1. Short title, extent and commencement
2. Definitions
3. Previous year defined
CHAPTER II
BASIS OF CHARGE
4. Charge of income-tax
5. Scope of total income
5A. Apportionment of income between spouses governed by Portuguese Civil
Code
6. Residence in India
7. Income deemed to be received
8. Dividend income
9. Income deemed to accrue or arise in India
CHAPTER III
INCOMES WHICH DO NOT FORM
PART OF TOTAL INCOME
10. Incomes not included in total income
10A. Special provision in respect of newly established undertakings in
free trade zone, etc.
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 as to registration of trusts, etc.
12AA. Procedure for registration
13. Section 11 not to apply in certain cases
13A. Special provision relating to incomes of political parties
CHAPTER IV
COMPUTATION OF TOTAL INCOME
Heads of income
14. Heads of income
14A. Expenditure incurred in relation to income not includible in total
income
A.—Salaries
15. Salaries
16. Deductions from salaries
17. Salary, perquisite and profits in lieu of salary defined
[Chapter sub-heading
'B.—Interest on securities' and sections 18 to 21 omitted by the Finance
Act, 1988 w.e.f. 1-4-1989.]
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 cases where unrealised rent allowed as
deduction is realised subsequently
25AA. Unrealised rent received subsequently to be charged to income-tax
25B. Special provision for arrears of rent received
26. Property owned by co-owners
27. Owner of house property, annual charge, etc., defined
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
33. Development rebate
33A. Development allowance
33AB. Tea Development Account, Coffee Development Account and Rubber
Development Account]
33ABA. Site Restoration Fund
33AC. Reserves for shipping business
33B. Rehabilitation allowance
34. Conditions for depreciation allowance and development rebate
34A. Restriction on unabsorbed depreciation and unabsorbed investment
allowance for limited period in case of certain domestic companies
35. Expenditure on scientific research
35A. Expenditure on acquisition of patent rights or copyrights
35AB. Expenditure on know-how
35ABB. Expenditure for obtaining licence to operate telecommunication
services
35AC. Expenditure on eligible projects or schemes
35B. Export markets development allowance
35C. Agricultural development
allowance
35CC. Rural development allowance
35CCA. Expenditure by way of payment to associations and institutions for
carrying out rural development programmes
35CCB. Expenditure by way of payment to associations and institutions for
carrying out programmes of conservation of natural resources
35D. Amortisation of certain preliminary expenses
35DD. Amortisation of expenditure in case of amalgamation or demerger
35DDA. Amortisation of expenditure incurred under voluntary retirement
scheme
35E. Deduction for expenditure on prospecting, etc., for certain minerals
36. Other deductions
37. General
38. Building, etc., partly used for business, etc., or not exclusively so
used
39. Managing agency commission
40. Amounts not deductible
40A. Expenses or payments not deductible in certain circumstances
41. Profits chargeable to tax
42. Special provision for deductions in the case of business for
prospecting, etc., for mineral oil
43. Definitions of certain terms relevant to income from profits and gains
of business or profession
43A. Special provisions consequential to changes in rate of exchange of
currency
43B. Certain deductions to be only on actual payment
43C. Special provision for computation of cost of acquisition of certain
assets
43D. Special provision in case of income of public financial institutions,
public companies, etc.
44. Insurance business
44A. Special provision for deduction in the case of trade, professional or
similar association
44AA. Maintenance of accounts by certain persons carrying on profession or
business
44AB. Audit of accounts of certain persons carrying on business or
profession
44AC. Special provision for computing profits and gains from the business
of trading in certain goods
44AD. Special provision for computing profits and gains of business of
civil construction, etc.
44AE. Special provision for computing profits and gains of business of
plying, hiring or leasing goods carriages
44AF. Special provisions for computing profits and gains of retail
business
44B. Special provision for computing profits and gains of shipping
business in the case of non-residents
44BB. Special provision for computing profits and gains in connection with
the business of exploration, etc., of mineral oils
44BBA. Special provision for computing profits and gains of the business
of operation of aircraft in the case of non-residents
44BBB. Special provision for computing profits and gains of foreign
companies engaged in the business of civil construction, etc., in certain
turnkey power projects
44C. Deduction of head office expenditure in the case of non-residents
44D. Special provisions for computing income by way of royalties, etc., in
the case of foreign companies
44DA. Special provision for computing
income by way of royalties, etc., in case of non-residents
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
51. Advance money received
52. Consideration for transfer in cases of understatement
53. Exemption of capital gains from a residential house
54. Profit on sale of property used for residence
54A. Relief of tax on capital gains in certain cases
54B. Capital gain on transfer of land used for agricultural purposes not
to be charged in certain cases
54C. Capital gain on transfer of jewellery held for personal use not to be
charged in certain cases
54D. Capital gain on compulsory acquisition of lands and buildings not to
be charged in certain cases
54E. Capital gain on transfer of capital assets not to be charged in
certain cases
54EA. Capital gain on transfer of long-term capital assets not to be
charged in the case of investment in specified securities]
54EB. Capital gain on transfer of long-term capital assets not to be
charged in certain cases
54EC. Capital gain not to be charged on investment in certain bonds
54ED. Capital gain on transfer of certain listed securities or unit, not
to be charged in certain cases
54F. Capital gain on transfer of certain capital assets not to be charged
in case of investment in residential house
54G. Exemption of capital gains on transfer of assets in cases of shifting
of industrial undertaking from urban area
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. Method of computing a partner's
share in the income of the firm
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
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.
[A1]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
73. Losses in speculation business
74. Losses under the head Capital gains
74A. Losses from certain specified sources falling under the head Income
from other sources
75. Losses of firms
76 and 77. Substituted along with section 75 by section 75, as above, by
the Finance Act, 1992, w.e.f. 1-4-1993.htm
78. Carry forward and set off of losses in case of change in constitution
of firm or on succession
79. Carry forward and set off of losses in the case of certain companies
80. Submission of return for losses
CHAPTER
VIA
DEDUCTIONS TO BE MADE IN
COMPUTING TOTAL INCOME
A.—General
80A. Deductions to be made in computing total income
80AA. Computation of deduction under
section 80M
80AB. Deductions to be made with reference to the income included in the
gross total income
80B. Definitions
B.—Deductions in respect of
certain payments
[A2]80C.
Deduction in respect of life insurance premia deferred annuity,
contributions to provident fund, subscription to certain equity shares or
debentures etc.
80CC. Deduction in respect of
investment in certain new shares
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
[A3]80CCE.
Limit on deductions under sections 80C, 80CCC and 80CCD
80D. Deduction in respect of medical insurance premia
80DD. Deduction in respect of
maintenance including medical treatment of a dependant who is a person
with disability
80DDB. Deduction in respect of medical treatment, etc.
80E. Deduction in respect of repayment of loan taken for higher education
80F. Deduction in respect of
educational expenses in certain cases
80FF. Deduction in respect of expenses
on higher education in certain cases
80G. Deduction in respect of donations to certain funds, charitable
institutions, etc.
80GG. Deduction 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. Deduction in case of new
industrial undertakings employing displaced persons, etc
80HH. Deduction in respect of profits and gains from newly estab-lished
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-IB. Deduction in respect of profits and gains from certain industrial
undertakings other than infrastructure development undertakings
80-IC. Special provisions in respect
of certain undertakings or enterprises in certain special category States
80J. Deduction in respect of profits and gains from newly established
industrial undertakings or ships or hotel business in certain cases
80JJ. Deduction in respect of profits
and gains from business of poultry farming
80JJA. Deduction in respect of profit and gains from business of
collecting and processing of bio-degradable waste
80JJAA. Deduction in respect of employment of new workmen
80K. Deduction in respect of dividends
attributable to profits and gains from new industrial undertakings or
ships or hotel business
[A4]80L.
Deductions in respect of interest on certain securities, dividends, etc.
80LA. Deduction in respect of certain
incomes of Offshore Banking Units
80M. Deduction in respect of certain
inter-corporate dividends
80MM. Deduction in the case of an Indian company in respect of royalties,
etc., received from any concern in India
80N. Deduction in respect of dividends received from certain foreign
companies
80-O. Deduction in respect of royalties, etc., from certain foreign
enterprises
80P. Deduction in respect of income of co-operative societies
80Q. Deduction in respect of profits and gains from the business of
publication of books
80QQ. Deduction in respect of profits and gains from the business of
publication of books.
80QQA. Deduction in respect of professional income of authors of text
books in Indian languages
80QQB. Deduction in respect of royalty
income, etc., of authors of certain books other than text books
80R. Deduction in respect of remuneration from certain foreign sources in
the case of professors, teachers, etc.
80RR. Deduction in respect of professional income from foreign sources in
certain cases
80RRA. Deduction in respect of remuneration received for services rendered
outside India
80RRB. Deduction in respect of royalty
on patents
80S. Deduction in respect of
compensation for termination of managing agency, etc., in the case of
assessees other than companies
80T. Deduction in respect of long-term
capital gains in the case of assessees other than companies
80TT. Deduction in respect of winnings
from lottery
[D.—Other
deductions
80U. Deduction in case of a person
with disability
80V. Deduction from gross total income of the parent in certain cases
80VV. Deduction in respect of expenses incurred in connection with certain
proceedings under the Act
CHAPTER VI-B
RESTRICTION ON CERTAIN
DEDUCTIONS IN THE CASE OF COMPANIES
80VVA. Restriction on certain deductions in the case of companies
CHAPTER VII
INCOMES FORMING PART OF TOTAL
INCOME ON WHICH NO INCOME-TAX IS PAYABLE
81. Income of co-operative societies
82. Dividends from co-operative society
83. Income of marketing society
84. Income of newly established industrial undertakings or hotels
85. Dividend from new industrial undertaking or hotel
85A. Deduction of tax on inter-corporate dividends
85B. Deduction of tax on dividends received from certain foreign companies
85C. Deduction of tax on royalties, etc., received from certain foreign
companies
86. Share of member of an association of persons or body of individuals in
the income of the association or body
86A. Deduction from tax on certain securities
CHAPTER VIII
[3][REBATES AND RELIEFS]
[4][A.—Rebate of income-tax
87. Rebate to be allowed in computing income-tax
87A. Rebate on educational expenses in certain cases
88. Rebate on life insurance premia, contribution to provident fund, etc.
88A. Rebate in respect of investment
in certain new shares or units
[A5]88B.
Rebate of income-tax in case of individuals of sixty-five years or above
[A6]88C.
Rebate of income-tax in case of women below sixty-five years
[A7]88D.
Rebate of income-tax in case of certain individuals
88E. Rebate in respect of securities
transaction tax
89. Relief when salary, etc., is paid in arrears or in advance
89A. Tax relief in relation to export turnover
Chapter IX
Double Taxation Relief
90. Agreement with foreign countries
91. Countries with which no agreement exists
CHAPTER X
SPECIAL PROVISIONS RELATING
TO AVOIDANCE OF TAX
92. Computation of income from international transaction having regard to
arm's length price
92A. Meaning of associated enterprise
92B. Meaning of international transaction
92C. Computation of arm's length price
92CA. Reference to Transfer Pricing Officer
92D. Maintenance, keeping of information and document by persons entering
into an international transaction
92E. Report from an accountant to be furnished by persons entering into
international transaction
92F. Definitions of certain terms relevant to computation of arm's length
price, etc.
93. Avoidance of income-tax by transactions resulting in transfer of
income to non-residents
94. Avoidance of tax by certain transactions in securities
[CHAPTER XI
ADDITIONAL INCOME-TAX ON
UNDISTRIBUTED PROFITS
Chapter XI was omitted by the Finance Act,
1987, w.e.f. 1-4-1988. Sections 95 to 103 relating to super-tax were
omitted by the Finance Act, 1965, w.e.f. 1-4-1965 and sections 104 to 109
were omitted by the Finance Act, 1987, w.e.f. 1-4-1988.]
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
112A. Tax on interest on National Savings Certificates (First Issue)
113. Tax in the case of block assessment of search case
114. Tax on capital gains in cases of
assessees other than companies
115. Tax on capital gains in case of
companies
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
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
CHAPTER XIIA
SPECIAL PROVISIONS RELATING
TO CERTAIN INCOMES OF NON-RESIDENTS
115C. Definitions
115D. Special provision for computation of total income of non-residents
115E. Tax on investment income and long-term capital gains
115F. Capital gains on transfer of foreign exchange assets not to be
charged in certain cases
115G. Return of income not to be filed in certain cases
115H. Benefit under Chapter to be available in certain cases even after
the assessee becomes resident
115-I. Chapter not to apply if the assessee so chooses
CHAPTER XII-B
SPECIAL PROVISIONS RELATING
TO CERTAIN COMPANIES
115J. Special provisions relating to certain companies
115JA. Deemed income relating to certain companies
115JAA. Tax credit in respect of tax paid on deemed income relating to
certain companies
115JB. Special provision for payment of tax by certain companies
CHAPTER XIIC
Special provisions
relating to retail trade, etc.
Omitted by the
Finance Act, 1997, w.e.f. 1-4-1998. It was inserted by the Finance Act,
1992, w.e.f. 1-4-1993]
Chapter XIID
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-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 assessee in default
Chapter XII-F
Special provisions relating
to tax on income Received from venture capital companies and venture
capital funds
115U. Tax on income in certain cases
Chapter XII-G
Special Provisions Relating
to Income of Shipping Companies
A.—Meaning of certain
expressions
115V. Definitions
B.—Computation of tonnage
income from business of operating qualifying ships
115VA. Computation of profits and gains from the business of operating
qualifying ships
115VB. Operating ships
115VC. Qualifying company
115VD. Qualifying ship
115VE. Manner of computation of income under tonnage tax scheme
115VF. Tonnage income
115VG. Computation of tonnage income
115VH. Calculation in case of joint operation, etc.
115VI. Relevant shipping income
115VJ. Treatment of common costs
115VK. Depreciation
115VL. General exclusion of deduction and set off, etc.
115VM. Exclusion of loss
115VN. Chargeable gains from transfer of tonnage tax assets
115V-O. Exclusion from 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
115VZB. Avoidance of tax
115VZC. Exclusion from tonnage tax scheme
[A8]
CHAPTER XII–H
INCOME-TAX ON FRINGE BENEFITS
A.–Meaning of certain
expressions
115W. Definitions
B.–Basis of charge
115WA. Charge of fringe benefit tax
115WB. Fringe benefits
115WC. Value of fringe benefits
C.–Procedure for filing of return in
respect of fringe benefits, assessment and 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
115WL. Application of other provisions of this Act. Amendment of section
119
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. Jurisdiction of Commissioners
121A. Jurisdiction of Commissioners (Appeals)
122. Jurisdiction of Appellate Assistant Commissioners
123. Jurisdiction of Inspecting Assistant Commissioners
124. Jurisdiction of Assessing Officers
125. Powers of Commissioner respecting
specified areas, cases, persons, etc.
125A. Concurrent jurisdiction of Inspecting Assistant Commissioner and
Income-tax Officer
126. Powers of Board respecting specified area, classes of persons or
incomes
127. Power to transfer cases
128. Functions of Inspectors of Income-tax
129. Change of incumbent of an office
130. Commissioner competent to perform
any function or functions
130A. Income-tax Officer competent to
perform any function or functions
C.—Powers
131. Power regarding discovery, production of evidence, etc.
132. Search and seizure
132A. Powers to requisition books of account, etc.
132B. Application of seized or requisitioned assets
133. Power to call for information
133A. Power of survey
133B. Power to collect certain information
134. Power to inspect registers of companies
135. Power of Director General or Director], Chief Commissioner or
Commissioner] and Joint] Commissioner
136. Proceedings before income-tax authorities to be judicial proceedings
D.—Disclosure of information
137. Disclosure of information prohibited
138. Disclosure of information respecting assessees
CHAPTER XIV
Procedure for assessment
139. Return of income
139A. Permanent account number
140. Return by whom to be signed
140A. Self-assessment
141. Provisional assessment
141A. Provisional assessment for
refund
142. Inquiry before assessment
142A. Estimate by Valuation Officer in
certain cases
143. Assessment
144. Best judgment assessment
144A. Power of Joint Commissioner to issue directions in certain cases
144B. Reference to Deputy Commissioner in certain cases
145. Method of accounting
145A. Method of accounting in certain cases
146. Reopening of assessment at the instance of the assessee
147. Income escaping assessment
148. Issue of notice where income has escaped assessment
149. Time limit for notice
150. Provision for cases where assessment is in pursuance of an order on
appeal, etc.
151. Sanction for issue of notice
152. Other provisions
153. Time limit for completion of assessments and reassessments
153A. Assessment in case of search or requisition
153B. Time-limit for completion of assessment under section 153A
153C. Assessment of income of any other person
154. Rectification of mistake
155. Other amendments
156. Notice of demand
157. Intimation of loss
158. Intimation of assessment of firm
CHAPTER XIVA
Special provision for
avoiding repetitive appeals
158A. Procedure when assessee claims identical question of law is pending
before High Court or Supreme Court
Chapter XIVB
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 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 assessees—General
provisions
160. Representative assessee
161. Liability of representative assessee
162. Right of representative assessee to recover tax paid
C.—Representative assessees—Special
cases
163. Who may be regarded as agent
164. Charge of tax where share of beneficiaries unknown
164A. Charge of tax in case of oral trust
165. Case where part of trust income is chargeable
D.—Representative assessees—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.
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
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
181. Interest on tax-free securities of a State Government
Chapter XVI
Special provisions applicable
to firms
A.—Assessment of firms]
182. Assessment of registered firms
183. Assessment of unregistered firms
B.—Omitted by the Finance Act, 1992, w.e.f. 1.4.1993
184. Assessment as a firm
185. Assessment when section 184 not
complied with
186. Cancellation of registration
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
193. Interest on securities
194. Dividends
194A. Interest other than Interest on securities
194B. Winnings from lottery or crossword puzzle
194BB. Winnings from horse race
194C. Payments to contractors and sub-contractors
194D. Insurance commission
194E. Payments to non-resident sportsmen or sports associations
194EE. Payments in respect of deposits under National Savings Scheme, etc.
194F. Payments on account of repurchase of units by Mutual Fund or Unit
Trust of India
194G. Commission, etc., on sale of lottery tickets
194H. Commission or brokerage
194-I. Rent
194J. Fees for professional or technical services
1194K. Income in respect of units
194L. Payment of compensation on acquisition of capital asset
194LA. Payment of compensation on
acquisition of certain immovable property
195. Other sums
195A. Income payable net of tax
196. Interest or dividend or other sums payable to Government, Reserve
Bank or certain corporations
196A. Income in respect of units of non-residents
196B. Income from units
196C. Income from foreign currency bonds or shares of Indian company
196D. Income of Foreign Institutional Investors from securities
197. Certificate for deduction at lower rate
197A. No deduction to be made in certain cases
198. Tax deducted is income received
199. Credit for tax deducted
200. Duty of person deducting tax
201. Consequences of failure to deduct or pay
202. Deduction only one mode of recovery
203. Certificate for tax deducted
203A. Tax deduction and collection account number
203AA. Furnishing of Statement of tax deducted, etc.
204. Meaning of person responsible for paying
205. Bar against direct demand on assessee
206. Persons deducting tax to furnish prescribed returns
[A9]206A.
Furnishing of quarterly return in respect of payment of interest to
residents without deduction of tax
206B. Person paying dividend to certain residents without deduction
of tax to furnish prescribed return
BB.—Collection at source
206C. Profits and gains from the business of trading in alcoholic liquor,
forest produce, scrap, etc.
206CA. Tax-collection account number
C.—Advance payment of tax
207. Liability for payment of advance tax
208. Conditions of liability to pay advance tax
209. Computation of advance tax
209A. Computation and payment of
advance tax by assessee
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. Estimate by assessee
213. Commission receipts
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. Recovery of Indian tax in Pakistan and Pakistani tax in India
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. Restrictions on registration of transfers of immovable property in
certain cases
231. Period for commencing recovery
proceedings
232. Recovery by suit or under other law not affected
E.—Tax payable under
provisional assessment
233. Recovery of tax payable under provisional assessment
234. Tax paid by deduction or advance
payment
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
235. Relief to shareholders in respect
of agricultural income-tax attributable to dividends
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. Power to withhold 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. Power of Settlement Commission to send a case back to the Assessing
Officer if the assessee does not co-operate
245-I. Order of settlement to be conclusive
245J. Recovery of sums due under order of settlement
245K. Bar on subsequent application for settlement in certain cases
245L. Proceedings before Settlement Commission to be judicial proceedings
245M. Certain persons who have filed
appeals to the Appellate Tribunal entitled to make applications to the
Settlement Commission
CHAPTER XIXB
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.—Appeals
to the Deputy Commissioner (Appeals) and Commissioner (Appeals)
246. Appealable orders
246A. Appealable orders before Commissioner (Appeals)
247. Appeal by partner
248. Appeal by person denying liability to deduct tax
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
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 cases 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
261. Appeal to Supreme Court
262. Hearing before Supreme Court
E.—Revision by the
Commissioner
263. Revision of orders prejudicial to revenue
264. Revision of other orders
F.—General
265. Tax to be paid notwithstanding reference, etc.
266. Execution for costs awarded by Supreme Court
267. Amendment of assessment on appeal
268. Exclusion of time taken for copy
269. Definition of High Court
CHAPTER 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
269-I. 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
CHAPTER XXB
REQUIREMENT AS TO MODE OF
ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT
EVASION OF TAX
269SS. Mode of taking or accepting certain loans and deposits
2269T. Mode of repayment of certain loans or deposits3
269TT. Mode of repayment of Special Bearer Bonds, 1991
CHAPTER XXC
PURCHASE 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. Failure to furnish information
regarding securities, 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
in respect of international transaction
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
271D. Penalty for failure to comply with the provisions of section 269SS
271E. Penalty for failure to comply with the provisions of section 269T
271F. Penalty for failure to furnish return of income
271FA. Penalty for failure to furnish
annual information return
[A10]271FB.
Penalty for failure to furnish return of fringe benefits
271G. Penalty for failure to furnish information or document under section
92D
272. Failure to give notice of
discontinuance
272A. Penalty for failure to answer questions, sign statements, furnish
information, returns or statements, allow inspections, etc.
272AA. Penalty for failure to comply with the provisions of section 133B
272B. Penalty for failure to comply with the provisions of section 139A
272BB. Penalty for failure to comply with the provisions of section 203A
272BBB. Penalty for failure to comply with the provisions of section 206CA
273. False estimate of, or failure to pay, advance tax
273A. Power to reduce or waive penalty, etc., in certain cases
273B. Penalty not to be imposed in certain cases
274. Procedure
275. Bar of limitation for imposing penalties
CHAPTER XXII
OFFENCES AND 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. Failure to comply with the
provisions of section 269AB or section 269-I
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
XIID or XVIIB
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. Failure to comply with the
provisions of section 269SS
276E. Failure to comply with the
provisions of section 269T
277. False statement in verification, etc.
277A. Falsification of books of account or document, etc.
278. Abetment of false return, etc.
278A. Punishment for second and subsequent offences
278AA. Punishment not to be imposed in certain cases
278B. Offences by companies
278C. Offences by Hindu undivided families
278D. Presumption as to assets, books of account, etc., in certain cases
278E. Presumption as to culpable mental state
279. Prosecution to be at the instance of Chief Commissioner or
Commissioner]
279A. Certain offences to be non-cognizable
279B. Proof of entries in records or documents
280. Disclosure of particulars by public servants
[CHAPTER XXIIA
ANNUITY DEPOSITS
Chapter XXIIA, comprising of
sections 280A, 280B, 280C, 280D, 280E, 280F, 280G,
280H, 280-I, 280J, 280K, 280L, 280M, 280N,
280-O, 280P, 280Q, 280R, 280S, 280T, 280U, 280V, 280W and 280X, omitted by
the Finance Act, 1988, w.e.f. 1-4-1988. The Chapter was inserted by the
Finance Act, 1964, w.e.f. 1-4-1964 and was not in operation since 1-4-1969
as a consequence of an amendment in section 280C by the Finance Act, 1968,
w.e.f. 1-4-1968.]
[CHAPTER XXIIB
TAX CREDIT CERTIFICATES
Chapter XXIIB, consisting of
sections 280Y, 280Z, 280ZA, 280ZB, 280ZC, 280ZD and
280ZE, omitted by the Finance Act, 1990, w.e.f. 1-4-1990. The Chapter was
inserted by the Finance Act, 1965, w.e.f. 1-4-1965.]
CHAPTER XXIII
MISCELLANEOUS
281. Certain transfers to be void
281A. Effect of failure to furnish
information in respect of properties held benami
281B. Provisional attachment to protect revenue in certain cases
282. Service of notice generally
283. Service of notice when family is disrupted or firm, etc., is
dissolved
284. Service of notice in the case of discontinued business
285. Information by persons
responsible for paying interest
285A. Information by contractors in
certain cases
285B. Submission of statements by producers of cinematograph films
285BA. Obligation to furnish annual
information return
286. Information by companies
respecting shareholders to whom dividends have been paid
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 of tax, etc.
289. Receipt to be given
290. Indemnity
291. Power to tender immunity from prosecution
292. Cognizance of offences
292A. Section 360 of the Code of Criminal Procedure, 1973, and the
Probation of Offenders Act, 1958, not to apply
292B. Return of income, etc., not to be invalid on certain grounds
293. Bar of suits in civil courts
293A. Power to make exemption, etc., in relation to participation in the
business of prospecting for, extraction, etc., of mineral oils
293B. Power of Central Government or Board to condone delays in obtaining
approval
294. Act to have effect pending legislative provision for charge of tax
294A. Power to make exemption, etc., in relation to certain Union
territories
295. Power to make rules
296. Rules and certain notifications to be placed before Parliament
297. Repeals and savings
298. Power to remove difficulties
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