanation below sub-section (2) of section
288 before the specified date referred to in section 44AB and the assessee furnishes by that date the report of
such audit in the prescribed form duly signed and verified by such accountant :
Provided that in a case where the assessee is required by or under any other law to get his accounts audited,
it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the accounts of
such business or profession audited under such law and furnishes the report of the audit as required under
such other law and a further report in the form prescribed under this sub-section.
(5A) Any amount standing to the credit of the assessee in the deposit account shall not be allowed to be
withdrawn before the expiry of a period of five years from the date of deposit except for the purposes
specified in the scheme or in the circumstances specified below :—
 (a) closure of business;
 (b) death of an assessee;
 (c) partition of a Hindu undivided family;
 (d) dissolution of a firm;
 (e) liquidation of a company.
Explanation.—For the removal of doubts, it is hereby declared that nothing contained in this sub-section shall
affect the operation of the provisions of sub-section (5AA) or sub-section (6) in relation to any withdrawals
made from the deposit account either before or after the expiry of a period of five years from the date of
deposit.
(5AA) Where any amount, standing to the credit of the assessee in the deposit account, is withdrawn during
any previous year by the assessee in the circumstance specified in clause (a) or clause (d) of sub-section
(5A), the whole of such amount shall be deemed to be the profits and gains of business or profession of that
previous year and shall accordingly be chargeable to income-tax as the income of that previous year, as if the
business had not closed or, as the case may be, the firm had not been dissolved.

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(5B) Where any amount standing to the credit of the assessee in the deposit account is utilised by the assessee
for the purposes of any expenditure in connection with the business or profession in accordance with the
scheme, such expenditure shall not be allowed in computing the income chargeable under the head "Profits
and gains of business or profession".
(6) Where any amount, standing to the credit of the assessee in the deposit account, released during any
previous year by the Development Bank for being utilised by the assessee for the purposes specified in the
scheme or at the closure of the account in [circumstances other than the circumstances specified in clauses
(b), (c) and (e) of sub-section (5A)], is not utilised in accordance with, and within the time specified in, the
scheme, either wholly or in part, the whole of such amount or, as the case may be, part thereof which is not so
utilised shall be deemed to be the profits and gains of business or profession of that previous year and shall
accordingly be chargeable to income-tax as the income of that previous year.
(7) Where any asset acquired in accordance with the scheme is sold or otherwise transferred in any previous
year by the assessee to any person at any time before the expiry of eight years from the end of the previous
year in which it was acquired, such part of the cost of such asset as is relatable to the deductions allowed
under sub-section (1) shall be deemed to be the profits and gains of business or profession of the previous
year in which the asset is sold or otherwise transferred and shall accordingly be chargeable to income-tax as
the income of that previous year:
Provided that nothing in this sub-section shall apply—
    (i) where the asset is sold or otherwise transferred by the assessee to Government, a local authority, a
corporation established by or under a Central, State or Provincial Act or a Government company as
defined in section 617 of the Companies Act, 1956 (1 of 1956); or
 (ii) where the sale or transfer of the asset is made in connection with the succession of a firm by a company
in the business or profession carried on by the firm as a result of which the firm sells or otherwise
transfers to the company any asset and the scheme continues to apply to the company in the manner
applicable to the firm.
Explanation.—The provisions of clause (ii) of the proviso shall apply only where—
  (i) all the properties of the firm relating to the business or profession immediately before the succession
become the properties of the company;
 (ii) all the liabilities of the firm relating to the business or profession immediately before the succession
become the liabilities of the company; and
(iii) all the shareholders of the company were partners of the firm immediately before the succession.
(8) The Central Government may, if it considers it necessary or expedient so to do, by notification in the
Official Gazette, omit any article or thing from the list of articles or things specified in the Eleventh
Schedule.
(9) The Central Government may, after making such inquiry as it may think fit, direct, by notification in the
Official Gazette, that the provisions of this section shall not apply to any class of assessees, with effect from
such date as it may specify in the notification.
(10) Where a deduction has been allowed to an assessee under this section in any assessment year, no
deduction shall be allowed to the assessee under sub-section (1) of section 32A in the said assessment year
(hereinafter referred to as the initial assessment year) and a block of further period of four years beginning
with the assessment year immediately succeeding the initial assessment year.
Explanation.—In this section,—
 (a) "computers" does not include calculating machines and calculating devices;
 (b) "Development Bank" means—
  (i) in the case of an assessee carrying on business of growing and manufacturing tea in India, the
National Bank for Agriculture and Rural Development established under section 3 of the
National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);
 (ii) in the case of other assessees, the Industrial Development Bank of India established under the
Industrial Development Bank of India Act, 1964 (18 of 1964) and includes such bank or
institution as may be specified in the scheme in this behalf.
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Investment in new plant or machinery.

32AC. (1) Where an assessee, being a company, engaged in the business of manufacture or production of any
article or thing, acquires and installs new asset after the 31st day of March, 2013 but before the 1st day of
April, 2015 and the aggregate amount of actual cost of such new assets exceeds one hundred crore rupees,
then, there shall be allowed a deduction,—
 (a) for the assessment year commencing on the 1st day of April, 2014, of a sum equal to fifteen per cent of
the actual cost of new assets acquired and installed after the 31st day of March, 2013 but before the 1st
day of April, 2014, if the aggregate amount of actual cost of such new assets exceeds one hundred crore
rupees; and
 (b) for the assessment year commencing on the 1st day of April, 2015, of a sum equal to fifteen per cent of
the actual cost of new assets acquired and installed after the 31st day of March, 2013 but before the 1st
day of April, 2015, as reduced by the amount of deduction allowed, if any, under clause (a).
(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any
article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired
during any previous year exceeds twenty-five crore rupees and such assets are installed on or before the 31st
day of March, 2017, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual
cost of such new assets for the assessment year relevant to that previous year:
Provided that where the installation of the new assets are in a year other than the year of acquisition, the
deduction under this sub-section shall be allowed in the year in which the new assets are installed:
Provided further that no deduction under this sub-section shall be allowed for the assessment year
commencing on the 1st day of April, 2015 to the assessee, which is eligible to claim deduction under sub-
section (1) for the said assessment year.
(1B) No deduction under sub-section (1A) shall be allowed for any assessment year commencing on or after
the 1st day of April, 2018.
(2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in
connection with the amalgamation or demerger, within a period of five years from the date of its installation,
the amount of deduction allowed under sub-section (1) or sub-section (1A) in respect of such new asset shall
be deemed to be the income of the assessee chargeable under the head "Profits and gains of business or
profession" of the previous year in which such new asset is sold or otherwise transferred, in addition to
taxability of gains, arising on account of transfer of such new asset.
(3) Where the new asset is sold or otherwise transferred in connection with the amalgamation or demerger
within a period of five years from the date of its installation, the provisions of sub-section (2) shall apply to
the amalgamated company or the resulting company, as the case may be, as they would have applied to the
amalgamating company or the demerged company.
(4) For the purposes of this section, "new asset" means any new plant or machinery (other than ship or
aircraft) but does not include—
  (i) any plant or machinery which before its installation by the assessee was used either within or outside
India by any other person;
 (ii) any plant or machinery installed in any office premises or any residential accommodation, including
accommodation in the nature of a guest house;
(iii) any office appliances including computers or computer software;
(iv) any vehicle; or

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(v) any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way
of depreciation or otherwise) in computing the income chargeable under the head "Profits and gains of
business or profession" of any previous year.

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Investment in new plant or machinery in notified backward areas in certain States.

32AD. (1) Where an assessee, sets up an undertaking or enterprise for manufacture or production of any
article or thing, on or after the 1st day of April, 2015 in any backward area notified by the Central
Government in this behalf, in the State of Andhra Pradesh or in the State of Bihar or in the State of Telangana
or in the State of West Bengal, and acquires and installs any new asset for the purposes of the said
undertaking or enterprise during the period beginning on the 1st day of April, 2015 and ending before the 1st
day of April, 2020 in the said backward area, then, there shall be allowed a deduction of a sum equal to
fifteen per cent of the actual cost of such new asset for the assessment year relevant to the previous year in
which such new asset is installed.
(2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in
connection with the amalgamation or demerger or re-organisation of business referred to in clause (xiii) or
clause (xiiib) or clause (xiv) of section 47, within a period of five years from the date of its installation, the
amount of deduction allowed under sub-section (1) in respect of such new asset shall be deemed to be the
income of the assessee chargeable under the head "Profits and gains of business or profession" of the
previous year in which such new asset is sold or otherwise transferred, in addition to taxability of gains,
arising on account of transfer of such new asset.
(3) Where the new asset is sold or otherwise transferred in connection with the amalgamation or demerger or
re-organisation of business referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47 within a
period of five years from the date of its installation, the provisions of sub-section (2) shall apply to the
amalgamated company or the resulting company or the successor referred to in clause (xiii) or clause (xiiib)
or clause (xiv) of section 47, as the case may be, as they would have applied to the amalgamating company or
the demerged company or the predecessor referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section
47.
(4) For the purposes of this section, "new asset" means any new plant or machinery (other than a ship or
aircraft) but does not include—
 (a) any plant or machinery, which before its installation by the assessee, was used either within or outside
India by any other person;
  (b) any plant or machinery installed in any office premises or any residential accommodation, including
accommodation in the nature of a guest house;
 (c) any office appliances including computers or computer software;
 (d) any vehicle; or
 (e) any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way
of depreciation or otherwise) in computing the income chargeable under the head "Profits and gains of
business or profession" of any previous year.

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 E.—Capital gains 
Capital gains.
45. (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall,
save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable
to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year
in which the transfer took place.
(1A) Notwithstanding anything contained in sub-section (1), where any person receives at any time
during any previous year any money or other assets under an insurance from an insurer on account of
damage to, or destruction of, any capital asset, as a result of—
(i) flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature; or
(ii) riot or civil disturbance; or
(iii) accidental fire or explosion; or
(iv) action by an enemy or action taken in combating an enemy (whether with or without a declaration
of war),
then, any profits or gains arising from receipt of such money or other assets shall be chargeable to
income-tax under the head "Capital gains" and shall be deemed to be the income of such person of the
previous year in which such money or other asset was received and for the purposes of section 48, value
of any money or the fair market value of other assets on the date of such receipt shall be deemed to be the
full value of the consideration received or accruing as a result of the transfer of such capital asset.
Explanation.—For the purposes of this sub-section, the expression "insurer" shall have the meaning
assigned to it in clause (9) of section 2 of the Insurance Act, 1938 (4 of 1938).
81[(1B) Notwithstanding anything contained in sub-section (1), where any person receives at any time
during any previous year any amount under a unit linked insurance policy, to which exemption under
clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth provisos
thereof, including the amount allocated by way of bonus on such policy, then, any profits or gains arising
from receipt of such amount by such person shall be chargeable to income-tax under the head "Capital
gains" and shall be deemed to be the income of such person of the previous year in which such amount
was received and the income taxable shall be calculated in such manner as may be prescribed82.]
(2) Notwithstanding anything contained in sub-section (1), the profits or gains arising from the transfer by
way of conversion by the owner of a capital asset into, or its treatment by him as stock-in-trade of a
business carried on by him shall be chargeable to income-tax as his income of the previous year in which
such stock-in-trade is sold or otherwise transferred by him and, for the purposes of section 48, the fair
market value of the asset on the date of such conversion or treatment shall be deemed to be the full value
of the consideration received or accruing as a result of the transfer of the capital asset.
(2A) Where any person has had at any time during previous year any beneficial interest in any securities,
then, any profits or gains arising from transfer made by the depository or participant of such beneficial
interest in respect of securities shall be chargeable to income-tax as the income of the beneficial owner of
the previous year in which such transfer took place and shall not be regarded as income of the depository
who is deemed to be the registered owner of securities by virtue of sub-section (1) of section 10 of the
Depositories Act, 1996, and for the purposes of—
(i) section 48; and
(ii) proviso to clause (42A) of section 2,
the cost of acquisition and the period of holding of any securities shall be determined on the basis of the
first-in-first-out method.
Explanation.—For the purposes of this sub-section, the expressions "beneficial owner", "depository" and
"security" shall have the meanings respectively assigned to them in clauses (a), (e) and (l) of sub-section
(1) of section 2 of the Depositories Act, 1996.
(3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other
association of persons or body of individuals (not being a company or a co-operative society) in which he
is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax
as his income of the previous year in which such transfer takes place and, for the purposes of section 48,
the amount recorded in the books of account of the firm, association or body as the value of the capital
asset shall be deemed to be the full value of the consideration received or accruing as a result of the
transfer of the capital asset.
82a[(4) Notwithstanding anything contained in sub-section (1), where a specified person receives during
the previous year any money or capital asset or both from a specified entity in connection with the
reconstitution of such specified entity, then any profits or gains arising from such receipt by the specified
person shall be chargeable to income-tax as income of such specified entity under the head "Capital
gains" and shall be deemed to be the income of such specified entity of the previous year in which such
money or capital asset or both were received by the specified person, and notwithstanding anything to the
contrary contained in this Act, such profits or gains shall be determined in accordance with the following
formula, namely:—
A=B+C–D
Where,
A = income chargeable to income-tax under this sub­section as income of the specified entity under
the head "Capital gains";
B = value of any money received by the specified person from the specified entity on the date of
such receipt;
C = the amount of fair market value of the capital asset received by the specified person from the
specified entity on the date of such receipt; and
D = the amount of balance in the capital account (represented in any manner) of the specified
person in the books of account of the specified entity at the time of its reconstitution:
Provided that if the value of "A" in the above formula is negative, its value shall be deemed to be
zero:
Provided further that the balance in the capital account of the specified person in the books of
account of the specified entity is to be calculated without taking into account the increase in the
capital account of the specified person due to revaluation of any asset or due to self-generated
goodwill or any other self-generated asset.
Explanation 1.—For the purposes of this sub-section,—
(i) the expressions "reconstitution of the specified entity", "specified entity" and "specified person" shall
have the meanings respectively assigned to them in section 9B;
(ii) "self-generated goodwill" and "self-generated asset" mean goodwill or asset, as the case may be,
which has been acquired without incurring any cost for purchase or which has been generated
during the course of the business or profession.
Explanation 2.—For the removal of doubts, it is clarified that when a capital asset is received by a
specified person from a specified entity in connection with the reconstitution of such specified entity, the
provisions of this sub-section shall operate in addition to the provisions of section 9B and the taxation
under the said provisions thereof shall be worked out independently.]
(5) Notwithstanding anything contained in sub-section (1), where the capital gain arises from the transfer
of a capital asset, being a transfer by way of compulsory acquisition under any law, or a transfer the
consideration for which was deter-mined or approved by the Central Government or the Reserve Bank of
India, and the compensation or the consideration for such transfer is enhanced or further enhanced by any
court, Tribunal or other authority, the capital gain shall be dealt with in the following manner, namely :—
(a) the capital gain computed with reference to the compensation awarded in the first instance or, as the
case may be, the consideration determined or approved in the first instance by the Central
Government or the Reserve Bank of India shall be chargeable as income under the head "Capital
gains" of the previous year in which such compensation or part thereof, or such consideration or
part thereof, was first received; and
 (b) the amount by which the compensation or consideration is enhanced or further enhanced by the
court, Tribunal or other authority shall be deemed to be income chargeable under the head "Capital
gains" of the previous year in which such amount is received by the assessee :
Provided that any amount of compensation received in pursuance of an interim order of a court,
Tribunal or other authority shall be deemed to be income chargeable under the head "Capital gains"
of the previous year in which the final order of such court, Tribunal or other authority is made;
(c) where in the assessment for any year, the capital gain arising from the transfer of a capital asset is
computed by taking the compensation or consideration referred to in clause (a) or, as the case may
be, enhanced compensation or consideration referred to in clause (b), and subsequently such
compensation or consideration is reduced by any court, Tribunal or other authority, such assessed
capital gain of that year shall be recomputed by taking the compensation or consideration as so
reduced by such court, Tribunal or other authority to be the full value of the consideration.
Explanation.—For the purposes of this sub-section,—
(i) in relation to the amount referred to in clause (b), the cost of acquisition and the cost of improvement
shall be taken to be nil;
(ii) the provisions of this sub-section shall apply also in a case where the transfer took place prior to the
1st day of April, 1988;
(iii) where by reason of the death of the person who made the transfer, or for any other reason, the
enhanced compensation or consideration is received by any other person, the amount referred to in
clause (b) shall be deemed to be the income, chargeable to tax under the head "Capital gains", of
such other person.
(5A) Notwithstanding anything contained in sub-section (1), where the capital gain arises to an assessee,
being an individual or a Hindu undivided family, from the transfer of a capital asset, being land or
building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as
income of the previous year in which the certificate of completion for the whole or part of the project is
issued by the competent authority; and for the purposes of section 48, the stamp duty value, on the date of
issue of the said certificate, of his share, being land or building or both in the project, as increased by
83[the consideration received in cash, if any,] shall be deemed to be the full value of the consideration
received or accruing as a result of the transfer of the capital asset :
Provided that the provisions of this sub-section shall not apply where the assessee transfers his share in
the project on or before the date of issue of the said certificate of completion, and the capital gains shall
be deemed to be the income of the previous year in which such transfer takes place and the provisions of
this Act, other than the provisions of this sub-section, shall apply for the purpose of determination of full
value of consideration received or accruing as a result of such transfer.
Explanation.—For the purposes of this sub-section, the expression—
(i) "competent authority" means the authority empowered to approve the building plan by or under any
law for the time being in force;
(ii) "specified agreement" means a registered agreement in which a person owning land or building or
both, agrees to allow another person to develop a real estate project on such land or building or
both, in consideration of a share, being land or building or both in such project, whether with or
without payment of part of the consideration in cash;
(iii) "stamp duty value" means the value adopted or assessed or assessable by any authority of the
Government for the purpose of payment of stamp duty in respect of an immovable property being
land or building or both.
(6) Notwithstanding anything contained in sub-section (1), the difference between the repurchase price of
the units referred to in sub-section (2) of section 80CCB and the capital value of such units shall be
deemed to be the capital gains arising to the assessee in the previous year in which such repurchase takes
place or the plan referred to in that section is terminated and shall be taxed accordingly.
Explanation.—For the purposes of this sub-section, "capital value of such units" means any amount
invested by the assessee in the units referred to in sub-section (2) of section 80CCB.
Capital gains on distribution of assets by companies in liquidation.
46. (1) Notwithstanding anything contained in section 45, where the assets of a company are distributed to
its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for
the purposes of section 45.
(2) Where a shareholder on the liquidation of a company receives any money or other assets from the
company, he shall be chargeable to income-tax under the head "Capital gains", in respect of the money so
received or the market value of the other assets on the date of distribution, as reduced by the amount
assessed as dividend within the meaning of sub-clause (c) of clause (22) of section 2 and the sum so
arrived at shall be deemed to be the full value of the consideration for the purposes of section 48.
Capital gains on purchase by company of its own shares or other specified securities.
46A. Where a shareholder or a holder of other specified securities receives any consideration from any
company for purchase of its own shares or other specified securities held by such shareholder or holder of
other specified securities, then, subject to the provisions of section 48, the difference between the cost of
acquisition and the value of consideration received by the shareholder or the holder of other specified
securities, as the case may be, shall be deemed to be the capital gains arising to such shareholder or the
holder of other specified securities, as the case may be, in the year in which such shares or other specified
securities were purchased by the company.
Explanation.—For the purposes of this section, "specified securities" shall have the meaning assigned to it
in Explanation to section 77A84 of the Companies Act, 1956 (1 of 1956).
Transactions not regarded as transfer.
47. Nothing contained in section 45 shall apply to the following transfers :—
(i) any distribution of capital assets on the total or partial partition of a Hindu undivided family;
(ii) [***]
(iii) any transfer of a capital asset under a gift or will or an irrevocable trust :
Provided that this clause shall not apply to transfer under a gift or an irrevocable trust of a capital
asset being shares, debentures or warrants allotted by a company directly or indirectly to its
employees under any Employees' Stock Option Plan or Scheme of the company offered to such
employees in accordance with the guidelines issued by the Central Government in this behalf;
(iv) any transfer of a capital asset by a company to its subsidiary company, if—
(a) the parent company or its nominees hold the whole of the share capital of the subsidiary
company, and
(b) the subsidiary company is an Indian company;
(v) any transfer of a capital asset by a subsidiary company to the holding company, if—
(a) the whole of the share capital of the subsidiary company is held by the holding company, and
(b) the holding company is an Indian company :
Provided that nothing contained in clause (iv) or clause (v) shall apply to the transfer of a capital
asset made after the 29th day of February, 1988, as stock-in-trade;
(vi) any transfer, in a scheme of amalgamation, of a capital asset by the amalgamating company to the
amalgamated company if the amalgamated company is an Indian company;
(via) any transfer, in a scheme of amalgamation, of a capital asset being a share or shares held in an
Indian company, by the amalgamating foreign company to the amalgamated foreign company, if—
(a) at least twenty-five per cent of the shareholders of the amalgamating foreign company
continue to remain shareholders of the amalgamated foreign company, and
(b) such transfer does not attract tax on capital gains in the country, in which the amalgamating
company is incorporated;
(viaa) any transfer, in a scheme of amalgamation of a banking company with a banking institution
sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of
the Banking Regulation Act, 1949 (10 of 1949), of a capital asset by the banking company to the
banking institution.
Explanation.—For the purposes of this clause,—
(i) "banking company" shall have the same meaning assigned to it in clause (c) of section 5 of the
Banking Regulation Act, 1949 (10 of 1949);
(ii) "banking institution" shall have the same meaning assigned to it in sub-section (15) of section
45 of the Banking Regulation Act, 1949 (10 of 1949);
(viab) any transfer, in a scheme of amalgamation, of a capital asset, being a share of a foreign company,
referred to in the Explanation 5 to clause (i) of sub-section (1) of section 9, which derives, directly
or indirectly, its value substantially from the share or shares of an Indian company, held by the
amalgamating foreign company to the amalgamated foreign company, if—
(A) at least twenty-five per cent of the shareholders of the amalgamating foreign company
continue to remain shareholders of the amalgamated foreign company; and
(B) such transfer does not attract tax on capital gains in the country in which the amalgamating
company is incorporated;
(vib) any transfer, in a demerger, of a capital asset by the demerged company to the resulting company,
if the resulting company is an Indian company;
(vic) any transfer in a demerger, of a capital asset, being a share or shares held in an Indian company, by
the demerged foreign company to the resulting foreign company, if—
(a) the shareholders holding not less than three-fourths in value of the shares of the demerged
foreign company continue to remain shareholders of the resulting foreign company; and
(b) such transfer does not attract tax on capital gains in the country, in which the demerged
foreign company is incorporated:
Provided that the provisions of sections 391 to 39485 of the Companies Act, 1956 (1 of 1956) shall
not apply in case of demergers referred to in this clause;
(vica) any transfer in a business reorganisation, of a capital asset by the predecessor co-operative bank
to the successor co-operative bank 86 [or to the converted banking company];
(vicb) any transfer by a shareholder, in a business reorganisation, of a capital asset being a share or
shares held by him in the predecessor co-operative bank if the transfer is made in consideration of
the allotment to him of any share or shares in the successor co-operative bank 86 [or to the
converted banking company.]
Explanation.—For the purposes of clauses (vica) and (vicb), the expressions "business
reorganisation", 86 ["converted banking company",] "predecessor co-operative bank" and "successor
co-operative bank" shall have the meanings respectively assigned to them in section 44DB;
(vicc) any transfer in a demerger, of a capital asset, being a share of a foreign company, referred to in the
Explanation 5 to clause (i) of sub-section (1) of section 9, which derives, directly or indirectly, its
value substantially from the share or shares of an Indian company, held by the demerged foreign
company to the resulting foreign company, if—
(a) the shareholders, holding not less than three-fourths in value of the shares of the demerged
foreign company, continue to remain shareholders of the resulting foreign company; and
(b) such transfer does not attract tax on capital gains in the country in which the demerged foreign
company is incorporated:
Provided that the provisions of sections 391 to 39487 of the Companies Act, 1956 (1 of 1956) shall
not apply in case of demergers referred to in this clause;
(vid) any transfer or issue of shares by the resulting company, in a scheme of demerger to the
shareholders of the demerged company if the transfer or issue is made in consideration of demerger
of the undertaking;
(vii) any transfer by a shareholder, in a scheme of amalgamation, of a capital asset being a share or
shares held by him in the amalgamating company, if—
(a) the transfer is made in consideration of the allotment to him of any share or shares in the
amalgamated company except where the shareholder itself is the amalgamated company, and
(b) the amalgamated company is an Indian company;
(viia) any transfer of a capital asset, being bonds or Global Depository Receipts referred to in sub-
section (1) of section 115AC, made outside India by a non-resident to another non-resident;
(viiaa) any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian
company issued outside India, by a non-resident to another non-resident;
(viiab) any transfer of a capital asset, being—
(a) bond or Global Depository Receipt referred to in sub-section (1) of section 115AC; or
(b) rupee denominated bond of an Indian company; or
(c) derivative; or
(d) such other securities as may be notified by the Central Government in this behalf,
made by a non-resident on a recognised stock exchange located in any International Financial
Services Centre and where the consideration for such transaction is paid or payable in foreign
currency.
Explanation.—For the purposes of this clause,—
 (a) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of
section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of
Explanation 1 to clause (5) of section 43;
(c) "derivative" shall have the meaning assigned to it in clause (ac) of section 2 of the Securities
Contracts (Regulation) Act, 1956 (42 of 1956);
(d) "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities
Contracts (Regulation) Act, 1956 (42 of 1956);
88[(viiac) any transfer, in a relocation, of a capital asset by the original fund to the resulting fund;
(viiad) any transfer by a shareholder or unit holder or interest holder, in a relocation, of a capital asset
being a share or unit or interest held by him in the original fund in consideration for the share or
unit or interest in the resultant fund.
Explanation.— For the purposes of clauses (viiac) and (viiad),—
89[(a) "original fund" means—
(A) a fund established or incorporated or registered outside India, which collects funds
from its members for investing it for their benefit and fulfils the following conditions,
namely:—
(i) the fund is not a person resident in India;
(ii) the fund is a resident of a country or a specified territory with which an agreement
referred to in sub-section (1) of section 90 or sub-section (1) of section 90A has
been entered into; or is established or incorporated or registered in a country or a
specified territory as may be notified by the Central Government in this behalf;
(iii) the fund and its activities are subject to applicable investor protection regulations
in the country or specified territory where it is established or incorporated or is a
resident; and
(iv) fulfils such other conditions as may be prescribed89a;
(B) an investment vehicle, in which Abu Dhabi Investment Authority is the direct or
indirect sole shareholder or unit holder or beneficiary or interest holder and such
investment vehicle is wholly owned and controlled, directly or indirectly, by the Abu
Dhabi Investment Authority or the Government of Abu Dhabi; or
(C) a fund notified by the Central Government in the Official Gazette in this behalf subject
to such conditions as may be specified;]
(b) "relocation" means transfer of assets of the original fund, or of its wholly owned special
purpose vehicle, to a resultant fund on or before the 31st day of March, 90[2025], where
consideration for such transfer is discharged in the form of share or unit or interest in the
resulting fund to,—
(i) shareholder or unit holder or interest holder of the original fund, in the same proportion
in which the share or unit or interest was held by such shareholder or unit holder or
interest holder in such original fund, in lieu of their shares or units or interests in the
original fund; or
(ii) the original fund, in the same proportion as referred to in sub-clause (i), in respect of
which the share or unit or interest is not issued by resultant fund to its shareholder or
unit holder or interest holder;
(c) "resultant fund" means a fund established or incorporated in India in the form of a trust or a
company or a limited liability partnership, which—
(i) has been granted a certificate of registration as a Category I or Category II or Category
III Alternative Investment Fund, and is regulated under the Securities and Exchange
Board of India (Alternative Investment Fund) Regulations, 2012 made under the
Securities and Exchange Board of India Act, 1992 (15 of 1992) or 91[regulated under
the International Financial Services Centres Authority (Fund Management)
Regulations, 2022, made under the] International Financial Services Centres Authority
Act, 2019 (50 of 2019); and
 (ii) is located in any International Financial Services Centre as referred to in sub-section
(1A) of section 80LA;
(viiae) any transfer of capital asset by India Infrastructure Finance Company Limited to an institution
established for financing the infrastructure and development, set up under an Act of Parliament and
notified by the Central Government for the purposes of this clause;
(viiaf) any transfer of capital asset, under a plan approved by the Central Government, by a public sector
company to another public sector company notified by the Central Government for the purposes of
this clause or to the Central Government or to a State Government;]
(viib) any transfer of a capital asset, being a Government Security carrying a periodic payment of
interest, made outside India through an intermediary dealing in settlement of securities, by a non-
resident to another non-resident.
Explanation.—For the purposes of this clause, "Government Security" shall have the meaning
assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of
1956);
(viic) any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign
Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;
Following clause (viid) shall be inserted after clause (viic) of section 47 by the Finance Act,
2023, w.e.f. 1-4-2024:
(viid) any transfer of a capital asset, being conversion of gold into Electronic Gold Receipt issued by a
Vault Manager, or conversion of Electronic Gold Receipt into gold.
Explanation.—For the purposes of this clause, the expressions "Electronic Gold Receipt" and "Vault
Manager" shall have the meanings respectively assigned to them in clauses (h) and (l) of sub-
regulation (1) of regulation 2 of the Securities and Exchange Board of India (Vault Managers)
Regulations, 2021 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(viii) any transfer of agricultural land in India effected before the 1st day of March, 1970;
(ix) any transfer of a capital asset, being any work of art, archaeological, scientific or art collection,
book, manuscript, drawing, painting, photograph or print, to the Government or a University or the
National Museum, National Art Gallery, National Archives or any such other public museum or
institution as may be notified by the Central Government in the Official Gazette to be of national
importance or to be of renown throughout any State or States.
Explanation.—For the purposes of this clause, "University" means a University established or
incorporated by or under a Central, State or Provincial Act and includes an institution declared
under section 3 of the University Grants Commission Act, 1956 (3 of 1956), to be a University for
the purposes of that Act;
(x) any transfer by way of conversion of bonds or debentures, debenture-stock or deposit certificates in
any form, of a company into shares or debentures of that company;
(xa) any transfer by way of conversion of bonds referred to in clause (a) of sub-section (1) of section
115AC into shares or debentures of any company;
(xb) any transfer by way of conversion of preference shares of a company into equity shares of that
company;
(xi) any transfer made on or before the 31st day of December, 1998 by a person (not being a company)
of a capital asset being membership of a recognised stock exchange to a company in exchange of
shares allotted by that company to the transferor.
Explanation.—For the purposes of this clause, the expression "membership of a recognised stock
exchange" means the membership of a stock exchange in India which is recognised under the
provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(xii) any transfer of a capital asset, being land of a sick industrial company, made under a scheme
prepared and sanctioned under section 18 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986) where such sick industrial company is being managed by its workers' co-
operative:
Provided that such transfer is made during the period commencing from the previous year in which
the said company has become a sick industrial company under sub-section (1) of section 17 of that
Act and ending with the previous year during which the entire net worth of such company becomes
equal to or exceeds the accumulated losses.
 Explanation.—For the purposes of this clause, "net worth" shall have the meaning assigned to it in
clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions)
Act, 1985 (1 of 1986);
(xiii) any transfer of a capital asset or intangible asset by a firm to a company as a result of succession of
the firm by a company in the business carried on by the firm, or any transfer of a capital asset to a
company in the course of demutualisation or corporatisation of a recognised stock exchange in India
as a result of which an association of persons or body of individuals is succeeded by such company:
Provided that—
(a) all the assets and liabilities of the firm or of the association of persons or body of individuals
relating to the business immediately before the succession become the assets and liabilities
of the company;
(b) all the partners of the firm immediately before the succession become the shareholders of the
company in the same proportion in which their capital accounts stood in the books of the
firm on the date of the succession;
(c) the partners of the firm do not receive any consideration or benefit, directly or indirectly, in
any form or manner, other than by way of allotment of shares in the company; and
(d) the aggregate of the shareholding in the company of the partners of the firm is not less than
fifty per cent of the total voting power in the company and their shareholding continues to be
as such for a period of five years from the date of the succession;
(e) the demutualisation or corporatisation of a recognised stock exchange in India is carried out in
accordance with a scheme for demutualisation or corporatisation which is approved by the
Securities and Exchange Board of India established under section 3 of the Securities and
Exchange Board of India Act, 1992 (15 of 1992);
(xiiia) any transfer of a capital asset being a membership right held by a member of a recognised stock
exchange in India for acquisition of shares and trading or clearing rights acquired by such member
in that recognised stock exchange in accordance with a scheme for demutualisation or
corporatisation which is approved by the Securities and Exchange Board of India established under
section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(xiiib) any transfer of a capital asset or intangible asset by a private company or unlisted public
company (hereafter in this clause referred to as the company) to a limited liability partnership or
any transfer of a share or shares held in the company by a shareholder as a result of conversion of
the company into a limited liability partnership in accordance with the provisions of section 56 or
section 57 of the Limited Liability Partnership Act, 2008 (6 of 2009):
Provided that—
(a) all the assets and liabilities of the company immediately before the conversion become the
assets and liabilities of the limited liability partnership;
(b) all the shareholders of the company immediately before the conversion become the partners of
the limited liability partnership and their capital contribution and profit sharing ratio in the
limited liability partnership are in the same proportion as their shareholding in the company
on the date of conversion;
(c) the shareholders of the company do not receive any consideration or benefit, directly or
indirectly, in any form or manner, other than by way of share in profit and capital
contribution in the limited liability partnership;
(d) the aggregate of the profit sharing ratio of the shareholders of the company in the limited
liability partnership shall not be less than fifty per cent at any time during the period of five
years from the date of conversion;
(e) the total sales, turnover or gross receipts in the business of the company in any of the three
previous years preceding the previous year in which the conversion takes place does not
exceed sixty lakh rupees;
(ea) the total value of the assets as appearing in the books of account of the company in any of
the three previous years preceding the previous year in which the conversion takes place
does not exceed five crore rupees; and
(f) no amount is paid, either directly or indirectly, to any partner out of balance of accumulated
profit standing in the accounts of the company on the date of conversion for a period of three
 years from the date of conversion.
Explanation.—For the purposes of this clause, the expressions "private company" and "unlisted
public company" shall have the meanings respectively assigned to them in the Limited Liability
Partnership Act, 2008 (6 of 2009);
(xiv) where a sole proprietary concern is succeeded by a company in the business carried on by it as a
result of which the sole proprietary concern sells or otherwise transfers any capital asset or
intangible asset to the company:
Provided that—
(a) all the assets and liabilities of the sole proprietary concern relating to the business
immediately before the succession become the assets and liabilities of the company;
(b) the shareholding of the sole proprietor in the company is not less than fifty per cent of the
total voting power in the company and his shareholding continues to remain as such for a
period of five years from the date of the succession; and
(c) the sole proprietor does not receive any consideration or benefit, directly or indirectly, in any
form or manner, other than by way of allotment of shares in the company;
(xv) any transfer in a scheme for lending of any securities under an agreement or arrangement, which
the assessee has entered into with the borrower of such securities and which is subject to the
guidelines issued by the Securities and Exchange Board of India, established under section 3 of the
Securities and Exchange Board of India Act, 1992 (15 of 1992) or the Reserve Bank of India
constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934), in
this regard;
(xvi) any transfer of a capital asset in a transaction of reverse mortgage under a scheme made and
notified by the Central Government;
(xvii) any transfer of a capital asset, being share of a special purpose vehicle to a business trust in
exchange of units allotted by that trust to the transferor.
Explanation.—For the purposes of this clause, the expression "special purpose vehicle" shall have
the meaning assigned to it in the Explanation to clause (23FC) of section 10;
(xviii) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the
consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital
asset, being a unit or units, in the consolidated scheme of the mutual fund:
Provided that the consolidation is of two or more schemes of equity oriented fund or of two or
more schemes of a fund other than equity oriented fund.
Explanation.—For the purposes of this clause,—
(a) "consolidated scheme" means the scheme with which the consolidating scheme merges or
which is formed as a result of such merger;
(b) "consolidating scheme" means the scheme of a mutual fund which merges under the process
of consolidation of the schemes of mutual fund in accordance with the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and
Exchange Board of India Act, 1992 (15 of 1992);
(c) "equity oriented fund" shall have the meaning assigned to it in clause (38)of section 10;
(d) "mutual fund" means a mutual fund specified under clause (23D)of section 10;
(xix) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the
consolidating plan of a mutual fund scheme, made in consideration of the allotment to him of a
capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund.
Explanation.—For the purposes of this clause,—
(a) "consolidating plan" means the plan within a scheme of a mutual fund which merges under
the process of consolidation of the plans within a scheme of mutual fund in accordance with
the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under
the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(b) "consolidated plan" means the plan with which the consolidating plan merges or which is
formed as a result of such merger;
(c) "mutual fund" means a mutual fund specified under clause (23D) of section 10;
92[(xx) any transfer of a capital asset, being an interest in a joint venture, held by a public sector
company, in exchange of shares of a company incorporated outside India by the Government of a
foreign State, in accordance with the laws of that foreign State.
Explanation.—For the purposes of this clause, "joint venture" shall mean a business entity, as may
be notified by the Central Government in the Official Gazette.]
Withdrawal of exemption in certain cases.
47A. (1) Where at any time before the expiry of a period of eight years from the date of the transfer of a
capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47,—
(i) such capital asset is converted by the transferee company into, or is treated by it as, stock-in-trade of
its business; or
(ii) the parent company or its nominees or, as the case may be, the holding company ceases or cease to
hold the whole of the share capital of the subsidiary company,
the amount of profits or gains arising from the transfer of such capital asset not charged under section 45
by virtue of the provisions contained in clause (iv) or, as the case may be, clause (v) of section 47 shall,
notwithstanding anything contained in the said clauses, be deemed to be income chargeable under the
head "Capital gains" of the previous year in which such transfer took place.
(2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital
asset referred to in clause (xi) of section 47, any of the shares allotted to the transferor in exchange of a
membership in a recognised stock exchange are transferred, the amount of profits and gains not charged
under section 45 by virtue of the provisions contained in clause (xi) of section 47 shall, notwithstanding
anything contained in the said clause, be deemed to be the income chargeable under the head "Capital
gains" of the previous year in which such shares are transferred.
(3) Where any of the conditions laid down in the proviso to clause (xiii) or the proviso to clause (xiv) of
section 47 are not complied with, the amount of profits or gains arising from the transfer of such capital
asset or intangible asset not charged under section 45 by virtue of conditions laid down in the proviso to
clause (xiii) or the proviso to clause (xiv) of section 47 shall be deemed to be the profits and gains
chargeable to tax of the successor company for the previous year in which the requirements of the proviso
to clause (xiii) or the proviso to clause (xiv), as the case may be, are not complied with.
(4) Where any of the conditions laid down in the proviso to clause (xiiib) of section 47 are not complied
with, the amount of profits or gains arising from the transfer of such capital asset or intangible assets or
share or shares not charged under section 45 by virtue of conditions laid down in the said proviso shall be
deemed to be the profits and gains chargeable to tax of the successor limited liability partnership or the
shareholder of the predecessor company, as the case may be, for the previous year in which the
requirements of the said proviso are not complied with.
Mode of computation.
48. The income chargeable under the head "Capital gains" shall be computed, by deducting from the full
value of the consideration received or accruing as a result of the transfer of the capital asset the following
amounts, namely :—
(i) expenditure incurred wholly and exclusively in connection with such transfer;
(ii) the cost of acquisition of the asset and the cost of any improvement thereto;
Following shall be inserted in clause (ii) of section 48 by the Finance Act, 2023, w.e.f. 1-4-2024:
Provided that the cost of acquisition of the asset or the cost of improvement thereto shall not
include the deductions claimed on the amount of interest under clause (b) of section 24 or under the
provisions of Chapter VIA.
Explanation 1.—For the removal of doubt, it is hereby clarified that the cost of acquisition of a unit
of a business trust shall be reduced and shall be deemed to have always been reduced by any sum
received by a unit holder from the business trust with respect to such unit, which is not in the nature
of income as referred to in clause (23FC) or clause (23FCA) of section 10 and which is not
chargeable to tax under clause (xii) of sub-section (2) of section 56 and under sub-section (2) of
section 115UA.
Explanation 2.—For the purposes of Explanation 1, it is clarified that where transaction of transfer
of a unit is not considered as transfer under section 47 and cost of acquisition of such unit is
determined under section 49, sum received with respect to such unit before such transaction as well
as after such transaction shall be reduced from the cost of acquisition under the said Explanation;
93 [(iii) in case of value of any money or capital asset received by a specified person from a specified
entity referred to in sub­section (4) of section 45, the amount chargeable to income-tax as income of
such specified entity under that sub-section which is attributable to the capital asset being
transferred by the specified entity, calculated in the prescribed manner94:]
95Provided that in the case of an assessee, who is a non-resident, capital gains arising from the transfer of
a capital asset being shares in, or debentures of, an Indian company shall be computed by converting the
cost of acquisition, expenditure incurred wholly and exclusively in connection with such transfer and the
full value of the consideration received or accruing as a result of the transfer of the capital asset into the
same foreign currency as was initially utilised in the purchase of the shares or debentures, and the capital
gains so computed in such foreign currency shall be reconverted into Indian currency, so, however, that
the aforesaid manner of computation of capital gains shall be applicable in respect of capital gains
accruing or arising from every reinvestment thereafter in, and sale of, shares in, or debentures of, an
Indian company:
Provided further that where long-term capital gain arises from the transfer of a long-term capital asset,
other than capital gain arising to a non-resident from the transfer of shares in, or debentures of, an Indian
company referred to in the first proviso, the provisions of clause (ii) shall have effect as if for the words
"cost of acquisition" and "cost of any improvement", the words "indexed cost of acquisition" and
"indexed cost of any improvement" had respectively been substituted:
Provided also that nothing contained in the first and second provisos shall apply to the capital gains
arising from the transfer of a long-term capital asset being an equity share in a company or a unit of an
equity oriented fund or a unit of a business trust referred to in section 112A:
Provided also that nothing contained in the second proviso shall apply to the long-term capital gain
arising from the transfer of a long-term capital asset, being a bond or debenture other than—
(a) capital indexed bonds issued by the Government; or
(b) Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond Scheme,
2015:
Provided also that in case of an assessee being a non-resident, any gains arising on account of
appreciation of rupee against a foreign currency at the time of redemption of rupee denominated bond of
an Indian company held by him, shall be ignored for the purposes of computation of full value of
consideration under this section:
Provided also that where shares, debentures or warrants referred to in the proviso to clause (iii) of section
47 are transferred under a gift or an irrevocable trust, the market value on the date of such transfer shall
be deemed to be the full value of consideration received or accruing as a result of transfer for the purposes
of this section:
Provided also that no deduction shall be allowed in computing the income chargeable under the head
"Capital gains" in respect of any sum paid on account of securities transaction tax under Chapter VII of
the Finance (No. 2) Act, 2004.
Explanation.—For the purposes of this section,—
(i) "foreign currency" and "Indian currency" shall have the meanings respectively assigned to them in
section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(ii) the conversion of Indian currency into foreign currency and the reconversion of foreign currency
into Indian currency shall be at the rate of exchange prescribed in this behalf;
(iii) "indexed cost of acquisition" means an amount which bears to the cost of acquisition the same
proportion as Cost Inflation Index for the year in which the asset is transferred bears to the Cost
Inflation Index for the first year in which the asset was held by the assessee or for the year
beginning on the 1st day of April, 2001, whichever is later;
(iv) "indexed cost of any improvement" means an amount which bears to the cost of improvement the
same proportion as Cost Inflation Index for the year in which the asset is transferred bears to the
Cost Inflation Index for the year in which the improvement to the asset took place;
(v) "Cost Inflation Index", in relation to a previous year, means such Index as the Central Government
may, having regard to seventy-five per cent of average rise in the Consumer Price Index (urban) for
the immediately preceding previous year to such previous year, by notification96 in the Official
Gazette, specify, in this behalf.
Cost with reference to certain modes of acquisition.
49. (1) Where the capital asset became the property of the assessee—
(i) on any distribution of assets on the total or partial partition of a Hindu undivided family;
(ii) under a gift or will;
(iii) (a) by succession, inheritance or devolution, or
(b) on any distribution of assets on the dissolution of a firm, body of individuals, or other
association of persons, where such dissolution had taken place at any time before the 1st day
of April, 1987, or
(c) on any distribution of assets on the liquidation of a company, or
(d) under a transfer to a revocable or an irrevocable trust, or
(e) under any such transfer as is referred to in clause (iv) or clause (v) or clause (vi) or clause (via)
or clause (viaa) or clause (viab) or clause (vib) or clause (vic) or clause (vica) or clause
(vicb) or clause (vicc) or97 [clause (viiac) or clause (viiad) or clause (viiae) or clause (viiaf)
or] clause (xiii) or clause (xiiib) or clause (xiv) of section 47;
(iv) such assessee being a Hindu undivided family, by the mode referred to in sub-section (2) of section
64 at any time after the 31st day of December, 1969,
the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the
property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the
previous owner or the assessee, as the case may be.
Explanation.—In this sub-section the expression "previous owner of the property" in relation to any
capital asset owned by an assessee means the last previous owner of the capital asset who acquired it by a
mode of acquisition other than that referred to in clause (i) or clause (ii) or clause (iii) or clause (iv) of this
sub-section.
(2) Where the capital asset being a share or shares in an amalgamated company which is an Indian
company became the property of the assessee in consideration of a transfer referred to in clause (vii) of
section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the
share or shares in the amalgamating company.
(2A) Where the capital asset, being a share or debenture of a company, became the property of the
assessee in consideration of a transfer referred to in clause (x) or clause (xa) of section 47, the cost of
acquisition of the asset to the assessee shall be deemed to be that part of the cost of debenture, debenture-
stock, bond or deposit certificate in relation to which such asset is acquired by the assessee.
(2AA) Where the capital gain arises from the transfer of specified security or sweat equity shares referred
to in sub-clause (vi) of clause (2) of section 17, the cost of acquisition of such security or shares shall be
the fair market value which has been taken into account for the purposes of the said sub-clause.
(2AAA) Where the capital asset, being rights of a partner referred to in section 42 of the Limited Liability
Partnership Act, 2008 (6 of 2009), became the property of the assessee on conversion as referred to in
clause (xiiib) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of
acquisition to him of the share or shares in the company immediately before its conversion.
(2AB) Where the capital gain arises from the transfer of specified security or sweat equity shares, the cost
of acquisition of such security or shares shall be the fair market value which has been taken into account
while computing the value of fringe benefits under clause (ba) of sub-section (1) of section 115WC.
(2ABB) Where the capital asset, being share or shares of a company, is acquired by a non-resident
assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of
section 115AC held by such assessee, the cost of acquisition of the share or shares shall be the price of
such share or shares prevailing on any recognised stock exchange on the date on which a request for such
redemption was made.
Explanation.—For the purposes of this sub-section, "recognised stock exchange" shall have the meaning
assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.
(2AC) Where the capital asset, being a unit of a business trust, became the property of the assessee in
consideration of a transfer as referred to in clause (xvii) of section 47, the cost of acquisition of the asset
shall be deemed to be the cost of acquisition to him of the share referred to in the said clause.
(2AD)Where the capital asset, being a unit or units in a consolidated scheme of a mutual fund, became the
property of the assessee in consideration of a transfer referred to in clause (xviii)of section 47, the cost of
acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the
consolidating scheme of the mutual fund.
(2AE) Where the capital asset, being equity share of a company, became the property of the assessee in
consideration of a transfer referred to in clause (xb) of section 47, the cost of acquisition of the asset shall
be deemed to be that part of the cost of the preference share in relation to which such asset is acquired by
the assessee.
(2AF) Where the capital asset, being a unit or units in a consolidated plan of a mutual fund scheme,
became the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47,
the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units
in the consolidating plan of the scheme of the mutual fund.
(2AG) The cost of acquisition of a unit or units in the segregated portfolio shall be the amount which
bears, to the cost of acquisition of a unit or units held by the assessee in the total portfolio, the same
proportion as the net asset value of the asset transferred to the segregated portfolio bears to the net asset
value of the total portfolio immediately before the segregation of portfolios.
(2AH) The cost of the acquisition of the original units held by the unit holder in the main portfolio shall
be deemed to have been reduced by the amount as so arrived at under sub-section (2AG).
Explanation.—For the purposes of sub-section (2AG) and sub-section (2AH), the expressions "main
portfolio", "segregated portfolio" and "total portfolio" shall have the meanings respectively assigned to
them in the circular No. SEBI/HO/IMD/DF2/CIR/P/2018/160, dated the 28th December, 2018, issued by
the Securities and Exchange Board of India under section 11 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992).
98[(2AI) Where the capital asset, being shares as referred to in clause (xx) of section 47, became the
property of the assessee, the cost of acquisition of such asset shall be deemed to be the cost of acquisition
to it of the interest in the joint venture referred to in the said clause.]
(2B) [***]
(2C) The cost of acquisition of the shares in the resulting company shall be the amount which bears to the
cost of acquisition of shares held by the assessee in the demerged company the same proportion as the net
book value of the assets transferred in a demerger bears to the net worth of the demerged company
immediately before such demerger.
(2D) The cost of acquisition of the original shares held by the shareholder in the demerged company shall
be deemed to have been reduced by the amount as so arrived at under sub-section (2C).
(2E) The provisions of sub-section (2), sub-section (2C) and sub-section (2D) shall, as far as may be, also
apply in relation to business reorganisation of a co-operative bank as referred to in section 44DB.
Explanation.—For the purposes of this section, "net worth" shall mean the aggregate of the paid up share
capital and general reserves as appearing in the books of account of the demerged company immediately
before the demerger.
(3) Notwithstanding anything contained in sub-section (1), where the capital gain arising from the transfer
of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47 is deemed to be
income chargeable under the head "Capital gains" by virtue of the provisions contained in section 47A,
the cost of acquisition of such asset to the transferee-company shall be the cost for which such asset was
acquired by it.
(4) Where the capital gain arises from the transfer of a property, the value of which has been subject to
income-tax under clause (vii) or clause (viia) or clause (x) of sub-section (2) of section 56, the cost of
acquisition of such property shall be deemed to be the value which has been taken into account for the
purposes of the said clause (vii) or clause (viia) or clause (x).
(5) Where the capital gain arises from the transfer of an asset declared under the Income Declaration
Scheme, 2016, and the tax, surcharge and penalty have been paid in accordance with the provisions of the
Scheme on the fair market value of the asset as on the date of commencement of the Scheme, the cost of
acquisition of the asset shall be deemed to be the fair market value of the asset which has been taken into
account for the purposes of the said Scheme.
(6) Where the capital gain arises from the transfer of a specified capital asset referred to in clause (c) of
the Explanation to clause (37A) of section 10, which has been transferred after the expiry of two years
from the end of the financial year in which the possession of such asset was handed over to the assessee,
the cost of acquisition of such specified capital asset shall be deemed to be its stamp duty value as on the
last day of the second financial year after the end of the financial year in which the possession of the said
specified capital asset was handed over to the assessee.
Explanation.—For the purposes of this sub-section, "stamp duty value" means the value adopted or
assessed or assessable by any authority of the State Government for the purpose of payment of stamp duty
in respect of an immovable property.
(7) Where the capital gain arises from the transfer of a capital asset, being share in the project, in the form
of land or building or both, referred to in sub-section (5A) of section 45, not being the capital asset
referred to in the proviso to the said sub-section, the cost of acquisition of such asset, shall be the amount
which is deemed as full value of consideration in that sub-section.
(8) Where the capital gain arises from the transfer of an asset, being the asset held by a trust or an
institution in respect of which accreted income has been computed and the tax has been paid thereon in
accordance with the provisions of Chapter XII-EB, the cost of acquisition of such asset shall be deemed to
be the fair market value of the asset which has been taken into account for computation of accreted
income as on the specified date referred to in sub-section (2) of section 115TD.
(9) Where the capital gain arises from the transfer of a capital asset referred to in clause (via) of section
28, the cost of acquisition of such asset shall be deemed to be the fair market value which has been taken
into account for the purposes of the said clause.
Following sub-section (10) shall be inserted after sub-section (9) of section 49 by the Finance Act,
2023, w.e.f. 1-4-2024:
(10) Where the capital asset, being—
(i) an Electronic Gold Receipt issued by a Vault Manager, became the property of the person as
consideration of a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the
asset for the purposes of the said transfer, shall be deemed to be the cost of gold in the hands of the
person in whose name Electronic Gold Receipt is issued;
(ii) gold released against an Electronic Gold Receipt, which became the property of the person as
consideration for a transfer, referred to in clause (viid) of section 47, the cost of acquisition of the
asset for the purposes of the said transfer shall be deemed to be the cost of the Electronic Gold
Receipt in the hands of such person.
Special provision for computation of capital gains in case of depreciable assets.
50. Notwithstanding anything contained in clause (42A) of section 2, where the capital asset is an asset
forming part of a block of assets in respect of which depreciation has been allowed under this Act or
under the Indian Income-tax Act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject
to the following modifications :—
(1) where the full value of the consideration received or accruing as a result of the transfer of the asset
together with the full value of such consideration received or accruing as a result of the transfer of
any other capital asset falling within the block of assets during the previous year, exceeds the
aggregate of the following amounts, namely :—
(i) expenditure incurred wholly and exclusively in connection with such transfer or transfers;
(ii) the written down value of the block of assets at the beginning of the previous year; and
(iii) the actual cost of any asset falling within the block of assets acquired during the previous
year,
such excess shall be deemed to be the capital gains arising from the transfer of short-term capital
assets;
(2) where any block of assets ceases to exist as such, for the reason that all the assets in that block are
transferred during the previous year, the cost of acquisition of the block of assets shall be the written
down value of the block of assets at the beginning of the previous year, as increased by the actual
cost of any asset falling within that block of assets, acquired by the assessee during the previous
year and the income received or accruing as a result of such transfer or transfers shall be deemed to
be the capital gains arising from the transfer of short-term capital assets:
99 [Provided that in a case where goodwill of a business or profession forms part of a block of asset for
the assessment year beginning on the 1st day of April, 2020 and depreciation thereon has been obtained
by the assessee under the Act, the written down value of that block of asset and short-term capital gain, if
any, shall be determined in such manner as may be prescribed1.]
2 [Explanation.—For the purposes of this section, reduction of the amount of goodwill of a business or
profession, from the block of asset in accordance with sub-item (B) of item (ii) of sub-clause (c) of clause
(6) of section 43 shall be deemed to be transfer.]
Special provision for cost of acquisition in case of depreciable asset.
50A. Where the capital asset is an asset in respect of which a deduction on account of depreciation under
clause (i) of sub-section (1) of section 32 has been obtained by the assessee in any previous year, the
provisions of sections 48 and 49 shall apply subject to the modification that the written down value, as
defined in clause (6) of section 43, of the asset, as adjusted, shall be taken as the cost of acquisition of the
asset.
Following section 50AA shall be inserted after section 50A by the Finance Act, 2023, w.e.f. 1-4-2024:
Special provision for computation of capital gains in case of Market Linked Debenture.
50AA. Notwithstanding anything contained in clause (42A) of section 2 or section 48, where the capital
asset is a unit of a Specified Mutual Fund acquired on or after the 1st day of April, 2023 or a Market
Linked Debenture, the full value of consideration received or accruing as a result of the transfer or
redemption or maturity of such debenture or unit as reduced by—
(i) the cost of acquisition of the debenture or unit; and
(ii) the expenditure incurred wholly and exclusively in connection with such transfer or redemption or
maturity,
shall be deemed to be the capital gains arising from the transfer of a short-term capital asset:
Provided that no deduction shall be allowed in computing the income chargeable under the head
"Capital gains" in respect of any sum paid on account of securities transaction tax under the provisions of
Chapter VII of the Finance (No. 2) Act, 2004 (23 of 2004).
Explanation.— For the purposes of this section—
(i) "Market Linked Debenture" means a security by whatever name called, which has an underlying
principal component in the form of a debt security and where the returns are linked to market
returns on other underlying securities or indices and include any security classified or regulated as
a market linked debenture by the Securities and Exchange Board of India;
(ii) "Specified Mutual Fund" means a Mutual Fund by whatever name called, where not more than
thirty five per cent of its total proceeds is invested in the equity shares of domestic companies:
Provided that the percentage of equity shareholding held in respect of the Specified Mutual Fund
shall be computed with reference to the annual average of the daily closing figures.
Special provision for computation of capital gains in case of slump sale.
50B. (1) Any profits or gains arising from the slump sale effected in the previous year shall be chargeable
to income-tax as capital gains arising from the transfer of long-term capital assets and shall be deemed to
be the income of the previous year in which the transfer took place:
Provided that any profits or gains arising from the transfer under the slump sale of any capital asset being
one or more undertakings owned and held by an assessee for not more than thirty-six months immediately
preceding the date of its transfer shall be deemed to be the capital gains arising from the transfer of short-
term capital assets.
3[(2) In relation to capital assets being an undertaking or division transferred by way of such slump sale,
—
(i) the "net worth" of the undertaking or the division, as the case may be, shall be deemed to be the cost
of acquisition and the cost of improvement for the purposes of sections 48 and 49 and no regard
shall be given to the provisions contained in the second proviso to section 48;
(ii) fair market value of the capital assets as on the date of transfer, calculated in the prescribed manner4,
shall be deemed to be the full value of the consideration received or accruing as a result of the
transfer of such capital asset.]
(3) Every assessee, in the case of slump sale, shall furnish in the prescribed form5 a report of an
accountant as defined in the Explanation below sub-section (2) of section 288 before the specified date
referred to in section 44AB indicating the computation of the net worth of the undertaking or division, as
the case may be, and certifying that the net worth of the undertaking or division, as the case may be, has
been correctly arrived at in accordance with the provisions of this section.
Explanation 1.—For the purposes of this section, "net worth" shall be the aggregate value of total assets of
the undertaking or division as reduced by the value of liabilities of such undertaking or division as
appearing in its books of account:
Provided that any change in the value of assets on account of revaluation of assets shall be ignored for
the purposes of computing the net worth.
Explanation 2.—For computing the net worth, the aggregate value of total assets shall be,—
(a) in the case of depreciable assets, the written down value of the block of assets determined in
accordance with the provisions contained in sub-item (c) of item (i) of sub-clause (c) of clause (6)
of section 43;
6[(aa) in the case of capital asset being goodwill of a business or profession, which has not been
acquired by the assessee by purchase from a previous owner, nil;]
(b) in the case of capital assets in respect of which the whole of the expenditure has been allowed or is
allowable as a deduction under section 35AD, nil; and
(c) in the case of other assets, the book value of such assets.
Special provision for full value of consideration in certain cases.
50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a
capital asset, being land or building or both, is less than the value adopted or assessed or assessable by
any authority of a State Government (hereafter in this section referred to as the "stamp valuation
authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or
assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the
consideration received or accruing as a result of such transfer:
Provided that where the date of the agreement fixing the amount of consideration and the date of
registration for the transfer of the capital asset are not the same, the value adopted or assessed or
assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of
computing full value of consideration for such transfer:
Provided further that the first proviso shall apply only in a case where the amount of consideration, or a
part thereof, has been received by way of an account payee cheque or account payee bank draft or by use
of electronic clearing system through a bank account or through such other electronic mode as may be
prescribed7, on or before the date of the agreement for transfer:
Provided also that where the value adopted or assessed or assessable by the stamp valuation authority
does not exceed one hundred and ten per cent of the consideration received or accruing as a result of the
transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of
section 48, be deemed to be the full value of the consideration.
(2) Without prejudice to the provisions of sub-section (1), where—
(a) the assessee claims before any Assessing Officer that the value adopted or assessed or assessable by
the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as
on the date of transfer;
(b) the value so adopted or assessed or assessable by the stamp valuation authority under sub-section (1)
has not been disputed in any appeal or revision or no reference has been made before any other
authority, court or the High Court,
the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any
such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of
sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA,
section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications,
apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer
under sub-section (1) of section 16A of that Act.
Explanation 1.—For the purposes of this section, "Valuation Officer" shall have the same meaning as in
clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).
Explanation 2.—For the purposes of this section, the expression "assessable" means the price which the
stamp valuation authority would have, notwithstanding anything to the contrary contained in any other
law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes
of the payment of stamp duty.
(3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section
(2) exceeds the value adopted or assessed or assessable by the stamp valuation authority referred to in
sub-section (1), the value so adopted or assessed or assessable by such authority shall be taken as the full
value of the consideration received or accruing as a result of the transfer.
Special provision for full value of consideration for transfer of share other than quoted share.
50CA. Where the consideration received or accruing as a result of the transfer by an assessee of a capital
asset, being share of a company other than a quoted share, is less than the fair market value of such share
determined in such manner as may be prescribed8, the value so determined shall, for the purposes of
section 48, be deemed to be the full value of consideration received or accruing as a result of such
transfer:
Provided that the provisions of this section shall not apply to any consideration received or accruing as a
result of transfer by such class of persons and subject to such conditions as may be prescribed9-10.
Explanation.—For the purposes of this section, "quoted share" means the share quoted on any recognised
stock exchange with regularity from time to time, where the quotation of such share is based on current
transaction made in the ordinary course of business.
Fair market value deemed to be full value of consideration in certain cases.
50D. Where the consideration received or accruing as a result of the transfer of a capital asset by an
assessee is not ascertainable or cannot be determined, then, for the purpose of computing income
chargeable to tax as capital gains, the fair market value of the said asset on the date of transfer shall be
deemed to be the full value of the consideration received or accruing as a result of such transfer.
Advance money received.
51. Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any
advance or other money received and retained by the assessee in respect of such negotiations shall be
deducted from the cost for which the asset was acquired or the written down value or the fair market
value, as the case may be, in computing the cost of acquisition:
Provided that where any sum of money, received as an advance or otherwise in the course of negotiations
for transfer of a capital asset, has been included in the total income of the assessee for any previous year
in accordance with the provisions of clause (ix) of sub-section (2) of section 56, then, such sum shall not
be deducted from the cost for which the asset was acquired or the written down value or the fair market
value, as the case may be, in computing the cost of acquisition.
Consideration for transfer in cases of understatement.
52. [Omitted by the Finance Act, 1987, w.e.f. 1-4-1988.]
Exemption of capital gains from a residential house.
53. [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Profit on sale of property used for residence.
54. (1) Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual
or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being
buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable
under the head "Income from house property" (hereafter in this section referred to as the original asset),
and the assessee has within a period of one year before or two years after the date on which the transfer
took place purchased, or has within a period of three years after that date constructed, one residential
house in India, then, instead of the capital gain being charged to income-tax as income of the previous
year in which the transfer took place, it shall be dealt with in accordance with the following provisions of
this section, that is to say,—
(i) if the amount of the capital gain is greater than the cost of the residential house so purchased or
constructed (hereafter in this section referred to as the new asset), the difference between the
amount of the capital gain and the cost of the new asset shall be charged under section 45 as the
income of the previous year; and for the purpose of computing in respect of the new asset any
capital gain arising from its transfer within a period of three years of its purchase or construction, as
the case may be, the cost shall be nil; or
(ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain
shall not be charged under section 45; and for the purpose of computing in respect of the new asset
any capital gain arising from its transfer within a period of three years of its purchase or
construction, as the case may be, the cost shall be reduced by the amount of the capital gain:
Provided that where the amount of the capital gain does not exceed two crore rupees, the assessee may, at
his option, purchase or construct two residential houses in India, and where such option has been
exercised,—
(a) the provisions of this sub-section shall have effect as if for the words "one residential house in
India", the words "two residential houses in India" had been substituted;
(b) any reference in this sub-section and sub-section (2)to "new asset" shall be construed as a reference
to the two residential houses in India:
Provided further that where during any assessment year, the assessee has exercised the option referred to
in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other
assessment year.
Following third proviso shall be inserted after the second proviso to sub-section (1) of section 54 by
the Finance Act, 2023, w.e.f. 1-4-2024:
Provided also that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore
rupees shall not be taken into account for the purposes of this sub-section.
(2) The amount of the capital gain which is not appropriated by the assessee towards the purchase of the
new asset made within one year before the date on which the transfer of the original asset took place, or
which is not utilised by him for the purchase or construction of the new asset before the date of furnishing
the return of income under section 139, shall be deposited by him before furnishing such return [such
deposit being made in any case not later than the due date applicable in the case of the assessee for
furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or
institution as may be specified in, and utilised in accordance with, any scheme which the Central
Government may, by notification in the Official Gazette, frame in this behalf and such return shall be
accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any,
already utilised by the assessee for the purchase or construction of the new asset together with the amount
so deposited shall 11[, subject to the third proviso to sub-section (1)] be deemed to be the cost of the new
asset:
Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the
purchase or construction of the new asset within the period specified in sub-section (1), then,—
(i) the amount not so utilised shall be charged under section 45 as the income of the previous year in
which the period of three years from the date of the transfer of the original asset expires; and
(ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.
Following second proviso shall be inserted after the existing proviso to sub-section (2) of section 54
by the Finance Act, 2023, w.e.f. 1-4-2024:
Provided further that the capital gains in excess of ten crore rupees shall not be taken into account for
the purposes of this sub-section.
Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Relief of tax on capital gains in certain cases.
54A. [Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. Original section was inserted by the
Finance Act, 1965, w.e.f. 1-4-1965. The Direct Tax Laws (Amendment) Act, 1989 has deleted section 54A,
dealing with relief of tax on capital gains on transfer of property held under trust for charitable or
religious purposes or by certain institution, earlier inserted by the Direct Tax Laws (Amendment) Act,
1987, w.e.f. 1-4-1989.]
Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.
54B. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a
capital asset being land which, in the two years immediately preceding the date on which the transfer took
place, was being used by the assessee being an individual or his parent, or a Hindu undivided family for
agricultural purposes (hereinafter referred to as the original asset), and the assessee has, within a period of
two years after that date, purchased any other land for being used for agricultural purposes, then, instead
of the capital gain being charged to income-tax as income of the previous year in which the transfer took
place, it shall be dealt with in accordance with the following provisions of this section, that is to say,—
(i) if the amount of the capital gain is greater than the cost of the land so purchased (hereinafter referred
to as the new asset), the difference between the amount of the capital gain and the cost of the new
asset shall be charged under section 45 as the income of the previous year; and for the purpose of
computing in respect of the new asset any capital gain arising from its transfer within a period of
three years of its purchase, the cost shall be nil; or
(ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain
shall not be charged under section 45; and for the purpose of computing in respect of the new asset
any capital gain arising from its transfer within a period of three years of its purchase, the cost shall
be reduced, by the amount of the capital gain.
(2) The amount of the capital gain which is not utilised by the assessee for the purchase of the new asset
before the date of furnishing the return of income under section 139, shall be deposited by him before
furnishing such return [such deposit being made in any case not later than the due date applicable in the
case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an
account in any such bank or institution as may be specified in, and utilised in accordance with, any
scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf
and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1),
the amount, if any, already utilised by the assessee for the purchase of the new asset together with the
amount so deposited shall be deemed to be the cost of the new asset:
Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the
purchase of the new asset within the period specified in sub-section (1), then,—
(i) the amount not so utilised shall be charged under section 45 as the income of the previous year in
which the period of two years from the date of the transfer of the original asset expires; and
(ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.
Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Capital gain on transfer of jewellery held for personal use not to be charged in certain cases.
54C. [Omitted by the Finance Act, 1976, w.e.f. 1-4-1976. Original section was inserted by the Finance
Act, 1972, w.e.f. 1-4-1973.]
Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases.
54D. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer by
way of compulsory acquisition under any law of a capital asset, being land or building or any right in land
or building, forming part of an industrial undertaking belonging to the assessee which, in the two years
immediately preceding the date on which the transfer took place, was being used by the assessee for the
purposes of the business of the said undertaking (hereafter in this section referred to as the original asset),
and the assessee has within a period of three years after that date purchased any other land or building or
any right in any other land or building or constructed any other building for the purposes of shifting or re-
establishing the said undertaking or setting up another industrial undertaking, then, instead of the capital
gain being charged to income-tax as the income of the previous year in which the transfer took place, it
shall be dealt with in accordance with the following provisions of this section, that is to say,—
(i) if the amount of the capital gain is greater than the cost of the land, building or right so purchased or
the building so constructed (such land, building or right being hereafter in this section referred to as
the new asset), the difference between the amount of the capital gain and the cost of the new asset
shall be charged under section 45 as the income of the previous year; and for the purpose of
computing in respect of the new asset any capital gain arising from its transfer within a period of
three years of its purchase or construction, as the case may be, the cost shall be nil; or
(ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain
shall not be charged under section 45; and for the purpose of computing in respect of the new asset
any capital gain arising from its transfer within a period of three years of its purchase or
construction, as the case may be, the cost shall be reduced by the amount of the capital gain.
(2) The amount of the capital gain which is not utilised by the assessee for the purchase or construction of
the new asset before the date of furnishing the return of income under section 139, shall be deposited by
him before furnishing such return [such deposit being made in any case not later than the due date
applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section
139] in an account in any such bank or institution as may be specified in, and utilised in accordance with,
any scheme which the Central Government may, by notification in the Official Gazette, frame in this
behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section
(1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset
together with the amount so deposited shall be deemed to be the cost of the new asset:
Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the
purchase or construction of the new asset within the period specified in sub-section (1), then,—
(i) the amount not so utilised shall be charged under section 45 as the income of the previous year in
which the period of three years from the date of the transfer of the original asset expires; and
(ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.
Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Capital gain on transfer of capital assets not to be charged in certain cases.
54E. (1) Where the capital gain arises from the transfer of a long-term capital asset before the 1st day of
April, 1992, (the capital asset so transferred being hereafter in this section referred to as the original asset)
and the assessee has, within a period of six months after the date of such transfer, invested or deposited
the whole or any part of the net consideration in any specified asset (such specified asset being hereafter
in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the
following provisions of this section, that is to say,—
(a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the
whole of such capital gain shall not be charged under section 45;
(b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much
of the capital gain as bears to the whole of the capital gain the same proportion as the cost of
acquisition of the new asset bears to the net consideration shall not be charged under section 45:
Provided that in a case where the original asset is transferred after the 28th day of February, 1983, the
provisions of this sub-section shall not apply unless the assessee has invested or deposited the whole or,
as the case may be, any part of the net consideration in the new asset by initially subscribing to such new
asset:
Provided further that in a case where the transfer of the original asset is by way of compulsory
acquisition under any law and the full amount of compensation awarded for such acquisition is not
received by the assessee on the date of such transfer, the period of six months referred to in this sub-
section shall, in relation to so much of such compensation as is not received on the date of the transfer, be
reckoned from the date immediately following the date on which such compensation is received by the
assessee or the 31st day of March, 1992, whichever is earlier.
Explanation 1.—For the purposes of this sub-section, "specified asset" means,—
(a) in a case where the original asset is transferred before the 1st day of March, 1979, any of the
following assets, namely:—
(i) securities of the Central Government or a State Government;
(ii) savings certificates as defined in clause (c) of section 2 of the Government Savings
Certificates Act, 1959 (46 of 1959);
(iii) units in the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of
1963);
(iv) debentures specified by the Central Government for the purposes of clause (ii) of sub-section
(1) of section 80L;
(v) shares in any Indian company which are issued to the public or are listed in a recognised stock
exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of
1956), and any rules made thereunder, where the investment in such shares is made before
the 1st day of March, 1978;
(va) equity shares forming part of any eligible issue of capital, where the investment in such
shares is made after the 28th day of February, 1978;
(vi) deposits for a period of not less than three years with the State Bank of India established
under the State Bank of India Act, 1955 (23 of 1955), or any subsidiary bank as defined in
the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) or any nationalised bank,
that is to say, any corresponding new bank, constituted under section 3 of the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or any co-
operative society engaged in carrying on the business of banking (including a co-operative
land mortgage bank or a co-operative land development bank);
 (b) in a case where the original asset is transferred after the 28th day of February, 1979 but before the
1st day of March, 1983, such National Rural Development Bonds as the Central Government may
notify in this behalf in the Official Gazette;
(c) in a case where the original asset is transferred after the 28th day of February, 1983 but before the
1st day of April, 1986, any of the following assets, namely :—
(i) securities of the Central Government which that Government may, by notification in the
Official Gazette, specify in this behalf;
(ii) special series of units of the Unit Trust of India established under the Unit Trust of India Act,
1963 (52 of 1963), which the Central Government may, by notification in the Official
Gazette, specify in this behalf;
(iii) such National Rural Development Bonds as have been notified under clause (b) of
Explanation 1 or as may be notified in this behalf under this clause by the Central
Government;
(iv) such debentures issued by the Housing and Urban Development Corporation Limited [a
12Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956)],
as the Central Government may, by notification in the Official Gazette, specify in this behalf;
(d) in a case where the original asset is transferred after the 31st day of March, 1986, any of the assets
specified in clause (c) and such bonds issued by any public sector company, as the Central
Government may, by notification in the Official Gazette, specify in this behalf;
(e) in a case where the original asset is transferred after the 31st day of March, 1989, any of the assets
specified in clauses (c) and (d) and such debentures or bonds issued by the National Housing Bank
established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), as the Central
Government may, by notification in the Official Gazette, specify in this behalf.
Explanation 2.—"Eligible issue of capital" shall have the meaning assigned to it in sub-section (3) of
section 80CC.
Explanation 3.—An assessee shall not be deemed to have invested the whole or any part of the net
consideration in any equity shares referred to in sub- clause (va) of clause (a) of Explanation 1, unless the
assessee has subscribed to or purchased the shares in the manner specified in sub-section (4) of section
80CC.
Explanation 4.—"Cost", in relation to any new asset, being a deposit referred to in sub-clause (vi) of
clause (a) of Explanation 1, means the amount of such deposit.
Explanation 5.—"Net consideration", in relation to the transfer of a capital asset, means the full value of
the consideration received or accruing as a result of the transfer of the capital asset as reduced by any
expenditure incurred wholly and exclusively in connection with such transfer.
(1A) Where the assessee deposits after the 27th day of April, 1978, the whole or any part of the net
consideration in respect of the original asset in any new asset, being a deposit referred to in sub-clause
(vi) of clause (a) of Explanation 1 below sub-section (1), the cost of such new asset shall not be taken into
account for the purposes of that sub-section unless the following conditions are fulfilled, namely :—
(a) the assessee furnishes, along with the deposit, a declaration in writing, to the bank or the co-
operative society referred to in the said sub-clause (vi) with which such deposit is made, to the
effect that the assessee will not take any loan or advance on the security of such deposit during a
period of three years from the date on which the deposit is made;
(b) the assessee furnishes, along with the return of income for the assessment year relevant to the
previous year in which the transfer of the original asset was effected or within such further time as
may be allowed by the Assessing Officer, a copy of the declaration referred to in clause (a) duly
attested by an officer not below the rank of sub-agent, agent or manager of such bank or an officer
of corresponding rank of such co-operative society.
(1B) Where on the fulfilment of the conditions specified in sub-section (1A), the cost of the new asset
referred to in that sub-section is taken into account for the purposes of sub-section (1), the assessee shall,
within a period of ninety days from the expiry of the period of three years reckoned from the date of such
deposit, furnish to the Assessing Officer a certificate from the officer referred to in clause (b) of sub-
section (1A) to the effect that the assessee has not taken any loan or advance on the security of such
deposit during the said period of three years.
(1C) Notwithstanding anything contained in sub-section (1), where the capital gain arises from the
transfer of the original asset, made after the 31st day of March, 1992, in respect of which the assessee had
received any amount by way of advance on or before the 29th day of February, 1992 and had invested or
deposited the whole or any part of such amount in the new asset on or before the later date, then, the
provisions of clauses (a) and (b) of sub-section (1) shall apply in the case of such investment or deposit as
they apply in the case of investment or deposit under that sub-section.
(2) Where the new asset is transferred, or converted (otherwise than by transfer) into money, within a
period of three years from the date of its acquisition, the amount of capital gain arising from the transfer
of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in
clause (a) or, as the case may be, clause (b), of sub-section (1) shall be deemed to be income chargeable
under the head "Capital gains" relating to long-term capital assets of the previous year in which the new
asset is transferred or converted (otherwise than by transfer) into money.
Explanation 1.—Where the assessee deposits after the 27th day of April, 1978, the whole or any part of
the net consideration in respect of the original asset in any new asset, being a deposit referred to in sub-
clause (vi) of clause (a) of Explanation 1 below sub-section (1), and such assessee takes any loan or
advance on the security of such deposit, he shall be deemed to have converted (otherwise than by transfer)
such deposit into money on the date on which such loan or advance is taken.
Explanation 2.—In a case where the original asset is transferred after the 28th day of February, 1983 and
the assessee invests the whole or any part of the net consideration in respect of the original asset in any
new asset and such assessee takes any loan or advance on the security of such new asset, he shall be
deemed to have converted (otherwise than by transfer) such new asset on the date on which such loan or
advance is taken.
(3) Where the cost of the equity shares referred to in sub-clause (va) of clause (a) of Explanation 1 below
sub-section (1) is taken into account for the purposes of clause (a) or clause (b) of sub-section (1), a
deduction with reference to such cost shall not be allowed under section 80CC12a.
Capital gain on transfer of long-term capital assets not to be charged in the case of investment in
specified securities.
54EA. (1) Where the capital gain arises from the transfer of a long-term capital asset before the 1st day of
April, 2000 (the capital asset so transferred being hereafter in this section referred to as the original asset)
and the assessee has, at any time within a period of six months after the date of such transfer, invested the
whole or any part of the net consideration in any of the bonds, debentures, shares of a public company or
units of any mutual fund referred to in clause (23D) of section 10, specified by the Board in this behalf by
notification in the Official Gazette (such assets hereafter in this section referred to as the specified
securities), the capital gain shall be dealt with in accordance with the following provisions of this section,
that is to say,—
 (a) if the cost of the specified securities is not less than the net consideration in respect of the original
asset, the whole of such capital gain shall not be charged under section 45;
 (b) if the cost of the specified securities is less than the net consideration in respect of the original asset,
so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost
of acquisition of the specified securities bears to the net consideration shall not be charged under
section 45.
(2) Where the specified securities are transferred or converted (otherwise than by transfer) into money at
any time within a period of three years from the date of their acquisition, the amount of capital gain
arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such
specified securities as provided in clause (a) or clause (b) of sub-section (1) shall be deemed to be the
income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year
in which the specified securities are transferred or converted (otherwise than by transfer) into money.
Explanation.—In a case where the original asset is transferred and the assessee invests the whole or any
part of the net consideration in respect of the original asset in any specified securities and such assessee
takes any loan or advance on the security of such specified securities, he shall be deemed to have
converted (otherwise than by transfer) such specified securities into money on the date on which such
loan or advance is taken.
(3) 13[***]
Explanation.—For the purposes of this section,—
 (a) "cost", in relation to any specified securities, means the amount invested in such specified securities
out of the net consideration received or accruing as a result of the transfer of the original asset;
  (b) "net consideration", in relation to the transfer of a capital asset, means the full value of the
consideration received or accruing as a result of the transfer of the capital asset as reduced by the
expenditure incurred wholly and exclusively in connection with such transfer.
Capital gain on transfer of long-term capital assets not to be charged in certain cases.
54EB. (1) Where the capital gain arises from the transfer of a long-term capital asset before the 1st day of
April, 2000 (the capital asset so transferred being hereafter in this section referred to as the original asset),
and the assessee has, at any time within a period of six months after the date of such transfer invested the
whole or any part of capital gains, in any of the assets specified by the Board in this behalf by notification
in the Official Gazette (such assets hereafter in this section referred to as the long-term specified assets),
the capital gain shall be dealt with in accordance with the following provisions of this section, that is to
say,—
 (a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer
of the original asset, the whole of such capital gain shall not be charged under section 45;
 (b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of
the original asset, so much of the capital gain as bears to the whole of the capital gain the same
proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital
gain, shall not be charged under section 45.
Explanation.—"Cost", in relation to any long-term specified asset, means the amount invested in such
specified asset out of capital gains received or accruing as a result of the transfer of the original asset.
(2) Where the long-term specified asset is transferred or converted (otherwise than by transfer) into
money at any time within a period of seven years from the date of its acquisition, the amount of capital
gains arising from the transfer of the original asset not charged under section 45 on the basis of the cost of
such long-term specified asset as provided in clause (a), or as the case may be, clause (b) of sub-section
(1) shall be deemed to be the income chargeable under the head "Capital gains" relating to long-term
capital assets of the previous year in which the long-term specified asset is transferred or converted
(otherwise than by transfer) into money.
Explanation.—In a case where the original asset is transferred and the assessee invests the whole or any
part of the capital gain received or accrued as a result of transfer of the original asset in any long-term
specified asset and such assessee takes any loan or advance on the security of such specified asset, he
shall be deemed to have converted (otherwise than by transfer) such specified asset into money on the
date on which such loan or advance is taken.
(3) 14[***]
Capital gain not to be charged on investment in certain bonds.
54EC. (1) Where the capital gain arises from the transfer of a long-term capital asset, being land or
building or both, (the capital asset so transferred being hereafter in this section referred to as the original
asset) and the assessee has, at any time within a period of six months after the date of such transfer,
invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be
dealt with in accordance with the following provisions of this section, that is to say,—
 (a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer
of the original asset, the whole of such capital gain shall not be charged under section 45;
 (b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of
the original asset, so much of the capital gain as bears to the whole of the capital gain the same
proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital
gain, shall not be charged under section 45:
Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset
by an assessee during any financial year does not exceed fifty lakh rupees:
Provided further that the investment made by an assessee in the long-term specified asset, from capital
gains arising from transfer of one or more original assets, during the financial year in which the original
asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees.
(2) Where the long-term specified asset is transferred or converted (otherwise than by transfer) into
money at any time within a period of three years from the date of its acquisition, the amount of capital
gains arising from the transfer of the original asset not charged under section 45 on the basis of the cost of
such long-term specified asset as provided in clause (a) or, as the case may be, clause (b) of sub-section
(1) shall be deemed to be the income chargeable under the head "Capital gains" relating to long-term
capital asset of the previous year in which the long-term specified asset is transferred or converted
(otherwise than by transfer) into money:
Provided that in case of long-term specified asset referred to in sub-clause (ii) of clause (ba) of the
Explanation occurring after sub-section (3), this sub-section shall have effect as if for the words "three
years", the words "five years" had been substituted.
Explanation.—In a case where the original asset is transferred and the assessee invests the whole or any
part of the capital gain received or accrued as a result of transfer of the original asset in any long-term
specified asset and such assessee takes any loan or advance on the security of such specified asset, he
shall be deemed to have converted (otherwise than by transfer) such specified asset into money on the
date on which such loan or advance is taken.
(3) Where the cost of the long-term specified asset has been taken into account for the purposes of clause
(a) or clause (b) of sub-section (1),—
 (a) 15[***]
 (b) a deduction from the income with reference to such cost shall not be allowed under section 80C for
any assessment year beginning on or after the 1st day of April, 2006.
Explanation.—For the purposes of this section,—
  (a) "cost", in relation to any long-term specified asset, means the amount invested in such specified
asset out of capital gains received or accruing as a result of the transfer of the original asset;
  (b) "long-term specified asset" for making any investment under this section during the period
commencing from the 1st day of April, 2006 and ending with the 31st day of March, 2007, means
any bond, redeemable after three years and issued on or after the 1st day of April, 2006, but on or
before the 31st day of March, 2007,—
  (i) by the National Highways Authority of India constituted under section 3 of the National
Highways Authority of India Act, 1988 (68 of 1988); or
   (ii) by the Rural Electrification Corporation Limited, a company formed and registered under
the Companies Act, 1956 (1 of 1956),
and notified by the Central Government in the Official Gazette for the purposes of this section with
such conditions (including the condition for providing a limit on the amount of investment by an
assessee in such bond) as it thinks fit:
Provided that where any bond has been notified before the 1st day of April, 2007, subject to the
conditions specified in the notification, by the Central Government in the Official Gazette under the
provisions of clause (b) as they stood immediately before their amendment by the Finance Act,
2007, such bond shall be deemed to be a bond notified under this clause;
 (ba) "long-term specified asset" for making any investment under this section,—
  (i) on or after the 1st day of April, 2007 but before the 1st day of April, 2018, means any bond,
redeemable after three years and issued on or after the 1st day of April, 2007 but before the
1st day of April, 2018;
  (ii) on or after the 1st day of April, 2018, means any bond, redeemable after five years and
issued on or after the 1st day of April, 2018,
by the National Highways Authority of India constituted under section 3 of the National Highways
Authority of India Act, 1988 (68 of 1988) or by the Rural Electrification Corporation Limited, a
company formed and registered under the Companies Act, 1956 (1 of 1956) or any other bond
notified in the Official Gazette by the Central Government in this behalf.
Capital gain on transfer of certain listed securities or unit not to be charged in certain cases.
54ED. (1) Where the capital gain arises from the transfer before the 1st day of April, 2006, of a long-term
capital asset, being listed securities or unit (the capital asset so transferred being hereafter in this section
referred to as the original asset), and the assessee has, within a period of six months after the date of such
transfer, invested the whole or any part of the capital gain in acquiring equity shares forming part of an
eligible issue of capital (such equity shares being hereafter in this section referred to as the specified
equity shares), the said capital gain shall be dealt with in accordance with the following provisions of this
section, that is to say,—
 (a) if the cost of the specified equity shares is not less than the capital gain arising from the transfer of
the original asset, the whole of such capital gain shall not be charged under section 45;
 (b) if the cost of the specified equity shares is less than the capital gain arising from the transfer of the
original asset, so much of the capital gain as bears to the whole of the capital gain the same
proportion as the cost of the specified equity shares acquired bears to the whole of the capital gain
shall not be charged under section 45.
Explanation.—For the purposes of this sub-section,—
  (i) "eligible issue of capital" means an issue of equity shares which satisfies the following conditions,
namely:—
  (a) the issue is made by a public company formed and registered in India;
  (b) the shares forming part of the issue are offered for subscription to the public;
 (ii) "listed securities" shall have the same meaning as in clause (a) of the Explanation to sub-section (1)
of section 112;
(iii) "unit" shall have the meaning assigned to it in clause (b) of the Explanation to section 115AB.
(2) Where the specified equity shares are sold or otherwise transferred within a period of one year from
the date of their acquisition, the amount of capital gain arising from the transfer of the original asset not
charged under section 45 on the basis of the cost of such specified equity shares as provided in clause (a)
or, as the case may be, clause (b), of sub-section (1) shall be deemed to be the income chargeable under
the head "Capital gains" relating to long-term capital assets of the previous year in which such equity
shares are sold or otherwise transferred.
(3) Where the cost of the specified equity shares has been taken into account for the purposes of clause (a)
or clause (b) of sub-section (1),—
 (a) 16[***]
 (b) a deduction from the income with reference to such cost shall not be allowed under section 80C for
any assessment year beginning on or after the 1st day of April, 2006.
Capital gain not to be charged on investment in units of a specified fund.
54EE. (1) Where the capital gain arises from the transfer of a long-term capital asset (herein in this
section referred to as the original asset) and the assessee has, at any time within a period of six months
after the date of such transfer, invested the whole or any part of capital gains in the long-term specified
asset, the capital gain shall be dealt with in accordance with the following provisions of this section,
namely:—
 (a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer
of the original asset, the whole of such capital gain shall not be charged under section 45;
 (b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of
the original asset, so much of the capital gain as bears to the whole of the capital gain the same
proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital
gain, shall not be charged under section 45:
Provided that the investment made on or after the 1st day of April, 2016, in the long-term specified asset
by an assessee during any financial year does not exceed fifty lakh rupees:
Provided further that the investment made by an assessee in the long-term specified asset, from capital
gains arising from the transfer of one or more original assets, during the financial year in which the
original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh
rupees.
(2) Where the long-term specified asset is transferred by the assessee at any time within a period of three
years from the date of its acquisition, the amount of capital gains arising from the transfer of the original
asset not charged under section 45 on the basis of the cost of such long-term specified asset as provided in
clause (a) or, as the case may be, clause (b) of sub-section (1) shall be deemed to be the income
chargeable under the head "Capital gains" relating to long-term capital asset of the previous year in which
the long-term specified asset is transferred.
Explanation 1.—In a case where the original asset is transferred and the assessee invests the whole or any
part of the capital gain received or accrued as a result of transfer of the original asset in any long-term
specified asset and such assessee takes any loan or advance on the security of such specified asset, he
shall be deemed to have transferred such specified asset on the date on which such loan or advance is
taken.
Explanation 2.—For the purposes of this section,—
  (a) "cost", in relation to any long-term specified asset, means the amount invested in such specified
asset out of capital gains received or accruing as a result of the transfer of the original asset;
 (b) "long-term specified asset" means a unit or units, issued before the 1st day of April, 2019, of such
fund as may be notified by the Central Government in this behalf.
Capital gain on transfer of certain capital assets not to be charged in case of investment in
residential house.
54F. (1) Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual
or a Hindu undivided family, the capital gain arises from the transfer of any long-term capital asset, not
being a residential house (hereafter in this section referred to as the original asset), and the assessee has,
within a period of one year before or two years after the date on which the transfer took place purchased,
or has within a period of three years after that date constructed, one residential house in India (hereafter in
this section referred to as the new asset), the capital gain shall be dealt with in accordance with the
following provisions of this section, that is to say,—
 (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the
whole of such capital gain shall not be charged under section 45;
 (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much
of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the
new asset bears to the net consideration, shall not be charged under section 45:
Provided that nothing contained in this sub-section shall apply where—
 (a) the assessee,—
   (i) owns more than one residential house, other than the new asset, on the date of transfer of the
original asset; or
  (ii) purchases any residential house, other than the new asset, within a period of one year after
the date of transfer of the original asset; or
 (iii) constructs any residential house, other than the new asset, within a period of three years after
the date of transfer of the original asset; and
 (b) the income from such residential house, other than the one residential house owned on the date of
transfer of the original asset, is chargeable under the head "Income from house property".
Following second proviso shall be inserted after the existing proviso to sub-section (1) of section 54F
by the Finance Act, 2023, w.e.f. 1-4-2024:
Provided further that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten
crore rupees shall not be taken into account for the purposes of this sub-section.
Explanation.—For the purposes of this section,—
"net consideration", in relation to the transfer of a capital asset, means the full value of the
consideration received or accruing as a result of the transfer of the capital asset as reduced by any
expenditure incurred wholly and exclusively in connection with such transfer.
(2) Where the assessee purchases, within the period of two years after the date of the transfer of the
original asset, or constructs, within the period of three years after such date, any residential house, the
income from which is chargeable under the head "Income from house property", other than the new asset,
the amount of capital gain arising from the transfer of the original asset not charged under section 45 on
the basis of the cost of such new asset as provided in clause (a), or, as the case may be, clause (b), of sub-
section (1), shall be deemed to be income chargeable under the head "Capital gains" relating to long-term
capital assets of the previous year in which such residential house is purchased or constructed.
(3) Where the new asset is transferred within a period of three years from the date of its purchase or, as
the case may be, its construction, the amount of capital gain arising from the transfer of the original asset
not charged under section 45 on the basis of the cost of such new asset as provided in clause (a) or, as the
case may be, clause (b), of sub-section (1) shall be deemed to be income chargeable under the head
"Capital gains" relating to long-term capital assets of the previous year in which such new asset is
transferred.
(4) The amount of the net consideration which is not appropriated by the assessee towards the purchase of
the new asset made within one year before the date on which the transfer of the original asset took place,
or which is not utilised by him for the purchase or construction of the new asset before the date of
furnishing the return of income under section 139, shall be deposited by him before furnishing such return
[such deposit being made in any case not later than the due date applicable in the case of the assessee for
furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or
institution as may be specified in, and utilised in accordance with, any scheme which the Central
Government may, by notification in the Official Gazette, frame in this behalf and such return shall be
accompanied by proof of such deposit ; and, for the purposes of sub-section (1), the amount, if any,
already utilised by the assessee for the purchase or construction of the new asset together with the amount
so deposited shall 17[, subject to the second proviso to sub-section (1)] be deemed to be the cost of the
new asset:
Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the
purchase or construction of the new asset within the period specified in sub-section (1), then,—
 (i) the amount by which—
  (a) the amount of capital gain arising from the transfer of the original asset not charged under
section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case
may be, clause (b) of sub-section (1),
exceeds
  (b) the amount that would not have been so charged had the amount actually utilised by the
assessee for the purchase or construction of the new asset within the period specified in sub-
section (1) been the cost of the new asset,
shall be charged under section 45 as income of the previous year in which the period of three years
from the date of the transfer of the original asset expires; and
  (ii) the assessee shall be entitled to withdraw the unutilised amount in accordance with the scheme
aforesaid.
Following second proviso shall be inserted after the existing proviso to sub-section (4) of section 54F
by the Finance Act, 2023, w.e.f. 1-4-2024:
Provided further that the net consideration in excess of ten crore rupees shall not be taken into account
for the purposes of this sub-section.
Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from
urban area.
54G. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a
capital asset, being machinery or plant or building or land or any rights in building or land used for the
purposes of the business of an industrial undertaking situate in an urban area, effected in the course of, or
in consequence of, the shifting of such industrial undertaking (hereafter in this section referred to as the
original asset) to any area (other than an urban area) and the assessee has within a period of one year
before or three years after the date on which the transfer took place,—
 (a) purchased new machinery or plant for the purposes of business of the industrial undertaking in the
area to which the said undertaking is shifted;
 (b) acquired building or land or constructed building for the purposes of his business in the said area;
 (c) shifted the original asset and transferred the establishment of such undertaking to such area; and
  (d) incurred expenses on such other purpose as may be specified in a scheme framed by the Central
Government for the purposes of this section,
then, instead of the capital gain being charged to income-tax as income of the previous year in which the
transfer took place, it shall be dealt with in accordance with the following provisions of this section, that
is to say,—
 (i) if the amount of the capital gain is greater than the cost and expenses incurred in relation to all or
any of the purposes mentioned in clauses (a) to (d) (such cost and expenses being hereafter in this
section referred to as the new asset), the difference between the amount of the capital gain and the
cost of the new asset shall be charged under section 45 as the income of the previous year; and for
the purpose of computing in respect of the new asset any capital gain arising from its transfer within
a period of three years of its being purchased, acquired, constructed or transferred, as the case may
be, the cost shall be nil ; or
 (ii) if the amount of the capital gain is equal to, or less than, the cost of the new asset, the capital gain
shall not be charged under section 45; and for the purpose of computing in respect of the new asset
any capital gain arising from its transfer within a period of three years of its being purchased,
acquired, constructed or transferred, as the case may be, the cost shall be reduced by the amount of
the capital gain.
Explanation.—In this sub-section, "urban area" means any such area within the limits of a municipal
corporation or municipality as the Central Government may, having regard to the population,
concentration of industries, need for proper planning of the area and other relevant factors, by general or
special order, declare to be an urban area for the purposes of this sub-section.
(2) The amount of capital gain which is not appropriated by the assessee towards the cost and expenses
incurred in relation to all or any of the purposes mentioned in clauses (a) to (d) of sub-section (1) within
one year before the date on which the transfer of the original asset took place, or which is not utilised by
him for all or any of the purposes aforesaid before the date of furnishing the return of income under
section 139, shall be deposited by him before furnishing such return [such deposit being made in any case
not later than the due date applicable in the case of the assessee for furnishing the return of income under
sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and
utilised in accordance with, any scheme which the Central Government may, by notification in the
Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit ; and,
for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for all or any of the
purposes aforesaid together with the amount, so deposited shall be deemed to be the cost of the new asset:
Provided that if the amount deposited under this sub-section is not utilised wholly or partly for all or any
of the purposes mentioned in clauses (a) to (d) of sub-section (1) within the period specified in that sub-
section, then,—
  (i) the amount not so utilised shall be charged under section 45 as the income of the previous year in
which the period of three years from the date of the transfer of the original asset expires; and
 (ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.
Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from
urban area to any Special Economic Zone.
54GA. (1) Notwithstanding anything contained in section 54G, where the capital gain arises from the
transfer of a capital asset, being machinery or plant or building or land or any rights in building or land
used for the purposes of the business of an industrial undertaking situate in an urban area, effected in the
course of, or in consequence of the shifting of such industrial undertaking to any Special Economic Zone,
whether developed in any urban area or any other area and the assessee has within a period of one year
before or three years after the date on which the transfer took place,—
  (a) purchased machinery or plant for the purposes of business of the industrial undertaking in the
Special Economic Zone to which the said undertaking is shifted;
  (b) acquired building or land or constructed building for the purposes of his business in the Special
Economic Zone;
  (c) shifted the original asset and transferred the establishment of such undertaking to the Special
Economic Zone; and
 (d) incurred expenses on such other purposes as may be specified in a scheme framed by the Central
Government for the purposes of this section,
then, instead of the capital gain being charged to income-tax as income of the previous year in which the
transfer took place, it shall, subject to the provisions of sub-section (2), be dealt with in accordance with
the following provisions of this section, that is to say,—
 (i) if the amount of the capital gain is greater than the cost and expenses incurred in relation to all or
any of the purposes mentioned in clauses (a) to (d) (such cost and expenses being hereafter in this
section referred to as the new asset), the difference between the amount of the capital gain and the
cost of the new asset shall be charged under section 45 as the income of the previous year; and for
the purpose of computing in respect of the new asset any capital gain arising from its transfer within
a period of three years of its being purchased, acquired, constructed or transferred, as the case may
be, the cost shall be Nil; or
 (ii) if the amount of the capital gain is equal to, or less than, the cost of the new asset, the capital gain
shall not be charged under section 45, and for the purpose of computing in respect of the new asset
any capital gain arising from its transfer within a period of three years of its being purchased,
acquired, constructed or transferred, as the case may be, the cost shall be reduced by the amount of
the capital gain.
Explanation.—In this sub-section,—
 (a) "Special Economic Zone" shall have the meaning assigned to it in clause (za) of section 2 of the
Special Economic Zones Act, 2005;
 (b) "urban area" means any such area within the limits of a municipal corporation or municipality as the
Central Government may, having regard to the population, concentration of industries, need for
proper planning of the area and other relevant factors, by general or special order, declare to be an
urban area for the purposes of this sub-section.
(2) The amount of capital gain which is not appropriated by the assessee towards the cost and expenses
incurred in relation to all or any of the purposes mentioned in clauses (a) to (d) of sub-section (1) within
one year before the date on which the transfer of the original asset took place, or which is not utilised by
him for all or any of the purposes aforesaid before the date of furnishing the return of income under
section 139, shall be deposited by him before furnishing such return [such deposit being made in any case
not later than the due date applicable in the case of the assessee for furnishing the return of income under
sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and
utilised in accordance with, any scheme which the Central Government may, by notification, frame in this
behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section
(1), the amount, if any, already utilised by the assessee for all or any of the aforesaid purposes together
with the amount so deposited shall be deemed to be the cost of the new asset:
Provided that if the amount deposited under this sub-section is not utilised wholly or partly for all or any
of the purposes mentioned in clauses (a) to (d) of sub-section (1) within the period specified in that sub-
section, then,—
 (i) the amount not so utilised shall be charged under section 45 as the income of the previous year in
which the period of three years from the date of the transfer of the original asset expires; and
 (ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.
Capital gain on transfer of residential property not to be charged in certain cases.
54GB. (1) Where,—
 (i) the capital gain arises from the transfer of a long-term capital asset, being a residential property (a
house or a plot of land), owned by the eligible assessee (herein referred to as the assessee); and
 (ii) the assessee, before the due date of furnishing of return of income under sub-section (1) of section
139, utilises the net consideration for subscription in the equity shares of an eligible company
(herein referred to as the company); and
 (iii) the company has, within one year from the date of subscription in equity shares by the assessee,
utilised this amount for purchase of new asset,
then, instead of the capital gain being charged to income-tax as the income of the previous year in which
the transfer takes place, it shall be dealt with in accordance with the following provisions of this section,
that is to say,—
 (a) if the amount of the net consideration is greater than the cost of the new asset, then, so much of the
capital gain as it bears to the whole of the capital gain the same proportion as the cost of the new
asset bears to the net consideration, shall not be charged under section 45 as the income of the
previous year; or
 (b) if the amount of the net consideration is equal to or less than the cost of the new asset, the capital
gain shall not be charged under section 45 as the income of the previous year.
(2) The amount of the net consideration, which has been received by the company for issue of shares to
the assessee, to the extent it is not utilised by the company for the purchase of the new asset before the
due date of furnishing of the return of income by the assessee under section 139, shall be deposited by the
company, before the said due date in an account in any such bank or institution as may be specified and
shall be utilised in accordance with any scheme which the Central Government may, by notification in the
Official Gazette, frame in this behalf and the return furnished by the assessee shall be accompanied by
proof of such deposit having been made.
(3) For the purposes of sub-section (1), the amount, if any, already utilised by the company for the
purchase of the new asset together with the amount deposited under sub-section (2) shall be deemed to be
the cost of the new asset:
Provided that if the amount so deposited is not utilised, wholly or partly, for the purchase of the new asset
within the period specified in sub-section (1), then,—
 (i) the amount by which—
  (a) the amount of capital gain arising from the transfer of the residential property not charged
under section 45 on the basis of the cost of the new asset as provided in sub-section (1),
exceeds—
  (b) the amount that would not have been so charged had the amount actually utilised for the
purchase of the new asset within the period specified in sub-section (1) been the cost of the
new asset,
shall be charged under section 45 as income of the assessee for the previous year in which the
period of one year from the date of the subscription in equity shares by the assessee expires; and
 (ii) the company shall be entitled to withdraw such amount in accordance with the scheme.
(4) If the equity shares of the company or the new asset acquired by the company are sold or otherwise
transferred within a period of five years from the date of their acquisition, the amount of capital gain
arising from the transfer of the residential property not charged under section 45 as provided in sub-
section (1) shall be deemed to be the income of the assessee chargeable under the head "Capital gains" of
the previous year in which such equity shares or such new asset are sold or otherwise transferred, in
addition to taxability of gains, arising on account of transfer of shares or of the new asset, in the hands of
the assessee or the company, as the case may be:
Provided that in case of a new asset, being computer or computer software, acquired by an eligible start-
up referred to in the proviso to clause (d) of sub-section (6), the provisions of this sub-section shall have
effect as if for the words "five years", the words "three years" had been substituted.
(5) The provisions of this section shall not apply to any transfer of residential property made after the 31st
day of March, 2017:
Provided that in case of an investment in eligible start-up, the provisions of this sub-section shall have
the effect as if for the figures, letters and words "31st day of March, 2017", the figures, letters and words
"31st day of March, 18[2022]" had been substituted.
(6) For the purposes of this section,—
 (a) "eligible assessee" means an individual or a Hindu undivided family;
 (b) "eligible company" means a company which fulfils the following conditions, namely:—
  (i) it is a company incorporated in India during the period from the 1st day of April of the
previous year relevant to the assessment year in which the capital gain arises to the due date
of furnishing of return of income under sub-section (1) of section 139 by the assessee;
 (ii) it is engaged in the business of manufacture of an article or a thing or in an eligible business;
(iii) it is a company in which the assessee has more than twenty-five per cent share capital or
more than twenty-five per cent voting rights after the subscription in shares by the assessee;
and
  (iv) it is a company which qualifies to be a small or medium enterprise under the Micro, Small
and Medium Enterprises Act, 2006 (27 of 2006) or is an eligible start-up;
 (ba) "eligible start-up" and "eligible business" shall have the meanings respectively assigned to them in
Explanation below sub-section (4) of section 80-IAC;
 (c) "net consideration" shall have the meaning assigned to it in the Explanation to section 54F;
 (d) "new asset" means new plant and machinery but does not include—
   (i) any machinery or plant which, before its installation by the assessee, was used either within
or outside India by any other person;
  (ii) any machinery or plant installed in any office premises or any residential accommodation,
including accommodation in the nature of a guest-house;
 (iii) any office appliances including computers or computer software;
 (iv) any vehicle; or
  (v) any machinery or plant, the whole of the actual cost of which is allowed as a deduction
(whether by way of depreciation or otherwise) in computing the income chargeable under the
head "Profits and gains of business or profession" of any previous year:
Provided that in the case of an eligible start-up, being a technology driven start-up so certified by
the Inter-Ministerial Board of Certification notified by the Central Government in the Official
Gazette, the new asset shall include computers or computer software.
Extension of time for acquiring new asset or depositing or investing amount of capital gain.
54H. Notwithstanding anything contained in sections 54, 54B, 54D, 54EC and 54F, where the transfer of
the original asset is by way of compulsory acquisition under any law and the amount of compensation
awarded for such acquisition is not received by the assessee on the date of such transfer, the period for
acquiring the new asset by the assessee referred to in those sections or, as the case may be, the period
available to the assessee under those sections for depositing or investing the amount of capital gain in
relation to such compensation as is not received on the date of the transfer, shall be reckoned from the
date of receipt of such compensation:
Provided that where the compensation in respect of transfer of the original asset by way of compulsory
acquisition under any law is received before the 1st day of April, 1991, the aforesaid period or periods, if
expired, shall extend up to the 31st day of December, 1991.
Meaning of "adjusted", "cost of improvement" and "cost of acquisition".
55. (1) For the purposes of sections 48 and 49,—
 (a) [***]
 (b) "cost of any improvement",—
  (1) in relation to a capital asset being goodwill 19-20[or any other intangible asset] of a business
or a right to manufacture, produce or process any article or thing or right to carry on any
business or profession 19-20[or any other right] shall be taken to be nil ; and
  (2) in relation to any other capital asset,—
  (i) where the capital asset became the property of the previous owner or the assessee
before the 1st day of April, 2001, means all expenditure of a capital nature incurred in
making any additions or alterations to the capital asset on or after the said date by the
previous owner or the assessee, and
  (ii) in any other case, means all expenditure of a capital nature incurred in making any
additions or alterations to the capital asset by the assessee after it became his property,
and, where the capital asset became the property of the assessee by any of the modes
specified in sub-section (1) of section 49, by the previous owner,
but does not include any expenditure which is deductible in computing the income
chargeable under the head "Interest on securities", "Income from house property", "Profits
and gains of business or profession", or "Income from other sources", and the expression
"improvement" shall be construed accordingly.
(2) For the purposes of sections 48 and 49, "cost of acquisition",—
21[(a) in relation to a capital asset, being goodwill of a business or profession, or a trade mark or brand
name associated with a business or profession, 22[or any other intangible asset] or a right to
manufacture, produce or process any article or thing, or right to carry on any business or profession,
or tenancy rights, or stage carriage permits, or loom hours, 22[or any other right]—
   (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner,
means the amount of the purchase price; and
  (ii) in the case falling under sub-clauses (i) to (iv) of sub-section (1) of section 49 and where
such asset was acquired by the previous owner (as defined in that section) by purchase,
means the amount of the purchase price for such previous owner; and
 (iii) in any other case, shall be taken to be nil:
Provided that where the capital asset, being goodwill of a business or profession, in respect of
which a deduction on account of depreciation under sub-section (1) of section 32 has been obtained
by the assessee in any previous year preceding the previous year relevant to the assessment year
commencing on or after the 1st day of April, 2021, the provisions of sub-clauses (i) and (ii) shall
apply with the modification that the total amount of depreciation obtained by the assessee under
sub-section (1) of section 32 before the assessment year commencing on the 1st day of April, 2021
shall be reduced from the amount of purchase price;]
(aa) in a case where, by virtue of holding a capital asset, being a share or any other security, within the
meaning of clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956)
(hereafter in this clause referred to as the financial asset), the assessee—
(A) becomes entitled to subscribe to any additional financial asset; or
(B) is allotted any additional financial asset without any payment,
then, subject to the provisions of sub-clauses (i) and (ii) of clause (b),—
    (i) in relation to the original financial asset, on the basis of which the assessee becomes entitled
to any additional financial asset, means the amount actually paid for acquiring the original
financial asset;
  (ii) in relation to any right to renounce the said entitlement to subscribe to the financial asset,
when such right is renounced by the assessee in favour of any person, shall be taken to be nil
in the case of such assessee;
 (iii) in relation to the financial asset, to which the assessee has subscribed on the basis of the said
entitlement, means the amount actually paid by him for acquiring such asset;
(iiia) in relation to the financial asset allotted to the assessee without any payment and on the basis
of holding of any other financial asset, shall be taken to be nil in the case of such assessee;
and
  (iv) in relation to any financial asset purchased by any person in whose favour the right to
subscribe to such asset has been renounced, means the aggregate of the amount of the
purchase price paid by him to the person renouncing such right and the amount paid by him
to the company or institution, as the case may be, for acquiring such financial asset;
(ab) in relation to a capital asset, being equity share or shares allotted to a shareholder of a recognised
stock exchange in India under a scheme for demutualisation or corporatisation approved by the
Securities and Exchange Board of India established under section 3 of the Securities and Exchange
Board of India Act, 1992 (15 of 1992), shall be the cost of acquisition of his original membership of
the exchange:
Provided that the cost of a capital asset, being trading or clearing rights of the recognised stock
exchange acquired by a shareholder who has been allotted equity share or shares under such scheme
of demutualisation or corporatisation, shall be deemed to be nil;
(ac) subject to the provisions of sub-clauses (i) and (ii) of clause (b), in relation to a long-term capital
asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business
trust referred to in section 112A, acquired before the 1st day of February, 2018, shall be higher of—
   (i) the cost of acquisition of such asset; and
  (ii) lower of—
(A) the fair market value of such asset; and
(B) the full value of consideration received or accruing as a result of the transfer of the
capital asset.
Explanation.—For the purposes of this clause,—
  (a) "fair market value" means,—
  (i) in a case where the capital asset is listed on any recognised stock exchange as on the
31st day of January, 2018, the highest price of the capital asset quoted on such
exchange on the said date:
Provided that where there is no trading in such asset on such exchange on the 31st day
of January, 2018, the highest price of such asset on such exchange on a date
immediately preceding the 31st day of January, 2018 when such asset was traded on
such exchange shall be the fair market value;
  (ii) in a case where the capital asset is a unit which is not listed on a recognised stock
exchange as on the 31st day of January, 2018, the net asset value of such unit as on the
said date;
(iii) in a case where the capital asset is an equity share in a company which is—
 (A) not listed on a recognised stock exchange as on the 31st day of January, 2018 but
listed on such exchange on the date of transfer;
 (B) listed on a recognised stock exchange on the date of transfer and which became
the property of the assessee in consideration of share which is not listed on such
exchange as on the 31st day of January, 2018 by way of transaction not regarded
as transfer under section 47,
an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index
for the financial year 2017-18 bears to the Cost Inflation Index for the first year in which the
 asset was held by the assessee or for the year beginning on the first day of April, 2001,
whichever is later;
  (b) "Cost Inflation Index" shall have the meaning assigned to it in clause (v) of the Explanation
to section 48;
  (c) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of
Explanation 1 to clause (5) of section 43;
 (b) in relation to any other capital asset,—
  (i) where the capital asset became the property of the assessee before the 1st day of April, 2001,
means the cost of acquisition of the asset to the assessee or the fair market value of the asset
on the 1st day of April, 2001, at the option of the assessee;
 (ii) where the capital asset became the property of the assessee by any of the modes specified in
sub-section (1) of section 49, and the capital asset became the property of the previous owner
before the 1st day of April, 2001, means the cost of the capital asset to the previous owner or
the fair market value of the asset on the 1st day of April, 2001, at the option of the assessee:
Provided that in case of a capital asset referred to in sub-clauses (i) and (ii), being land or
building or both, the fair market value of such asset on the 1st day of April, 2001 for the
purposes of the said sub-clauses shall not exceed the stamp duty value, wherever available,
of such asset as on the 1st day of April, 2001.
Explanation.—For the purposes of this proviso, "stamp duty value" means the value adopted
or assessed or assessable by any authority of the Central Government or a State Government
for the purpose of payment of stamp duty in respect of an immovable property;
 (iii) where the capital asset became the property of the assessee on the distribution of the capital
assets of a company on its liquidation and the assessee has been assessed to income-tax
under the head "Capital gains" in respect of that asset under section 46, means the fair
market value of the asset on the date of distribution;
 (iv) [***]
  (v) where the capital asset, being a share or a stock of a company, became the property of the
assessee on—
  (a) the consolidation and division of all or any of the share capital of the company into
shares of larger amount than its existing shares,
 (b) the conversion of any shares of the company into stock,
 (c) the re-conversion of any stock of the company into shares,
 (d) the sub-division of any of the shares of the company into shares of smaller amount, or
 (e) the conversion of one kind of shares of the company into another kind,
means the cost of acquisition of the asset calculated with reference to the cost of acquisition
of the shares or stock from which such asset is derived.
(3) Where the cost for which the previous owner acquired the property cannot be ascertained, the cost of
acquisition to the previous owner means the fair market value on the date on which the capital asset
became the property of the previous owner.
Reference to Valuation Officer.
55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter,
the Assessing Officer may refer the valuation of capital asset to a Valuation Officer—
 (a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate
made by a registered valuer, if the Assessing Officer is of opinion that the value so claimed is at
variance with its fair market value;
 (b) in any other case, if the Assessing Officer is of opinion—
  (i) that the fair market value of the asset exceeds the value of the asset as claimed by the
assessee by more than such percentage of the value of the asset as so claimed or by more
than such amount as may be prescribed in this behalf; or
 (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary
so to do,
23and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section
16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of
section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with
the necessary modifications, apply in relation to such reference as they apply in relation to a reference
made by the Assessing Officer under sub-section (1) of section 16A of that Act.
Explanation.—In this section, "Valuation Officer" has the same meaning, as in clause (r) of section 2 of
the Wealth-tax Act, 1957 (27 of 1957).
012314546 789
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RG\ÿKYQVNILZÿ\QRYÿXQONGGNGOÿRTMQYÿMPQÿQiKNY\ÿITÿMPQÿKYQVNILZÿ\QRYÿULYNGOÿ[PNHPÿMPQÿRTIYQZRNUÿHQYMNTNHRMQÿIT
UNZRXNSNM\ÿPRUÿQiKNYQUWÿLGSQZZÿRÿGQ[ÿHQYMNTNHRMQÿNZÿIXMRNGQUÿTYIJÿMPQÿJQUNHRSÿRLMPIYNM\ÿNGÿMPQÿTIYJÿRGUÿJRGGQYW
RZÿJR\ÿXQÿKYQZHYNXQUceWÿRGUÿRÿHIK\ÿMPQYQITÿNZÿTLYGNZPQUÿRSIGOÿ[NMPÿMPQÿYQMLYGÿITÿNGHIJQÿLGUQYÿZQHMNIGÿDfgb
jklmn(n&'(boIYÿMPQÿKLYKIZQZÿITÿMPNZÿZQHMNIGWp
CnEÿÿaUNZRXNSNM\aÿZPRSSÿPRVQÿMPQÿJQRGNGOÿRZZNOGQUÿMIÿNMÿNGÿHSRLZQÿC&EÿITÿZQHMNIGÿcÿITÿMPQÿqQYZIGZÿ[NMP
rNZRXNSNMNQZÿCdhLRSÿsKKIYMLGNMNQZWÿqYIMQHMNIGÿITÿtNOPMZÿRGUÿoLSSÿqRYMNHNKRMNIGEÿuHMWÿDggvÿCDÿITÿDggwEW
RGUÿNGHSLUQZÿaRLMNZJaWÿaHQYQXYRSÿKRSZ\aÿRGUÿaJLSMNKSQÿUNZRXNSNMNQZaÿYQTQYYQUÿMIÿNGÿHSRLZQZÿCnEWÿC%EÿRGUÿCE
ITÿZQHMNIGÿcÿITÿMPQÿxRMNIGRSÿyYLZMÿTIYÿzQSTRYQÿITÿqQYZIGZÿ[NMPÿuLMNZJWÿ{QYQXYRSÿqRSZ\Wÿ|QGMRS
tQMRYURMNIGÿRGUÿ|LSMNKSQÿrNZRXNSNMNQZÿuHMWÿDgggÿCeeÿITÿDgggE}
C~EÿÿaJQUNHRSÿRLMPIYNM\aÿJQRGZÿMPQÿJQUNHRSÿRLMPIYNM\ÿRZÿYQTQYYQUÿMIÿNGÿHSRLZQÿClEÿITÿZQHMNIGÿcÿITÿMPQÿqQYZIGZ
[NMPÿrNZRXNSNMNQZÿCdhLRSÿsKKIYMLGNMNQZWÿqYIMQHMNIGÿITÿtNOPMZÿRGUÿoLSSÿqRYMNHNKRMNIGEÿuHMWÿDggvÿCDÿIT
DggwEWÿIYÿZLHPÿIMPQYÿJQUNHRSÿRLMPIYNM\ÿRZÿJR\WÿX\ÿGIMNTNHRMNIGWÿXQÿZKQHNTNQUÿX\ÿMPQÿ{QGMYRSÿIVQYGJQGM
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tQMRYURMNIGÿRGUÿ|LSMNKSQÿrNZRXNSNMNQZÿuHMWÿDgggÿCeeÿITÿDgggE}
C#EÿÿaKQYZIGÿ[NMPÿZQVQYQÿUNZRXNSNM\aÿJQRGZp
ÿC&EÿÿRÿKQYZIGÿ[NMPÿQNOPM\ÿKQYÿHQGMÿIYÿJIYQÿITÿIGQÿIYÿJIYQÿUNZRXNSNMNQZWÿRZÿYQTQYYQUÿMIÿNGÿZLX]ZQHMNIGÿCeE
ITÿZQHMNIGÿvwÿITÿMPQÿqQYZIGZÿ[NMPÿrNZRXNSNMNQZÿCdhLRSÿsKKIYMLGNMNQZWÿqYIMQHMNIGÿITÿtNOPMZÿRGUÿoLSS
qRYMNHNKRMNIGEÿuHMWÿDggvÿCDÿITÿDggwE}ÿIY
C&&EÿÿRÿKQYZIGÿ[NMPÿZQVQYQÿUNZRXNSNM\ÿYQTQYYQUÿMIÿNGÿHSRLZQÿC'EÿITÿZQHMNIGÿcÿITÿMPQÿxRMNIGRSÿyYLZMÿTIY
zQSTRYQÿITÿqQYZIGZÿ[NMPÿuLMNZJWÿ{QYQXYRSÿqRSZ\Wÿ|QGMRSÿtQMRYURMNIGÿRGUÿ|LSMNKSQÿrNZRXNSNMNQZ
uHMWÿDgggÿCeeÿITÿDgggEb


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Audit of accounts of certain persons carrying on business or profession.

44AB. 72Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in
business exceed or exceeds one crore rupees in any previous year :
Provided that in the case of a person whose—
(a) aggregate of all amounts received including amount received for sales, turnover or gross
receipts during the previous year, in cash, does not exceed five per cent of the said amount;
and
(b) aggregate of all payments made including amount incurred for expenditure, in cash, during the
previous year does not exceed five per cent of the said payment,
this clause shall have effect as if for the words "one crore rupees", the words" 73[ten] crore rupees"
had been substituted:
74[Providedfurther that for the purposes of this clause, the payment or receipt, as the case may be,
by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be
the payment or receipt, as the case may be, in cash; or]
(b) carrying on profession shall, if his gross receipts in profession exceed fifty lakh rupees in any
previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits
and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may
be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits
and gains of his business, as the case may be, in any previous year; or
(d) carrying on the profession shall, if the profits and gains from the profession are deemed to be the
profits and gains of such person under section 44ADA and he has claimed such income to be lower
than the profits and gains so deemed to be the profits and gains of his profession and his income
exceeds the maximum amount which is not chargeable to income-tax in any previous year; or
(e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in
his case and his income exceeds the maximum amount which is not chargeable to income-tax in any
previous year,
get his accounts of such previous year audited by an accountant before the specified date and furnish by
that date the report of such audit in the prescribed form duly signed and verified by such accountant and
setting forth such particulars as may be prescribed :
Provided that this section shall not apply to the person, who declares profits and gains for the previous
year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, turnover or
gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year:
Following first proviso shall be substituted for the existing first proviso to section 44AB by the
Finance Act, 2023, w.e.f. 1-4-2024:
Provided that this section shall not apply to a person, who declares profits and gains for the previous year
in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA:
Provided further that this section shall not apply to the person, who derives income of the nature referred
to in section 44B or section 44BBA, on and from the 1st day of April, 1985 or, as the case may be, the
date on which the relevant section came into force, whichever is later :
Provided also that in a case where such person is required by or under any other law to get his accounts
audited, it shall be sufficient compliance with the provisions of this section if such person gets the
accounts of such business or profession audited under such law before the specified date and furnishes by

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that date the report of the audit as required under such other law and a further report by an accountant in
the form prescribed under this section.
Explanation.—For the purposes of this section,—
(i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
(ii) "specified date", in relation to the accounts of the assessee of the previous year relevant to an
assessment year, means date one month prior to the due date for furnishing the return of income
under sub-section (1) of section 139.

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CHAPTER XVII96
COLLECTION AND RECOVERY OF TAX
A.—General
Deduction at source and advance payment.
190. (1) Notwithstanding that the regular assessment in respect of any income is to be made in a later
assessment year, the tax on such income shall be payable by deduction or collection at source or by
advance payment or by payment under sub-section (1A) of section 192, as the case may be, in accordance
with the provisions of this Chapter.
(2) Nothing in this section shall prejudice the charge of tax on such income under the provisions of sub-
section (1) of section 4.

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Direct payment.
191. (1) In the case of income in respect of which provision is not made under this Chapter for deducting
income-tax at the time of payment, and in any case where income-tax has not been deducted in accordance
with the provisions of this Chapter, income-tax shall be payable by the assessee direct.
(2) For the purposes of paying income-tax directly by the assessee under sub-section (1), if the income of
the assessee in any assessment year, beginning on or after the 1st day of April, 2021, includes income of
the nature specified in clause* (vi) of sub-section (2)† of section 17 and such specified security or sweat
equity shares referred to in the said*clause are allotted or transferred directly or indirectly by the current
employer, being an eligible start-up referred to in section 80-IAC, the income-tax on such income shall be
payable by the assessee within fourteen days—
  (i) after the expiry of forty-eight months from the end of the relevant assessment year; or
 (ii) from the date of the sale of such specified security or sweat equity share by the assessee; or
(iii) from the date of the assessee ceasing to be the employee of the employer who allotted or transferred
him such specified security or sweat equity share,
whichever is the earliest.
Explanation.—For the removal of doubts, it is hereby declared that if any person including the principal
officer of a company,—
 (a) who is required to deduct any sum in accordance with the provisions of this Act; or
 (b) referred to in sub-section (1A) of section 192, being an employer,
does not deduct, or after so deducting fails to pay, or does not pay, the whole or any part of the tax, as
required by or under this Act, and where the assessee has also failed to pay such tax directly, then, such
person shall, without prejudice to any other consequences which he may incur, be deemed to be an
assessee in default within the meaning of sub-section (1) of section 201, in respect of such tax.

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Payment of accumulated balance due to an employee.5

192A. Notwithstanding anything contained in this Act, the trustees of the Employees' Provident Fund
Scheme, 1952, framed under section 5 of the Employees' Provident Funds and Miscellaneous Provisions
Act, 1952 (19 of 1952) or any person authorised under the scheme to make payment of accumulated
balance due to employees, shall, in a case where the accumulated balance due to an employee
participating in a recognised provident fund is includible in his total income owing to the provisions of
rule 8 of Part A of the Fourth Schedule not being applicable, at the time of payment of the accumulated
balance due to the employee, deduct income-tax thereon at the rate of ten per cent :
Provided that no deduction under this section shall be made where the amount of such payment or, as the
case may be, the aggregate amount of such payment to the payee is less than fifty thousand rupees.
6[***]

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Interest on securities.
7193. The person responsible for paying to a resident any income by way of interest on securities shall, at
the time of credit of such income to the account of the payee or at the time of payment thereof in cash or
by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax at the rates in
force on the amount of the interest payable :
Provided that no tax shall be deducted from—
 (i) any interest payable on 41/4 per cent National Defence Bonds, 1972, where the bonds are held by an
individual, not being a non-resident; or
(ia) any interest payable to an individual on 41/4 per cent National Defence Loan, 1968, or 43/4 per cent
National Defence Loan, 1972; or
(ib) any interest payable on National Development Bonds; or
 (ii) [***]
(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or
(iib) any interest payable on such debentures, issued by any institution or authority, or any public sector
company, or any co-operative society (including a co-operative land mortgage bank or a co-
operative land development bank), as the Central Government may, by notification in the Official
Gazette, specify in this behalf;
(iii) any interest payable on 61/2 per cent Gold Bonds, 1977, or 7 per cent Gold Bonds, 1980, where the
Bonds are held by an individual not being a non-resident, and the holder thereof makes a declaration
in writing before the person responsible for paying the interest that the total nominal value of the
61/2 per cent Gold Bonds, 1977, or, as the case may be, the 7 per cent Gold Bonds, 1980, held by
him (including such bonds, if any, held on his behalf by any other person) did not in either case
exceed ten thousand rupees at any time during the period to which the interest relates;
(iiia) [***]
 (iv) any interest payable on any security of the Central Government or a State Government:
Provided that nothing contained in this clause shall apply to the interest exceeding rupees ten
thousand payable on 8% Savings (Taxable) Bonds, 2003 or 7.75% Savings (Taxable) Bonds, 2018
during the financial year;
 (v) any interest payable to an individual or a Hindu undivided family, who is resident in India, on any
debenture issued by a company in which the public are substantially interested, if—
  (a) the amount of interest or, as the case may be, the aggregate amount of such interest paid or
likely to be paid on such debenture during the financial year by the company to such
individual or Hindu undivided family does not exceed five thousand rupees; and
  (b) such interest is paid by the company by an account payee cheque;
(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance
Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full
beneficial interest; or
(vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred
to as the Corporation) or to any of the four companies (hereafter in this clause referred to as such
company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the
General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities
owned by the Corporation or such company or in which the Corporation or such company has full
beneficial interest; or
(viii) any interest payable to any other insurer in respect of any securities owned by it or in which it has
full beneficial interest;

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8[(ix)any interest payable to a "business trust", as defined in clause (13A) of section 2, in respect of any
securities, by a special purpose vehicle referred to in the Explanation to clause (23FC) of section
10.]
Explanation.—For the purposes of this section, where any income by way of interest on securities is
credited to any account, whether called "Interest payable account" or "Suspense account" or by any other
name, in the books of account of the person liable to pay such income, such crediting shall be deemed to
be credit of such income to the account of the payee and the provisions of this section shall apply
accordingly.
Explanation 2.—[Omitted by the Finance Act, 1992, w.e.f. 1-6-1992.]

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Dividends.
194. 9The principal officer of an Indian company or a company which has made the prescribed
arrangements for the declaration and payment of dividends (including dividends on preference shares)
within India, shall, before making any payment by any mode in respect of any dividend or before making
any distribution or payment to a shareholder, who is resident in India, of any dividend within the meaning
of sub-clause (a) or sub-clause (b) or sub-clause (c) or sub-clause (d) or sub-clause (e) of clause (22) of
section 2, deduct from the amount of such dividend, income-tax at the rate of ten per cent :
Provided that no such deduction shall be made in the case of a shareholder, being an individual, if—
 (a) the dividend is paid by the company by any mode other than cash; and
 (b) the amount of such dividend or, as the case may be, the aggregate of the amounts of such dividend
distributed or paid or likely to be distributed or paid during the financial year by the company to the
shareholder, does not exceed five thousand rupees:
Provided further that the provisions of this section shall not apply to such income credited or paid to—
 (a) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956
(31 of 1956), in respect of any shares owned by it or in which it has full beneficial interest;
 (b) the General Insurance Corporation of India (hereafter in this proviso referred to as the Corporation)
or to any of the four companies (hereafter in this proviso referred to as such company), formed by
virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business
(Nationalisation) Act, 1972 (57 of 1972), in respect of any shares owned by the Corporation or such
company or in which the Corporation or such company has full beneficial interest;
 (c) any other insurer in respect of any shares owned by it or in which it has full beneficial interest;
9a[(d) a "business trust", as defined in clause (13A) of section 2, by a special purpose vehicle referred to in
the Explanation to clause (23FC) of section 10;
  (e) any other person as may be notified by the Central Government in the Official Gazette in this
behalf.]

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Interest other than "Interest on securities".

194A. 10(1) Any person, not being an individual or a Hindu undivided family, who is responsible for
paying to a resident any income by way of interest other than income by way of interest on securities,
shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in
cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon
at the rates in force :
Provided that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover
from the business or profession carried on by him exceed one crore rupees in case of business or fifty lakh
rupees in case of profession during the financial year immediately preceding the financial year in which
such interest is credited or paid, shall be liable to deduct income-tax under this section.
Explanation.—For the purposes of this section, where any income by way of interest as aforesaid is
credited to any account, whether called "Interest payable account" or "Suspense account" or by any other
name, in the books of account of the person liable to pay such income, such crediting shall be deemed to
be credit of such income to the account of the payee and the provisions of this section shall apply
accordingly.
(2) [Omitted by the Finance Act, 1992, w.e.f. 1-6-1992.]
(3) The provisions of sub-section (1) shall not apply—
    (i) where the amount of such income or, as the case may be, the aggregate of the amounts of such
income credited or paid or likely to be credited or paid during the financial year by the person
referred to in sub-section (1) to the account of, or to, the payee, does not exceed—
  (a) forty thousand rupees, where the payer is a banking company to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution,
referred to in section 51 of that Act);
  (b) forty thousand rupees, where the payer is a co-operative society engaged in carrying on the
business of banking;
  (c) forty thousand rupees, on any deposit with post office under any scheme framed by the
Central Government and notified by it in this behalf; and
  (d) five thousand rupees in any other case:
Provided that in respect of the income credited or paid in respect of—
  (a) time deposits with a banking company to which the Banking Regulation Act, 1949 (10 of
1949) applies (including any bank or banking institution referred to in section 51 of that Act);
or
  (b) time deposits with a co-operative society engaged in carrying on the business of banking;
  (c) deposits with a public company which is formed and registered in India with the main object
of carrying on the business of providing long-term finance for construction or purchase of
houses in India for residential purposes and which is eligible for deduction under clause (viii)
of sub-section (1) of section 36;
the aforesaid amount shall be computed with reference to the income credited or paid by a branch of
the banking company or the co-operative society or the public company, as the case may be :
Provided further that the amount referred to in the first proviso shall be computed with reference to
the income credited or paid by the banking company or the co-operative society or the public
company, as the case may be, where such banking company or the co-operative society or the public
company has adopted core banking solutions:
Provided also that in case of payee being a senior citizen, the provisions of sub-clause (a), sub-
clause (b), and sub-clause (c) shall have effect as if for the words "forty thousand rupees", the words
"fifty thousand rupees" had been substituted.
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Explanation.—[***]
  (ii) [***]
 (iii) to such income credited or paid to—
  (a) any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies, or
any co-operative society engaged in carrying on the business of banking (including a co-
operative land mortgage bank), or
  (b) any financial corporation established by or under a Central, State or Provincial Act, or
  (c) the Life Insurance Corporation of India established under the Life Insurance Corporation Act,
1956 (31 of 1956), or
  (d) the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963)*, or
  (e) any company or co-operative society carrying on the business of insurance, or
  (f) such other institution, association or body or class of institutions, associations or bodies which
the Central Government may, for reasons to be recorded in writing, notify in this behalf in the
Official Gazette:
Provided that no notification under this sub-clause shall be issued on or after the 1st day of
April, 2020;
 (iv) to such income credited or paid by a firm to a partner of the firm;
  (v) to such income credited or paid by a co-operative society (other than a co-operative bank) to a
member thereof or to such income credited or paid by a co-operative society to any other co-
operative society.
Explanation.—For the purposes of this clause, "co-operative bank" shall have the same meaning as
assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);
  (vi) to such income credited or paid in respect of deposits under any scheme framed by the Central
Government and notified by it in this behalf in the Official Gazette;
(vii) to such income credited or paid in respect of deposits (other than time deposits made on or after the
1st day of July, 1995) with a banking company to which the Banking Regulation Act, 1949 (10 of
1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(viia) to such income credited or paid in respect of,—
  (a) deposits with a primary agricultural credit society or a primary credit society or a co-
operative land mortgage bank or a co-operative land development bank;
  (b) deposits (other than time deposits made on or after the 1st day of July, 1995) with a co-
operative society, other than a co-operative society or bank referred to in sub-clause (a),
engaged in carrying on the business of banking;
(viii) to such income credited or paid by the Central Government under any provision of this Act or the
Indian Income-tax Act, 1922 (11 of 1922), or the Estate Duty Act, 1953 (34 of 1953), or the Wealth-
tax Act, 1957 (27 of 1957), or the Gift-tax Act, 1958 (18 of 1958), or the Super Profits Tax Act, 1963
(14 of 1963), or the Companies (Profits) Surtax Act, 1964 (7 of 1964), or the Interest-tax Act, 1974
(45 of 1974);
(ix) to such income credited by way of interest on the compensation amount awarded by the Motor
Accidents Claims Tribunal;
(ixa) to such income paid by way of interest on the compensation amount awarded by the Motor
Accidents Claims Tribunal where the amount of such income or, as the case may be, the aggregate
of the amounts of such income paid during the financial year does not exceed fifty thousand rupees;
  (x) to such income which is paid or payable by an infrastructure capital company or infrastructure
capital fund or 10a[infrastructure debt fund or] a public sector company or scheduled bank in relation
to a zero coupon bond issued on or after the 1st day of June, 2005 by such company or fund or
public sector company or scheduled bank;
 (xi) to any income by way of interest referred to in clause (23FC) of section 10:
Provided that a co-operative society referred to in clause (v) or clause (viia) shall be liable to deduct
income-tax in accordance with the provisions of sub-section (1), if—
  (a) the total sales, gross receipts or turnover of the co-operative society exceeds fifty crore rupees
during the financial year immediately preceding the financial year in which the interest referred to in
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sub-section (1) is credited or paid; and

 (b) the amount of interest, or the aggregate of the amounts of such interest, credited or paid, or is likely
to be credited or paid, during the financial year is more than fifty thousand rupees in case of payee
being a senior citizen and forty thousand rupees in any other case.
Explanation 1.—For the purposes of clauses (i), (vii) and (viia), "time deposits" means deposits (including
recurring deposits) repayable on the expiry of fixed periods.
Explanation 2.—For the purposes of this sub-section, "senior citizen" means an individual resident in
India who is of the age of sixty years or more at any time during the relevant previous year.
(4) The person responsible for making the payment referred to in sub-section (1) may, at the time of
making any deduction, increase or reduce the amount to be deducted under this section for the purpose of
adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the
financial year.
(5) The Central Government may, by notification in the Official Gazette, provide that the deduction of tax
shall not be made or shall be made at such lower rate, from such payment to such person or class of
persons, as may be specified in the said notification.
Explanation.—[Omitted by the Finance Act, 1992, w.e.f. 1-6-1992.]

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Winnings from lottery or crossword puzzle 11[, etc.].

194B. 12The person responsible for paying to any person any income by way of winnings from any lottery
or crossword puzzle or card game and other game of any sort 13[or from gambling or betting of any form
or nature whatsoever, being the amount or the aggregate of amounts exceeding ten thousand rupees
during the financial year] shall, at the time of payment thereof, deduct income-tax thereon at the rates in
force :
Provided that in a case where the winnings are wholly in kind or partly in cash and partly in kind but the
part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the winnings,
the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in
respect of the winnings:
14[Provided further that nothing contained in this section shall apply to deduction of income-tax on
winnings from any online game on or after the 1st day of April, 2023.
Explanation.—For the purposes of this section, "online game" shall have the meaning assigned to it in
clause (iii) of the Explanation to section 115BBJ.]

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14[Winnings from online games.

194BA. (1) Notwithstanding anything contained in any other provisions of this Act, any person
responsible for paying to any person any income by way of winnings from any online game during the
financial year shall deduct income-tax on the net winnings in his user account, computed in the manner as
may be prescribed, at the end of the financial year at the rates in force:
Provided that in a case where there is a withdrawal from user account during the financial year, the
income-tax shall be deducted at the time of such withdrawal on the net winnings comprised in such
withdrawal, as well as on the remaining amount of net winnings in the user account, computed in the
manner as may be prescribed, at the end of the financial year.
(2) In a case where the net winnings are wholly in kind or partly in cash, and partly in kind but the part in
cash is not sufficient to meet the liability of deduction of tax in respect of whole of the net winnings, the
person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in
respect of the net winnings.
(3) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the previous
approval of the Central Government, issue guidelines for the purposes of removing the difficulty.
(4) Every guideline issued by the Board under sub-section (3) shall, as soon as may be after it is issued, be
laid before each House of Parliament, and shall be binding on the income-tax authorities and on the
person liable to deduct income-tax.
Explanation.—For the purposes of this section--
 (a) "computer resource", "internet" and "online game" shall have the meanings respectively assigned to
them in section 115BBJ;
 (b) "online gaming intermediary" means an intermediary that offers one or more online games;
  (c) "user" means any person who accesses or avails any computer resource of an online gaming
intermediary;
 (d) "user account" means account of a user registered with an online gaming intermediary.]

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Winnings from horse race.

194BB. 15Any person, being a bookmaker or a person to whom a licence has been granted by the
Government under any law for the time being in force for horse racing in any race course or for arranging
for wagering or betting in any race course, who is responsible for paying to any person any income by
way of winnings from any horse race 16[, being the amount or aggregate of amounts exceeding ten
thousand rupees during the financial year,] shall, at the time of payment thereof, deduct income-tax
thereon at the rates in force.

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Payments to contractors.
16a194C. (1) Any person responsible for paying any sum to any resident (hereafter in this section referred
to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in
pursuance of a contract between the contractor and a specified person shall, at the time of credit of such
sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or
draft or by any other mode, whichever is earlier, deduct an amount equal to—
 (i) one per cent where the payment is being made or credit is being given to an individual or a Hindu
undivided family;
  (ii) two per cent where the payment is being made or credit is being given to a person other than an
individual or a Hindu undivided family,
of such sum as income-tax on income comprised therein.
(2) Where any sum referred to in sub-section (1) is credited to any account, whether called "Suspense
account" or by any other name, in the books of account of the person liable to pay such income, such
crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this
section shall apply accordingly.
(3) Where any sum is paid or credited for carrying out any work mentioned in sub-clause (e) of clause (iv)
of the Explanation, tax shall be deducted at source—
  (i) on the invoice value excluding the value of material, if such value is mentioned separately in the
invoice; or
(ii) on the whole of the invoice value, if the value of material is not mentioned separately in the invoice.
(4) No individual or Hindu undivided family shall be liable to deduct income-tax on the sum credited or
paid to the account of the contractor where such sum is credited or paid exclusively for personal purposes
of such individual or any member of Hindu undivided family.
(5) No deduction shall be made from the amount of any sum credited or paid or likely to be credited or
paid to the account of, or to, the contractor, if such sum does not exceed thirty thousand rupees :
Provided that where the aggregate of the amounts of such sums credited or paid or likely to be credited or
paid during the financial year exceeds one lakh rupees, the person responsible for paying such sums
referred to in sub-section (1) shall be liable to deduct income-tax under this section.
(6) No deduction shall be made from any sum credited or paid or likely to be credited or paid during the
previous year to the account of a contractor during the course of business of plying, hiring or leasing
goods carriages, where such contractor owns ten or less goods carriages at any time during the previous
year and furnishes a declaration to that effect along with his Permanent Account Number, to the person
paying or crediting such sum.
(7) The person responsible for paying or crediting any sum to the person referred to in sub-section (6)
shall furnish, to the prescribed income-tax authority or the person authorised by it, such particulars, in
such form and within such time as may be prescribed.
Explanation.—For the purposes of this section,—
  (i) "specified person" shall mean,—
  (a) the Central Government or any State Government; or
  (b) any local authority; or
  (c) any corporation established by or under a Central, State or Provincial Act; or
  (d) any company; or
  (e) any co-operative society; or
  (f) any authority, constituted in India by or under any law, engaged either for the purpose of
dealing with and satisfying the need for housing accommodation or for the purpose of
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planning, development or improvement of cities, towns and villages, or for both; or

  (g) any society registered under the Societies Registration Act, 1860 (21 of 1860) or under any
law corresponding to that Act in force in any part of India; or
  (h) any trust; or
  (i) any university established or incorporated by or under a Central, State or Provincial Act and
an institution declared to be a university under section 3 of the University Grants
Commission Act, 1956 (3 of 1956); or
  (j) any Government of a foreign State or a foreign enterprise or any association or body
established outside India; or
  (k) any firm; or
  (l) any person, being an individual or a Hindu undivided family or an association of persons or a
body of individuals, if such person,—
 (A) does not fall under any of the preceding sub-clauses; and
 (B) has total sales, gross receipts or turnover from business or profession carried on by him
exceeding one crore rupees in case of business or fifty lakh rupees in case of profession
during the financial year immediately preceding the financial year in which such sum is
credited or paid to the account of the contractor;
  (ii) "goods carriage" shall have the meaning assigned to it in the Explanation to sub-section (7) of
section 44AE;
(iii) "contract" shall include sub-contract;
(iv) "work" shall include—
  (a) advertising;
  (b) broadcasting and telecasting including production of programmes for such broadcasting or
telecasting;
  (c) carriage of goods or passengers by any mode of transport other than by railways;
  (d) catering;
  (e) manufacturing or supplying a product according to the requirement or specification of a
customer by using material purchased from such customer or its associate, being a person
placed similarly in relation to such customer as is the person placed in relation to the assessee
under the provisions contained in clause (b) of sub-section (2) of section 40A,
but does not include manufacturing or supplying a product according to the requirement or
specification of a customer by using material purchased from a person, other than such customer or
associate of such customer.

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Insurance commission.
194D. 17Any person responsible for paying to a resident any income by way of remuneration or reward,
whether by way of commission or otherwise, for soliciting or procuring insurance business (including
business relating to the continuance, renewal or revival of policies of insurance) shall, at the time of credit
of such income to the account of the payee or at the time of payment thereof in cash or by issue of a
cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force
:
Provided that no deduction shall be made under this section from any such income credited or paid before
the 1st day of June, 1973:
Provided further that no deduction shall be made under this section in a case where the amount of such
income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be
credited or paid during the financial year to the account of, or to, the payee, does not exceed fifteen
thousand rupees.

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Payment in respect of life insurance policy.18

194DA. Any person responsible for paying to a resident any sum under a life insurance policy, including
the sum allocated by way of bonus on such policy, other than the amount not includible in the total income
under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the
rate of five per cent on the amount of income comprised therein :
Provided that no deduction under this section shall be made where the amount of such payment or, as the
case may be, the aggregate amount of such payments to the payee during the financial year is less than one
hundred thousand rupees.

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Payments to non-resident sportsmen or sports associations.19

194E. Where any income referred to in section 115BBA is payable to a non- resident sportsman (including
an athlete) or an entertainer who is not a citizen of India or a non-resident sports association or institution,
the person responsible for making the payment shall, at the time of credit of such income to the account of
the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode,
whichever is earlier, deduct income-tax thereon at the rate of twenty per cent.

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Payments in respect of deposits under National Savings Scheme, etc.20

194EE. The person responsible for paying to any person any amount referred to in clause (a) of sub-
section (2) of section 80CCA shall, at the time of payment thereof, deduct income-tax thereon at the rate
of ten per cent :
Provided that no deduction shall be made under this section where the amount of such payment or, as the
case may be, the aggregate amount of such payments to the payee during the financial year is less than
two thousand five hundred rupees :
Provided further that nothing contained in this section shall apply to the payment of the said amount to
the heirs of the assessee.

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Payments on account of repurchase of units by Mutual Fund or Unit Trust of India.21

194F. The person responsible for paying to any person any amount referred to in sub-section (2) of section
80CCB shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent.

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Commission, etc., on sale of lottery tickets.22

194G. (1) Any person who is responsible for paying, on or after the 1st day of October, 1991 to any
person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way
of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding
fifteen thousand rupees shall, at the time of credit of such income to the account of the payee or at the time
of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is
earlier, deduct income-tax thereon at the rate of five per cent.
(2) [***]
(3) [***]
Explanation.—For the purposes of this section, where any income is credited to any account, whether
called "Suspense Account" or by any other name, in the books of account of the person liable to pay such
income, such crediting shall be deemed to be credit of such income to the account of the payee and the
provisions of this section shall apply accordingly.

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Commission or brokerage23.
194H. Any person, not being an individual or a Hindu undivided family, who is responsible for paying, on
or after the 1st day of June, 2001, to a resident, any income by way of commission (not being insurance
commission referred to in section 194D) or brokerage, shall, at the time of credit of such income to the
account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft
or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five per cent :
Provided that no deduction shall be made under this section in a case where the amount of such income
or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be
credited or paid during the financial year to the account of, or to, the payee, does not exceed fifteen
thousand rupees :
Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or
turnover from the business or profession carried on by him exceed one crore rupees in case of business or
fifty lakh rupees in case of profession during the financial year immediately preceding the financial year
in which such commission or brokerage is credited or paid, shall be liable to deduct income-tax under this
section:
Provided also that no deduction shall be made under this section on any commission or brokerage payable
by Bharat Sanchar Nigam Limited or Mahanagar Telephone Nigam Limited to their public call office
franchisees.
Explanation.—For the purposes of this section,—
 (i) "commission or brokerage" includes any payment received or receivable, directly or indirectly, by a
person acting on behalf of another person for services rendered (not being professional services) or
for any services in the course of buying or selling of goods or in relation to any transaction relating
to any asset, valuable article or thing, not being securities;
(ii) the expression "professional services" means services rendered by a person in the course of carrying
on a legal, medical, engineering or architectural profession or the profession of accountancy or
technical consultancy or interior decoration or such other profession as is notified by the Board for
the purposes of section 44AA;
(iii) the expression "securities" shall have the meaning assigned to it in clause (h) of section 2 of the
Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(iv) where any income is credited to any account, whether called "Suspense account" or by any other
name, in the books of account of the person liable to pay such income, such crediting shall be
deemed to be credit of such income to the account of the payee and the provisions of this section
shall apply accordingly.

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Rent.
24194-I. Any person, not being an individual or a Hindu undivided family, who is responsible for paying
to a resident any income by way of rent, shall, at the time of credit of such income to the account of the
payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode,
whichever is earlier, deduct income-tax thereon at the rate of—
 (a) two per cent for the use of any machinery or plant or equipment; and
 (b) ten per cent for the use of any land or building (including factory building) or land appurtenant to a
building (including factory building) or furniture or fittings:
Provided that no deduction shall be made under this section where the amount of such income or, as the
case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid
during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed two
hundred and forty thousand rupees :
Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or
turnover from the business or profession carried on by him exceed one crore rupees in case of business or
fifty lakh rupees in case of profession during the financial year immediately preceding the financial year
in which such income by way of rent is credited or paid, shall be liable to deduct income-tax under this
section :
Provided also that no deduction shall be made under this section where the income by way of rent is
credited or paid to a business trust, being a real estate investment trust, in respect of any real estate asset,
referred to in clause (23FCA) of section 10, owned directly by such business trust.
Explanation.—For the purposes of this section,—
  (i) "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any
other agreement or arrangement for the use of (either separately or together) any,—
  (a) land; or
  (b) building (including factory building); or
  (c) land appurtenant to a building (including factory building); or
  (d) machinery; or
  (e) plant; or
  (f) equipment; or
  (g) furniture; or
  (h) fittings,
whether or not any or all of the above are owned by the payee;
 (ii) where any income is credited to any account, whether called "Suspense account" or by any other
name, in the books of account of the person liable to pay such income, such crediting shall be
deemed to be credit of such income to the account of the payee and the provisions of this section
shall apply accordingly.

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Payment on transfer of certain immovable property other than agricultural land25.

194-IA. (1) Any person, being a transferee, responsible for paying (other than the person referred to in
section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable
property (other than agricultural land), shall, at the time of credit of such sum to the account of the
transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other
mode, whichever is earlier, deduct an amount equal to one per cent of such sum 26[or the stamp duty value
of such property, whichever is higher,] as income-tax thereon.
(2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an
26a[immovable property and the stamp duty value of such property, are both,] less than fifty lakh rupees.

(3) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with
the provisions of this section.
Explanation.—For the purposes of this section,—
 (a) "agricultural land" means agricultural land in India, not being a land situate in any area referred to in
items (a) and (b) of sub-clause (iii) of clause (14) of section 2;
(aa) "consideration for transfer of any immovable property" shall include all charges of the nature of club
membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or
any other charges of similar nature, which are incidental to transfer of the immovable property;
  (b) "immovable property" means any land (other than agricultural land) or any building or part of a
building;
27[(c) "stamp duty value" shall have the same meaning as assigned to it in clause (f) of the Explanation to
clause (vii) of sub-section (2) of section 56.]

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28Payment of rent by certain individuals or Hindu undivided family.

194-IB. (1) Any person, being an individual or a Hindu undivided family (other than those referred to in
the second proviso to section 194-I), responsible for paying to a resident any income by way of rent
exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an
amount equal to five per cent of such income as income-tax thereon.
(2) The income-tax referred to in sub-section (1) shall be deducted on such income at the time of credit of
rent, for the last month of the previous year or the last month of tenancy, if the property is vacated during
the year, as the case may be, to the account of the payee or at the time of payment thereof in cash or by
issue of a cheque or draft or by any other mode, whichever is earlier.
(3) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with
the provisions of this section.
(4) In a case where the tax is required to be deducted as per the provisions of section 206AA 29[***], such
deduction shall not exceed the amount of rent payable for the last month of the previous year or the last
month of the tenancy, as the case may be.
Explanation.—For the purposes of this section, "rent" means any payment, by whatever name called,
under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or
building or both.

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29aPayment under specified agreement.

194-IC. Notwithstanding anything contained in section 194-IA, any person responsible for paying to a
resident any sum by way of consideration, not being consideration in kind, under the agreement referred to
in sub-section (5A) of section 45, shall at the time of credit of such sum to the account of the payee or at
the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is
earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon.

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Fees for professional or technical services.30

194J. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying
to a resident any sum by way of—
 (a) fees for professional services, or
 (b) fees for technical services, or
(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is
deductible under section 192, to a director of a company, or
 (c) royalty, or
 (d) any sum referred to in clause (va) of section 28,
shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in
cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to
two per cent of such sum in case of fees for technical services (not being a professional services), or
royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of
cinematographic films and ten per cent of such sum in other cases, as income-tax on income comprised
therein :
Provided that no deduction shall be made under this section—
 (A) from any sums as aforesaid credited or paid before the 1st day of July, 1995; or
 (B) where the amount of such sum or, as the case may be, the aggregate of the amounts of such sums
credited or paid or likely to be credited or paid during the financial year by the aforesaid person to
the account of, or to, the payee, does not exceed—
   (i) thirty thousand rupees, in the case of fees for professional services referred to in clause (a),
or
  (ii) thirty thousand rupees, in the case of fees for technical services referred to in clause (b), or
 (iii) thirty thousand rupees, in the case of royalty referred to in clause (c), or
 (iv) thirty thousand rupees, in the case of sum referred to in clause (d) :
Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or
turnover from the business or profession carried on by him exceed one crore rupees in case of business or
fifty lakh rupees in case of profession during the financial year immediately preceding the financial year
in which such sum by way of fees for professional services or technical services is credited or paid, shall
be liable to deduct income-tax under this section :
Provided also that no individual or a Hindu undivided family referred to in the second proviso shall be
liable to deduct income-tax on the sum by way of fees for professional services in case such sum is
credited or paid exclusively for personal purposes of such individual or any member of Hindu undivided
family:
Provided also that the provisions of this section shall have effect, as if for the words "ten per cent", the
words "two per cent" had been substituted in the case of a payee, engaged only in the business of
operation of call centre.
(2) [***]
(3) [***]
Explanation.—For the purposes of this section,—
  (a) "professional services" means services rendered by a person in the course of carrying on legal,
medical, engineering or architectural profession or the profession of accountancy or technical
consultancy or interior decoration or advertising or such other profession as is notified by the Board
for the purposes of section 44AA or of this section;

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 (b) "fees for technical services" shall have the same meaning as in Explanation 2 to clause (vii) of sub-
section (1) of section 9;
(ba) "royalty" shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section
9;
 (c) where any sum referred to in sub-section (1) is credited to any account, whether called "suspense
account" or by any other name, in the books of account of the person liable to pay such sum, such
crediting shall be deemed to be credit of such sum to the account of the payee and the provisions of
this section shall apply accordingly.

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Income in respect of units.31

194K. Any person responsible for paying to a resident any income in respect of—
(a) units of a Mutual Fund specified under clause (23D) of section 10; or
(b) units from the Administrator of the specified undertaking; or
(c) units from the specified company,
shall, at the time of credit of such income to the account of the payee or at the time of payment thereof by
any mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent:
Provided that the provisions of this section shall not apply—
(i) where the amount of such income or, as the case may be, the aggregate of the amounts of such
income credited or paid or likely to be credited or paid during the financial year by the person
responsible for making the payment to the account of, or to, the payee does not exceed five thousand
rupees; or
(ii) if the income is of the nature of capital gains.
Explanation 1.—For the purposes of this section,—
(a) "Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of
India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);
(b) "specified company" means a company as referred to in clause (h) of section 2 of the Unit Trust of
India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002);
(c) "specified undertaking" shall have the meaning assigned to it in clause (i) of section 2 of the Unit
Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002).
Explanation 2.—For the removal of doubts, it is hereby clarified that where any income referred to in this
section is credited to any account, whether called "suspense account" or by any other name, in the books
of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such
income to the account of the payee and the provisions of this section shall apply accordingly.

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Payment of compensation on acquisition of capital asset.

194L. [Omitted by the Finance Act, 2016, w.e.f. 1-6-2016.]

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Payment of compensation on acquisition of certain immovable property.32

194LA. Any person responsible for paying to a resident any sum, being in the nature of compensation or
the enhanced compensation or the consi-deration or the enhanced consideration on account of compulsory
acquisition, under any law for the time being in force, of any immovable property (other than agricultural
land), shall, at the time of payment of such sum in cash or by issue of a cheque or draft or by any other
mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon:
Provided that no deduction shall be made under this section where the amount of such payment or, as the
case may be, the aggregate amount of such payments to a resident during the financial year does not
exceed two lakh and fifty thousand rupees:
Provided further that no deduction shall be made under this section where such payment is made in
respect of any award or agreement which has been exempted from levy of income-tax under section 96 of
the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement
Act, 2013 (30 of 2013).
Explanation.—For the purposes of this section,—
(i) "agricultural land" means agricultural land in India including land situate in any area referred to in
items (a) and (b) of sub-clause (iii) of clause (14) of section 2;
(ii) "immovable property" means any land (other than agricultural land) or any building or part of a
building.

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Income by way of interest from infrastructure debt fund33.

194LB. Where any income by way of interest is payable to a non-resident, not being a company, or to a
foreign company, by an infrastructure debt fund referred to in clause (47) of section 10, the person
responsible for making the payment shall, at the time of credit of such income to the account of the payee
or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever
is earlier, deduct income-tax thereon at the rate of five per cent.

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Certain income from units of a business trust34.

194LBA.(1) Where any distributed income referred to in section 115UA, being of the nature referred to in
clause (23FC) or clause (23FCA) of section 10, is payable by a business trust to its unit holder being a
resident, the person responsible for making the payment shall at the time of credit of such payment to the
account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by
any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.
(2) Where any distributed income referred to in section 115UA, being of the nature referred to in clause
(23FC) of section 10, is payable by a business trust to its unit holder, being a non-resident (not being a
company) or a foreign company, the person responsible for making the payment shall at the time of credit
of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a
cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five
per centin case of income of the nature referred to in sub-clause (a) and ten per cent in case of income of
the nature referred to in sub-clause (b), of the said clause.
(2A) Nothing contained in sub-sections (1) and (2) shall apply in respect of income of the nature referred
to in sub-clause (b) of clause (23FC) of section 10, if the special purpose vehicle referred to in the said
clause has not exercised the option under section 115BAA.
(3) Where any distributed income referred to in section 115UA, being of the nature referred to in clause
(23FCA) of section 10, is payable by a business trust to its unit holder, being a non-resident (not being a
company), or a foreign company, the person responsible for making the payment shall at the time of credit
of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a
cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.

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Income in respect of units of investment fund35.

194LBB. Where any income, other than that proportion of income which is of the same nature as income
referred to in clause (23FBB) of section 10, is payable to a unit holder in respect of units of an investment
fund specified in clause (a) of the Explanation 1 to section 115UB, the person responsible for making the
payment shall, at the time of credit of such income to the account of payee or at the time of payment
thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-
tax thereon,—
(i) at the rate of ten per cent, where the payee is a resident;
(ii) at the rates in force, where the payee is a non-resident (not being a company) or a foreign company:
Provided that where the payee is a non-resident (not being a company) or a foreign company, no
deduction shall be made in respect of any income that is not chargeable to tax under the provisions of the
Act.
Explanation.—For the purposes of this section,—
(a) "unit" shall have the meaning assigned to it in clause (c) of the Explanation 1 to section 115UB;
(b) where any income as aforesaid is credited to any account, whether called "suspense account" or by
any other name, in the books of account of the person liable to pay such income, such crediting shall
be deemed to be the credit of such income to the account of the payee, and the provisions of this
section shall apply accordingly.

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Income in respect of investment in securitization trust.36

194LBC. (1) Where any income is payable to an investor, being a resident, in respect of an investment in
a securitisation trust specified in clause (d) of the Explanation occurring after section 115TCA, the person
responsible for making the payment shall, at the time of credit of such income to the account of the payee
or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever
is earlier, deduct income-tax thereon, at the rate of—
(i) twenty-five per cent, if the payee is an individual or a Hindu undivided family;
(ii) thirty per cent, if the payee is any other person.
(2) Where any income is payable to an investor, being a non-resident (not being a company) or a foreign
company, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation
occurring after section 115TCA, the person responsible for making the payment shall, at the time of credit
of such income to the account of the payee or at the time of payment thereof in cash or by issue of a
cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rates in
force.
Explanation.—For the purposes of this section,—
(a) "investor" shall have the meaning assigned to it in clause (a) of the Explanation occurring after
section 115TCA;
(b) where any income as aforesaid is credited to any account, whether called "suspense account" or by
any other name, in the books of account of the person liable to pay such income, such crediting shall
be deemed to be the credit of such income to the account of the payee, and the provisions of this
section shall apply accordingly.

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Income by way of interest from Indian company36a.

194LC. (1) Where any income by way of interest referred to in sub-section (2) is payable to a non-
resident, not being a company or to a foreign company by a specified company or a business trust, the
person responsible for making the payment, shall at the time of credit of such income to the account of the
payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode,
whichever is earlier, deduct the income-tax thereon at the rate of five per cent:
Provided that in case of income by way of interest referred to *clause (ib) of sub-section (2), the income-
tax shall be deducted at the rate of four per cent:
37[Provided further that in case of income by way of interest referred to in clause (ic) of sub-section (2),
the income-tax shall be deducted at the rate of nine per cent.]
(2) The interest referred to in sub-section (1) shall be the income by way of interest payable by the
specified company or the business trust,—
(i) in respect of monies borrowed by it in foreign currency from a source outside India,—
(a) under a loan agreement at any time on or after the 1st day of July, 2012 but before the 1st day
of July, 2023; or
(b) by way of issue of long-term infrastructure bonds at any time on or after the 1st day of July,
2012 but before the 1st day of October, 2014; or
(c) by way of issue of any long-term bond including long-term infrastructure bond at any time on
or after the 1st day of October, 2014 but before the 1st day of July, 2023,
as approved by the Central Government in this behalf; or
(ia) in respect of monies borrowed by it from a source outside India by way of issue of rupee
denominated bond before the 1st day of July, 2023; or
(ib) in respect of monies borrowed by it from a source outside India by way of issue of any long-term
bond or rupee denominated bond on or after the 1st day of April, 2020 but before the 1st day of July,
2023, which is listed only on a recognised stock exchange located in any International Financial
Services Centre, 38[or]
39[(ic)in respect of money borrowed by it from a source outside India by way of issuance of any long-term
bond or rupee denominated bond on or after the 1st day of July, 2023, which is listed only on a
recognised stock exchange located in an International Financial Services Centre; and]
(ii) to the extent to which such interest does not exceed the amount of interest calculated at the rate
approved by the Central Government in this behalf, having regard to the terms of the loan or the
bond and its repayment.
Explanation.—For the purpose of this section—
(a) "foreign currency" shall have the meaning assigned to it in clause (m) of section 2 of the Foreign
Exchange Management Act, 1999 (42 of 1999);
(b) "specified company" means an Indian company;
(c) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of
section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
(d) "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of Explanation 1 to
clause (5) of section 43.

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Income by way of interest on certain bonds and Government securities.40

194LD. (1) Any person who is responsible for paying to a person being a Foreign Institutional Investor or
a Qualified Foreign Investor, any income by way of interest referred to in sub-section (2), shall, at the time
of credit of such income to the account of the payee or at the time of payment of such income in cash or
by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at
the rate of five per cent.
(2) The income by way of interest referred to in sub-section (1) shall be the interest payable,—
(a) on or after the 1st day of June, 2013 but before the 1st day of July, 2023 in respect of the investment
made by the payee in—
(i) a rupee denominated bond of an Indian company; or
(ii) a Government security;
(b) on or after the 1st day of April, 2020 but before the 1st day of July, 2023 in respect of the investment
made by the payee in municipal debt securities:
Provided that the rate of interest in respect of bond referred to in sub-clause (i) of clause (a) shall not
exceed the rate as the Central Government may, by notification in the Official Gazette, specify.
Explanation.—For the purpose of this section,—
(a) "Foreign Institutional Investor" shall have the meaning assigned to it in clause (a) of the Explanation
to section 115AD;
(b) "Government security" shall have the meaning assigned to it in clause (b) of section 2 of the
Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(ba) "municipal debt securities" shall have the meaning assigned to it in clause (m) of sub-regulation (1)
of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt
Securities) Regulations, 2015 made under the Securities and Exchange Board of India Act, 1992 (15
of 1992);
(c) "Qualified Foreign Investor" shall have the meaning assigned to it in the Circular No.
Cir/IMD/DF/14/2011, dated the 9th August, 2011, as amended from time to time, issued by the
Securities and Exchange Board of India, under section 11 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992).

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Payment of certain sums by certain individuals or Hindu undivided family.41

194M. (1) Any person, being an individual or a Hindu undivided family (other than those who are
required to deduct income-tax as per the provisions of section 194C, section 194H or section 194J)
responsible for paying any sum to any resident for carrying out any work (including supply of labour for
carrying out any work) in pursuance of a contract, by way of commission (not being insurance
commission referred to in section 194D) or brokerage or by way of fees for professional services during
the financial year, shall, at the time of credit of such sum or at the time of payment of such sum in cash or
by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to five
per cent of such sum as income-tax thereon:
Provided that no such deduction under this section shall be made if such sum or, as the case may be,
aggregate of such sums, credited or paid to a resident during a financial year does not exceed fifty lakh
rupees.
(2) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with
the provisions of this section.
Explanation.—For the purposes of this section,—
(a) "contract" shall have the meaning assigned to it in clause (iii) of the Explanation to section 194C;
(b) "commission or brokerage" shall have the meaning assigned to it in clause (i) of the Explanation to
section 194H;
(c) "professional services" shall have the meaning assigned to it in clause (a) of the Explanation to
section 194J;
(d) "work" shall have the meaning assigned to it in clause (iv) of the Explanation to section 194C.

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Payment of certain amounts in cash.42

194N. Every person, being,—
(i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any
bank or banking institution referred to in section 51 of that Act);
(ii) a co-operative society engaged in carrying on the business of banking; or
(iii) a post office,
who is responsible for paying any sum, being the amount or the aggregate of amounts, as the case may be,
in cash exceeding one crore rupees during the previous year, to any person (herein referred to as the
recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of
such sum, deduct an amount equal to two per cent of such sum, as income-tax:
Provided that in case of a recipient who has not filed the returns of income for all of the three assessment
years relevant to the three previous years, for which the time limit of* file return of income under sub-
section (1) of section 139 has expired, immediately preceding the previous year in which the payment of
the sum is made to him, the provision of this section shall apply with the modification that—
(i) the sum shall be the amount or the aggregate of amounts, as the case may be, in cash exceeding
twenty lakh rupees during the previous year; and
(ii) the deduction shall be—
(a) an amount equal to two per cent of the sum where the amount or aggregate of amounts, as the
case may be, being paid in cash exceeds twenty lakh rupees during the previous year but does
not exceed one crore rupees; or
(b) an amount equal to five per cent of the sum where the amount or aggregate of amounts, as the
case may be, being paid in cash exceeds one crore rupees during the previous year:
Provided further that the Central Government may specify in consultation with the Reserve Bank of
India, by notification in the Official Gazette, the recipient in whose case the first proviso shall not apply or
apply at reduced rate, if such recipient satisfies the conditions specified in such notification:
43[Provided also that where the recipient is a co-operative society, the provisions of this section shall
have effect, as if for the words "one crore rupees", the words "three crore rupees" had been substituted:]
Provided also that nothing contained in this section shall apply to any payment made to—
(i) the Government;
(ii) any banking company or co-operative society engaged in carrying on the business of banking or a
post office;
(iii) any business correspondent of a banking company or co-operative society engaged in carrying on
the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank
of India under the Reserve Bank of India Act, 1934 (2 of 1934);
(iv) any white label automated teller machine operator of a banking company or co-operative society
engaged in carrying on the business of banking, in accordance with the authorisation issued by the
Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007):
Provided also that the Central Government may specify in consultation with the Reserve Bank of India,
by notification in the Official Gazette, the recipient in whose case the provision of this section shall not
apply or apply at reduced rate, if such recipient satisfies the conditions specified in such notification.

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Payment of certain sums by e-commerce operator to e-commerce participant.44

194-O. (1) Notwithstanding anything to the contrary contained in any of the provisions of Part B of this
Chapter, where sale of goods or provision of services of an e-commerce participant is facilitated by an e-
commerce operator through its digital or electronic facility or platform (by whatever name called), such e-
commerce operator shall, at the time of credit of amount of sale or services or both to the account of an e-
commerce participant or at the time of payment thereof to such e-commerce participant by any mode,
whichever is earlier, deduct income-tax at the rate of one per cent of the gross amount of such sales or
services or both.
Explanation.—For the purposes of this sub-section, any payment made by a purchaser of goods or
recipient of services directly to an e-commerce participant for the sale of goods or provision of services or
both, facilitated by an e-commerce operator, shall be deemed to be the amount credited or paid by the e-
commerce operator to the e-commerce participant and shall be included in the gross amount of such sale
or services for the purpose of deduction of income-tax under this sub-section.
(2) No deduction under sub-section (1) shall be made from any sum credited or paid or likely to be
credited or paid during the previous year to the account of an e-commerce participant, being an individual
or Hindu undivided family, where the gross amount of such sale or services or both during the previous
year does not exceed five lakh rupees and such e-commerce participant has furnished his Permanent
Account Number or Aadhaar number to the e-commerce operator.
(3) Notwithstanding anything contained in Part B of this Chapter, a transaction in respect of which tax has
been deducted by the e-commerce operator under sub-section (1), or which is not liable to deduction under
sub-section (2), shall not be liable to tax deduction at source under any other provision of this Chapter:
Provided that the provisions of this sub-section shall not apply to any amount or aggregate of amounts
received or receivable by an e-commerce operator for hosting advertisements or providing any other
services which are not in connection with the sale or services referred to in sub-section (1).
(4) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the
approval of the Central Government, issue guidelines for the purpose of removing the difficulty.
(5) Every guideline issued by the Board under sub-section (4) shall be laid before each House of
Parliament, and shall be binding on the income-tax authorities and on the e-commerce operator.
(6) For the purposes of this section, e-commerce operator shall be deemed to be the person responsible for
paying to e-commerce participant.
Explanation.—For the purposes of this section,—
(a) "electronic commerce" means the supply of goods or services or both, including digital products,
over digital or electronic network;
(b) "e-commerce operator" means a person who owns, operates or manages digital or electronic facility
or platform for electronic commerce;
(c) "e-commerce participant" means a person resident in India selling goods or providing services or
both, including digital products, through digital or electronic facility or platform for electronic
commerce;
(d) "services" includes "fees for technical services" and fees for "professional services", as defined in the
Explanation to section 194J.

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44a [Deduction of tax in case of specified senior citizen.45

194P. (1) Notwithstanding anything contained in the provisions of Chapter XVII-B, in case of a specified
senior citizen, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A
and rebate allowable under section 87A, compute the total income of such specified senior citizen for the
relevant assessment year and deduct income-tax on such total income on the basis of the rates in force.
(2) The provisions of section 139 shall not apply to a specified senior citizen for the assessment year
relevant to the previous year in which the tax has been deducted under sub-section (1).
Explanation.—For the purposes of this section,—
(a) "specified bank" means a banking company as the Central Government may, by notification in
Official Gazette, specify;
(b) "specified senior citizen" means an individual, being a resident in India—
(i) who is of the age of seventy-five years or more at any time during the previous year;
(ii) who is having income of the nature of pension and no other income except the income of the
nature of interest received or receivable from any account maintained by such individual in
the same specified bank in which he is receiving his pension income; and
(iii) has furnished a declaration to the specified bank containing such particulars, in such form and
verified in such manner, as may be prescribed.]

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45a [Deduction of tax at source on payment of certain sum for purchase of goods.46
194Q. (1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in
this section referred to as the seller) for purchase of any goods of the value or aggregate of such value
exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of
the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to
0.1 per cent of such sum exceeding fifty lakh rupees as income-tax.
Explanation.—For the purposes of this sub-section, "buyer" means a person whose total sales, gross
receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year
immediately preceding the financial year in which the purchase of goods is carried out, not being a person,
as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to
such conditions as may be specified therein.
(2) Where any sum referred to in sub-section (1) is credited to any account, whether called "suspense
account" or by any other name, in the books of account of the person liable to pay such income, such
credit of income shall be deemed to be the credit of such income to the account of the payee and the
provisions of this section shall apply accordingly.
(3) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the
previous approval of the Central Government, issue guidelines for the purpose of removing the difficulty.
(4) Every guideline issued by the Board under sub-section (3) shall, as soon as may be after it is issued, be
laid before each House of Parliament, and shall be binding on the income-tax authorities and the person
liable to deduct tax.
(5) The provisions of this section shall not apply to a transaction on which—
(a) tax is deductible under any of the provisions of this Act; and
(b) tax is collectible under the provisions of section 206C other than a transaction to which sub-section
(1H) of section 206C applies.]

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47 [Deduction of tax on benefit or perquisite in respect of business or profession.48

194R. (1) Any person responsible for providing to a resident, any benefit or perquisite, whether
convertible into money or not, arising from business or the exercise of a profession, by such resident,
shall, before providing such benefit or perquisite, as the case may be, to such resident, ensure that tax has
been deducted in respect of such benefit or perquisite at the rate of ten per cent of the value or aggregate
of value of such benefit or perquisite:
Provided that in a case where the benefit or perquisite, as the case may be, is wholly in kind or partly in
cash and partly in kind but such part in cash is not sufficient to meet the liability of deduction of tax in
respect of whole of such benefit or perquisite, the person responsible for providing such benefit or
perquisite shall, before releasing the benefit or perquisite, ensure that tax required to be deducted has been
paid in respect of the benefit or perquisite:
Provided further that the provisions of this section shall not apply in case of a resident where the value or
aggregate of value of the benefit or perquisite provided or likely to be provided to such resident during the
financial year does not exceed twenty thousand rupees:
Provided also that the provisions of this section shall not apply to a person being an individual or a Hindu
undivided family, whose total sales, gross receipts or turnover does not exceed one crore rupees in case of
business or fifty lakh rupees in case of profession, during the financial year immediately preceding the
financial year in which such benefit or perquisite, as the case may be, is provided by such person.
(2) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the
previous approval of the Central Government, issue guidelines for the purpose of removing the difficulty.
(3) Every guideline issued by the Board under sub-section (2) shall, as soon as may be after it is issued, be
laid before each House of Parliament, and shall be binding on the income-tax authorities and on the person
providing any such benefit or perquisite.
Explanation 49[1].—For the purposes of this section, the expression "person responsible for providing"
means the person providing such benefit or perquisite, or in case of a company, the company itself
including the principal officer thereof.]
49[Explanation 2. — For the removal of doubts, it is clarified that the provisions of sub-section (1) shall
apply to any benefit or perquisite, whether in cash or in kind or partly in cash and partly in kind.]

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50 [Payment on transfer of virtual digital asset.51

194S. (1) Any person responsible for paying to any resident any sum by way of consideration for transfer
of a virtual digital asset, shall, at the time of credit of such sum to the account of the resident or at the time
of payment of such sum by any mode, whichever is earlier, deduct an amount equal to one per cent of such
sum as income-tax thereon:
Provided that in a case where the consideration for transfer of virtual digital asset is—
(a) wholly in kind or in exchange of another virtual digital asset, where there is no part in cash; or
(b) partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction
of tax in respect of whole of such transfer,
the person responsible for paying such consideration shall, before releasing the consideration, ensure that
tax required to be deducted has been paid in respect of such consideration for the transfer of virtual digital
asset.
(2)The provisions of sections 203A and 206AB shall not apply to a specified person.
(3) Notwithstanding anything contained in sub-section (1), no tax shall be deducted in a case, where—
(a) the consideration is payable by a specified person and the value or aggregate value of such
consideration does not exceed fifty thousand rupees during the financial year; or
(b) the consideration is payable by any person other than a specified person and the value or aggregate
value of such consideration does not exceed ten thousand rupees during the financial year.
(4) Notwithstanding anything contained in section 194-O, in case of a transaction to which the provisions
of the said section are also applicable along with the provisions of this section, then, tax shall be deducted
under sub-section (1).
(5) Where any sum referred to in sub-section (1) is credited to any account, whether called "Suspense
Account" or by any other name, in the books of account of the person liable to pay such sum, such credit
of the sum shall be deemed to be the credit of such sum to the account of the payee and the provisions of
this section shall apply accordingly.
(6) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the prior
approval of the Central Government, issue guidelines for the purposes of removing the difficulty.
(7) Every guideline issued by the Board under sub-section (6) shall be laid before each House of
Parliament, and shall be binding on the income-tax authorities and on the person responsible for paying
the consideration on transfer of such virtual digital asset.
Explanation.—For the purposes of this section "specified person" means a person,—
(a) being an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from
the business carried on by him or profession exercised by him does not exceed one crore rupees in
case of business or fifty lakh rupees in case of profession, during the financial year immediately
preceding the financial year in which such virtual digital asset is transferred;
(b) being an individual or a Hindu undivided family, not having any income under the head "Profits and
gains of business or profession".]

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Other sums.
195. (1) 52Any person responsible for paying to a non-resident, not being a company, or to a foreign
company, any interest (not being interest referred to in section 194LB or section 194LC) or section 194LD
or any other sum chargeable under the provisions of this Act (not being income chargeable under the head
"Salaries" ) shall, at the time of credit of such income to the account of the payee or at the time of payment
thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct
income-tax thereon at the rates in force:
Provided that in the case of interest payable by the Government or a public sector bank within the
meaning of clause (23D) of section 10 or a public financial institution within the meaning of that clause,
deduction of tax shall be made only at the time of payment thereof in cash or by the issue of a cheque or
draft or by any other mode.
Explanation 1.—For the purposes of this section, where any interest or other sum as aforesaid is credited
to any account, whether called "Interest payable account" or "Suspense account" or by any other name, in
the books of account of the person liable to pay such income, such crediting shall be deemed to be credit
of such income to the account of the payee and the provisions of this section shall apply accordingly.
Explanation 2.—For the removal of doubts, it is hereby clarified that the obligation to comply with sub-
section (1) and to make deduction thereunder applies and shall be deemed to have always applied and
extends and shall be deemed to have always extended to all persons, resident or non-resident, whether or
not the non-resident person has—
(i) a residence or place of business or business connection in India; or
(ii) any other presence in any manner whatsoever in India.
(2) Where the person responsible for paying any such sum chargeable under this Act (other than salary) to
a non-resident considers that the whole of such sum would not be income chargeable in the case of the
recipient, he may make an application in such form and manner to the Assessing Officer, to determine in
such manner, as may be prescribed, the appropriate proportion of such sum so chargeable, and upon such
determination, tax shall be deducted under sub-section (1) only on that proportion of the sum which is so
chargeable.
(3) Subject to rules53 made under sub-section (5), any person entitled to receive any interest or other sum
on which income-tax has to be deducted under sub-section (1) may make an application in the prescribed
form to the Assessing Officer for the grant of a certificate authorising him to receive such interest or other
sum without deduction of tax under that sub-section, and where any such certificate is granted, every
person responsible for paying such interest or other sum to the person to whom such certificate is granted
shall, so long as the certificate is in force, make payment of such interest or other sum without deducting
tax thereon under sub-section (1).
(4) A certificate granted under sub-section (3) shall remain in force till the expiry of the period specified
therein or, if it is cancelled by the Assessing Officer before the expiry of such period, till such
cancellation.
(5) The Board may, having regard to the convenience of assessees and the interests of revenue, by
notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under
which, an application may be made for the grant of a certificate under sub-section (3) and the conditions
subject to which such certificate may be granted and providing for all other matters connected therewith.
(6) The person responsible for paying to a non-resident, not being a company, or to a foreign company,
any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating
to payment of such sum, in such form and manner, as may be prescribed. 54
(7) Notwithstanding anything contained in sub-section (1) and sub-section (2), the Board may, by
notification in the Official Gazette, specify a class of persons or cases, where the person responsible for
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paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not
chargeable under the provisions of this Act, shall make an application in such form and manner to the
Assessing Officer, to determine in such manner, as may be prescribed, the appropriate proportion of sum
chargeable, and upon such determination, tax shall be deducted under sub-section (1) on that proportion of
the sum which is so chargeable.

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Income payable "net of tax".

195A. In a case other than that referred to in sub-section (1A) of section 192, where under an agreement or
other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this
Chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction
of tax under those provisions such income shall be increased to such amount as would, after deduction of
tax thereon at the rates in force for the financial year in which such income is payable, be equal to the net
amount payable under such agreement or arrangement.

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Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations.
196. Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax
shall be made by any person from any sums payable to—
  (i) the Government, or
 (ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in
force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned
by it or in which it has full beneficial interest, or any other income accruing or arising to it.

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Income in respect of units of non-residents.55

196A. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign
company, any income in respect of units of a Mutual Fund specified under clause (23D) of section 10 or
from the specified company referred to in the Explanation to clause (35) of section 10 shall, at the time of
credit of such income to the account of the payee or at the time of payment thereof by any mode,
whichever is earlier, deduct income-tax thereon at the rate of twenty per cent:
56[Provided that where an agreement referred to in sub-section (1) of section 90 or sub-section (1) of
section 90A applies to the payee and if the payee has furnished a certificate referred to in sub-section (4)
of section 90 or sub-section (4) of section 90A, as the case may be, then, income-tax thereon shall be
deducted at the rate of twenty per cent or at the rate or rates of income-tax provided in such agreement for
such income, whichever is lower.]
(2) Notwithstanding anything contained in sub-section (1), no deduction of tax shall be made from any
income payable in respect of units of the Unit Trust of India to a non-resident Indian or a non-resident
Hindu undivided family, where the units have been acquired from the Unit Trust of India out of the funds
in a Non-resident (External) Account maintained with any bank in India or by remittance of funds in
foreign currency, in accordance, in either case, with the provisions of the Foreign Exchange Management
Act, 1999 (42 of 1999), and the rules made thereunder.
Explanation.—For the purposes of this section—
(a) "foreign currency" shall have the meaning assigned to it in the Foreign Exchange Management Act,
1999 (42 of 1999);
(b) "non-resident Indian" shall have the meaning assigned to it in clause (e) of section 115C;
(c) "Unit Trust of India" means the Unit Trust of India established under the Unit Trust of India Act,
1963 (52 of 1963);
(d) where any income as aforesaid is credited to any account, whether called "Suspense account" or by
any other name, in the books of account of the person liable to pay such income, such crediting shall
be deemed to be credit of such income to the account of the payee and the provisions of this section
shall apply accordingly.

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Income from units.57

196B. Where any income in respect of units referred to in section 115AB or by way of long-term capital
gains arising from the transfer of such units is payable to an Offshore Fund, the person responsible for
making the payment shall, at the time of credit of such income to the account of the payee or at the time of
payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,
deduct income-tax thereon at the rate of ten per cent.

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Income from foreign currency bonds or shares of Indian company.57

196C. Where any income by way of interest or dividends in respect of bonds or Global Depository
Receipts referred to in section 115AC or by way of long-term capital gains arising from the transfer of
such bonds or Global Depository Receipts is payable to a non-resident, the person responsible for making
the payment shall, at the time of credit of such income to the account of the payee or at the time of
payment thereof by any mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.

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Income of Foreign Institutional Investors from securities.58

196D. (1) Where any income in respect of securities referred to in clause (a) of sub-section (1) of section
115AD, not being income by way of interest referred to in section 194LD, is payable to a Foreign
Institutional Investor, the person responsible for making the payment shall, at the time of credit of such
income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier,
deduct income-tax thereon at the rate of twenty per cent:
59 [Provided that where an agreement referred to in sub-section (1) of section 90 or sub-section (1) of
section 90A applies to the payee and if the payee has furnished a certificate referred to in sub-section (4)
of section 90 or sub-section (4) of section 90A, as the case may be, then, income-tax thereon shall be
deducted at the rate of twenty per cent or at the rate or rates of income-tax provided in such agreement for
such income, whichever is lower.]
(1A) Where any income in respect of securities referred to in clause (a) of sub-section (1) of section
115AD, not being income by way of interest referred to in section 194LD, is payable to a specified fund
[referred to in clause (c) of the Explanation to clause (4D) of section 10], the person responsible for
making the payment shall, at the time of credit of such income to the account of the payee, or at the time
of payment thereof by any mode, whichever is earlier, deduct the income-tax thereon at the rate of ten per
cent:
Provided that no deduction shall be made in respect of an income exempt under clause (4D) of section 10.
(2) No deduction of tax shall be made from any income, by way of capital gains arising from the transfer
of securities referred to in section 115AD, payable to a Foreign Institutional Investor.

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Certificate for deduction at lower rate.

197. 59a (1) Subject to rules made under sub-section (2A), where, in the case of any income of any person
or sum payable to any person, income-tax is required to be deducted at the time of credit or, as the case
may be, at the time of payment at the rates in force under the provisions of sections 192, 193, 194, 194A,
194C, 194D, 194G, 194H, 194-I, 194J, 194K, 194LA, 60[194LBA], 194LBB, 194LBC, 194M, 194-O and
195, the Assessing Officer is satisfied that the total income of the recipient justifies the deduction of
income-tax at any lower rates or no deduction of income-tax, as the case may be, the Assessing Officer
shall, on an application made by the assessee in this behalf, give to him such certificate as may be
appropriate.
(2) Where any such certificate is given, the person responsible for paying the income shall, until such
certificate is cancelled by the Assessing Officer, deduct income-tax at the rates specified in such certificate
or deduct no tax, as the case may be.
(2A) The Board may, having regard to the convenience of assessees and the interests of revenue, by
notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under
which, an application may be made for the grant of a certificate under sub-section (1) and the conditions
subject to which such certificate may be granted and providing for all other matters connected therewith.
(3) [***]

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BB.—Collection at source
Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.76
206C. 77 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer
to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the
issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods
of the nature specified in column (2) of the Table below, a sum equal to the percentage, specified in the
corresponding entry in column (3) of the said Table, of such amount as income-tax:
TABLE
Sl. No. Nature of goods Percentage
(1) (2) (3)
(i) Alcoholic Liquor for human consumption One per cent
(ii) Tendu leaves Five per cent
(iii) Timber obtained under a forest lease Two and one-half per cent
(iv) Timber obtained by any mode other Two and one-half per cent than under a forest lease
(v) Any other forest produce not being Two and one-half per cent timber or tendu leaves
(vi) Scrap One per cent
(vii) Minerals, being coal or lignite or iron ore One per cent:
Provided that every person, being a seller shall at the time, during the period beginning on the 1st day of
June, 2003 and ending on the day immediately preceding the date on which the Taxation Laws
(Amendment) Act, 2003 comes into force, of debiting of the amount payable by the buyer to the account
of the buyer or of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or
by any other mode, whichever is earlier, collect from the buyer of any goods of the nature specified in
column (2) of the Table as it stood immediately before the 1st day of June, 2003, a sum equal to the
percentage, specified in the corresponding entry in column (3) of the said Table, of such amount as
income-tax in accordance with the provisions of this section as they stood immediately before the 1st day
of June, 2003.
(1A) Notwithstanding anything contained in sub-section (1), no collection of tax shall be made in the case
of a buyer, who is resident in India, if such buyer furnishes to the person responsible for collecting tax, a
declaration in writing in duplicate in the prescribed form78 and verified in the prescribed manner to the
effect that the goods referred to in column (2) of the aforesaid Table are to be utilised for the purposes of
manufacturing, processing or producing articles or things or for the purposes of generation of power and
not for trading purposes.
(1B) The person responsible for collecting tax under this section shall deliver or cause to be delivered to
the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner
one copy of the declaration referred to in sub-section (1A) on or before the seventh day of the month next
following the month in which the declaration is furnished to him.
(1C) Every person, who grants a lease or a licence or enters into a contract or otherwise transfers any right
or interest either in whole or in part in any parking lot or toll plaza or mine or quarry, to another person,
other than a public sector company (hereafter in this section referred to as "licensee or lessee") for the use
of such parking lot or toll plaza or mine or quarry for the purpose of business shall, at the time of debiting
of the amount payable by the licensee or lessee to the account of the licensee or lessee or at the time of
receipt of such amount from the licensee or lessee in cash or by the issue of a cheque or draft or by any
other mode, whichever is earlier, collect from the licensee or lessee of any such licence, contract or lease
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of the nature specified in column (2) of the Table below, a sum equal to the percentage, specified in the
corresponding entry in column (3) of the said Table, of such amount as income-tax:
Table
Sl. No. Nature of contract or licence or lease, etc. Percentage
(1) (2) (3)
(i) Parking lot Two per cent
(ii) Toll plaza Two per cent
(iii) Mining and quarrying Two per cent.
Explanation 1.—For the purposes of this sub-section, "mining and quarrying" shall not include mining
and quarrying of mineral oil.
Explanation 2.—For the purposes of Explanation 1, "mineral oil" includes petroleum and natural gas.
(1D) [***]
(1E) [***]
(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of
the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a
sum equal to one per cent of the sale consideration as income-tax.
(1G) Every person,—
(a) being an authorised dealer, who receives an amount, for remittance 79[***] from a buyer, being a
person remitting such amount 79[***] under the Liberalised Remittance Scheme of the Reserve
Bank of India;
(b) being a seller of an overseas tour program package, who receives any amount from a buyer, being the
person who purchases such package,
shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount
from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to 80[twenty]
per cent of such amount as income-tax:
Provided that the authorised dealer shall not collect the sum, if the amount or aggregate of the amounts
being remitted by a buyer is less than seven lakh rupees in a financial year 81[and is for the purposes of
education or medical treatment]:
Provided further that the sum to be collected by an authorised dealer from the buyer shall be equal to
five per cent of the amount or aggregate of the amounts in excess of seven lakh rupees remitted by the
buyer in a financial year, where the amount being remitted 82[is for the purposes of education or medical
treatment]:
Provided also that the authorised dealer shall collect a sum equal to one half per cent of the amount or
aggregate of the amounts in excess of seven lakh rupees remitted by the buyer in a financial year, if the
amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for
the purpose of pursuing any education:
Provided also that the authorised dealer shall not collect the sum on an amount in respect of which the
sum has been collected by the seller:
Provided also that the provisions of this sub-section shall not apply, if the buyer is,—
(i) liable to deduct tax at source under any other provision of this Act and has deducted such amount;
(ii) the Central Government, a State Government, an embassy, a High Commission, a legation, a
commission, a consulate, the trade representation of a foreign State, a local authority as defined in
the Explanation to clause (20) of section 10 or any other person as the Central Government may, by
notification in the Official Gazette, specify for this purpose, subject to such conditions as may be
specified therein.
Explanation.—For the purposes of this sub-section,—
(i) "authorised dealer" means a person authorised by the Reserve Bank of India under sub-section (1) of
section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999) to deal in foreign exchange
or foreign security;

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(ii) "overseas tour programme package" means any tour package which offers visit to a country or
countries or territory or territories outside India and includes expenses for travel or hotel stay or
boarding or lodging or any other expenditure of similar nature or in relation thereto.
(1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the
value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods
being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G)
shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent of the sale
consideration exceeding fifty lakh rupees as income-tax:
Provided that if the buyer has not provided the Permanent Account Number or the Aadhaar number to the
seller, then the provisions of clause (ii) of sub-section (1) of section 206CC shall be read as if for the
words "five per cent", the words "one per cent" had been substituted:
Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax
at source under any other provision of this Act on the goods purchased by him from the seller and has
deducted such amount.
Explanation.—For the purposes of this sub-section,—
(a) "buyer" means a person who purchases any goods, but does not include,—
(A) the Central Government, a State Government, an embassy, a High Commission, legation,
commission, consulate and the trade representation of a foreign State; or
(B) a local authority as defined in the Explanation to clause (20) of section 10; or
(C) a person importing goods into India or any other person as the Central Government may, by
notification in the Official Gazette, specify for this purpose, subject to such conditions as
may be specified therein;
(b) "seller" means a person whose total sales, gross receipts or turnover from the business carried on by
him exceed ten crore rupees during the financial year immediately preceding the financial year in
which the sale of goods is carried out, not being a person as the Central Government may, by
notification in the Official Gazette, specify for this purpose, subject to such conditions as may be
specified therein.
(1-I) If any difficulty arises in giving effect to the provisions of sub-section (1G) or sub-section (1H), the
Board may, with the approval of the Central Government, issue guidelines for the purpose of removing the
difficulty.
(1J) Every guideline issued by the Board under sub-section (1-I) shall be laid before each House of
Parliament, and shall be binding on the income-tax authorities and on the person liable to collect the sum.
(2) The power to recover tax by collection under this section shall be without prejudice to any other mode
of recovery.
(3) Any person collecting any amount under this section shall pay within 82athe prescribed time the
amount so collected to the credit of the Central Government or as the Board directs :
Provided that the person collecting tax on or after the 1st day of April, 2005 in accordance with the
foregoing provisions of this section shall, after paying the tax collected to the credit of the Central
Government within the prescribed time, prepare such statements for such period as may be prescribed and
deliver or cause to be delivered to the prescribed income-tax authority83, or the person authorised by such
authority, such statement in such form and verified in such manner and setting forth such particulars and
within such time as may be prescribed. 84
(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-
section (1C) has been paid to the credit of the Central Government without the production of a challan, the
Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or any
other person, by whatever name called, who is responsible for crediting such tax to the credit of the
Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the
person authorised by such authority, a statement in such form, verified in such manner, setting forth such
particulars and within such time as may be prescribed.
(3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority
under the said proviso, a correction statement for rectification of any mistake or to add, delete or update
the information furnished in the statement delivered under the said proviso in such form and verified in
such manner, as may be specified by the authority.

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(4) Any amount collected in accordance with the provisions of this section and paid to the credit of the
Central Government shall be deemed to be a payment of tax on behalf of the person from whom the
amount has been collected and credit shall be given to such person for the amount so collected in a
particular assessment year in accordance with the rules84a as may be prescribed by the Board from time to
time.
(5) Every person collecting tax in accordance with the provisions of this section shall within such period
as may be prescribed84b from the time of debit or receipt of the amount furnish to the buyer or licensee or
lessee to whose account such amount is debited or from whom such payment is received, a certificate to
the effect that tax has been collected, and specifying the sum so collected, the rate at which the tax has
been collected and such other particulars as may be prescribed84b :
*Provided that the prescribed income-tax authority or the person authorised by such authority referred to
in sub-section (3) shall, within the prescribed time after the end of each financial year beginning on or
after the 1st day of April, 2008, prepare and deliver to the buyer referred to in sub-section (1) or, as the
case may be, to the licensee or lessee referred to in sub-section (1C), a statement in the prescribed form
specifying the amount of tax collected and such other particulars as may be prescribed.
(5A) Every person collecting tax before the 1st day of April, 2005 in accordance with the provisions of
this section shall prepare within the prescribed time after the end of each financial year, and deliver or
cause to be delivered to the prescribed income-tax authority or such other authority or agency as may be
prescribed such returns in such form and verified in such manner and setting forth such particulars and
within such time as may be prescribed :
Provided that the Board may, if it considers necessary or expedient so to do, frame a scheme for the
purposes of filing such returns with such other authority or agency referred to in this sub-section.
(5B) Without prejudice to the provisions of sub-section (5A), any person collecting tax, other than in a
case where the seller is a company, the Central Government or a State Government, may at his option,
deliver or cause to be delivered such return to the prescribed income-tax authority in accordance with such
scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject
to such conditions as may be specified therein, on or before the prescribed time after the end of each
financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable
media (hereinafter referred to as the computer media) and in the manner as may be specified in that
scheme:
Provided that where the person collecting tax is a company or the Central Govern-ment or a State
Government, such person shall, in accordance with the provisions of this section, deliver or cause to be
delivered, within the prescribed time after the end of each financial year, such returns on computer media
under the said scheme.
(5C)Notwithstanding anything contained in any other law for the time being in force, a return filed on
computer media shall be deemed to be a return for the purposes of sub-section (5A) and the rules made
thereunder and shall be admissible in any proceedings made thereunder, without further proof of
production of the original, as evidence of any contents of the original or of any facts stated therein.
(5D)Where the Assessing Officer considers that the return delivered or caused to be delivered under sub-
section (5B) is defective, he may intimate the defect to the person collecting tax and give him an
opportunity of rectifying the defect within a period of fifteen days from the date of such intimation or
within such further period which, on an application made in this behalf, the Assessing Officer may, in his
discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may
be, the further period so allowed, then, notwithstanding anything contained in any other provision of this
Act, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such
person had failed to deliver the return.
(6) Any person responsible for collecting the tax who fails to collect the tax in accordance with the
provisions of this section, shall, notwithstanding such failure, be liable to pay the tax to the credit of the
Central Government in accordance with the provisions of sub-section (3).
(6A) If any person responsible for collecting tax in accordance with the provisions of this section does not
collect the whole or any part of the tax or after collecting, fails to pay the tax as required by or under this
Act, he shall, without prejudice to any other consequences which he may incur, be deemed to be an
assessee in default in respect of the tax:
Provided that any person responsible for collecting tax in accordance with the provisions of sub-section
(1) and sub-section (1C), who fails to collect the whole or any part of the tax on the amount received from
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a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee
shall not be deemed to be an assessee in default in respect of such tax if such buyer or licensee or lessee—
(i) has furnished his return of income under section 139;
(ii) has taken into account such amount for computing income in such return of income; and
(iii) has paid the tax due on the income declared by him in such return of income,
and the person furnishes a certificate to this effect from an accountant in such form as may be
prescribed85:
Provided further that no penalty shall be charged under section 221 from such person unless the
Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and
pay the tax.
(7) Without prejudice to the provisions of sub-section (6), if the person responsible for collecting tax does
not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable
to pay simple interest at the rate of one per cent per month or part thereof on the amount of such tax from
the date on which such tax was collectible to the date on which the tax was actually paid and such interest
shall be paid before furnishing the quarterly statement for each quarter in accordance with the provisions
of sub-section (3):
Provided that in case any person responsible for collecting tax in accordance with the provisions of this
section, fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or
lessee or on the amount debited to the account of the buyer or licensee or lessee but is not deemed to be an
assessee in default under the first proviso of sub-section (6A), the interest shall be payable from the date
on which such tax was collectible to the date of furnishing of return of income by such buyer or licensee
or lessee:
86 [Provided further that where an order is made by the Assessing Officer for the default under sub-
section (6A), the interest shall be paid by the person in accordance with such order.]
(8) Where the tax has not been paid as aforesaid, after it is collected, the amount of the tax together with
the amount of simple interest thereon referred to in sub-section (7) shall be a charge upon all the assets of
the person responsible for collecting tax.
(9) Where the Assessing Officer is satisfied that the total income of the buyer or licensee or lessee justifies
the collection of the tax at any lower rate than the relevant rate specified in sub-section (1) or sub-section
(1C), the Assessing Officer shall, on an application87 made by the buyer or licensee or lessee in this
behalf, give to him a certificate for collection of tax at such lower rate than the relevant rate specified in
sub-section (1) or sub-section (1C).
(10) Where a certificate under sub-section (9) is given, the person responsible for collecting the tax shall,
until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such
certificate.
(10A) In case the provisions of sub-section (1) [except the goods referred at serial number (i) in the
TABLE], (1C), (1F) or (1H) require collection of tax at source during the period commencing from the
14th day of May, 2020 to the 31st day of March, 2021, then, notwithstanding anything contained in these
sub-sections the collection of tax shall be made at the rate being the three-fourth of the rate specified in
these sub-sections.
(11) The Board may, having regard to the convenience of assessees and the interests of revenue, by
notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under
which, an application may be made for the grant of a certificate under sub-section (9) and the conditions
subject to which such certificate may be granted and providing for all other matters connected therewith.
Explanation.—For the purposes of this section,—
(a) "accountant" shall have the meaning assigned to it in the Explanation to sub-section (2) of section
288;
(aa) "buyer" with respect to—
(i) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other
mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any
such goods but does not include,—
(A) a public sector company, the Central Government, a State Government, and an embassy,
a High Commission, legation, commission, consulate and the trade representation, of a
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19/05/2023, 18:57 Income Tax Department

foreign State and a club; or

(B) a buyer in the retail sale of such goods purchased by him for personal consumption;
(ii) [***]
(iii) sub-section (1F) means a person who obtains in any sale, goods of the nature specified in the
said sub-section, but does not include,—
(A) the Central Government, a State Government and an embassy, a High Commission,
legation, commission, consulate and the trade representation of a foreign State; or
(B) a local authority as defined in Explanation to clause (20) of section 10; or
(C) a public sector company which is engaged in the business of carrying passengers.
(ab) [***]
(b) "scrap" means waste and scrap from the manufacture or mechanical working of materials which is
definitely not usable as such because of breakage, cutting up, wear and other reasons;
(c) "seller" with respect to sub-section (1) and sub-section (1F) means the Central Government, a State
Government or any local authority or corporation or authority established by or under a Central,
State or Provincial Act, or any company or firm or co-operative society and also includes an
individual or a Hindu undivided family whose total sales, gross receipts or turnover from the
business or profession carried on by him exceed one crore rupees in case of business or fifty lakh
rupees in case of profession during the financial year immediately preceding the financial year in
which the goods of the nature specified in the Table in sub-section (1) 88 are sold.

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 C.—Advance payment of tax97
Liability for payment of advance tax.
207. (1) Tax shall be payable in advance during any financial year, in accordance with the provisions of
sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be
chargeable to tax for the assessment year immediately following that financial year, such income being
hereafter in this Chapter referred to as "current income".
(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head "Profits and gains of business or profession";
and
(b) is of the age of sixty years or more at any time during the previous year.
Conditions of liability to pay advance tax.
208. Advance tax shall be payable during a financial year in every case where the amount of such tax
payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is
ten thousand rupees or more.
Computation of advance tax.
209. (1) The amount of advance tax payable by an assessee in the financial year shall, subject to the
provisions of sub-sections (2) and (3), be computed as follows, namely :—
(a) where the calculation is made by the assessee for the purposes of payment of advance tax under sub-
section (1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210, he shall first
estimate his current income and income-tax thereon shall be calculated at the rates in force in the
financial year;
(b) where the calculation is made by the Assessing Officer for the purpose of making an order under
sub-section (3) of section 210, the total income of the latest previous year in respect of which the
assessee has been assessed by way of regular assessment or the total income returned by the
assessee in any return of income furnished by him for any subsequent previous year, whichever is
higher, shall be taken and income-tax thereon shall be calculated at the rates in force in the financial
year;
(c) where the calculation is made by the Assessing Officer for the purpose of making an amended order
under sub-section (4) of section 210, the total income declared in the return furnished by the
assessee for the later previous year, or, as the case may be, the total income in respect of which the
regular assessment, referred to in that sub-section has been made, shall be taken and income-tax
thereon shall be calculated at the rates in force in the financial year;
(d) the income-tax calculated under clause (a) or clause (b) or clause (c) shall, in each case, be reduced
by the amount of income-tax which would be deductible or collectible at source during the said
financial year under any provision of this Act from any income (as computed before allowing any
deductions admissible under this Act) which has been taken into account in computing the current
income or, as the case may be, the total income aforesaid; and the amount of income-tax as so
reduced shall be the advance tax payable:
Provided that for computing liability for advance tax, income-tax calculated under clause (a) or clause
(b) or clause (c) shall not, in each case, be reduced by the aforesaid amount of income-tax which would
be deductible or collectible at source during the said financial year under any provision of this Act from
any income, if the person responsible for deducting tax has paid or credited such income without
deduction of tax or it has been received or debited by the person responsible for collecting tax without
collection of such tax.
(2) Where the Finance Act of the relevant year provides that, in the case of any class of assessees, net
agricultural income (as defined in that Act) shall be taken into account for the purposes of computing
advance tax, then, the net agricultural income to be taken into account in the case of any assessee falling
in that class, shall be—
(a) in cases where the Assessing Officer makes an order under sub-section (3) or sub-section (4) of
section 210,—
(i) if the total income of the latest previous year in respect of which the assessee has been
assessed by way of regular assessment forms the basis of computation of advance tax
payable by him, the net agricultural income which has been taken into account for the
purposes of charging income-tax for the assessment year relevant to that previous year; or
(ii) if the total income declared by the assessee for the later previous year referred to in sub-
section (4) of section 210 forms the basis of computation of advance tax, the net agricultural
income as returned by the assessee in the return of income for the assessment year relevant
to such later previous year;
(b) in cases where the advance tax is paid by the assessee on the basis of his estimate of his current
income under sub-section (1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210,
 the net agricultural income, as estimated by him, of the period which would be the previous year for
the immediately following assessment year.
(3) Where the Finance Act of the relevant year specifies any separate rate or rates for the purposes of
computing advance tax in the case of every Hindu undivided family which has at least one member whose
total income of the previous year exceeds the maximum amount not chargeable to income-tax in his case,
then, the Assessing Officer shall, for making an order under sub-section (3) or sub-section (4) of section
210 in the case of any such Hindu undivided family, compute (subject to the provisions of section 164)
the advance tax at such rate or rates—
(a) in a case where the total income of the latest previous year in respect of which the Hindu undivided
family has been assessed by way of regular assessment forms the basis of computation of advance
tax, if the total income of any member of the family for the assessment year relevant to such latest
previous year exceeds the maximum amount not chargeable to income-tax in his case;
(b) in a case where the total income of the previous year in respect of which a return of income is
furnished by the Hindu undivided family under section 139 or in response to a notice under sub-
section (1) of section 142 forms the basis of computation of advance tax, if the total income of any
member of the family for the assessment year relevant to such previous year exceeds the maximum
amount not chargeable to income-tax in his case.
Computation and payment of advance tax by assessee.
209A. [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Original section was
inserted by the Finance Act, 1978, w.e.f. 1-6-1978.]
Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing
Officer.
210. (1) Every person who is liable to pay advance tax under section 208 (whether or not he has been
previously assessed by way of regular assessment) shall, of his own accord, pay, on or before each of the
due dates specified in section 211, the appropriate percentage, specified in that section, of the advance tax
on his current income, calculated in the manner laid down in section 209.
(2) A person who pays any instalment or instalments of advance tax under sub-section (1), may increase
or reduce the amount of advance tax payable in the remaining instalment or instalments to accord with his
estimate of his current income and the advance tax payable thereon, and make payment of the said
amount in the remaining instalment or instalments accordingly.
(3) In the case of a person who has been already assessed by way of regular assessment in respect of the
total income of any previous year, the Assessing Officer, if he is of opinion that such person is liable to
pay advance tax, may, at any time during the financial year but not later than the last day of February, by
order in writing, require such person to pay advance tax calculated in the manner laid down in section
209, and issue to such person a notice of demand under section 156 specifying the instalment or
instalments in which such tax is to be paid.
(4) If, after the making of an order by the Assessing Officer under sub-section (3) and at any time before
the 1st day of March, a return of income is furnished by the assessee under section 139 or in response to a
notice under sub-section (1) of section 142, or a regular assessment of the assessee is made in respect of a
previous year later than that referred to in sub-section (3), the Assessing Officer may make an amended
order and issue to such assessee a notice of demand under section 156 requiring the assessee to pay, on or
before the due date or each of the due dates specified in section 211 falling after the date of the amended
order, the appropriate percentage, specified in section 211, of the advance tax computed on the basis of
the total income declared in such return or in respect of which the regular assessment aforesaid has been
made.
(5) A person who is served with an order of the Assessing Officer under sub-section (3) or an amended
order under sub-section (4) may, if in his estimation the advance tax payable on his current income would
be less than the amount of the advance tax specified in such order or amended order, send an intimation in
the prescribed form98 to the Assessing Officer to that effect and pay such advance tax as accords with his
estimate, calculated in the manner laid down in section 209, at the appropriate percentage thereof
specified in section 211, on or before the due date or each of the due dates specified in section 211 falling
after the date of such intimation.
(6) A person who is served with an order of the Assessing Officer under sub-section (3) or amended order
under sub-section (4) shall, if in his estimation the advance tax payable on his current income would
exceed the amount of advance tax specified in such order or amended order or intimated by him under
sub-section (5), pay on or before the due date of the last instalment specified in section 211, the
appropriate part or, as the case may be, the whole of such higher amount of advance tax as accords with
his estimate, calculated in the manner laid down in section 209.
Instalments of advance tax and due dates.
211. (1) Advance tax on the current income calculated in the manner laid down in section 209 shall be
payable by—
(a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same,
in four instalments during each financial year and the due date of each instalment and the amount
of such instalment shall be as specified in the Table below:
TABLE
Due date of   Amount payable
instalment
On or before the   Not less than fifteen per cent of such advance tax.
15th June
On or before the   Not less than forty-five per cent of such advance tax, as reduced by the
  15th September amount, if any, paid in the earlier instalment.
On or before the   Not less than seventy-five per cent of such advance tax, as reduced by
15th December the amount or amounts, if any, paid in the earlier instalment or
instalments.
On or before the   The whole amount of such advance tax, as reduced by the amount or
15th March amounts, if any, paid in the earlier instalment or instalments;
(b) an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of
section 44AD or sub-section (1) of section 44ADA, as the case may be, to the extent of the whole
amount of such advance tax during each financial year on or before the 15th March:
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be
treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.
(2) If the notice of demand issued under section 156 in pursuance of an order of the Assessing Officer
under sub-section (3) or sub-section (4) of section 210 is served after any of the due dates specified in
sub-section (1), the appropriate part or, as the case may be, the whole of the amount of the advance tax
specified in such notice shall be payable on or before each of such of those dates as fall after the date of
service of the notice of demand.
 F.—Interest chargeable in certain cases
Interest for defaults in furnishing return of income.
234A. (1) Where the return of income for any assessment year under sub- section (1) or sub-section (4)
15a[or sub-section (8A)] of section 139, or in response to a notice under sub-section (1) of section 142, is
furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the
rate of one per cent for every month or part of a month comprised in the period commencing on the date
immediately following the due date, and,—
(a) where the return is furnished after the due date, ending on the date of furnishing of the return; or
(b) where no return has been furnished, ending on the date of completion of the assessment under
section 144,
on the amount of the tax on the total income as determined under sub-section (1) of section 143, and
where a regular assessment is made, on the amount of the tax on the total income determined under
regular assessment, as reduced by the amount of,—
(i) advance tax, if any, paid;
(ii) any tax deducted or collected at source;
(iia) any relief of tax allowed under section 89;
(iii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iv) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside
India referred to in that section;
(v) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid
in a country outside India; and
(vi) any tax credit allowed to be set off in accordance with the provisions of section 115JAA or section
115JD.
Explanation 1.—In this section, "due date" means the date specified in sub-section (1) of section 139 as
applicable in the case of the assessee.
15b [Explanation 2.—In this sub-section,—
(i) "tax on total income as determined under sub-section (1) of section 143" shall not include the
additional income-tax, if any, payable under section 140B or section 143; and
(ii) tax on the total income determined under regular assessment shall not include the additional income-
tax payable under section 140B.]
Explanation 3.—Where, in relation to an assessment year, an assessment is made for the first time under
section 147 or section 153A, the assessment so made shall be regarded as a regular assessment for the
purposes of this section.
Explanation 4.—[* * *]
(2) The interest payable under sub-section (1) shall be reduced by the interest, if any, paid under section
140A towards the interest chargeable under this section.
(3) Where the return of income for any assessment year, required by a notice under section 148 or section
153A issued after the determination of income under sub-section (1) of section 143 or after the
completion of an assessment under sub-section (3) of section 143 or section 144 or section 147, is
furnished after the expiry of the time allowed under such notice, or is not furnished, the assessee shall be
liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the
period commencing on the day immediately following the expiry of the time allowed as aforesaid, and,—
(a) where the return is furnished after the expiry of the time aforesaid, ending on the date of furnishing
the return; or
 (b) where no return has been furnished, ending on the date of completion of the reassessment or
recomputation under section 147 or reassessment under section 153A,
on the amount by which the tax on the total income determined on the basis of such reassessment or
recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on
the basis of the earlier assessment aforesaid.
Explanation.—[* * *]
(4) Where as a result of an order under section 154 or section 155 or section 250 or section 254 or section
260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-
section (4) of section 245D, the amount of tax on which interest was payable under sub-section (1) or sub-
section (3) of this section has been increased or reduced, as the case may be, the interest shall be
increased or reduced accordingly, and—
(i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of
demand in the prescribed form specifying the sum payable, and such notice of demand shall be
deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly;
(ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded.
(5) The provisions of this section shall apply in respect of assessments for the assessment year
commencing on the 1st day of April, 1989 and subsequent assessment years.
Interest for defaults in payment of advance tax.
234B. (1) Subject to the other provisions of this section, where, in any financial year, an assessee who is
liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by
such assessee under the provisions of section 210 is less than ninety per cent of the assessed tax, the
assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month
comprised in the period from the 1st day of April next following such financial year to the date of
determination of total income under sub-section (1) of section 143 and where a regular assessment is
made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may
be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax.
Explanation 1.—In this section, "assessed tax" means the tax on the total income determined under sub-
section (1) of section 143 and where a regular assessment is made, the tax on the total income determined
under such regular assessment as reduced by the amount of,—
(i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any
income which is subject to such deduction or collection and which is taken into account in
computing such total income;
(ia) any relief of tax allowed under section 89;
(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside
India referred to in that section;
(iv) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax
paid in a country outside India; and
(v) any tax credit allowed to be set off in accordance with the provisions of section 115JAA or section
115JD.
Explanation 2.—Where, in relation to an assessment year, an assessment is made for the first time under
section 147 or section 153A, the assessment so made shall be regarded as a regular assessment for the
purposes of this section.
16 [Explanation 3.—In Explanation 1 and in sub-section (3),—
(i) "tax on total income as determined under sub-section (1) of section 143" shall not include the
additional income-tax, if any, payable under section 140B or section 143; and
(ii) tax on the total income determined under such regular assessment shall not include the additional
income-tax payable under section 140B.]
(2) Where, before the date of determination of total income under sub-section (1) of section 143 or
completion of a regular assessment, tax is paid by the assessee under section 140A or otherwise,—
(i) interest shall be calculated in accordance with the foregoing provisions of this section up to the date
on which the tax is so paid, and reduced by the interest, if any, paid under section 140A towards the
interest chargeable under this section;
(ii) thereafter, interest shall be calculated at the rate aforesaid on the amount by which the tax so paid
together with the advance tax paid falls short of the assessed tax.
(2A) (a) Where an application under sub-section (1) of section 245C for any assessment year has been
made, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part
of a month comprised in the period commencing on the 1st day of April of such assessment year and
ending on the date of making such application, on the additional amount of income-tax referred to in that
sub-section;
(b) where as a result of an order of the Settlement Commission under sub-section (4) of section 245D for
any assessment year, the amount of total income disclosed in the application under sub-section (1) of
section 245C is increased, the assessee shall be liable to pay simple interest at the rate of one per cent for
every month or part of a month comprised in the period commencing on the 1st day of April of such
assessment year and ending on the date of such order, on the amount by which the tax on the total income
determined on the basis of such order exceeds the tax on the total income disclosed in the application filed
under sub-section (1) of section 245C;
(c) where, as a result of an order under sub-section (6B) of section 245D, the amount on which interest
was payable under clause (b)has been increased or reduced, as the case may be, the interest shall be
increased or reduced accordingly.
(3) Where, as a result of an order of reassessment or recomputation under section 147 or section 153A,
the amount on which interest was payable in respect of shortfall in payment of advance tax for any
financial year under sub-section (1) is increased, the assessee shall be liable to pay simple interest at the
rate of one per cent for every month or part of a month comprised in the period commencing on the 1st
day of April next following such financial year and ending on the date of the reassessment or
recomputation under section 147 or section 153A, on the amount by which the tax on the total income
determined on the basis of the reassessment or recomputation exceeds the tax on the total income
determined under sub-section (1) of section 143 or on the basis of the regular assessment as referred to in
sub-section (1), as the case may be.
(4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section
260 or section 262 or section 263 or section 264, the amount on which interest was payable under sub-
section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be
increased or reduced accordingly, and—
(i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of
demand in the prescribed form specifying the sum payable and such notice of demand shall be
deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly;
(ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded.
(5) The provisions of this section shall apply in respect of assessments for the assessment year
commencing on the 1st day of April, 1989 and subsequent assessment years.
 Interest for deferment of advance tax.
234C. (1) Where in any financial year,—
(a) an assessee, other than the assessee referred to in clause (b), who is liable to pay advance tax under
section 208 has failed to pay such tax or—
  (i) the advance tax paid by such assessee on its current income on or before the 15th day of June
is less than fifteen per cent of the tax due on the returned income or the amount of such
advance tax paid on or before the 15th day of September is less than forty-five per cent of
the tax due on the returned income or the amount of such advance tax paid on or before the
15th day of December is less than seventy-five per cent of the tax due on the returned
income, then, the assessee shall be liable to pay simple interest at the rate of one per cent per
month for a period of three months on the amount of the shortfall from fifteen per cent or
forty-five per cent or seventy-five per cent, as the case may be, of the tax due on the returned
income;
  (ii) the advance tax paid by the assessee on the current income on or before the 15th day of
March is less than the tax due on the returned income, then, the assessee shall be liable to
pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due
on the returned income:
Provided that if the advance tax paid by the assessee on the current income, on or before the 15th
day of June or the 15th day of September, is not less than twelve per cent or, as the case may be,
thirty-six per cent of the tax due on the returned income, then, the assessee shall not be liable to pay
any interest on the amount of the shortfall on those dates;
(b) an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of
section 44AD or sub-section (1) of section 44ADA, as the case may be, who is liable to pay
advance tax under section 208 has failed to pay such tax or the advance tax paid by the assessee on
its current income on or before the 15th day of March is less than the tax due on the returned
income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the
amount of the shortfall from the tax due on the returned income:
Provided that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax
due on the returned income where such shortfall is on account of under-estimate or failure to estimate—
 (a) the amount of capital gains; or
 (b) income of the nature referred to in sub-clause (ix) of clause (24) of section 2; or
  (c) income under the head "Profits and gains of business or profession" in cases where the income
accrues or arises under the said head for the first time; or
16a[(d) the amount of dividend income,]
and the assessee has paid the whole of the amount of tax payable in respect of income referred to in clause
(a) or clause (b) or clause (c) or clause (d), as the case may be, had such income been a part of the total
income, as part of the remaining instalments of advance tax which are due or where no such instalments
are due, by the 31st day of March of the financial year:
Provided further that nothing contained in this sub-section shall apply to any shortfall in the payment of
the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge
under section 2 of the Finance Act, 2000 (10 of 2000), as amended by the Taxation Laws (Amendment)
Act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of
March, 2001 in respect of the instalment of advance tax due on the 15th day of June, 2000, the 15th day
of September, 2000 and the 15th day of December, 2000:
Provided also that nothing contained in this sub-section shall apply to any shortfall in the payment of the
tax due on the returned income where such shortfall is on account of increase in the rate of surcharge
under section 2 of the Finance Act, 2000 (10 of 2000) as amended by the Taxation Laws (Amendment)
Act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of
March, 2001 in respect of the instalment of advance tax due on the 15th day of June, 2000, the 15th day
of September, 2000 and 15th day of December, 2000.
17[Explanation 1].—In this section, "tax due on the returned income" means the tax chargeable on the
total income declared in the return of income furnished by the assessee for the assessment year
commencing on the 1st day of April immediately following the financial year in which the advance tax is
paid or payable, as reduced by the amount of,—
  (i) any tax deductible or collectible at source in accordance with the provisions of Chapter XVII on any
income which is subject to such deduction or collection and which is taken into account in
computing such total income;
(ia) any relief of tax allowed under section 89;
(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside
India referred to in that section;
(iv) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax
paid in a country outside India; and
(v) any tax credit allowed to be set off in accordance with the provisions of section 115JAA or section
115JD.
18[Explanation 2.—For the purposes of this sub-section, the term "dividend" shall have the meaning
assigned to it in clause (22) of section 2, but shall not include sub-clause (e) thereof.]
(2) The provisions of this section shall apply in respect of assessments for the assessment year
commencing on the 1st day of April, 1989 and subsequent assessment years.
Self-assessment.81
140A. (1) Where any tax is payable on the basis of any return required to be furnished under section
115WD or section 115WH or section 139 or section 142 or section 148 or section 153A or, as the case
may be, section 158BC, after taking into account,—
  (i) the amount of tax, if any, already paid under any provision of this Act;
  (ii) any tax deducted or collected at source;
 (iia) any relief of tax claimed under section 89;
 (iii) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid
in a country outside India;
 (iv) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside
India referred to in that section;
  (v) any tax credit claimed to be set off in accordance with the provisions of section 115JAA or section
115JD; and
 (vi) any tax or interest payable according to the provisions of sub-section (2) of section 191,
the assessee shall be liable to pay such tax together with interest and fee payable under any provision of
this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before
furnishing the return and the return shall be accompanied by proof of payment of such tax, interest and
fee82.
Explanation.—Where the amount paid by the assessee under this sub-section falls short of the aggregate
of the tax, interest and fee as aforesaid, the amount so paid shall first be adjusted towards the fee payable
and thereafter towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards
the tax payable.
(1A) For the purposes of sub-section (1), interest payable,—
  (i) under section 234A shall be computed on the amount of the tax on the total income as declared in
the return as reduced by the amount of,—
  (a) advance tax, if any, paid;
  (b) any tax deducted or collected at source;
(ba) any relief of tax claimed under section 89;
  (c) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax
paid in a country outside India;
  (d) any relief of tax claimed under section 90A on account of tax paid in any specified territory
outside India referred to in that section; and
  (e) any tax credit claimed to be set off in accordance with the provisions of section 115JAA or
section 115JD;
 (ii) under section 115WK shall be computed on the amount of tax on the value of the fringe benefits as
declared in the return as reduced by the advance tax, paid, if any.
(1B) For the purposes of sub-section (1), interest payable under section 234B shall be computed on an
amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid
falls short of the assessed tax.
Explanation.—For the purposes of this sub-section, "assessed tax" means the tax on the total income as
declared in the return as reduced by the amount of,—
    (i) tax deducted or collected at source, in accordance with the provisions of Chapter XVII, on any
income which is subject to such deduction or collection and which is taken into account in
computing such total income;
 (ia) any relief of tax claimed under section 89;
 (ii) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in
a country outside India;
(iii) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside
India referred to in that section; and
 (iv) any tax credit claimed to be set off in accordance with the provisions of section 115JAA or section
115JD.
(2) After a regular assessment under section 115WE or section 115WF or section 143 or section 144 or an
assessment under section 153A or section 158BC has been made, any amount paid under sub-section (1)
shall be deemed to have been paid towards such regular assessment or assessment, as the case may be.
(3) If any assessee fails to pay the whole or any part of such tax, interest or fee in accordance with the
provisions of sub-section (1), he shall, without prejudice to any other consequences which he may incur,
be deemed to be an assessee in default in respect of the tax, interest or fee remaining unpaid, and all the
provisions of this Act shall apply accordingly.
(4) The provisions of this section as they stood immediately before their amendment by the Direct Tax
Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the
assessment year commencing on the 1st day of April, 1988, or any earlier assessment year and references
in this section to the other provisions of this Act shall be construed as references to those provisions as for
the time being in force and applicable to the relevant assessment year.
Inquiry before assessment.
142. (1) For the purpose of making an assessment under this Act, the Assessing Officer may serve on any
person who has made a return under section 115WD or section 139 or in whose case the time allowed
under sub-section (1) of section 139 for furnishing the return has expired a notice requiring him, on a date
to be therein specified,—
 (i) where such person has not made a return within the time allowed under sub-section (1) of section
139 or before the end of the relevant assessment year, to furnish a return of his income or the
income of any other person in respect of which he is assessable under this Act, in the prescribed
form and verified in the prescribed manner86 and setting forth such other particulars as may be
prescribed, or* :
Provided that where any notice has been served under this sub-section for the purposes of this
clause after the end of the relevant assessment year commencing on or after the 1st day of April,
1990 to a person who has not made a return within the time allowed under sub-section (1) of section
139 or before the end of the relevant assessment year, any such notice issued to him shall be deemed
to have been served in accordance with the provisions of this sub-section:
87[Provided further that a notice under this sub-section for the purposes of this clause may also be
served by the prescribed88 income-tax authority, †]
  (ii) to produce, or cause to be produced, such accounts or documents as the Assessing Officer may
require, or
(iii) 89to furnish in writing and verified in the prescribed manner information in such form and on such
points or matters (including a statement of all assets and liabilities of the assessee, whether included
in the accounts or not) as the Assessing Officer may require :
Provided that—
 (a) the previous approval of the Joint Commissioner shall be obtained before requiring the assessee to
furnish a statement of all assets and liabilities not included in the accounts;
 (b) the Assessing Officer shall not require the production of any accounts relating to a period more than
three years prior to the previous year.
(2) For the purpose of obtaining full information in respect of the income or loss of any person, the
Assessing Officer may make such inquiry as he considers necessary.
90[(2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature
and complexity of the accounts, volume of the accounts, doubts about the correctness of the accounts,
multiplicity of transactions in the accounts or specialised nature of business activity of the assessee, and
the interests of the revenue, is of the opinion that it is necessary so to do, he may, with the previous
approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or
Commissioner, direct the assessee to get either or both of the following, namely:—
 (i) to get the accounts audited by an accountant, as defined in the Explanation below sub-section (2) of
section 288, nominated by the Principal Chief Commissioner or Chief Commissioner or Principal
Commissioner or Commissioner in this behalf and to furnish a report of such audit in the prescribed
form duly signed and verified by such accountant and setting forth such particulars, as may be
prescribed91, and such other particulars as the Assessing Officer may require;
 (ii) to get the inventory valued by a cost accountant, nominated by the Principal Chief Commissioner
or Chief Commissioner or Principal Commissioner or Commissioner in this behalf and to furnish a
report of such inventory valuation in the prescribed form91 duly signed and verified by such cost
accountant and setting forth such particulars, as may be prescribed, and such other particulars as
the Assessing Officer may require:
Provided that the Assessing Officer shall not direct the assessee to get the accounts so audited or
inventory so valued unless the assessee has been given a reasonable opportunity of being heard.]
(2B) The provisions of sub-section (2A) shall have effect notwithstanding that the accounts of the
assessee have been audited under any other law for the time being in force or otherwise.
(2C) Every report under sub-section (2A) shall be furnished by the assessee to the Assessing Officer
within such period as may be specified by the Assessing Officer :
Provided that the Assessing Officer may, suo motu, or on an application made in this behalf by the
assessee and for any good and sufficient reason, extend the said period by such further period or periods
as he thinks fit; so, however, that the aggregate of the period originally fixed and the period or periods so
extended shall not, in any case, exceed one hundred and eighty days from the date on which the direction
under sub-section (2A) is received by the assessee.
(2D) The expenses of, and incidental to, any 92[audit or inventory valuation under sub-section (2A)
(including the remuneration of the accountant or the cost accountant, as the case may be)] shall be
determined by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or
Commissioner (which determination shall be final) and paid by the assessee and in default of such
payment, shall be recoverable from the assessee in the manner provided in Chapter XVII-D for the
recovery of arrears of tax :
Provided that where any direction for audit 93[or inventory valuation] under sub-section (2A) is issued by
the Assessing Officer on or after the 1st day of June, 2007, the expenses of, and incidental to, 94[such
audit or inventory valuation (including the remuneration of the accountant or the cost accountant, as the
case may be)] shall be determined by the Principal Chief Commissioner or Chief Commissioner or
Principal Commissioner or Commissioner in accordance with such guidelines as may be prescribed95 and
the expenses so determined shall be paid by the Central Government.
(3) The assessee shall, except where the assessment is made under section 144, be given an opportunity of
being heard in respect of any material gathered on the basis of any inquiry under sub-section (2) or any
audit 96[or inventory valuation] under sub-section (2A) and proposed to be utilised for the purposes of the
assessment.
(4) The provisions of this section as they stood immediately before their amendment by the Direct Tax
Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the
assessment year commencing on the 1st day of April, 1988, or any earlier assessment year and references
in this section to the other provisions of this Act shall be construed as references to those provisions as for
the time being in force and applicable to the relevant assessment year.
96[Explanation.--For the purposes of this section, "cost accountant" means a cost accountant as defined
in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959) and
who holds a valid certificate of practice under sub-section (1) of section 6 of the said Act.]
Estimation of value of assets by Valuation Officer.
142A. (1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to
a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment
and submit a copy of report to him.
(2) The Assessing Officer may make a reference to the Valuation Officer under sub-section (1) whether or
not he is satisfied about the correctness or completeness of the accounts of the assessee.
(3) The Valuation Officer, on a reference made under sub-section (1), shall, for the purpose of estimating
the value of the asset, property or investment, have all the powers that he has under section 38A of the
Wealth-tax Act, 1957 (27 of 1957).
(4) The Valuation Officer shall, estimate the value of the asset, property or investment after taking into
account such evidence as the assessee may produce and any other evidence in his possession gathered,
after giving an opportunity of being heard to the assessee.
(5) The Valuation Officer may estimate the value of the asset, property or investment to the best of his
judgment, if the assessee does not co-operate or comply with his directions.
(6) The Valuation Officer shall send a copy of the report of the estimate made under sub-section (4) or
sub-section (5), as the case may be, to the Assessing Officer and the assessee, within a period of six
months from the end of the month in which a reference is made under sub-section (1).
(7) The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the
assessee an opportunity of being heard, take into account such report in making the assessment or
reassessment.
Explanation.—In this section, "Valuation Officer" has the same meaning as in clause (r) of section 2 of
the Wealth-tax Act, 1957 (27 of 1957).
Faceless inquiry or Valuation.
142B. (1) The Central Government may make a scheme, by notification in the Official Gazette, for the
purposes of issuing notice under sub-section (1) or making inquiry before assessment under sub-section
(2), or directing the assessee to get his accounts audited under sub-section (2A) of section 142, or
estimating the value of any asset, property or investment by a Valuation Officer under section 142A, so as
to impart greater efficiency, transparency and accountability by—
 (a) eliminating the interface between the income-tax authority or Valuation Officer and the assessee or
any person to the extent technologically feasible;
 (b) optimising utilisation of the resources through economies of scale and functional specialisation;
  (c) introducing a team-based issuance of notice or making of enquiries or issuance of directions or
valuation with dynamic jurisdiction.
(2) The Central Government may, for the purpose of giving effect to the scheme made under sub-section
(1), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or
shall apply with such exceptions, modifications and adaptations as may be specified in the notification:
Provided that no direction shall be issued after the 31st day of March, 2022.
(3) Every notification issued under sub-section (1) and sub-section (2) shall, as soon as may be after the
notification is issued, be laid before each House of Parliament.
Assessment.
143. (1) Where a return has been made under section 139, or in response to a notice under sub-section (1)
of section 142, such return shall be processed in the following manner, namely:—
 (a) the total income or loss shall be computed after making the following adjustments, namely:—
   (i) any arithmetical error in the return;
  (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return;
  (iii) disallowance of loss claimed, if return of the previous year for which set off of loss is
claimed was furnished beyond the due date specified under sub-section (1) of section 139;
  (iv) disallowance of expenditure 97[or increase in income] indicated in the audit report but not
taken into account in computing the total income in the return;
  (v) disallowance of deduction claimed under 98[section 10AA or under any of the provisions of
Chapter VI-A under the heading "C.—Deductions in respect of certain incomes", if] the
return is furnished beyond the due date specified under sub-section (1) of section 139; or
  (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been
included in computing the total income in the return:
Provided that no such adjustments shall be made unless an intimation is given to the assessee of
such adjustments either in writing or in electronic mode:
Provided further that the response received from the assessee, if any, shall be considered before
making any adjustment, and in a case where no response is received within thirty days of the issue
of such intimation, such adjustments shall be made:
Provided also that no adjustment shall be made under sub-clause (vi) in relation to a return
furnished for the assessment year commencing on or after the 1st day of April, 2018;
 (b) the tax, interest and fee, if any, shall be computed on the basis of the total income computed under
clause (a);
  (c) the sum payable by, or the amount of refund due to, the assessee shall be determined after
adjustment of the tax, interest and fee, if any, computed under clause (b) by any tax deducted at
source, any tax collected at source, any advance tax paid, any relief allowable under section 89, any
relief allowable under an agreement under section 90 or section 90A, or any relief allowable under
section 91, any rebate allowable under Part A of Chapter VIII, any tax paid on self-assessment and
any amount paid otherwise by way of tax , interest or fee;
 (d) an intimation shall be prepared or generated and sent to the assessee specifying the sum determined
to be payable by, or the amount of refund due to, the assessee under clause (c); and
 (e) the amount of refund due to the assessee in pursuance of the determination under clause (c) shall be
granted to the assessee:
Provided that an intimation shall also be sent to the assessee in a case where the loss declared in the
return by the assessee is adjusted but no tax, interest or fee is payable by, or no refund is due to, him:
Provided further that no intimation under this sub-section shall be sent after the expiry of 99[nine
months] from the end of the financial year in which the return is made.
Explanation.—For the purposes of this sub-section,—
 (a) "an incorrect claim apparent from any information in the return" shall mean a claim, on the basis of
an entry, in the return,—
   (i) of an item, which is inconsistent with another entry of the same or some other item in such
return;
   (ii) in respect of which the information required to be furnished under this Act to substantiate
such entry has not been so furnished; or
 (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may
have been expressed as monetary amount or percentage or ratio or fraction;
 (b) the acknowledgement of the return shall be deemed to be the intimation in a case where no sum is
payable by, or refundable to, the assessee under clause (c), and where no adjustment has been made
under clause (a).
(1A) For the purposes of processing of returns under sub-section (1), the Board may make a scheme for
centralised processing of returns with a view to expeditiously determining the tax payable by, or the
refund due to, the assessee as required under the said sub-section.
(1B) Save as otherwise expressly provided, for the purpose of giving effect to the scheme made under
sub-section (1A), the Central Government may, by notification in the Official Gazette, direct that any of
the provisions of this Act relating to processing of returns shall not apply or shall apply with such
exceptions, modifications and adaptations as may be specified in that notification; so, however, that no
direction shall be issued after the 31st day of March, 2012.
(1C) Every notification issued under sub-section (1B), along with the scheme made under sub-section
(1A), shall, as soon as may be after the notification is issued, be laid before each House of Parliament.
(1D) Notwithstanding anything contained in sub-section (1), the processing of a return shall not be
necessary, where a notice has been issued to the assessee under sub-section (2):
Provided that the provisions of this sub-section shall not apply to any return furnished for the assessment
year commencing on or after the 1st day of April, 2017.
(2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1)
of section 142, the Assessing Officer or the prescribed income-tax authority, as the case may be, if,
considers it necessary or expedient to ensure that the assessee has not understated the income or has not
computed excessive loss or has not under-paid the tax in any manner, shall serve on the assessee a notice
requiring him, on a date to be specified therein, either to attend the office of the Assessing Officer or to
produce, or cause to be produced before the Assessing Officer any evidence on which the assessee may
rely in support of the return:
Provided that no notice under this sub-section shall be served on the assessee after the expiry of 1[three]
months from the end of the financial year in which the return is furnished.
(3) On the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after
hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may
require on specified points, and after taking into account all relevant material which he has gathered, the
Assessing Officer shall, by an order in writing, make an assessment of the total income or loss of the
assessee, and determine the sum payable by him or refund of any amount due to him on the basis of such
assessment:
2[Provided that in the case of a—
 (a) research association referred to in clause (21) of section 10;
 (b) news agency referred to in clause (22B) of section 10;
 (c) association or institution referred to in clause (23A) of section 10;
 (d) institution referred to in clause (23B) of section 10,
which is required to furnish the return of income under sub-section (4C) of section 139, no order making
an assessment of the total income or loss of such research association, news agency, association or
institution, shall be made by the Assessing Officer, without giving effect to the provisions of section 10,
unless—
    (i) the Assessing Officer has intimated the Central Government or the prescribed authority the
contravention of the provisions of clause (21) or clause (22B) or clause (23A) or clause (23B), as the
case may be, by such research association, news agency, association or institution, where in his
view such contravention has taken place; and
  (ii) the approval granted to such research association or other association or institution has been
withdrawn or notification issued in respect of such news agency or association or institution has
been rescinded:]
3[Provided further that where the Assessing Officer is satisfied that any fund or institution referred to in
sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational
institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-
clause (via), of clause (23C) of section 10, or any trust or institution referred to in section 11, has
committed any specified violation as defined in Explanation 2 to the fifteenth proviso to clause (23C) of
section 10 or the Explanation to sub-section (4) of section 12AB, as the case may be, he shall—
  (a) send a reference to the Principal Commissioner or Commissioner to withdraw the approval or
registration, as the case may be; and
 (b) no order making an assessment of the total income or loss of such fund or institution or trust or any
university or other educational institution or any hospital or other medical institution shall be made
by him without giving effect to the order passed by the Principal Commissioner or Commissioner
under clause (ii) or clause (iii) of the fifteenth proviso to clause (23C) of section 10 or clause (ii) or
clause (iii) of sub-section (4) of section 12AB:
Provided also] that where the Assessing Officer is satisfied that the activities of the university, college or
other institution referred to in clause (ii) and clause (iii) of sub-section (1) of section 35 are not being
carried out in accordance with all or any of the conditions subject to which such university, college or
other institution was approved, he may, after giving a reasonable opportunity of showing cause against the
proposed withdrawal to the concerned university, college or other institution, recommend to the Central
Government to withdraw the approval and that Government may by order, withdraw the approval and
forward a copy of the order to the concerned university, college or other institution and the Assessing
Officer.
4[***]

(3A) The Central Government may make a scheme, by notification in the Official Gazette, for the
purposes of making assessment of total income or loss of the assessee under sub-section (3) or section
144 so as to impart greater efficiency, transparency and accountability by—
  (a) eliminating the interface between the Assessing Officer and the assessee in the course of
proceedings to the extent technologically feasible;
 (b) optimising utilisation of the resources through economies of scale and functional specialisation;
 (c) introducing a team-based assessment with dynamic jurisdiction.
(3B) The Central Government may, for the purpose of giving effect to the scheme made under sub-section
(3A), by notification in the Official Gazette, direct that any of the provisions of this Act relating to
assessment of total income or loss shall not apply or shall apply with such exceptions, modifications and
adaptations as may be specified in the notification:
Provided that no direction shall be issued after the 31st day of March, 2021.
(3C) Every notification issued under sub-section (3A) and sub-section (3B) shall, as soon as may be after
the notification is issued, be laid before each House of Parliament.
(3D) Nothing contained in sub-section (3A) and sub-section (3B) shall apply to the assessment made
under sub-section (3) or under section 144, as the case may be, on or after the 1st day of April, 2021.
(4) Where a regular assessment under sub-section (3) of this section or section 144 is made,—
  (a) any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid
towards such regular assessment ;
 (b) if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the
amount refundable on regular assessment, the whole or the excess amount so refunded shall be
deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.
(5) [Omitted by the Finance Act, 1999, w.e.f. 1-6-1999.]
Best judgment assessment.
144. (1) If any person—
 (a) fails to make the return required under sub-section (1) of section 139 and has not made a return or a
revised return under sub-section (4) or sub-section (5) 5[or an updated return under sub-section
(8A)] of that section, or
 (b) fails to comply with all the terms of a notice issued under sub-section (1) of section 142 or fails to
comply with a direction issued under sub-section (2A) of that section, or
 (c) having made a return, fails to comply with all the terms of a notice issued under sub-section (2) of
section 143,
the Assessing Officer, after taking into account all relevant material which the Assessing Officer has
gathered, shall, after giving the assessee an opportunity of being heard, make the assessment of the total
income or loss to the best of his judgment and determine the sum payable by the assessee on the basis of
such assessment :
Provided that such opportunity shall be given by the Assessing Officer by serving a notice calling upon
the assessee to show cause, on a date and time to be specified in the notice, why the assessment should
not be completed to the best of his judgment :
Provided further that it shall not be necessary to give such opportunity in a case where a notice under
sub-section (1) of section 142 has been issued prior to the making of an assessment under this section.
(2) The provisions of this section as they stood immediately before their amendment by the Direct Tax
Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the
assessment year commencing on the 1st day of April, 1988, or any earlier assessment year and references
in this section to the other provisions of this Act shall be construed as references to those provisions as for
the time being in force and applicable to the relevant assessment year.
Method of accounting.
145. (1) Income chargeable under the head "Profits and gains of business or profession" or "Income from
other sources" shall, subject to the provisions of sub-section (2), be computed in accordance with either
cash or mercantile system of accounting regularly employed by the assessee.
(2) The Central Government may notify in the Official Gazette from time to time income computation and
disclosure standards to be followed by any class of assessees or in respect of any class of income.
(3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of
the assessee, or where the method of accounting provided in sub-section (1) has not been regularly
followed by the assessee, or income has not been computed in accordance with the standards notified
under sub-section (2), the Assessing Officer may make an assessment in the manner provided in section
144.
13[Income escaping assessment.
147. If any income chargeable to tax, in the case of an assessee, has escaped assessment for any
assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or
reassess such income or recompute the loss or the depreciation allowance or any other allowance or
deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the
relevant assessment year).
Explanation.—For the purposes of assessment or reassessment or recomputation under this section, the
Assessing Officer may assess or reassess the income in respect of any issue, which has escaped
assessment, and such issue comes to his notice subsequently in the course of the proceedings under this
section, irrespective of the fact that the provisions of section 148A have not been complied with.]
14[Issue of notice where income has escaped assessment.
148. Before making the assessment, reassessment or recomputation under section 147, and subject to the
provisions of section 148A, the Assessing Officer shall serve on the assessee a notice, along with a copy
of the order passed, if required, under clause (d) of section 148A, requiring him to furnish within 15[a
period of three months from the end of the month in which such notice is issued, or such further period as
may be allowed by the Assessing Officer on the basis of an application made in this regard by the
assessee], a return of his income or the income of any other person in respect of which he is assessable
under this Act during the previous year corresponding to the relevant assessment year, in the prescribed
form and verified in the prescribed manner and setting forth such other particulars as may be prescribed;
and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return
required to be furnished under section 139:
Provided that no notice under this section shall be issued unless there is information with the Assessing
Officer which suggests that the income chargeable to tax has escaped assessment in the case of the
assessee for the relevant assessment year and the Assessing Officer has obtained prior approval of the
specified authority to issue such notice:
16[Provided further that no such approval shall be required where the Assessing Officer, with the prior
approval of the specified authority, has passed an order under clause (d) of section 148A to the effect that
it is a fit case to issue a notice under this section:]
17[Provided also that any return of income, required to be furnished by an assessee under this section
and furnished beyond the period allowed shall not be deemed to be a return under section 139.]
Explanation 1.—For the purposes of this section and section 148A, the information with the Assessing
Officer which suggests that the income chargeable to tax has escaped assessment means,—
  (i) any information 18[***] in the case of the assessee for the relevant assessment year in accordance
with the risk management strategy formulated by the Board from time to time;*or
19[(ii) any audit objection to the effect that the assessment in the case of the assessee for the relevant
assessment year has not been made in accordance with the provisions of this Act; or
 (iii) any information received under an agreement referred to in section 90 or section 90A of the Act; or
 (iv) any information made available to the Assessing Officer under the scheme notified under section
135A; or
  (v) any information which requires action in consequence of the order of a Tribunal or a Court.]
Explanation 2.—For the purposes of this section, where,—
    (i) a search is initiated under section 132 or books of account, other documents or any assets are
requisitioned under section 132A, on or after the 1st day of April, 2021, in the case of the assessee;
or
 (ii) a survey is conducted under section 133A, other than under sub-section (2A) 20[***] of that section,
on or after the 1st day of April, 2021, in the case of the assessee; or
  (iii) the Assessing Officer is satisfied, with the prior approval of the Principal Commissioner or
Commissioner, that any money, bullion, jewellery or other valuable article or thing, seized or
requisitioned under section 132 or section 132A in case of any other person on or after the 1st day
of April, 2021, belongs to the assessee; or
  (iv) the Assessing Officer is satisfied, with the prior approval of Principal Commissioner or
Commissioner, that any books of account or documents, seized or requisitioned under section 132
or section 132A in case of any other person on or after the 1st day of April, 2021, pertains or pertain
to, or any information contained therein, relate to, the assessee,
the Assessing Officer shall be deemed to have information which suggests that the income chargeable to
tax has escaped assessment in the case of the assessee 21[where] the search is initiated or books of
account, other documents or any assets are requisitioned or survey is conducted in the case of the assessee
or money, bullion, jewellery or other valuable article or thing or books of account or documents are seized
or requisitioned in case of any other person.
Explanation 3.—For the purposes of this section, specified authority means the specified authority
referred to in section 151.]
22[Conducting inquiry, providing opportunity before issue of notice under section 148.
148A. The Assessing Officer shall, before issuing any notice under section 148,—
 (a) conduct any enquiry, if required, with the prior approval of specified authority, with respect to the
information which suggests that the income chargeable to tax has escaped assessment;
 (b) provide an opportunity of being heard to the assessee, 23[***] by serving upon him a notice to show
cause within such time, as may be specified in the notice, being not less than seven days and but not
exceeding thirty days from the date on which such notice is issued, or such time, as may be
extended by him on the basis of an application in this behalf, as to why a notice under section 148
should not be issued on the basis of information which suggests that income chargeable to tax has
escaped assessment in his case for the relevant assessment year and results of enquiry conducted, if
any, as per clause (a);
 (c) consider the reply of assessee furnished, if any, in response to the show-cause notice referred to in
clause (b);
 (d) decide, on the basis of material available on record including reply of the assessee, whether or not it
is a fit case to issue a notice under section 148, by passing an order, with the prior approval of
specified authority, within one month from the end of the month in which the reply referred to in
clause (c) is received by him, or where no such reply is furnished, within one month from the end of
the month in which time or extended time allowed to furnish a reply as per clause (b) expires:
Provided that the provisions of this section shall not apply in a case where,—
  (a) a search is initiated under section 132 or books of account, other documents or any assets are
requisitioned under section 132A in the case of the assessee on or after the 1st day of April, 2021; or
  (b) the Assessing Officer is satisfied, with the prior approval of the Principal Commissioner or
Commissioner that any money, bullion, jewellery or other valuable article or thing, seized in a
search under section 132 or requisitioned under section 132A, in the case of any other person on or
after the 1st day of April, 2021, belongs to the assessee; or
  (c) the Assessing Officer is satisfied, with the prior approval of the Principal Commissioner or
Commissioner that any books of account or documents, seized in a search under section 132 or
requisitioned under section 132A, in case of any other person on or after the 1st day of April, 2021,
pertains or pertain to, or any information contained therein, 24[relate to, the assessee; or
 (d) the Assessing Officer has received any information under the scheme notified under section 135A
pertaining to income chargeable to tax escaping assessment for any assessment year in the case of
the assessee.]
Explanation.—For the purposes of this section, specified authority means the specified authority referred
to in section 151.]
25[Prior approval for assessment, reassessment or recomputation in certain cases.
148B. No order of assessment or reassessment or recomputation under this Act shall be passed by an
Assessing Officer below the rank of Joint Commissioner, in respect of an assessment year to which clause
(i) or clause (ii) or clause (iii) or clause (iv) of Explanation 2 to section 148 apply except with the prior
approval of the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director.]
26[Time limit for notice.
149. (1) No notice under section 148 shall be issued for the relevant assessment year,—
 (a) if three years have elapsed from the end of the relevant assessment year, unless the case falls under
clause (b);
27[(b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment
year unless the Assessing Officer has in his possession books of account or other documents or
evidence which reveal that the income chargeable to tax, represented in the form of—
  (i) an asset;
 (ii) expenditure in respect of a transaction or in relation to an event or occasion; or
(iii) an entry or entries in the books of account,
which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more:]
Provided that no notice under section 148 shall be issued at any time in a case for the relevant assessment
year beginning on or before 1st day of April, 2021, if 28[a notice under section 148 or section 153A or
section 153C could not have been issued at that time on account of being beyond the time limit specified
under the provisions of clause (b) of sub-section (1) of this section or section 153A or section 153C, as the
case may be], as they stood immediately before the commencement of the Finance Act, 2021:
Provided further that the provisions of this sub-section shall not apply in a case, where a notice under
section 153A, or section 153C read with section 153A, is required to be issued in relation to a search
initiated under section 132 or books of account, other documents or any assets requisitioned under section
132A, on or before the 31st day of March, 2021:
29[Provided also that for cases referred to in clauses (i), (iii) and (iv) of Explanation 2 to section 148,
where,—
 (a) a search is initiated under section 132; or
 (b) a search under section 132 for which the last of authorisations is executed; or
 (c) requisition is made under section 132A,
after the 15th day of March of any financial year and the period for issue of notice under section 148
expires on the 31st day of March of such financial year, a period of fifteen days shall be excluded for the
purpose of computing the period of limitation as per this section and the notice issued under section 148
in such case shall be deemed to have been issued on the 31st day of March of such financial year:
Provided also that where the information as referred to in Explanation 1 to section 148 emanates from a
statement recorded or documents impounded under section 131 or section 133A, as the case may be, on
or before the 31st day of March of a financial year, in consequence of,—
 (a) a search under section 132 which is initiated; or
 (b) a search under section 132 for which the last of authorisations is executed; or
 (c) a requisition made under section 132A,
after the 15th day of March of such financial year, a period of fifteen days shall be excluded for the
purpose of computing the period of limitation as per this section and the notice issued under clause (b) of
section 148A in such case shall be deemed to have been issued on the 31st day of March of such financial
year:]
Provided also that for the purposes of computing the period of limitation as per this section, the time or
extended time allowed to the assessee, as per show-cause notice issued under clause (b) of section 148A
or the period during which the proceeding under section 148A is stayed by an order or injunction of any
court, shall be excluded:
Provided also that where immediately after the exclusion of the period referred to in the immediately
preceding proviso, the period of limitation available to the Assessing Officer for passing an order under
clause (d) of section 148A 30[does not exceed seven days], such remaining period shall be extended to
seven days and the period of limitation under this sub-section shall be deemed to be extended accordingly.
Explanation.—For the purposes of clause (b) of this sub-section, "asset" shall include immovable
property, being land or building or both, shares and securities, loans and advances, deposits in bank
account.
31[(1A) Notwithstanding anything contained in sub-section (1), where the income chargeable to tax
represented in the form of an asset or expenditure in relation to an event or occasion of the value referred
to in clause (b) of sub-section (1), has escaped the assessment and the investment in such asset or
expenditure in relation to such event or occasion has been made or incurred, in more than one previous
years relevant to the assessment years within the period referred to in clause (b) of sub-section (1), a
notice under section 148 shall be issued for every such assessment year for assessment, reassessment or
recomputation, as the case may be.]
(2) The provisions of sub-section (1) as to the issue of notice shall be subject to the provisions of section
151.]
Provision for cases where assessment is in pursuance of an order on appeal, etc.
150. (1) Notwithstanding anything contained in section 149, the notice under section 148 may be issued at
any time for the purpose of making an assessment or reassessment or recomputation in consequence of or
to give effect to any finding or direction contained in an order passed by any authority in any proceeding
under this Act by way of appeal, reference or revision or by a Court in any proceeding under any other
law.
(2) The provisions of sub-section (1) shall not apply in any case where any such assessment, reassessment
or recomputation as is referred to in that sub-section relates to an assessment year in respect of which an
assessment, reassessment or recomputation could not have been made at the time the order which was the
subject-matter of the appeal, reference or revision, as the case may be, was made by reason of any other
provision limiting the time within which any action for assessment, reassessment or recomputation may
be taken.
32[Sanction for issue of notice.
151. Specified authority for the purposes of section 148 and section 148A shall be,—
  (i) Principal Commissioner or Principal Director or Commissioner or Director, if three years or less
than three years have elapsed from the end of the relevant assessment year;
  (ii) Principal Chief Commissioner or Principal Director General or 33[***] Chief Commissioner or
Director General, if more than three years have elapsed from the end of the relevant assessment
year:]
34[Provided that the period of three years for the purposes of clause (i) shall be computed after taking
into account the period of limitation as excluded by the third or fourth or fifth provisos or extended by the
sixth proviso to sub-section (1) of section 149.]
Faceless assessment of income escaping assessment.
151A. (1) The Central Government may make a scheme, by notification in the Official Gazette, for the
purposes of assessment, reassessment or recomputation under section 147 or issuance of notice under
section 148 35[or conducting of enquiries or issuance of show-cause notice or passing of order under
section 148A] or sanction for issue of such notice under section 151, so as to impart greater efficiency,
transparency and accountability by—
 (a) eliminating the interface between the income-tax authority and the assessee or any other person to
the extent technologically feasible;
 (b) optimising utilisation of the resources through economies of scale and functional specialisation;
 (c) introducing a team-based assessment, reassessment, recomputation or issuance or sanction of notice
with dynamic jurisdiction.
(2) The Central Government may, for the purpose of giving effect to the scheme made under sub-section
(1), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or
shall apply with such exceptions, modifications and adaptations as may be specified in the notification:
Provided that no direction shall be issued after the 31st day of March, 2022.
(3) Every notification issued under sub-section (1) and sub-section (2) shall, as soon as may be after the
notification is issued, be laid before each House of Parliament.
Other provisions.
152. (1) In an assessment, reassessment or recomputation made under section 147, the tax shall be
chargeable at the rate or rates at which it would have been charged had the income not escaped
assessment.
(2) Where an assessment is reopened under section 147, the assessee may, if he has not impugned any part
of the original assessment order for that year either under sections 246 to 248 or under section 264, claim
that the proceedings under section 147 shall be dropped on his showing that he had been assessed on an
amount or to a sum not lower than what he would be rightly liable for even if the income alleged to have
escaped assessment had been taken into account, or the assessment or computation had been properly
made :
Provided that in so doing he shall not be entitled to reopen matters concluded by an order under section
154, 155, 260, 262, or 263.
Time limit for completion of assessment, reassessment and recomputation.
153. (1) No order of assessment shall be made under section 143 or section 144 at any time after the
expiry of twenty-one months from the end of the assessment year in which the income was first
assessable:
Provided that in respect of an order of assessment relating to the assessment year commencing on the 1st
day of April, 2018, the provisions of this sub-section shall have effect, as if for the words "twenty-one
months", the words "eighteen months" had been substituted:
36[Provided further that in respect of an order of assessment relating to the assessment year commencing
on—
  (i) the 1st day of April, 2019, the provisions of this sub-section shall have effect, as if for the words
"twenty-one months", the words "twelve months" had been substituted;
 (ii) the 1st day of April, 2020, the provisions of this sub-section shall have effect, as if for the words
"twenty-one months", the words "eighteen months" had been substituted:]
37[Provided also that in respect of an order of assessment relating to the assessment year commencing on
38[***]the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words
"twenty-one months", the words "nine months" had been substituted:]
39[Provided also that in respect of an order of assessment relating to the assessment year commencing on
or after the 1st day of April, 2022, the provisions of this sub-section shall have effect, as if for the words
"twenty-one months", the words "twelve months" had been substituted.]
40[(1A) Notwithstanding anything contained in sub-section (1), where a return under sub-section (8A) of
section 139 is furnished, an order of assessment under section 143 or section 144 may be made at any
time before the expiry of 41[twelve] months from the end of the financial year in which such return was
furnished.]
(2) No order of assessment, reassessment or recomputation shall be made under section 147 after the
expiry of nine months from the end of the financial year in which the notice under section 148 was
served:
Provided that where the notice under section 148 is served on or after the 1st day of April, 2019, the
provisions of this sub-section shall have effect, as if for the words "nine months", the words "twelve
months" had been substituted.
(3) Notwithstanding anything contained in sub-sections (1) 42[, (1A)] and (2), an order of fresh
assessment 43[or fresh order under section 92CA, as the case may be,] in pursuance of an order under
section 254 or section 263 or section 264, setting aside or cancelling an assessment, 43[or an order under
section 92CA, as the case may be], may be made at any time before the expiry of nine months from the
end of the financial year in which the order under section 254 is received by the Principal Chief
Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may
be, the order under section 263 or section 264 is passed by the 44[Principal Chief Commissioner or Chief
Commissioner or Principal Commissioner or Commissioner, as the case may be] :
Provided that where the order under section 254 is received by the Principal Chief Commissioner or
Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under
section 263 or section 264 is passed by the 44[Principal Chief Commissioner or Chief Commissioner or
Principal Commissioner or Commissioner, as the case may be,] on or after the 1st day of April, 2019, the
provisions of this sub-section shall have effect, as if for the words "nine months", the words "twelve
months" had been substituted.
45[(3A) Notwithstanding anything contained in sub-sections (1), (1A), (2) and (3), where an assessment or
reassessment is pending on the date of initiation of search under section 132 or making of requisition
under section 132A, the period available for completion of assessment or reassessment, as the case may
be, under the said sub-sections shall,—
 (a) in a case where such search is initiated under section 132 or such requisition is made under section
132A;
 (b) in the case of an assessee, to whom any money, bullion, jewellery or other valuable article or thing
seized or requisitioned belongs to;
  (c) in the case of an assessee, to whom any books of account or documents seized or requisitioned
pertains or pertain to, or any information contained therein, relates to,
be extended by twelve months.]
(4) Notwithstanding anything contained in 46[sub-sections (1), (1A), (2), (3) and (3A)], where a reference
under sub-section (1) of section 92CA is made during the course of the proceeding for the assessment or
reassessment, the period available for completion of assessment or reassessment, as the case may be,
under the said 46[sub-sections (1), (1A), (2), (3) and (3A)], shall be extended by twelve months.
(5) Where effect to an order under section 250 or section 254 or section 260 or section 262 or section 263
or section 264 is to be given by the Assessing Officer 47[or the Transfer Pricing Officer, as the case may
be,] wholly or partly, otherwise than by making a fresh assessment or reassessment 47[or fresh order
under section 92CA, as the case may be], such effect shall be given within a period of three months from
the end of the month in which order under section 250 or section 254 or section 260 or section 262 is
received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or
Commissioner, as the case may be, the order under section 263 or section 264 is passed by the
48[Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner,
as the case may be] :
Provided that where it is not possible for the Assessing Officer 47[or the Transfer Pricing Officer, as the
case may be,] to give effect to such order within the aforesaid period, for reasons beyond his control, the
Principal Commissioner or Commissioner on receipt of such request in writing from the Assessing Officer
47[or the Transfer Pricing Officer, as the case may be], if satisfied, may allow an additional period of six
months to give effect to the order:
Provided further that where an order under section 250 or section 254 or section 260 or section 262 or
section 263 or section 264 requires verification of any issue by way of submission of any document by the
assessee or any other person or where an opportunity of being heard is to be provided to the assessee, the
order giving effect to the said order under section 250 or section 254 or section 260 or section 262 or
section 263 or section 264 shall be made within the time specified in sub-section (3).
49[(5A) Where the Transfer Pricing Officer gives effect to an order or direction under section 263 by an
order under section 92CA and forwards such order to the Assessing Officer, the Assessing Officer shall
proceed to modify the order of assessment or reassessment or recomputation, in conformity with such
order of the Transfer Pricing Officer, within two months from the end of the month in which such order of
the Transfer Pricing Officer is received by him.]
(6) Nothing contained in sub-sections (1) 50[, (1A)] and (2) shall apply to the following classes of
assessments, reassessments and recomputation which may, subject to the provisions of 51[sub-sections
(3), (5) and (5A)], be completed—
    (i) where the assessment, reassessment or recomputation is made on the assessee or any person in
consequence of or to give effect to any finding or direction contained in an order under section 250,
section 254, section 260, section 262, section 263, or section 264 or in an order of any court in a
proceeding otherwise than by way of appeal or reference under this Act, on or before the expiry of
twelve months from the end of the month in which such order is received or passed by the
52[Principal Chief Commissioner or Chief Commissioner or] Principal Commissioner or
Commissioner, as the case may be; or
 (ii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an
assessment made on the firm under section 147, on or before the expiry of twelve months from the
end of the month in which the assessment order in the case of the firm is passed.
(7) Where effect to any order, finding or direction referred to in sub-section (5) or sub-section (6) is to be
given by the Assessing Officer, within the time specified in the said sub-sections, and such order has been
received or passed, as the case may be, by the income-tax authority specified therein before the 1st day of
June, 2016, the Assessing Officer shall give effect to such order, finding or direction, or assess, reassess or
recompute the income of the assessee, on or before the 31st day of March, 2017.
(8) Notwithstanding anything contained in the foregoing provisions of this section, sub-section (2) of
section 153A or sub-section (1) of section 153B, the order of assessment or reassessment, relating to any
assessment year, which stands revived under sub-section (2) of section 153A, shall be made within a
period of one year from the end of the month of such revival or within the period specified in this section
or sub-section (1) of section 153B, whichever is later.
(9) The provisions of this section as they stood immediately before the commencement of the Finance
Act, 2016, shall apply to and in relation to any order of assessment, reassessment or recomputation made
before the 1st day of June, 2016:
Provided that where a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or
section 148 has been issued prior to the 1st day of June, 2016 and the assessment or reassessment has not
been completed by such date due to exclusion of time referred to in Explanation 1, such assessment or
reassessment shall be completed in accordance with the provisions of this section as it stood immediately
before its substitution by the Finance Act, 2016 (28 of 2016).
Explanation 1.—For the purposes of this section, in computing the period of limitation—
  (i) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to
the assessee to be re-heard under the proviso to section 129; or
 (ii) the period during which the assessment proceeding is stayed by an order or injunction of any court;
or
(iii) the period commencing from the date on which the Assessing Officer intimates the Central
Government or the prescribed authority, the contravention of the provisions of clause (21) or clause
(22B) or clause (23A) or clause (23B) 53[, under clause (i) of the first proviso] to sub-section (3) of
section 143 and ending with the date on which the copy of the order withdrawing the approval or
rescinding the notification, as the case may be, under those clauses is received by the Assessing
Officer; or
 (iv) the period commencing from the date on which the Assessing Officer directs the assessee to get his
accounts audited 54[or inventory valued] under sub-section (2A) of section 142 and—
  (a) ending with the last date on which the assessee is required to furnish a report of such audit
54[or inventory valuation] under that sub-section; or

  (b) where such direction is challenged before a court, ending with the date on which the order
setting aside such direction is received by the Principal Commissioner or Commissioner; or
  (v) the period commencing from the date on which the Assessing Officer makes a reference to the
Valuation Officer under sub-section (1) of section 142A and ending with the date on which the
report of the Valuation Officer is received by the Assessing Officer; or
(vi) the period (not exceeding sixty days) commencing from the date on which the Assessing Officer
received the declaration under sub-section (1) of section 158A and ending with the date on which
the order under sub-section (3) of that section is made by him; or
(vii) in a case where an application made before the Income-tax Settlement Commission is rejected by it
or is not allowed to be proceeded with by it, the period commencing from the date on which an
application is made before the Settlement Commission under section 245C and ending with the date
on which the order under sub-section (1) of section 245D is received by the Principal Commissioner
or Commissioner under sub-section (2) of that section; or
(viii) the period commencing from the date on which an application is made before the Authority for
Advance Rulings 55[or before the Board for Advance Rulings] under sub-section (1) of section
245Q and ending with the date on which the order rejecting the application is received by the
Principal Commissioner or Commissioner under sub-section (3) of section 245R; or
  (ix) the period commencing from the date on which an application is made before the Authority for
Advance Rulings 56[or before the Board for Advance Rulings] under sub-section (1) of section
 245Q and ending with the date on which the advance ruling pronounced by it is received by the
Principal Commissioner or Commissioner under sub-section (7) of section 245R; or
 (x) the period commencing from the date on which a reference or first of the references for exchange of
information is made by an authority competent under an agreement referred to in section 90 or
section 90A and ending with the date on which the information requested is last received by the
Principal Commissioner or Commissioner or a period of one year, whichever is less; or
(xi) the period commencing from the date on which a reference for declaration of an arrangement to be
an impermissible avoidance arrangement is received by the Principal Commissioner or
Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction
under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is
received by the 57[Assessing Officer; or
(xii) the period (not exceeding one hundred and eighty days) commencing from the date on which a
search is initiated under section 132 or a requisition is made under section 132A and ending on the
date on which the books of account or other documents, or any money, bullion, jewellery or other
valuable article or thing seized under section 132 or requisitioned under section 132A, as the case
may be, are handed over to the Assessing Officer having jurisdiction over the assessee,—
  (a) in whose case such search is initiated under section 132 or such requisition is made under
section 132A; or
  (b) to whom any money, bullion, jewellery or other valuable article or thing seized or
requisitioned belongs to; or
  (c) to whom any books of account or documents seized or requisitioned pertains or pertain to, or
any information contained therein, relates to; or]
58[(xiii) the period commencing from the date on which the Assessing Officer makes a reference to the
Principal Commissioner or Commissioner under the second proviso to sub-section (3) of section
143 and ending with the date on which the copy of the order under clause (ii) or clause (iii) of the
fifteenth proviso to clause (23C) of section 10 or clause (ii) or clause (iii) of sub-section (4) of
section 12AB, as the case may be, is received by the Assessing Officer,]
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
referred to in sub-sections (1), 59[(1A),] (2), (3) and sub-section (8) available to the Assessing Officer for
making an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days,
such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be
deemed to be extended accordingly:
Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days
in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation available
to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case
may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid
period of limitation shall be deemed to be extended accordingly:
Provided also that where a proceeding before the Settlement Commission abates under section 245HA,
the period of limitation available under this section to the Assessing Officer for making an order of
assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of the period
under sub-section (4) of section 245HA, be not less than one year; and where such period of limitation is
less than one year, it shall be deemed to have been extended to one year; and for the purposes of
determining the period of limitation under sections 149, 154, 155 and 158BE and for the purposes of
payment of interest under section 244A, this proviso shall also apply accordingly:
60[Provided also that where the assessee exercises the option to withdraw the application under sub-
section (1) of section 245M, the period of limitation available under this section to the Assessing Officer
for making an order of assessment, reassessment or recomputation, as the case may be, shall, after the
exclusion of the period under sub-section (5) of the said section, be not less than one year; and where such
period of limitation is less than one year, it shall be deemed to have been extended to one year:
Provided also that for the purposes of determining the period of limitation under sections 149, 154 and
155, and for the purposes of payment of interest under section 244A, the provisions of the fourth proviso
shall apply accordingly.]
Explanation 2.—For the purposes of this section, where, by an order referred to in clause (i) of sub-
section (6),—
  (a) any income is excluded from the total income of the assessee for an assessment year, then, an
assessment of such income for another assessment year shall, for the purposes of section 150 and
this section, be deemed to be one made in consequence of or to give effect to any finding or
direction contained in the said order; or
 (b) any income is excluded from the total income of one person and held to be the income of another
person, then, an assessment of such income on such other person shall, for the purposes of section
150 and this section, be deemed to be one made in consequence of or to give effect to any finding or
direction contained in the said order, if such other person was given an opportunity of being heard
before the said order was passed.
Assessment in case of search or requisition.
153A. (1) Notwithstanding anything contained in section 139, section 147, section 148, section 149,
section 151 and section 153, in the case of a person where a search is initiated under section 132 or books
of account, other documents or any assets are requisitioned under section 132A after the 31st day of May,
2003 61[but on or before the 31st day of March, 2021], the Assessing Officer shall—
 (a) issue notice to such person requiring him to furnish within such period, as may be specified in the
notice, the return of income in respect of each assessment year falling within six assessment years
and for the relevant assessment year or years referred to in clause (b), in the prescribed form and
verified in the prescribed manner and setting forth such other particulars as may be prescribed and
the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return
required to be furnished under section 139;
 (b) assess or reassess the total income of six assessment years immediately preceding the assessment
year relevant to the previous year in which such search is conducted or requisition is made and for
the relevant assessment year or years :
Provided that the Assessing Officer shall assess or reassess the total income in respect of each assessment
year falling within such six assessment years and for the relevant assessment year or years :
Provided further that assessment or reassessment, if any, relating to any assessment year falling within
the period of six assessment years and for the relevant assessment year or years referred to in this sub-
section pending on the date of initiation of the search under section 132 or making of requisition under
section 132A, as the case may be, shall abate :
Provided also that the Central Government may by rules62 made by it and published in the Official
Gazette (except in cases where any assessment or reassessment has abated under the second proviso),
specify the class or classes of cases in which the Assessing Officer shall not be required to issue notice for
assessing or reassessing the total income for six assessment years immediately preceding the assessment
year relevant to the previous year in which search is conducted or requisition is made and for the relevant
assessment year or years:
Provided also that no notice for assessment or reassessment shall be issued by the Assessing Officer for
the relevant assessment year or years unless—
 (a) the Assessing Officer has in his possession books of account or other documents or evidence which
reveal that the income, represented in the form of asset, which has escaped assessment amounts to
or is likely to amount to fifty lakh rupees or more in the relevant assessment year or in aggregate in
the relevant assessment years;
 (b) the income referred to in clause (a) or part thereof has escaped assessment for such year or years;
and
 (c) the search under section 132 is initiated or requisition under section 132A is made on or after the 1st
day of April, 2017.
Explanation 1.—For the purposes of this sub-section, the expression "relevant assessment year" shall
mean an assessment year preceding the assessment year relevant to the previous year in which search is
conducted or requisition is made which falls beyond six assessment years but not later than ten
assessment years from the end of the assessment year relevant to the previous year in which search is
conducted or requisition is made.
Explanation 2.—For the purposes of the fourth proviso, "asset" shall include immovable property being
land or building or both, shares and securities, loans and advances, deposits in bank account.
(2) If any proceeding initiated or any order of assessment or reassessment made under sub-section (1) has
been annulled in appeal or any other legal proceeding, then, notwithstanding anything contained in sub-
section (1) or section 153, the assessment or reassessment relating to any assessment year which has
abated under the second proviso to sub-section (1), shall stand revived with effect from the date of receipt
of the order of such annulment by the Principal Commissioner or Commissioner:
Provided that such revival shall cease to have effect, if such order of annulment is set aside.
Explanation.—For the removal of doubts, it is hereby declared that,—
 (i) save as otherwise provided in this section, section 153B and section 153C, all other provisions of
this Act shall apply to the assessment made under this section;
 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax
shall be chargeable at the rate or rates as applicable to such assessment year.
Time limit for completion of assessment under section 153A.
153B. (1) Notwithstanding anything contained in section 153, the Assessing Officer shall make an order
of assessment or reassessment,—
  (a) in respect of each assessment year falling within six assessment years and for the relevant
assessment year or years referred to in clause (b) of sub-section (1) of section 153A, within a period
of twenty-one months from the end of the financial year in which the last of the authorisations for
search under section 132 or for requisition under section 132A was executed;
 (b) in respect of the assessment year relevant to the previous year in which search is conducted under
section 132 or requisition is made under section 132A, within a period of twenty-one months from
the end of the financial year in which the last of the authorisations for search under section 132 or
for requisition under section 132A was executed:
Provided that in case of other person referred to in section 153C, the period of limitation for making the
assessment or reassessment shall be the period as referred to in clause (a) or clause (b) of this sub-section
or nine months from the end of the financial year in which books of account or documents or assets seized
or requisitioned are handed over under section 153C to the Assessing Officer having jurisdiction over
such other person, whichever is later:
Provided further that in the case where the last of the authorisations for search under section 132 or for
requisition under section 132A was executed during the financial year commencing on the 1st day of
April, 2018,—
  (i) the provisions of clause (a) or clause (b) of this sub-section shall have effect, as if for the words
"twenty-one months", the words "eighteen months" had been substituted;
 (ii) the period of limitation for making the assessment or reassessment in case of other person referred
to in section 153C, shall be the period of eighteen months from the end of the financial year in
which the last of the authorisations for search under section 132 or for requisition under section
132A was executed or twelve months from the end of the financial year in which books of account
or documents or assets seized or requisitioned are handed over under section 153C to the Assessing
Officer having jurisdiction over such other person, whichever is later:
Provided also that in the case where the last of the authorisations for search under section 132 or for
requisition under section 132A was executed during the financial year commencing on or after the 1st day
of April, 2019,—
  (i) the provisions of clause (a) or clause (b) of this sub-section shall have effect, as if for the words
"twenty-one months", the words "twelve months" had been substituted;
 (ii) the period of limitation for making the assessment or reassessment in case of other person referred
to in section 153C, shall be the period of twelve months from the end of the financial year in which
the last of the authorisations for search under section 132 or for requisition under section 132A was
executed or twelve months from the end of the financial year in which books of account or
documents or assets seized or requisitioned are handed over under section 153C to the Assessing
Officer having jurisdiction over such other person, whichever is later:
Provided also that in case where the last of the authorisations for search under section 132 or for
requisition under section 132A was executed and during the course of the proceedings for the assessment
or reassessment of total income, a reference under sub-section (1) of section 92CA is made, the period
available for making an order of assessment or reassessment shall be extended by twelve months:
Provided also that in case where during the course of the proceedings for the assessment or reassessment
of total income in case of other person referred to in section 153C, a reference under sub-section (1) of
section 92CA is made, the period available for making an order of assessment or reassessment in case of
such other person shall be extended by twelve months:
63[Provided also that in a case where the last of the authorisations for search under section 132 or
requisition under section 132A was executed during the financial year commencing on the 1st day of
April, 2020 or in case of other person referred to in section 153C, the books of account or document or
assets seized or requisitioned were handed over under section 153C to the Assessing Officer having
jurisdiction over such other person during the financial year commencing on the 1st day of April, 2020,
the assessment in such cases for the assessment year commencing on the 1st day of April, 2021 shall be
made on or before the 30th day of September, 2022.]
(2) The authorisation referred to in clause (a) and clause (b) of sub-section (1) shall be deemed to have
been executed,—
  (a) in the case of search, on the conclusion of search as recorded in the last panchnama drawn in
relation to any person in whose case the warrant of authorisation has been issued; or
 (b) in the case of requisition under section 132A, on the actual receipt of the books of account or other
documents or assets by the Authorised Officer.
(3) The provisions of this section, as they stood immediately before the commencement of the Finance
Act, 2016, shall apply to and in relation to any order of assessment or reassessment made before the 1st
day of June, 2016:
Provided that where a notice under section 153A or section 153C has been issued prior to the 1st day of
June, 2016 and the assessment has not been completed by such date due to exclusion of time referred to in
the Explanation, such assessment shall be completed in accordance with the provisions of this section as
it stood immediately before its substitution by the Finance Act, 2016 (28 of 2016).
64[(4) Nothing contained in this section shall apply to any search initiated under section 132 or requisition
made under section 132A on or after the 1st day of April, 2021.]
Explanation.—In computing the period of limitation under this section—
  (i) the period during which the assessment proceeding is stayed by an order or injunction of any court;
or
 (ii) the period commencing from the date on which the Assessing Officer directs the assessee to get his
accounts audited under sub-section (2A) of section 142 and—
  (a) ending with the last date on which the assessee is required to furnish a report of such audit
under that sub-section; or
  (b) where such direction is challenged before a court, ending with the date on which the order
setting aside such direction is received by the Principal Commissioner or Commissioner; or
(iii) the period commencing from the date on which the Assessing Officer makes a reference to the
Valuation Officer under sub-section (1) of section 142A and ending with the date on which the
report of the Valuation Officer is received by the Assessing Officer; or
(iv) the time taken in re-opening the whole or any part of the proceeding or in giving an opportunity to
the assessee of being re-heard under the proviso to section 129; or
 (v) in a case where an application made before the Income-tax Settlement Commission is rejected by it
or is not allowed to be proceeded with by it, the period commencing from the date on which an
application is made before the Settlement Commission under section 245C and ending with the date
on which the order under sub-section (1) of section 245D is received by the Principal Commissioner
or Commissioner under sub-section (2) of that section; or
(vi) the period commencing from the date on which an application is made before the Authority for
Advance Rulings 65[or before the Board for Advance Rulings] under sub-section (1) of section
245Q and ending with the date on which the order rejecting the application is received by the
Principal Commissioner or Commissioner under sub-section (3) of section 245R; or
(vii) the period commencing from the date on which an application is made before the Authority for
Advance Rulings 65[or before the Board for Advance Rulings] under sub-section (1) of section
245Q and ending with the date on which the advance ruling pronounced by it is received by the
Principal Commissioner or Commissioner under sub-section (7) of section 245R; or
(viii) the period commencing from the date of annulment of a proceeding or order of assessment or
reassessment referred to in sub-section (2) of section 153A, till the date of the receipt of the order
setting aside the order of such annulment, by the Principal Commissioner or Commissioner; or
 (ix) the period commencing from the date on which a reference or first of the references for exchange of
information is made by an authority competent under an agreement referred to in section 90 or
section 90A and ending with the date on which the information requested is last received by the
Principal Commissioner or Commissioner or a period of one year, whichever is less; or
 (x) the period commencing from the date on which a reference for declaration of an arrangement to be
an impermissible avoidance arrangement is received by the Principal Commissioner or
Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction
under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is
received by the 66[Assessing Officer; or]
67[(xi) the period (not exceeding one hundred and eighty days) commencing from the date on which a
search is initiated under section 132 or a requisition is made under section 132A and ending on the
date on which the books of account, or other documents or money or bullion or jewellery or other
valuable article or thing seized under section 132 or requisitioned under section 132A, as the case
may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose
case such search is initiated under section 132 or such requisition is made under section 132A, as
the case may be,]
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
referred to in clause (a) or clause (b) of this sub-section available to the Assessing Officer for making an
order of assessment or reassessment, as the case may be, is less than sixty days, such remaining period
shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended
accordingly:
Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days
in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation available
to the Assessing Officer for making an order of assessment or reassessment, as the case may be, is less
than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of
limitation shall be deemed to be extended accordingly:
Provided also that where a proceeding before the Settlement Commission abates under section 245HA,
the period of limitation available under this section to the Assessing Officer for making an order of
assessment or reassessment, as the case may be, shall, after the exclusion of the period under sub-section
(4) of section 245HA, be not less than one year; and where such period of limitation is less than one year,
it shall be deemed to have been extended to one year:
68[Provided also that where the assessee exercises the option to withdraw the application under sub-
section (1) of section 245M, the period of limitation available under this section to the Assessing Officer
for making an order of assessment or reassessment, as the case may be, shall, after the exclusion of the
period under sub-section (5) of the said section, be not less than one year; and where such period of
limitation is less than one year, it shall be deemed to have been extended to one year.]
Assessment of income of any other person.
153C. (1) Notwithstanding anything contained in section 139, section 147, section 148, section 149,
section 151 and section 153, where the Assessing Officer is satisfied that,—
 (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs to;
or
  (b) any books of account or documents, seized or requisitioned, pertains or pertain to, or any
information contained therein, relates to,
a person other than the person referred to in section 153A, then, the books of account or documents or
assets, seized or requisitioned shall be handed over to the Assessing Officer having jurisdiction over such
other person and that Assessing Officer shall proceed against each such other person and issue notice and
assess or reassess the income of the other person in accordance with the provisions of section 153A, if,
that Assessing Officer is satisfied that the books of account or documents or assets seized or requisitioned
have a bearing on the determination of the total income of such other person for six assessment years
immediately preceding the assessment year relevant to the previous year in which search is conducted or
requisition is made and for the relevant assessment year or years referred to in sub-section (1) of section
153A :
Provided that in case of such other person, the reference to the date of initiation of the search under
section 132 or making of requisition under section 132A in the second proviso to sub-section (1) of
section 153A shall be construed as reference to the date of receiving the books of account or documents or
assets seized or requisitioned by the Assessing Officer having jurisdiction over such other person :
Provided further that the Central Government may by rules69 made by it and published in the Official
Gazette, specify the class or classes of cases in respect of such other person, in which the Assessing
Officer shall not be required to issue notice for assessing or reassessing the total income for six
assessment years immediately preceding the assessment year relevant to the previous year in which search
is conducted or requisition is made and for the relevant assessment year or years as referred to in sub-
section (1) of section 153A except in cases where any assessment or reassessment has abated.
(2) Where books of account or documents or assets seized or requisitioned as referred to in sub-section (1)
has or have been received by the Assessing Officer having jurisdiction over such other person after the
due date for furnishing the return of income for the assessment year relevant to the previous year in which
search is conducted under section 132 or requisition is made under section 132A and in respect of such
assessment year—
 (a) no return of income has been furnished by such other person and no notice under sub-section (1) of
section 142 has been issued to him, or
 (b) a return of income has been furnished by such other person but no notice under sub-section (2) of
section 143 has been served and limitation of serving the notice under sub-section (2) of section 143
has expired, or
 (c) assessment or reassessment, if any, has been made,
before the date of receiving the books of account or documents or assets seized or requisitioned by the
Assessing Officer having jurisdiction over such other person, such Assessing Officer shall issue the notice
and assess or reassess total income of such other person of such assessment year in the manner provided
in section 153A.
70[(3)Nothing contained in this section shall apply in relation to a search initiated under section 132 or
books of account, other documents or any assets requisitioned under section 132A on or after the 1st day
of April, 2021.]
Prior approval necessary for assessment in cases of search or requisition.
153D. No order of assessment or reassessment shall be passed by an Assessing Officer below the rank of
Joint Commissioner in respect of each assessment year referred to in clause (b) of sub-section (1) of
section 153A or the assessment year referred to in clause (b) of sub-section (1) of section 153B, except
with the prior approval of the Joint Commissioner:
Provided that nothing contained in this section shall apply where the assessment or reassessment order, as
the case may be, is required to be passed by the Assessing Officer with the prior approval of the Principal
Commissioner or Commissioner under sub-section (12) of section 144BA.
19/05/2023, 19:08 Income Tax Department

CHAPTER XIII
INCOME-TAX AUTHORITIES
A.—Appointment and control
Income-tax authorities.
116. There shall be the following classes of income-tax authorities for the purposes of this Act, namely :—
 (a) the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of
1963),
(aa) Principal Directors General of Income-tax or Principal Chief Commissioners of Income-tax,
 (b) Directors-General of Income-tax or Chief Commissioners of Income-tax,
(ba) Principal Directors of Income-tax or Principal Commissioners of Income-tax,
  (c) Directors of Income-tax or Commissioners of Income-tax or Commissioners of Income-tax
(Appeals),
(cc) Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional
Commissioners of Income-tax (Appeals),
(cca) Joint Directors of Income-tax or Joint Commissioners of Income-tax 26[or Joint Commissioners of
Income-tax (Appeals)],
 (d) Deputy Directors of Income-tax or Deputy Commissioners of Income-tax or Deputy Commissioners
of Income-tax (Appeals),
 (e) Assistant Directors of Income-tax or Assistant Commissioners of Income-tax,
 (f) Income-tax Officers,
 (g) Tax Recovery Officers,
 (h) Inspectors of Income-tax.

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C.—Powers
Power regarding discovery, production of evidence, etc.
131. (1) The Assessing Officer, Deputy Commissioner (Appeals), Joint Commissioner 30a[, Joint
Commissioner (Appeals)], Commissioner (Appeals), Principal Chief Commissioner or Chief
Commissioner or Principal Commissioner or Commissioner and the Dispute Resolution Panel referred to
in clause (a) of sub-section (15) of section 144C shall, for the purposes of this Act, have the same powers
as are vested in a court under the Code of Civil Procedure, 1908 (5 of 1908), when trying a suit in respect
of the following matters, namely :—
 (a) discovery and inspection;
 (b) enforcing the attendance of any person, including any officer of a banking company and examining
him on oath;
 (c) compelling the production of books of account and other documents; and
 (d) issuing commissions.
(1A) If the Principal Director General or Director General or Principal Director or Director or Joint
Director or Assistant Director or Deputy Director, or the authorised officer referred to in sub-section (1) of
section 132 before he takes action under clauses (i) to (v) of that sub-section, has reason to suspect that
any income has been concealed, or is likely to be concealed, by any person or class of persons, within his
jurisdiction, then, for the purposes of making any enquiry or investigation relating thereto, it shall be
competent for him to exercise the powers conferred under sub-section (1) on the income-tax authorities
referred to in that sub-section, notwithstanding that no proceedings with respect to such person or class of
persons are pending before him or any other income-tax authority.
(2) For the purpose of making an inquiry or investigation in respect of any person or class of persons in
relation to an agreement referred to in section 90 or section 90A, it shall be competent for any income-tax
authority not below the rank of Assistant Commissioner of Income-tax, as may be notified by the Board in
this behalf, to exercise the powers conferred under sub-section (1) on the income-tax authorities referred
to in that sub-section, notwithstanding that no proceedings with respect to such person or class of persons
are pending before it or any other income-tax authority.
(3) Subject to any rules made in this behalf, any authority referred to in sub-section (1) or sub-section (1A)
or sub-section (2) may impound and retain in its custody for such period as it thinks fit any books of
account or other documents produced before it in any proceeding under this Act:
Provided that an Assessing Officer or an Assistant Director or Deputy Director shall not—
 (a) impound any books of account or other documents without recording his reasons for so doing, or
 (b) retain in his custody any such books or documents for a period exceeding fifteen days (exclusive of
holidays) without obtaining the approval of the Principal Chief Commissioner or Chief
Commissioner or Principal Director General or Director General or Principal Commissioner or
Commissioner or Principal Director or Director therefor, as the case may be.

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Search and seizure.

31132. 32(1) Where the Principal Director General or Director General or Principal Director or Director or
the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or
Additional Director or Additional Commissioner or Joint Director or Joint Commissioner in consequence
of information in his possession, has reason to believe that—
 (a) any person to whom a summons under sub-section (1) of section 37 of the Indian Income-tax Act,
1922 (11 of 1922), or under sub-section (1) of section 131 of this Act, or a notice under sub-section
(4) of section 22 of the Indian Income-tax Act, 1922, or under sub-section (1) of section 142 of this
Act was issued to produce, or cause to be produced, any books of account or other documents has
omitted or failed to produce, or cause to be produced, such books of account or other documents as
required by such summons or notice, or
  (b) any person to whom a summons or notice as aforesaid has been or might be issued will not, or
would not, produce or cause to be produced, any books of account or other documents which will be
useful for, or relevant to, any proceeding under the Indian Income-tax Act, 1922 (11 of 1922), or
under this Act, or
 (c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and
such money, bullion, jewellery or other valuable article or thing represents either wholly or partly
income or property which has not been, or would not be, disclosed for the purposes of the Indian
Income-tax Act, 1922 (11 of 1922), or this Act (hereinafter in this section referred to as the
undisclosed income or property),
then,—
 (A) the Principal Director General or Director General or Principal Director or Director or the Principal
Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the
case may be, may authorise any Additional Director or Additional Commissioner or Joint Director,
Joint Commissioner, Assistant Director or Deputy Director, Assistant Commissioner or Deputy
Commissioner or Income-tax Officer, or
 (B) such Additional Director or Additional Commissioner or Joint Director, or Joint Commissioner, as
the case may be, may authorise any Assistant Director or Deputy Director, Assistant Commissioner
or Deputy Commissioner or Income-tax Officer,
(the officer so authorised in all cases being hereinafter referred to as the authorised officer) to—
  (i) enter and search any building, place, vessel, vehicle or aircraft where he has reason to suspect that
such books of account, other documents, money, bullion, jewellery or other valuable article or
thing are kept;
 (ii) break open the lock of any door, box, locker, safe, almirah or other receptacle for exercising the
powers conferred by clause (i) where the keys thereof are not available;
(iia) search any person who has got out of, or is about to get into, or is in, the building, place, vessel,
vehicle or aircraft, if the authorised officer has reason to suspect that such person has secreted
about his person any such books of account, other documents, money, bullion, jewellery or other
valuable article or thing;
(iib) require any person who is found to be in possession or control of any books of account or other
documents maintained in the form of electronic record as defined in clause (t) of sub-section (1)
of section 2 of the Information Technology Act, 2000 (21 of 2000), to afford the authorised officer
the necessary facility to inspect such books of account or other documents;
(iii) seize any such books of account, other documents, money, bullion, jewellery or other valuable
article or thing found as a result of such search:

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Provided that bullion, jewellery or other valuable article or thing, being stock-in-trade of the
business, found as a result of such search shall not be seized but the authorised officer shall make
a note or inventory of such stock-in-trade of the business;
   (iv) place marks of identification on any books of account or other documents or make or cause to be
made extracts or copies therefrom;
(v) make a note or an inventory of any such money, bullion, jewellery or other valuable article or
thing:
32aProvided that where any building, place, vessel, vehicle or aircraft referred to in clause (i) is within the
area of jurisdiction of any Principal Chief Commissioner or Chief Commissioner or Principal
Commissioner or Commissioner, but such Principal Chief Commissioner or Chief Commissioner or
Principal Commissioner or Commissioner has no jurisdiction over the person referred to in clause (a) or
clause (b) or clause (c), then, notwithstanding anything contained in section 120, it shall be competent for
him to exercise the powers under this sub-section in all cases where he has reason to believe that any delay
in getting the authorisation from the Principal Chief Commissioner or Chief Commissioner or Principal
Commissioner or Commissioner having jurisdiction over such person may be prejudicial to the interests of
the revenue:
Provided further that where it is not possible or practicable to take physical possession of any valuable
article or thing and remove it to a safe place due to its volume, weight or other physical characteristics or
due to its being of a dangerous nature, the authorised officer may serve an order on the owner or the
person who is in immediate possession or control thereof that he shall not remove, part with or otherwise
deal with it, except with the previous permission of such authorised officer and such action of the
authorised officer shall be deemed to be seizure of such valuable article or thing under clause (iii):
Provided also that nothing contained in the second proviso shall apply in case of any valuable article or
thing, being stock-in-trade of the business:
Provided also that no authorisation shall be issued by the Additional Director or Additional
Commissioner or Joint Director or Joint Commissioner on or after the 1st day of October, 2009 unless he
has been empowered by the Board to do so.
Explanation.—For the removal of doubts, it is hereby declared that the reason to believe, as recorded by
the income-tax authority under this sub-section, shall not be disclosed to any person or any authority or
the Appellate Tribunal.
33(1A) Where any Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or
Commissioner, in consequence of information in his possession, has reason to suspect that any books of
account, other documents, money, bullion, jewellery or other valuable article or thing in respect of which
an officer has been authorised by the Principal Director General or Director General or Principal Director
or Director or any other Principal Chief Commissioner or Chief Commissioner or Principal Commissioner
or Commissioner or Additional Director or Additional Commissioner or Joint Director or Joint
Commissioner to take action under clauses (i) to (v) of sub-section (1) are or is kept in any building, place,
vessel, vehicle or aircraft not mentioned in the authorisation under sub-section (1), such Principal Chief
Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may, notwithstanding
anything contained in section 120, authorise the said officer to take action under any of the clauses
aforesaid in respect of such building, place, vessel, vehicle or aircraft.
Explanation.—For the removal of doubts, it is hereby declared that the reason to suspect, as recorded by
the income-tax authority under this sub-section, shall not be disclosed to any person or any authority or
the Appellate Tribunal.
34[(2) The authorised officer may requisition the services of,—
  (i) any police officer or of any officer of the Central Government, or of both; or
  (ii) any person or entity as may be approved by the Principal Chief Commissioner or the Chief
Commissioner or the Principal Director General or the Director General, in accordance with the
procedure, as may be prescribed, in this regard,
to assist him for all or any of the purposes specified in sub-section (1) or sub-section (1A) and it shall be
the duty of every such officer or person or entity to comply with such requisition.]
(3) The authorised officer may, where it is not practicable to seize any such books of account, other
documents, money, bullion, jewellery or other valuable article or thing, for reasons other than those
mentioned in the second proviso to sub-section (1), serve an order on the owner or the person who is in
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immediate possession or control thereof that he shall not remove, part with or otherwise deal with it
except with the previous permission of such officer and such officer may take such steps as may be
necessary for ensuring compliance with this sub-section.
Explanation.—For the removal of doubts, it is hereby declared that serving of an order as aforesaid under
this sub-section shall not be deemed to be seizure of such books of account, other documents, money,
bullion, jewellery or other valuable article or thing under clause (iii) of sub-section (1).
(4) The authorised officer may, during the course of the search or seizure, examine on oath any person
who is found to be in possession or control of any books of account, documents, money, bullion, jewellery
or other valuable article or thing and any statement made by such person during such examination may
thereafter be used in evidence in any proceeding under the Indian Income-tax Act, 1922 (11 of 1922), or
under this Act.
Explanation.—For the removal of doubts, it is hereby declared that the examination of any person under
this sub-section may be not merely in respect of any books of account, other documents or assets found as
a result of the search, but also in respect of all matters relevant for the purposes of any investigation
connected with any proceeding under the Indian Income-tax Act, 1922 (11 of 1922), or under this Act.
(4A) Where any books of account, other documents, money, bullion, jewellery or other valuable article or
thing are or is found in the possession or control of any person in the course of a search, it may be
presumed—
  (i) that such books of account, other documents, money, bullion, jewellery or other valuable article or
thing belong or belongs to such person;
 (ii) that the contents of such books of account and other documents are true; and
(iii) that the signature and every other part of such books of account and other documents which purport
to be in the handwriting of any particular person or which may reasonably be assumed to have been
signed by, or to be in the handwriting of, any particular person, are in that person's handwriting, and
in the case of a document stamped, executed or attested, that it was duly stamped and executed or
attested by the person by whom it purports to have been so executed or attested.
(5) [***]
(6) [***]
(7) [***]
(8) The books of account or other documents seized under sub-section (1) or sub-section (1A) shall not be
retained by the authorised officer for a period exceeding thirty days from the date of the 35[order of
assessment or reassessment or recomputation under sub-section (3) of section 143 or section 144 or
section 147 or] section 153A or clause (c) of section 158BC unless the reasons for retaining the same are
recorded by him in writing and the approval of the Principal Chief Commissioner or Chief Commissioner,
Principal Commissioner or Commissioner, Principal Director General or Director General or Principal
Director or Director for such retention is obtained:
Provided that the Principal Chief Commissioner or Chief Commissioner, Principal Commissioner or
Commissioner, Principal Director General or Director General or Principal Director or Director shall not
authorise the retention of the books of account and other documents for a period exceeding thirty days
after all the proceedings under the Indian Income-tax Act, 1922 (11 of 1922), or this Act in respect of the
years for which the books of account or other documents are relevant are completed.
(8A) An order under sub-section (3) shall not be in force for a period exceeding sixty days from the date
of the order.
(9) The person from whose custody any books of account or other documents are seized under sub-section
(1) or sub-section (1A) may make copies thereof, or take extracts therefrom, in the presence of the
authorised officer or any other person empowered by him in this behalf, at such place and time as the
authorised officer may appoint in this behalf.
(9A) Where the authorised officer has no jurisdiction over the person referred to in clause (a) or clause (b)
or clause (c) of sub-section (1), the books of account or other documents, or any money, bullion, jewellery
or other valuable article or thing (hereafter in this section and in sections 132A and 132B referred to as the
assets) seized under that sub-section shall be handed over by the authorised officer to the Assessing
Officer having jurisdiction over such person within a period of sixty days from the date on which the last
of the authorisations for search was executed and thereupon the powers exercisable by the authorised
officer under sub-section (8) or sub-section (9) shall be exercisable by such Assessing Officer.
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(9B) Where, during the course of the search or seizure or within a period of sixty days from the date on
which the last of the authorisations for search was executed, the authorised officer, for reasons to be
recorded in writing, is satisfied that for the purpose of protecting the interest of revenue, it is necessary so
to do, he may with the previous approval of the Principal Director General or Director General or the
Principal Director or Director, by order in writing, attach provisionally any property belonging to the
assessee, and for the said purposes, the provisions of the Second Schedule shall, mutatis mutandis, apply.
(9C) Every provisional attachment made under sub-section (9B) shall cease to have effect after the expiry
of a period of six months from the date of the order referred to in sub-section (9B).
36[(9D) The authorised officer may, during the course of the search or seizure or within a period of sixty
days from the date on which the last of the authorisations for search was executed, make a reference to,—
  (i) a Valuation Officer referred to in section 142A; or
 (ii) any other person or entity or any valuer registered by or under any law for the time being in force,
as may be approved by the Principal Chief Commissioner or the Chief Commissioner or the
Principal Director General or the Director General, in accordance with the procedure, as may be
prescribed, in this regard,
who shall estimate the fair market value of the property in the manner as may be prescribed, and submit a
report of the estimate to the authorised officer or the Assessing Officer, as the case may be, within a period
of sixty days from the date of receipt of such reference.]
(10) If a person legally entitled to the books of account or other documents seized under sub-section (1) or
sub-section (1A) objects for any reason to the approval given by the Principal Chief Commissioner or
Chief Commissioner, Principal Commissioner or Commissioner, Principal Director General or Director
General or Principal Director or Director under sub-section (8), he may make an application to the Board
stating therein the reasons for such objection and requesting for the return of the books of account or other
documents and the Board may, after giving the applicant an opportunity of being heard, pass such orders
as it thinks fit.
(11) [***]
(11A) [***]
(12) [***]
(13) The provisions of the Code of Criminal Procedure, 1973 (2 of 1974), relating to searches and seizure
shall apply, so far as may be, to searches and seizure under sub-section (1) or sub-section (1A).
37(14) The Board may make rules in relation to any search or seizure under this section ; in particular, and
without prejudice to the generality of the foregoing power, such rules may provide for the procedure to be
followed by the authorised officer—
  (i) for obtaining ingress into any building, place, vessel, vehicle or aircraft to be searched where free
ingress thereto is not available;
 (ii) for ensuring safe custody of any books of account or other documents or assets seized.
38[Explanation 1.—For the purposes of sub-sections (9A), (9B) and (9D), the last of authorisation for
search shall be deemed to have been executed,—
  (a) in the case of search, on the conclusion of search as recorded in the last panchnama drawn in
relation to any person in whose case the warrant of authorisation has been issued; or
 (b) in the case of requisition under section 132A, on the actual receipt of the books of account or other
documents or assets by the authorised officer.]
Explanation 2.—In this section, the word "proceeding" means any proceeding in respect of any year,
whether under the Indian Income-tax Act, 1922 (11 of 1922), or this Act, which may be pending on the
date on which a search is authorised under this section or which may have been completed on or before
such date and includes also all proceedings under this Act which may be commenced after such date in
respect of any year.

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Powers to requisition books of account, etc.

132A. 39(1) Where the Principal Director General or Director General or Principal Director or Director or
the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, in
consequence of information in his possession, has reason to believe that—
 (a) any person to whom a summons under sub-section (1) of section 37 of the Indian Income-tax Act,
1922 (11 of 1922), or under sub-section (1) of section 131 of this Act, or a notice under sub-section
(4) of section 22 of the Indian Income-tax Act, 1922, or under sub-section (1) of section 142 of this
Act was issued to produce, or cause to be produced, any books of account or other documents has
omitted or failed to produce, or cause to be produced, such books of account or other documents, as
required by such summons or notice and the said books of account or other documents have been
taken into custody by any officer or authority under any other law for the time being in force, or
 (b) any books of account or other documents will be useful for, or relevant to, any proceeding under the
Indian Income-tax Act, 1922 (11 of 1922), or under this Act and any person to whom a summons or
notice as aforesaid has been or might be issued will not, or would not, produce or cause to be
produced, such books of account or other documents on the return of such books of account or other
documents by any officer or authority by whom or which such books of account or other documents
have been taken into custody under any other law for the time being in force, or
  (c) any assets represent either wholly or partly income or property which has not been, or would not
have been, disclosed for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or this Act by
any person from whose possession or control such assets have been taken into custody by any
officer or authority under any other law for the time being in force,
then, the Principal Director General or Director General or Principal Director or Director or the Principal
Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may authorise
any Additional Director, Additional Commissioner, Joint Director, Joint Commissioner, Assistant Director
or Deputy Director, Assistant Commissioner or Deputy Commissioner or Income-tax Officer (hereafter in
this section and in sub-section (2) of section 278D referred to as the requisitioning officer) to require the
officer or authority referred to in clause (a) or clause (b) or clause (c), as the case may be, to deliver such
books of account, other documents or assets to the requisitioning officer.
Explanation.—For the removal of doubts, it is hereby declared that the reason to believe, as recorded by
the income-tax authority under this sub-section, shall not be disclosed to any person or any authority or
the Appellate Tribunal.
(2) On a requisition being made under sub-section (1), the officer or authority referred to in clause (a) or
clause (b) or clause (c), as the case may be, of that sub-section shall deliver the books of account, other
documents or assets to the requisitioning officer either forthwith or when such officer or authority is of the
opinion that it is no longer necessary to retain the same in his or its custody.
(3) Where any books of account, other documents or assets have been delivered to the requisitioning
officer, the provisions of sub-sections (4A) to (14) (both inclusive) of section 132 and section 132B shall,
so far as may be, apply as if such books of account, other documents or assets had been seized under sub-
section (1) of section 132 by the requisitioning officer from the custody of the person referred to in clause
(a) or clause (b) or clause (c), as the case may be, of sub-section (1) of this section and as if for the words
"the authorised officer" occurring in any of the aforesaid sub-sections (4A) to (14), the words "the
requisitioning officer" were substituted.

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39aApplication of seized or requisitioned assets.

132B. (1) The assets seized under section 132 or requisitioned under section 132A may be dealt with in
the following manner, namely:—
    (i) the amount of any existing liability under this Act, the Wealth-tax Act, 1957 (27 of 1957), the
Expenditure-tax Act, 1987 (35 of 1987), the Gift-tax Act, 1958 (18 of 1958) and the Interest-tax Act,
1974 (45 of 1974), and the amount of the liability determined on 40[completion of the assessment or
reassessment or recomputation] and the assessment of the year relevant to the previous year in
which search is initiated or requisition is made, or the amount of liability determined on completion
of the assessment under Chapter XIV-B for the block period, as the case may be (including any
penalty levied or interest payable in connection with such assessment) and in respect of which such
person is in default or is deemed to be in default, or the amount of liability arising on an application
made before the Settlement Commission under sub-section (1) of section 245C, may be recovered
out of such assets:
Provided that where the person concerned makes an application to the Assessing Officer within
thirty days from the end of the month in which the asset was seized, for release of asset and the
nature and source of acquisition of any such asset is explained to the satisfaction of the Assessing
Officer, the amount of any existing liability referred to in this clause may be recovered out of such
asset and the remaining portion, if any, of the asset may be released, with the prior approval of the
Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner,
to the person from whose custody the assets were seized:
Provided further that such asset or any portion thereof as is referred to in the first proviso shall be
released within a period of one hundred and twenty days from the date on which the last of the
authorisations for search under section 132 or for requisition under section 132A, as the case may
be, was executed;
 (ii) if the assets consist solely of money, or partly of money and partly of other assets, the Assessing
Officer may apply such money in the discharge of the liabilities referred to in clause (i) and the
assessee shall be discharged of such liability to the extent of the money so applied;
(iii) the assets other than money may also be applied for the discharge of any such liability referred to in
clause (i) as remains undischarged and for this purpose such assets shall be deemed to be under
distraint as if such distraint was effected by the Assessing Officer or, as the case may be, the Tax
Recovery Officer under authorisation from the Principal Chief Commissioner or Chief
Commissioner or Principal Commissioner or Commissioner under sub-section (5) of section 226 and
the Assessing Officer or, as the case may be, the Tax Recovery Officer may recover the amount of
such liabilities by the sale of such assets and such sale shall be effected in the manner laid down in
the Third Schedule.
(2) Nothing contained in sub-section (1) shall preclude the recovery of the amount of liabilities aforesaid
by any other mode laid down in this Act.
(3) Any assets or proceeds thereof which remain after the liabilities referred to in clause (i) of sub-section
(1) are discharged shall be forthwith made over or paid to the persons from whose custody the assets were
seized.
(4) (a) The Central Government shall pay simple interest at the rate of one-half per cent for every month
or part of a month on the amount by which the aggregate amount of money seized under section 132 or
requisitioned under section 132A, as reduced by the amount of money, if any, released under the first
proviso to clause (i) of sub-section (1), and of the proceeds, if any, of the assets sold towards the discharge
of the existing liability referred to in clause (i) of sub-section (1), exceeds the aggregate of the amount
required to meet the liabilities referred to in clause (i) of sub-section (1) of this section.

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(b) Such interest shall run from the date immediately following the expiry of the period of one hundred
and twenty days from the date on which the last of the authorisations for search under section 132 or
requisition under section 132A was executed to the date of completion of the assessment 40a[or
reassessment or recomputation].
Explanation 1.—In this section,—
  (i) "block period" shall have the meaning assigned to it in clause (a) of section 158B;
 (ii) "execution of an authorisation for search or requisition" shall have the same meaning as assigned to
it in Explanation 2 to section 158BE.
Explanation 2.—For the removal of doubts, it is hereby declared that the "existing liability" does not
include advance tax payable in accordance with the provisions of Part C of Chapter XVII.

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Power to call for information.

133. The Assessing Officer, the Deputy Commissioner (Appeals), the Joint Commissioner or 41[the Joint
Commissioner (Appeals) or] the Commissioner (Appeals) may, for the purposes of this Act,—
 (1) require any firm to furnish him with a return of the names and addresses of the partners of the firm
and their respective shares;
 (2) require any Hindu undivided family to furnish him with a return of the names and addresses of the
manager and the members of the family;
 (3) require any person whom he has reason to believe to be a trustee, guardian or agent, to furnish him
with a return of the names of the persons for or of whom he is trustee, guardian or agent, and of their
addresses;
 (4) require any assessee to furnish a statement of the names and addresses of all persons to whom he has
paid in any previous year rent, interest, commission, royalty or brokerage, or any annuity, not being
any annuity taxable under the head "Salaries" amounting to more than one thousand rupees, or such
higher amount as may be prescribed, together with particulars of all such payments made;
  (5) require any dealer, broker or agent or any person concerned in the management of a stock or
commodity exchange to furnish a statement of the names and addresses of all persons to whom he or
the exchange has paid any sum in connection with the transfer, whether by way of sale, exchange or
otherwise, of assets, or on whose behalf or from whom he or the exchange has received any such
sum, together with particulars of all such payments and receipts ;
 (6) require any person, including a banking company or any officer thereof, to furnish information in
relation to such points or matters, or to furnish statements of accounts and affairs verified in the
manner specified by the Assessing Officer, the Deputy Commissioner (Appeals), the Joint
Commissioner or 42[the Joint Commissioner (Appeals) or] the Commissioner (Appeals), giving
information in relation to such points or matters as, in the opinion of the Assessing Officer, the
Deputy Commissioner (Appeals), the Joint Commissioner or 42[the Joint Commissioner (Appeals)
or] the Commissioner (Appeals), will be useful for, or relevant to, any enquiry or proceeding under
this Act:
Provided that the powers referred to in clause (6), may also be exercised by the Principal Director General
or Director-General, the Principal Chief Commissioner or Chief Commissioner, the Principal Director or
Director or the Principal Commissioner or Commissioner or the Joint Director or Deputy Director or
Assistant Director:
Provided further that the power in respect of an inquiry, in a case where no proceeding is pending, shall
not be exercised by any income-tax authority below the rank of Principal Director or Director or Principal
Commissioner or Commissioner, other than the Joint Director or Deputy Director or Assistant Director,
without the prior approval of the Principal Director or Director or, as the case may be, the Principal
Commissioner or Commissioner:
Provided also that for the purposes of an agreement referred to in section 90 or section 90A, an income-
tax authority notified under sub-section (2) of section 131 may exercise all the powers conferred under
this section, notwithstanding that no proceedings are pending before it or any other income-tax authority.

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Power of survey.
133A. (1) Notwithstanding anything contained in any other provision of this Act, an income-tax authority
may enter—
 (a) any place within the limits of the area assigned to him, or
 (b) any place occupied by any person in respect of whom he exercises jurisdiction, or
 (c) any place in respect of which he is authorised for the purposes of this section by such income-tax
authority, who is assigned the area within which such place is situated or who exercises jurisdiction
in respect of any person occupying such place,
at which a business or profession or an activity for charitable purpose is carried on, whether such place be
the principal place or not of such business or profession or of such activity for charitable purpose, and
require any proprietor, trustee, employee or any other person who may at that time and place be attending
in any manner to, or helping in, the carrying on of such business or profession or such activity for
charitable purpose—
 (i) to afford him the necessary facility to inspect such books of account or other documents as he may
require and which may be available at such place,
(ii) to afford him the necessary facility to check or verify the cash, stock or other valuable article or thing
which may be found therein, and
(iii) to furnish such information as he may require as to any matter which may be useful for, or relevant
to, any proceeding under this Act.
Explanation.—For the purposes of this sub-section, a place where a business or profession or activity for
charitable purpose is carried on shall also include any other place, whether any business or profession or
activity for charitable purpose is carried on therein or not, in which the person carrying on the business or
profession or activity for charitable purpose states that any of his books of account or other documents or
any part of his cash or stock or other valuable article or thing relating to his business or profession or
activity for charitable purpose are or is kept.
(2) An income-tax authority may enter any place of business or profession referred to in sub-section (1)
only during the hours at which such place is open for the conduct of business or profession and, in the case
of any other place, only after sunrise and before sunset.
(2A) Without prejudice to the provisions of sub-section (1), an income-tax authority acting under this sub-
section may for the purpose of verifying that tax has been deducted or collected at source in accordance
with the provisions under sub-heading B of Chapter XVII or under sub-heading BB of Chapter XVII, as
the case may be, enter, after sunrise and before sunset, any office, or any other place where business or
profession is carried on, within the limits of the area assigned to him, or any place in respect of which he
is authorised for the purposes of this section by such income-tax authority who is assigned the area within
which such place is situated, where books of account or documents are kept and require the deductor or
the collector or any other person who may at that time and place be attending in any manner to such work,
—
  (i) to afford him the necessary facility to inspect such books of account or other documents as he may
require and which may be available at such place, and
 (ii) to furnish such information as he may require in relation to such matter.
(3) An income-tax authority acting under this section may,—
  (i) if he so deems necessary, place marks of identification on the books of account or other documents
inspected by him and make or cause to be made extracts or copies therefrom,
(ia) impound and retain in his custody for such period as he thinks fit any books of account or other
documents inspected by him:
Provided that such income-tax authority shall not—
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  (a) impound any books of account or other documents except after recording his reasons for so
doing; or
  (b) retain in his custody any such books of account or other documents for a period exceeding
fifteen days (exclusive of holidays) without obtaining the approval of the Principal Chief
Commissioner or the Chief Commissioner or the Principal Director General or the Director
General or the Principal Commissioner or the Commissioner or the Principal Director or the
Director therefor, as the case may be,
 (ii) make an inventory of any cash, stock or other valuable article or thing checked or verified by him,
(iii) record the statement of any person which may be useful for, or relevant to, any proceeding under
this Act :
Provided that no action under clause (ia) or clause (ii) shall be taken by an income-tax authority acting
under sub-section (2A).
(4) An income-tax authority acting under this section shall, on no account, remove or cause to be removed
from the place wherein he has entered, any cash, stock or other valuable article or thing.
(5) Where, having regard to the nature and scale of expenditure incurred by an assessee, in connection
with any function, ceremony or event, the income-tax authority is of the opinion that it is necessary or
expedient so to do, he may, at any time after such function, ceremony or event, require the assessee by
whom such expenditure has been incurred or any person who, in the opinion of the income-tax authority,
is likely to possess information as respects the expenditure incurred, to furnish such information as he may
require as to any matter which may be useful for, or relevant to, any proceeding under this Act and may
have the statements of the assessee or any other person recorded and any statement so recorded may
thereafter be used in evidence in any proceeding under this Act.
(6) If a person under this section is required to afford facility to the income-tax authority to inspect books
of account or other documents or to check or verify any cash, stock or other valuable article or thing or to
furnish any information or to have his statement recorded either refuses or evades to do so, the income-tax
authority shall have all the powers under sub-section (1) of section 131 for enforcing compliance with the
requirement made :
Provided that no action under this section shall be taken by an income-tax authority without the approval
of the Principal Director General or the Director General or the Principal Chief Commissioner or the Chief
Commissioner.
Explanation.—In this section,—
 (a) "income-tax authority" means—
  (i) a Principal Commissioner or Commissioner, a Principal Director or Director, a Joint
Commissioner or Joint Director, an Assistant Director or a Deputy Director or an Assessing
Officer, or a Tax Recovery Officer; and
  (ii) includes an Inspector of Income-tax, for the purposes of clause (i) of sub-section (1), clause
(i) of sub-section (3) and sub-section (5), 43[who is subordinate to the Principal Director
General or the Director General or the Principal Chief Commissioner or the Chief
Commissioner, as may be specified by the Board;]
 (b) "proceeding" means any proceeding under this Act in respect of any year which may be pending on
the date on which the powers under this section are exercised or which may have been completed on
or before such date and includes also all proceedings under this Act which may be commenced after
such date in respect of any year.

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Power to collect certain information.

133B. (1) Notwithstanding anything contained in any other provision of this Act, an income-tax authority
may, for the purpose of collecting any information which may be useful for, or relevant to, the purposes of
this Act, enter—
 (a) any building or place within the limits of the area assigned to such authority ; or
 (b) any building or place occupied by any person in respect of whom he exercises jurisdiction,
at which a business or profession is carried on, whether such place be the principal place or not of such
business or profession, and require any proprietor, employee or any other person who may at that time and
place be attending in any manner to, or helping in, the carrying on of such business or profession to
furnish such information as may be prescribed44.
(2) An income-tax authority may enter any place of business or profession referred to in sub-section (1)
only during the hours at which such place is open for the conduct of business or profession.
(3) For the removal of doubts, it is hereby declared that an income-tax authority acting under this section
shall, on no account, remove or cause to be removed from the building or place wherein he has entered,
any books of account or other documents or any cash, stock or other valuable article or thing.
Explanation.—In this section, "income-tax authority" means a Joint Commissioner, an Assistant Director
or Deputy Director or an Assessing Officer, and includes an Inspector of Income-tax who has been
authorised by the Assessing Officer to exercise the powers conferred under this section in relation to the
area in respect of which the Assessing Officer exercises jurisdiction or part thereof.

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Power to call for information by prescribed income-tax authority.

133C. (1) The prescribed income-tax authority45 may, for the purposes of verification of information in its
possession relating to any person, issue a notice to such person requiring him, on or before a date to be
specified therein, to furnish information or documents verified in the manner specified therein, which may
be useful for, or relevant to, any inquiry or proceeding under this Act.
(2) Where any information or document has been received in response to a notice issued under sub-section
(1), the prescribed income-tax authority may process and utilise such information and document in
accordance with the scheme notified under sub-section (3) or the provisions of section 135A.
(3) The Board may make a scheme for centralised issuance of notice and for processing of information or
documents and making available the outcome of the processing to the Assessing Officer.
(4) The scheme made under sub-section (3) shall cease to have effect from the date on which the scheme
notified under section 135A in respect of this section comes into effect.
Explanation.—In this section, the term "proceeding" shall have the meaning assigned to it in clause (b) of
the Explanation to section 133A.

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Power to inspect registers of companies.

134. The Assessing Officer, the Deputy Commissioner (Appeals), the Joint Commissioner or 46[the Joint
Commissioner (Appeals) or] the Commissioner (Appeals), or any person subordinate to him authorised in
writing in this behalf by the Assessing Officer, the Deputy Commissioner (Appeals), the Joint
Commissioner or 46[the Joint Commissioner (Appeals) or] the Commissioner (Appeals), may inspect, and
if necessary, take copies, or cause copies to be taken, of any register of the members, debenture holders or
mortgagees of any company or of any entry in such register.

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CHAPTER XX
APPEALS AND REVISION
A.—Appeals to the 71-76[Joint Commissioner (Appeals)] and Commissioner (Appeals)
77[Appealable orders before Joint Commissioner (Appeals).
246. (1) Any assessee aggrieved by any of the following orders of an Assessing Officer (below the rank of
Joint Commissioner) may appeal to the Joint Commissioner (Appeals) against—
(a) an order being an intimation under sub-section (1) of section 143, where the assessee objects to the
making of adjustments, or any order of assessment under sub-section (3) of section 143 or section
144, where the assessee objects to the amount of income assessed, or to the amount of tax
determined, or to the amount of loss computed, or to the status under which he is assessed;
(b) an order of assessment, reassessment or recomputation under section 147;
(c) an order being an intimation under sub-section (1) of section 200A;
(d) an order under section 201;
(e) an order being an intimation under sub-section (6A) of section 206C;
(f) an order under sub-section (1) of section 206CB;
(g) an order imposing a penalty under Chapter XXI; and
(h) an order under section 154 or section 155 amending any of the orders mentioned in clauses (a) to
(g):
Provided that no appeal shall be filed before the Joint Commissioner (Appeals) if an order referred to in
this sub-section is passed by or with the prior approval of, an income-tax authority above the rank of
Deputy Commissioner.
(2) Where any appeal filed against an order referred to in sub-section (1) is pending before the
Commissioner (Appeals), the Board or an income-tax authority so authorised by the Board in this regard,
may transfer such appeal and any matter arising out of or connected with such appeal and which is so
pending, to the Joint Commissioner (Appeals) who may proceed with such appeal or matter, from the
stage at which it was before, it was so transferred.
(3) Notwithstanding anything contained in sub-section (1) and sub-section (2), the Board or an income-tax
authority so authorised by the Board in this regard, may transfer any appeal which is pending before a
Joint Commissioner (Appeals) and any matter arising out of or connected with such appeal and which is
so pending, to the Commissioner (Appeals) who may proceed with such appeal or matter, from the stage at
which it was before, it was so transferred.
(4) Where an appeal is transferred under the provisions of sub-section (2) or sub-section (3), the appellant
shall be given an opportunity of being reheard.
(5) For the purposes of disposal of appeal by the Joint Commissioner (Appeals), the Central Government
may make a scheme, by notification in the Official Gazette, so as to dispose of appeals in an expedient
manner with transparency and accountability, by eliminating the interface between the Joint
Commissioner (Appeals) and the appellant, in the course of appellate proceedings to the extent
technologically feasible and direct that any of the provisions of this Act relating to jurisdiction and
procedure for disposal of appeals by the Joint Commissioner (Appeals), shall not apply or shall apply with
such exceptions, modifications and adaptations as may be specified in the notification.
(6) For the purposes of sub-section (1), the Board may specify that the provisions of that sub-section shall
not apply to any case or any class of cases.
Explanation.—For the purposes of this section, "status" means the category under which the assessee is
assessed as "individual", "Hindu undivided family" and so on.]

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Appealable orders before Commissioner (Appeals).

246A. (1) Any assessee or any deductor or any collector aggrieved by any of the following orders
(whether made before or after the appointed day) may appeal to the Commissioner (Appeals) against—
(a) an order passed by a Joint Commissioner under clause (ii) of sub-section (3) of section 115VP or an
order against the assessee where the assessee denies his liability to be assessed under this Act or an
intimation under sub-section (1) or sub-section (1B) of section 143 or sub-section (1) of section
200A or sub-section (1) of section 206CB, where the assessee or the deductor or the collector
objects to the making of adjustments, or any order of assessment under sub-section (3) of section
143 [except an order passed in pursuance of directions of the Dispute Resolution Panel or an order
referred to in sub-section (12) of section 144BA] or section 144, to the income assessed, or to the
amount of tax determined, or to the amount of loss computed, or to the status under which he is
assessed;
(aa) an order of assessment under sub-section (3) of section 115WE or section 115WF, where the
assessee, being an employer objects to the value of fringe benefits assessed;
(ab) an order of assessment or reassessment under section 115WG;
(b) an order of assessment, reassessment or recomputation under section 147 [except an order passed in
pursuance of directions of the Dispute Resolution Panel or an order referred to in sub-section (12) of
section 144BA] or section 150;
(ba) an order of assessment or reassessment under section 153A [except an order passed in pursuance of
directions of the Dispute Resolution Panel] or an order referred to in sub-section (12) of section
144BA;
(bb) an order made under sub-section (3) of section 92CD;
(c) an order made under section 154 or section 155 having the effect of enhancing the assessment or
reducing a refund or an order refusing to allow the claim made by the assessee under either of the
said sections except an order referred to in sub-section (12) of section 144BA;
(d) an order made under section 163 treating the assessee as the agent of a non-resident;
(e) an order made under sub-section (2) or sub-section (3) of section 170;
(f) an order made under section 171;
(g) an order made under clause (b) of sub-section (1) or under sub-section (2) or sub-section (3) or sub-
section (5) of section 185 in respect of an assessment for the assessment year commencing on or
before the 1st day of April, 1992;
(h) an order cancelling the registration of a firm under sub-section (1) or under sub-section (2) of section
186 in respect of any assessment for the assessment year commencing on or before the 1st day of
April, 1992 or any earlier assessment year;
(ha) an order made under section 201;
(hb) an order made under sub-section (6A) of section 206C;
 (i) an order made under section 237;
78[(ia) an order made under section 239A;]
(j) an order imposing a penalty under—
(A) section 221; or
(B) section 271, section 271A, section 271AAA, section 271AAB, section 271F, section 271FB,
section 272AA or section 272BB;
(C) section 272, section 272B or section 273, as they stood immediately before the 1st day of
April, 1989, in respect of an assessment for the assessment year commencing on the 1st day
of April, 1988, or any earlier assessment years;
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(ja) an order of imposing or enhancing penalty under sub-section (1A) of section 275;
(k) an order of assessment made by an Assessing Officer under clause (c) of section 158BC, in respect of
search initiated under section 132 or books of account, other documents or any assets requisitioned
under section 132A on or after the 1st day of January, 1997;
(l) an order imposing a penalty under sub-section (2) of section 158BFA;
(m) an order imposing a penalty under section 271B or section 271BB;
(n) an order made by a Deputy Commissioner imposing a penalty under section 271C , section 271CA,
section 271D or section 271E;
(o) an order made by a Deputy Commissioner or a Deputy Director imposing a penalty under section
272A;
(p) an order made by a Deputy Commissioner imposing a penalty under section 272AA;
(q) an order imposing a penalty under Chapter XXI;
(r) an order made by an Assessing Officer other than a Deputy Commissioner under the provisions of
this Act in the case of such person or class of persons, as the Board may, having regard to the nature
of the cases, the complexities involved and other relevant considerations, direct.
Explanation.—For the purposes of this sub-section, where on or after the 1st day of October, 1998, the
post of Deputy Commissioner has been redesignated as Joint Commissioner and the post of Deputy
Director has been redesignated as Joint Director, the references in this sub-section for "Deputy
Commissioner" and "Deputy Director" shall be substituted by "Joint Commissioner" and "Joint Director"
respectively.
(1A) Every appeal filed by an assessee in default against an order under section 201 on or after the 1st day
of October, 1998 but before the 1st day of June, 2000 shall be deemed to have been filed under this
section.
(1B) Every appeal filed by an assessee in default against an order under sub-section (6A) of section 206C
on or after the 1st day of April, 2007 but before the 1st day of June, 2007 shall be deemed to have been
filed under this section.
(2) Notwithstanding anything contained in sub-section (1) of section 246, every appeal under this Act
which is pending immediately before the appointed day, before the Deputy Commissioner (Appeals) and
any matter arising out of or connected with such appeals and which is so pending shall stand transferred
on that date to the Commissioner (Appeals) and the Commissioner (Appeals) may proceed with such
appeal or matter from the stage at which it was on that day :
Provided that the appellant may demand that before proceeding further with the appeal or matter, the
previous proceeding or any part thereof be reopened or that he be re-heard.
Explanation.—For the purposes of this section, "appointed day" means the day appointed by the Central
Government by notification in the Official Gazette.

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Appeal by partner.
247. [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]

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Appeal by a person denying liability to deduct tax in certain cases.

248. Where under an agreement or other arrangement, the tax deductible on any income, other than
interest, under section 195 is to be borne by the person by whom the income is payable, and such person
having paid such tax to the credit of the Central Government, claims that no tax was required to be
deducted on such income, he may appeal to the Commissioner (Appeals) for a declaration that no tax was
deductible on such income:
79[Provided that no appeal shall be filed where tax is paid to the credit of the Central Government on or
after the 1st day of April, 2022.]

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Form of appeal and limitation.

249. (1) Every appeal under this Chapter shall be in the prescribed form79a and shall be verified in the
prescribed manner and shall, in case of an appeal made to the Commissioner (Appeals) on or after the 1st
day of October, 1998 80[or to the Joint Commissioner (Appeals) on or after the 1st day of April, 2023,]
irrespective of the date of initiation of the assessment proceedings relating thereto be accompanied by a
fee of,—
 (i) where the total income of the assessee as computed by the Assessing Officer in the case to which the
appeal relates is one hundred thousand rupees or less, two hundred fifty rupees;
(ii) where the total income of the assessee, computed as aforesaid, in the case to which the appeal relates
is more than one hundred thousand rupees but not more than two hundred thousand rupees, five
hundred rupees;
(iii) where the total income of the assessee, computed as aforesaid, in the case to which the appeal
relates is more than two hundred thousand rupees, one thousand rupees;
(iv) where the subject matter of an appeal is not covered under clauses (i), (ii) and (iii), two hundred fifty
rupees.
(2) The appeal shall be presented within thirty days of the following date, that is to say,—
(a) where the appeal is under section 248, the date of payment of the tax, or
(b) where the appeal relates to any assessment or penalty, the date of service of the notice of demand
relating to the assessment or penalty:
Provided that, where an application has been made under section 146 for reopening an assessment,
the period from the date on which the application is made to the date on which the order passed on
the application is served on the assessee shall be excluded :
Provided further that where an application has been made under sub-section (1) of section 270AA,
the period beginning from the date on which the application is made, to the date on which the order
rejecting the application is served on the assessee, shall be excluded, or
(c) in any other case, the date on which intimation of the order sought to be appealed against is served.
(2A) Notwithstanding anything contained in sub-section (2), where an order has been made under section
201 on or after the 1st day of October, 1998 but before the 1st day of June, 2000 and the assessee in
default has not presented any appeal within the time specified in that sub-section, he may present such
appeal before the 1st day of July, 2000.
(3) The 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) may admit an appeal after the
expiration of the said period if he is satisfied that the appellant had sufficient cause for not presenting it
within that period.
(4) No appeal under this Chapter shall be admitted unless at the time of filing of the appeal,—
(a) where a return has been filed by the assessee, the assessee has paid the tax due on the income
returned by him; or
(b) where no return has been filed by the assessee, the assessee has paid an amount equal to the amount
of advance tax which was payable by him:
Provided that, in a case falling under clause (b) and on an application made by the appellant in this behalf,
the 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) may, for any good and sufficient
reason to be recorded in writing, exempt him from the operation of the provisions of that clause.

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Procedure in appeal.
250. (1) The 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) shall fix a day and place
for the hearing of the appeal, and shall give notice of the same to the appellant and to the Assessing
Officer against whose order the appeal is preferred.
(2) The following shall have the right to be heard at the hearing of the appeal—
(a) the appellant, either in person or by an authorised representative;
(b) the Assessing Officer, either in person or by a representative.
(3) The 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) shall have the power to adjourn
the hearing of the appeal from time to time.
(4) The 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) may, before disposing of any
appeal, make such further inquiry as he thinks fit, or may direct the Assessing Officer to make further
inquiry and report the result of the same to the 81[Joint Commissioner (Appeals) or the] Commissioner
(Appeals).
(5) The 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) may, at the hearing of an
appeal, allow the appellant to go into any ground of appeal not specified in the grounds of appeal, if the
81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) is satisfied that the omission of that
ground from the form of appeal was not wilful or unreasonable.
(6) The order of the 81[Joint Commissioner (Appeals) or the] Commissioner (Appeals) disposing of the
appeal shall be in writing and shall state the points for determination, the decision thereon and the reason
for the decision.
82[(6A) In every appeal, the Joint Commissioner (Appeals) or the Commissioner (Appeals), as the case
may be, where it is possible, may hear and decide such appeal within a period of one year from the end of
the financial year in which such appeal is filed before him under sub-section (1) or transferred to him
under sub-section (2) or sub-section (3) of section 246 or filed before him under sub-section (1) of section
246A, as the case may be.]
(6B) The Central Government may make a scheme, by notification in the Official Gazette, for the
purposes of disposal of appeal by Commissioner (Appeals), so as to impart greater efficiency,
transparency and accountability by—
(a) eliminating the interface between the Commissioner (Appeals) and the appellant in the course of
appellate proceedings to the extent technologically feasible;
(b) optimising utilisation of the resources through economies of scale and functional specialisation;
(c) introducing an appellate system with dynamic jurisdiction in which appeal shall be disposed of by
one or more Commissioner (Appeals).
(6C) The Central Government may, for the purposes of giving effect to the scheme made under sub-
section (6B), by notification in the Official Gazette, direct that any of the provisions of this Act relating to
jurisdiction and procedure for disposal of appeals by Commissioner (Appeals) shall not apply or shall
apply with such exceptions, modifications and adaptations as may be specified in the notification:
Provided that no direction shall be issued after the 31st day of March, 2022:
83[Provided further that the Central Government may amend any direction, issued under this sub-section
on or before the 31st day of March, 2022, by notification in the Official Gazette.]
(6D) Every notification issued under sub-section (6B) and sub-section (6C) shall, as soon as may be after
the notification is issued, be laid before each House of Parliament.

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(7) On the disposal of the appeal, the 84[Joint Commissioner (Appeals) or the] Commissioner (Appeals)
shall communicate the order passed by him to the assessee and to the Principal Chief Commissioner or
Chief Commissioner or Principal Commissioner or Commissioner.

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Powers of the 84[Joint Commissioner (Appeals) or the] Commissioner (Appeals).

85251. (1) In disposing of an appeal, the Commissioner (Appeals) shall have the following powers—
(a) in an appeal against an order of assessment, he may confirm, reduce, enhance or annul the
assessment;
(aa) in an appeal against the order of assessment in respect of which the proceeding before the
Settlement Commission abates under section 245HA, he may, after taking into consideration all the
material and other information produced by the assessee before, or the results of the inquiry held or
evidence recorded by, the Settlement Commission, in the course of the proceeding before it and such
other material as may be brought on his record, confirm, reduce, enhance or annul the assessment;
(b) in an appeal against an order imposing a penalty, he may confirm or cancel such order or vary it so as
either to enhance or to reduce the penalty;
(c) in any other case, he may pass such orders in the appeal as he thinks fit.
86[(1A) In disposing of an appeal, the Joint Commissioner (Appeals) shall have the following powers—
(a) in an appeal against an order of assessment, he may confirm, reduce, enhance or annul the
assessment;
(b) in an appeal against an order imposing a penalty, he may confirm or cancel such order or vary it so
as either to enhance or to reduce the penalty;
(c) in any other case, he may pass such orders in the appeal as he thinks fit.]
(2) The 86[Joint Commissioner (Appeals) or the] Commissioner (Appeals) 86[, as the case may be,] shall
not enhance an assessment or a penalty or reduce the amount of refund unless the appellant has had a
reasonable opportunity of showing cause against such enhancement or reduction.
Explanation.—In disposing of an appeal, the 86[Joint Commissioner (Appeals) or the] Commissioner
(Appeals), may consider and decide any matter arising out of the proceedings in which the order appealed
against was passed, notwithstanding that such matter was not raised before the 86[Joint Commissioner
(Appeals) or the] Commissioner (Appeals) 86[, as the case may be,] by the appellant.

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B.—Appeals to the Appellate Tribunal

Appellate Tribunal.
252. (1) The Central Government shall constitute an Appellate Tribunal consisting of as many judicial and
accountant members as it thinks fit to exercise the powers and discharge the functions conferred on the
Appellate Tribunal by this Act.
(2) A judicial member shall be a person who has for at least ten years held a judicial office in the territory
of India or who has been a member of the Indian Legal Service and has held a post in Grade II of that
Service or any equivalent or higher post for at least three years or who has been an advocate for at least
ten years.
Explanation.—For the purposes of this sub-section,—
 (i) in computing the period during which a person has held judicial office in the territory of India, there
shall be included any period, after he has held any judicial office, during which the person has been
an advocate or has held the office of a member of a Tribunal or any post, under the Union or a State,
requiring special knowledge of law;
(ii) in computing the period during which a person has been an advocate, there shall be included any
period during which the person has held judicial office or the office of a member of a Tribunal or
any post, under the Union or a State, requiring special knowledge of law after he became an
advocate.
(2A) An accountant member shall be a person who has for at least ten years been in the practice of
accountancy as a chartered accountant under the Chartered Accountants Act, 1949 (38 of 1949), or as a
registered accountant under any law formerly in force or partly as a registered accountant and partly as a
chartered accountant, or who has been a member of the Indian Income-tax Service, Group A and has held
the post of Additional Commissioner of Income-tax or any equivalent or higher post for at least three
years.
(3) The Central Government shall appoint—
(a) a person who is a sitting or retired Judge of a High Court and who has completed not less than seven
years of service as a Judge in a High Court; or
(b) one of the Vice-Presidents of the Appellate Tribunal,
to be the President thereof.
(4) The Central Government may appoint one or more members of the Appellate Tribunal to be the Vice-
President or, as the case may be, Vice-Presidents thereof.
(4A) [***]
(5) The Vice-President shall exercise such of the powers and perform such of the functions of the
President as may be delegated to him by the President by a general or special order in writing.

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Qualifications, terms and conditions of service of President, Vice-President and Member.

252A. Notwithstanding anything contained in this Act, the qualifications, appointment, term of office,
salaries and allowances, resignation, removal and the other terms and conditions of service of the
President, Vice-President and other Members of the Appellate Tribunal appointed after the commencement
of 87-88[the Tribunals Reforms Act, 2021, shall be governed by the provisions of Chapter II of the said
Act]:
Provided that the President, Vice-President and Member appointed before the commencement of Part
XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act,
and the rules made thereunder as if the provisions of section 184 of the Finance Act, 2017 had not come
into force.

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89Appeals to the Appellate Tribunal.

253. (1) Any assessee aggrieved by any of the following orders may appeal to the Appellate Tribunal
against such order—
(a) an order passed by a Deputy Commissioner (Appeals) before the 1st day of October, 1998 or, as the
case may be, a Commissioner (Appeals) under section 154, section 250, section 270A, section 271,
section 271A 90[, section 271AAB, section 271AAC, section 271AAD], section 271J or section 272A;
or
90[(aa) an order passed by a Joint Commissioner (Appeals) under section 154, section 250, section 270A,
section 271, section 271A, section 271AAC, section 271AAD or section 271J; or]
(b) an order passed by an Assessing Officer under clause (c) of section 158BC, in respect of search
initiated under section 132 or books of account, other documents or any assets requisitioned under
section 132A, after the 30th day of June, 1995, but before the 1st day of January, 1997; or
(ba) an order passed by an Assessing Officer under sub-section (1) of section 115VZC; or
91[(c) an order passed by,
(i) a Principal Commissioner or Commissioner under section 12AA or section 12AB or under
clause (vi) of sub-section (5) of section 80G or under section 263 or under section 270A or
under section 271 or under section 272A or an order passed by him under section 154
amending any such order; or
(ii) a Principal Chief Commissioner or Chief Commissioner or a Principal Director General or
Director General or a Principal Director or Director under section 263 or under section
272A or an order passed by him under section 154 amending any such order; or]
(d) an order passed by an Assessing Officer under sub-section (3), of section 143 or section 147 or
section 153A or section 153C in pursuance of the directions of the Dispute Resolution Panel or an
order passed under section 154 in respect of such order; †or
(e) an order passed by an Assessing Officer under sub-section (3) of section 143 or section 147 or
section 153A or section 153C with the approval of the Principal Commissioner or Commissioner as
referred to in sub-section (12) of section 144BA or an order passed under section 154 or section 155
in respect of such order; †or
(f) an order passed by the prescribed authority under sub-clause (iv) or sub-clause (v) or sub-clause (vi)
or sub-clause (via) of clause (23C) of section 10.
(2) The Principal Commissioner or Commissioner may, if he objects to any order passed by a Deputy
Commissioner (Appeals) before the 1st day of October, 1998 or, as the case may be, *a 92[the Joint
Commissioner (Appeals) or the] Commissioner (Appeals) under section 154 or section 250, direct the
Assessing Officer to appeal to the Appellate Tribunal against the order.
(2A) [***]
(3) Every appeal under sub-section (1) or sub-section (2) shall be filed within sixty days of the date on
which the order sought to be appealed against is communicated to the assessee or to the Principal
Commissioner or Commissioner, as the case may be :
Provided that in respect of any appeal under clause (b) of sub-section (1), this sub-section shall have
effect as if for the words "sixty days", the words "thirty days" had been substituted.
(3A) [***]
(4) The Assessing Officer or the assessee, as the case may be, on receipt of notice that an appeal
93[against an order], has been preferred under sub-section (1) or sub-section (2) by the other party, may,
notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of

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the receipt of the notice, file a memorandum of cross-objections, verified in the prescribed manner, against
94[any part of such order], and such memorandum shall be disposed of by the Appellate Tribunal as if it
were an appeal presented within the time specified in sub-section (3).
(5) The Appellate Tribunal may admit an appeal or permit the filing of a memorandum of cross-objections
after the expiry of the relevant period referred to in sub-section (3) or sub-section (4), if it is satisfied that
there was sufficient cause for not presenting it within that period.
(6) An appeal to the Appellate Tribunal shall be in the prescribed form95 and shall be verified in the
prescribed manner and shall, in the case of an appeal made, on or after the 1st day of October, 1998,
irrespective of the date of initiation of the assessment proceedings relating thereto, be accompanied by a
fee of,—
(a) where the total income of the assessee as computed by the Assessing Officer, in the case to which the
appeal relates, is one hundred thousand rupees or less, five hundred rupees,
(b) where the total income of the assessee, computed as aforesaid, in the case to which the appeal relates
is more than one hundred thousand rupees but not more than two hundred thousand rupees, one
thousand five hundred rupees,
(c) where the total income of the assessee, computed as aforesaid, in the case to which the appeal relates
is more than two hundred thousand rupees, one per cent of the assessed income, subject to a
maximum of ten thousand rupees,
(d) where the subject matter of an appeal relates to any matter, other than those specified in clauses (a),
(b) and (c), five hundred rupees:
Provided that no fee shall be payable in the case of an appeal referred to in sub-section (2), or, sub-section
(2A) as it stood before its amendment by the Finance Act, 2016, or, a memorandum of cross objections
referred to in sub-section (4).
(7) An application for stay of demand shall be accompanied by a fee of five hundred rupees.
(8) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes
of appeal to the Appellate Tribunal under sub-section (2), so as to impart greater efficiency, transparency
and accountability by—
(a) optimising utilisation of the resources through economies of scale and functional specialisation;
(b) introducing a team-based mechanism for appeal to the Appellate Tribunal, with dynamic jurisdiction.
(9) The Central Government may, for the purpose of giving effect to the scheme made under sub-section
(8), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or
shall apply with such exceptions, modifications and adaptations as may be specified in the notification:
Provided that no direction shall be issued after the 31st day of March, 96[2024].
(10) Every notification issued under sub-section (8) and sub-section (9) shall, as soon as may be after the
notification is issued, be laid before each House of Parliament.

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Orders of Appellate Tribunal.

254. (1) The Appellate Tribunal may, after giving both the parties to the appeal an opportunity of being
heard, pass such orders thereon as it thinks fit.
(1A) [***]
(2) The Appellate Tribunal may, at any time within six months from the end of the month in which the
order was passed, with a view to rectifying any mistake apparent from the record, amend any order passed
by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the
assessee or the Assessing Officer :
Provided that an amendment which has the effect of enhancing an assessment or reducing a refund or
otherwise increasing the liability of the assessee, shall not be made under this sub-section unless the
Appellate Tribunal has given notice to the assessee of its intention to do so and has allowed the assessee a
reasonable opportunity of being heard :
Provided further that any application filed by the assessee in this sub-section on or after the 1st day of
October, 1998, shall be accompanied by a fee of fifty rupees.
(2A) In every appeal, the Appellate Tribunal, where it is possible, may hear and decide such appeal within
a period of four years from the end of the financial year in which such appeal is filed under sub-section (1)
or sub-section (2) of section 253:
Provided that the Appellate Tribunal may, after considering the merits of the application made by the
assessee, pass an order of stay in any proceedings relating to an appeal filed under sub-section (1) of
section 253, for a period not exceeding one hundred and eighty days from the date of such order subject to
the condition that the assessee deposits not less than twenty per cent of the amount of tax, interest, fee,
penalty, or any other sum payable under the provisions of this Act, or furnishes security of equal amount
in respect thereof and the Appellate Tribunal shall dispose of the appeal within the said period of stay
specified in that order:
Provided further that no extension of stay shall be granted by the Appellate Tribunal, where such appeal
is not so disposed of within the said period of stay as specified in the order of stay, unless the assessee
makes an application and has complied with the condition referred to in the first proviso and the Appellate
Tribunal is satisfied that the delay in disposing of the appeal is not attributable to the assessee, so however,
that the aggregate of the period of stay originally allowed and the period of stay so extended shall not
exceed three hundred and sixty-five days and the Appellate Tribunal shall dispose of the appeal within the
period or periods of stay so extended or allowed:
Provided also that if such appeal is not so disposed of within the period allowed under the first proviso or
the period or periods extended or allowed under the second proviso, which shall not, in any case, exceed
three hundred and sixty-five days, the order of stay shall stand vacated after the expiry of such period or
periods, even if the delay in disposing of the appeal is not attributable to the assessee.
(2B) The cost of any appeal to the Appellate Tribunal shall be at the discretion of that Tribunal.
(3) The Appellate Tribunal shall send a copy of any orders passed under this section to the assessee and to
the Principal Commissioner or Commissioner.
(4) Save as provided in section 256 or section 260A, orders passed by the Appellate Tribunal on appeal
shall be final.

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Procedure of Appellate Tribunal.

255. (1) The powers and functions of the Appellate Tribunal may be exercised and discharged by Benches
constituted by the President of the Appellate Tribunal from among the members thereof.
(2) Subject to the provisions contained in sub-section (3), a Bench shall consist of one judicial member
and one accountant member.
(3) The President or any other member of the Appellate Tribunal authorised in this behalf by the Central
Government may, sitting singly, dispose of any case which has been allotted to the Bench of which he is a
member and which pertains to an assessee whose total income as computed by the Assessing Officer in the
case does not exceed fifty lakh rupees, and the President may, for the disposal of any particular case,
constitute a Special Bench consisting of three or more members, one of whom shall necessarily be a
judicial member and one an accountant member.
(4) If the members of a Bench differ in opinion on any point, the point shall be decided according to the
opinion of the majority, if there is a majority, but if the members are equally divided, they shall state the
point or points on which they differ, and the case shall be referred by the President of the Appellate
Tribunal for hearing on such point or points by one or more of the other members of the Appellate
Tribunal, and such point or points shall be decided according to the opinion of the majority of the
members of the Appellate Tribunal who have heard the case, including those who first heard it.
(5) Subject to the provisions of this Act, the Appellate Tribunal shall have power to regulate its own
procedure and the procedure of Benches thereof in all matters arising out of the exercise of its powers or
of the discharge of its functions, including the places at which the Benches shall hold their sittings.
(6) The Appellate Tribunal shall, for the purpose of discharging its functions, have all the powers which
are vested in the income-tax authorities referred to in section 131, and any proceeding before the Appellate
Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 and for
the purpose of section 196 of the Indian Penal Code (45 of 1860), and the Appellate Tribunal shall be
deemed to be a civil court for all the purposes of section 195 and Chapter XXXV of the Code of Criminal
Procedure, 1898 (5 of 1898)96a.
97[(7) The Central Government may make a scheme, by notification in the Official Gazette, for the
purposes of disposal of appeals by the Appellate Tribunal so as to impart greater efficiency, transparency
and accountability by—
(a) eliminating the interface between the Appellate Tribunal and parties to the appeal in the course of
appellate proceedings to the extent technologically feasible;
(b) optimising utilisation of the resources through economies of scale and functional specialisation;
(c) introducing an appellate system with dynamic jurisdiction.
(8) The Central Government may, for the purposes of giving effect to the scheme made under sub-section
(7), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply to
such scheme or shall apply with such exceptions, modifications and adaptations as may be specified in the
said notification:
Provided that no such direction shall be issued after the 31st day of March, 98[2024].
(9) Every notification issued under sub-section (7) and sub-section (8) shall, as soon as may be after the
notification is issued, be laid before each House of Parliament.]

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