CENTRAL ACTS

INCOME-TAX ACT, 1961

INDEX

Income-tax Act, 1961-2017

INCOME-TAX ACT, 1961
[43 OF 1961]
[AS AMENDED BY FINANCE ACT, 2018]
An Act to consolidate and amend the law relating to income-tax and super-tax
BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows:—
As amended by Finance Act 2018


CHAPTER I – Preliminary
CHAPTER II – Basis of charge
CHAPTER III – Incomes which do not form part of total income
CHAPTER IV – Computation of total income
CHAPTER V – Income of other persons included in assessee’s total income
CHAPTER VI – Aggregation of income and set off or carry forward of loss
CHAPTER VIA – Deductions to be made in computing total income
CHAPTER VII – Incomes forming part of total income on which no income-tax is payable
CHAPTER VIII – Rebates and reliefs
CHAPTER IX – Double Taxation Relief
CHAPTER X – Special provisions relating to avoidance of tax
CHAPTER XA – GENERAL ANTI-AVOIDANCE RULE
CHAPTER XI – Additional income-tax on undistributed profits
CHAPTER XII – Determination of tax in certain special cases
CHAPTER XIIA – Special provisions relating to certain incomes of non-residents
CHAPTER XIIB – Special provisions relating to certain companies
CHAPTER XIIBA – Special provisions relating to certain limited liability partnerships
CHAPTER XIIBB – Special provisions relating to conversion of Indian branch of a foreign bank into a subsidiary company
CHAPTER XIIBC – SPECIAL PROVISIONS RELATING TO FOREIGN COMPANY SAID TO BE RESIDENT IN INDIA
CHAPTER XIIC – Special provisions relating to retail trade etc.
CHAPTER XIID – Special provisions relating to tax on distributed profits of domestic companies
CHAPTER XIIDA – SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES
CHAPTER XIIE – Special provisions relating to tax on distributed income
CHAPTER XIIEA – SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME BY SECURITISATION TRUSTS
CHAPTER XIIEB – SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS
CHAPTER XIIF – Special provisions relating to tax on income received from venture capital companies and venture capital funds
CHAPTER XIIFA – SPECIAL PROVISIONS RELATING TO BUSINESS TRUSTS
CHAPTER XIIFB – SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS
CHAPTER XIIG – Special provisions relating to income of shipping companies
CHAPTER XIIH – Income-tax on fringe benefits
CHAPTER XIII – Income-tax Authorities
CHAPTER XIV – Procedure for assessment
CHAPTER XIVA – Special provision for avoiding repetitive appeals
CHAPTER XIVB – Special procedure for assessment of search cases
CHAPTER XV – Liability in special cases
CHAPTER XVI – Special provisions applicable to firms
CHAPTER XVII – Collection and recovery of tax
CHAPTER XVIII – Relief respecting tax on dividends in certain cases
CHAPTER XIX – Refunds
CHAPTER XIXA – Settlement of cases
CHAPTER XIXB – Advance rulings
CHAPTER XX – Appeals and revision
CHAPTER XXA – Acquisition of immovable properties in certain cases of transfer to counteract evasion of tax
CHAPTER XXB – Requirement as to mode of acceptance payment or repayment in certain cases to counteract evasion of tax
CHAPTER XXC – Purchase by central government of immovable properties in certain cases of transfer
CHAPTER XXI – Penalties imposable
CHAPTER XXII – Offences and prosecutions
CHAPTER XXIIB – Tax credit certificates
CHAPTER XXIII – Miscellaneous

First Schedule
INSURANCE BUSINESS

Second Schedule
PROCEDURE FOR RECOVERY OF TAX

Third Schedule
PROCEDURE FOR DISTRAINT BY [ASSESSING OFFICER] [OR TAX RECOVERY OFFICER

Fourth Schedule
RECOGNISED PROVIDENT FUNDS

Fifth Schedule
LIST OF ARTICLES AND THINGS

Sixth Schedule

Seventh Schedule
MINERALS

Eighth Schedule
LIST OF INDUSTRIALLY BACKWARD STATES AND UNION TERRITORIES

Ninth Schedule
Omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1988

Tenth Schedule
Omitted by the Finance Act, 1999, w.e.f. 1-4-2000

Eleventh Schedule
LIST OF ARTICLES OR THINGS

Twelfth Schedule
PROCESSED MINERALS AND ORES

Thirteenth Schedule
LIST OF ARTICLES OR THINGS

Fourteenth Schedule
LIST OF ARTICLES OR THINGS OR OPERATIONS

APPENDIX
TEXT OF REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO INCOME-TAX ACT


CHAPTER I – Preliminary

Section – 1 : Short title, extent and commencement.
Section – 2 : Definitions
Section – 3 : “Previous year” defined

CHAPTER II – Basis of charge

Section – 4 : Charge of income-tax
Section – 5 : Scope of total income
Section – 5A : Apportionment of income between spouses governed by Portuguese Civil Code
Section – 6 : Residence in India
Section – 7 : Income deemed to be received
Section – 8 : Dividend income
Section – 9 : Income deemed to accrue or arise in India
Section – 9A : Certain activities not to constitute business connection in India

CHAPTER III – Incomes which do not form part of total income

Section – 10 : Incomes not included in total income

Section – 10A : Special provision in respect of newly established undertakings in free trade zone, etc.

Section – 10AA : Special provisions in respect of newly established Units in Special Economic Zones.

Section – 10B : Special provisions in respect of newly established hundred per cent export-oriented undertakings

Section – 10BA : Special provisions in respect of export of certain articles or things.

Section – 10BB : Meaning of computer programmes in certain cases.

Section – 10C : Special provision in respect of certain industrial undertakings in North- Eastern Region.

Section – 11 : Income13 from property held for charitable or religious purposes.

Section – 12 : Income of trusts or institutions from contributions.

Section – 12A : Conditions for applicability of sections 11 and 12.

Section – 12AA : Procedure for registration.

Section – 13 : Section 11 not to apply in certain cases.

Section – 13A : Special provision relating to incomes of political parties.

Section – 13B : Special provisions relating to voluntary contributions received by electoral trust.

CHAPTER IV – Computation of total income

Section – 14 : Heads of income
Section – 14A : Expenditure incurred in relation to income not includible in total income
Section – 15 : Salaries
Section – 16 : Deductions from salaries
Section – 17 : “Salary”, “perquisite” and “profits in lieu of salary” defined
Section – 18 : [Omitted by the Finance Act, 1988, w.e.f. 1-4-1989]
Section – 22 : Income from house property
Section – 23 : Annual value how determined
Section – 24 : Deductions from income from house property
Section – 25 : Amounts not deductible from income from house property
Section – 25A : Special provision for arrears of rent and unrealised rent received subsequently
Section – 26 : Property owned by co-owners
Section – 27 : “Owner of house property”, “annual charge”, etc., defined
Section – 28 : Profits and gains of business or profession
Section – 29 : Income from profits and gains of business or profession, how computed
Section – 30 : Rent, rates, taxes, repairs and insurance for buildings
Section – 31 : Repairs and insurance of machinery, plant and furniture
Section – 32 : Depreciation
Section – 32A : Investment allowance
Section – 32AB : Investment deposit account
Section – 32AC : Investment in new plant or machinery
Section – 32AD : Investment in new plant or machinery in notified backward areas in certain States
Section – 33 : Development rebate
Section – 33A : Development allowance
Section – 33AB : Tea development account, coffee development account and rubber development account
Section – 33ABA : Site Restoration Fund.
Section – 33AC : Reserves for shipping business.
Section – 33B : Rehabilitation allowance.
Section – 34 : Conditions for depreciation allowance and development rebate.
Section – 34A : Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies.
Section – 35 : Expenditure on scientific research
Section – 35A : Expenditure on acquisition of patent rights or copyrights.
Section – 35AB : Expenditure on know-how.
Section – 35ABA : Expenditure for obtaining right to use spectrum for telecommunication services.
Section – 35ABB : Expenditure for obtaining licence to operate telecommunication services.
Section – 35AC : Expenditure on eligible projects or schemes.
Section – 35AD : Deduction in respect of expenditure on specified business.
Section – 35B : Export markets development allowance.
Section – 35C : Agricultural development allowance.
Section – 35CC : Rural development allowance.
Section – 35CCA : Expenditure by way of payment to associations and institutions for carrying out rural development programmes.
Section – 35CCB : Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources.
Section – 35CCC : Expenditure on agricultural extension project.
Section – 35CCD : Expenditure on skill development project.
Section – 35D : Amortisation of certain preliminary expenses.
Section – 35DD : Amortisation of expenditure in case of amalgamation or demerger.
Section – 35DDA : Amortisation of expenditure incurred under voluntary retirement scheme.
Section – 35E : Deduction for expenditure on prospecting, etc., for certain minerals.
Section – 36 : Other deductions.
Section – 37 : General.
Section – 38 : Building, etc., partly used for business, etc., or not exclusively so used.
Section – 39 : Managing agency commission.
Section – 40 : Amounts not deductible.
Section – 40A : Expenses or payments not deductible in certain circumstances.
Section – 41 : Profits chargeable to tax
Section – 42 : Special provision for deductions in the case of business for prospecting, etc., for mineral oil
Section – 43 : Definitions of certain terms relevant to income from profits and gains of business or profession
Section – 43A : Special provisions consequential to changes in rate of exchange of currency
Section – 43B : Certain deductions to be only on actual payment
Section – 43C : Special provision for computation of cost of acquisition of certain assets
Section – 43CA : Special provision for full value of consideration for transfer of assets other than capital assets in certain cases
Section – 43D : Special provision in case of income of public financial institutions, public companies, etc
Section – 44 : Insurance business
Section – 44A : Special provision for deduction in the case of trade, professional or similar association
Section – 44AA : Maintenance of accounts by certain persons carrying on profession or business
Section – 44AB : Audit of accounts of certain persons carrying on business or profession
Section – 44AC : Special provision for computing profits and gains from the business of trading in certain goods
Section – 44AD : Special provision for computing profits and gains of business on presumptive basis
Section – 44ADA : Special provision for computing profits and gains of profession on presumptive basis
Section – 44AE : Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
Section – 44AF : Special provisions for computing profits and gains of retail business
Section – 44B : Special provision for computing profits and gains of shipping business in the case of non-residents
Section – 44BB : Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
Section – 44BBA : Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
Section – 44BBB : Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects.
Section – 44C : Deduction of head office expenditure in the case of non-residents.
Section – 44D : Special provisions for computing income by way of royalties, etc., in the case of foreign companies
Section – 44DA : Special provision for computing income by way of royalties, etc., in case of non-residents
Section – 44DB : Special provision for computing deductions in the case of business reorganization of co-operative banks
Section – 45 : Capital gains
Section – 46 : Capital gains on distribution of assets by companies in liquidation.
Section – 46A : Capital gains on purchase by company of its own shares or other specified securities
Section – 47 : Transactions not regarded as transfer
Section – 47A : Withdrawal of exemption in certain cases
Section – 48 : Mode of computation
Section – 49 : Cost with reference to certain modes of acquisition
Section – 50 : Special provision for computation of capital gains in case of depreciable assets
Section – 50A : Special provision for cost of acquisition in case of depreciable asset.
Section – 50B : Special provision for computation of capital gains in case of slump sale.
Section – 50C : Special provision for full value of consideration in certain cases.
Section – 50CA : Special provision for full value of consideration for transfer of share other than quoted share
Section – 50D : Fair market value deemed to be full value of consideration in certain cases
Section – 51 : Advance money received.
Section – 52 : Consideration for transfer in cases of understatement.
Section – 53 : Exemption of capital gains from a residential house
Section – 54 : Profit on sale of property used for residence
Section – 54A : Relief of tax on capital gains in certain cases.
Section – 54C : Capital gain on transfer of jewellery held for personal use not to be charged in certain cases
Section – 54D : Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases
Section – 54E : Capital gain on transfer of capital assets not to be charged in certain cases
Section – 54EA : Capital gain on transfer of long-term capital assets not to be charged in the case of investment in 55[specified securities]
Section – 54EB : Capital gain on transfer of long-term capital assets not to be charged in certain cases
Section – 54EC : Capital gain not to be charged on investment in certain bonds
Section – 54ED : Capital gain on transfer of certain listed securities or unit not to be charged in certain cases
Section – 54EE : Capital gain not to be charged on investment in units of a specified fund
Section – 54F : Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house
Section – 54G : Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
Section – 54GB : Capital gain on transfer of residential property not to be charged in certain cases
Section – 54H : Extension of time for acquiring new asset or depositing or investing amount of capital gain
Section – 55 : Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
Section – 55A : Reference to Valuation Officer
Section – 56 : Income from other sources
Section – 57 : Deductions
Section – 58 : Amounts not deductible
Section – 59 : Profits chargeable to tax

CHAPTER V – Income of other persons included in assessee’s total income
Section – 60 : Transfer of income where there is no transfer of assets

Section – 61 : Revocable transfer of assets

Section – 62 : Transfer irrevocable for a specified period

Section – 63 : “Transfer” and “revocable transfer” defined

Section – 64 : Income of individual to include income of spouse, minor child, etc

Section – 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
Section – 66 : Total income

Section – 67 : Method of computing a partner’s share in the income of the firm

Section – 67A : Method of computing a member’s share in income of association of persons or body of individuals.

Section – 68 : Cash credits

Section – 69 : Unexplained investments

Section – 69A : Unexplained money, etc

Section – 69B : Amount of investments, etc., not fully disclosed in books of account

Section – 69C : Unexplained expenditure, etc

Section – 69D : Amount borrowed or repaid on hundi

Section – 70 : Set off of loss from one source against income from another source under the same head of income

Section – 71 : Set off of loss from one head against income from another

Section – 71A : Transitional provisions for set off of loss under the head “Income from house property”

Section – 71B : Carry forward and set off of loss from house property

Section – 72 : Carry forward and set off of business losses

Section – 72A : Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.

Section – 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

Section – 72AB : Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business reorganisation of co-operative banks

Section – 73 : Losses in speculation business

Section – 73A : Carry forward and set off of losses by specified business

Section – 74 : Losses under the head “Capital gains”

Section – 74A : Losses from certain specified sources falling under the head “Income from other sources”

Section – 75 : Losses of firms

Section – 78 : Carry forward and set off of losses in case of change in constitution of firm or on succession

Section – 79 : Carry forward and set off of losses in the case of certain companies

Section – 80 : Submission of return for losses
CHAPTER VIA – Deductions to be made in computing total income
Section – 80A : Deductions to be made in computing total income
Section – 80AA : Computation of deduction under section 80M
Section – 80AB : Deductions to be made with reference to the income included in the gross total income
Section – 80AC : Deduction not to be allowed unless return furnished
Section – 80B : Definitions
Section – 80C : Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
Section – 80CC : Deduction in respect of investment in certain new shares
Section – 80CCA : Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan
Section – 80CCB : Deduction in respect of investment made under Equity Linked Savings Scheme
Section – 80CCC : Deduction in respect of contribution to certain pension funds
Section – 80CCD : Deduction in respect of contribution to pension scheme of Central Government
Section – 80CCE : Limit on deductions under sections 80C, 80CCC and 80CCD
Section – 80CCF : Deduction in respect of subscription to long-term infrastructure bonds
Section – 80CCG : Deduction in respect of investment made under an equity savings scheme
Section – 80D : Deduction in respect of health insurance premia
Section – 80DD : Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability
Section – 80DDB : Deduction in respect of medical treatment, etc.
Section – 80E : Deduction in respect of interest on loan taken for higher education
Section – 80EE : Deduction in respect of interest on loan taken for residential house property
Section – 80F : Deduction in respect of educational expenses in certain cases
Section – 80FF : Deduction in respect of expenses on higher education in certain cases
Section – 80G : Deduction in respect of donations to certain funds, charitable institutions, etc.
Section – 80GG : Deductions in respect of rents paid
Section – 80GGA : Deduction in respect of certain donations for scientific research or rural development
Section – 80GGB : Deduction in respect of contributions given by companies to political parties
Section – 80GGC : Deduction in respect of contributions given by any person to political parties
Section – 80H : Deduction in case of new industrial undertakings employing displaced persons, etc.
Section – 80HH : Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas
Section – 80HHA : Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas
Section – 80HHB : Deduction in respect of profits and gains from projects outside India
Section – 80HHBA : Deduction in respect of profits and gains from housing projects in certain cases
Section – 80HHC : Deduction in respect of profits retained for export business
Section – 80HHD : Deduction in respect of earnings in convertible foreign exchange
Section – 80HHE : Deduction in respect of profits from export of computer software, etc.
Section – 80HHF : Deduction in respect of profits and gains from export or transfer of film software, etc.
Section – 80-I : Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.
Section – 80-IA : Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
Section – 80-IAB : Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
Section – 80-IAC : Special provision in respect of specified business
Section – 80-IB : Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings
Section – 80-IBA : Deductions in respect of profits and gains from housing projects
Section – 80-IC : Special provisions in respect of certain undertakings or enterprises in certain special category States
Section – 80-ID : Deduction in respect of profits and gains from business of hotels and convention centres in specified area
Section – 80-IE : Special provisions in respect of certain undertakings in North-Eastern States
Section – 80J : Deduction in respect of profits and gains from newly established industrial undertakings or ships or hotel business in certain cases
Section – 80JJ : Deduction in respect of profits and gains from business of poultry farming
Section – 80JJA : Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste
Section – 80JJAA : Deduction in respect of employment of new employees
Section – 80K : Deduction in respect of dividends attributable to profits and gains from new industrial undertakings or ships or hotel business
Section – 80L : Deductions in respect of interest on certain securities, dividends, etc
Section – 80LA : Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre
Section – 80M : Deduction in respect of certain inter-corporate dividends
Section – 80MM : Deduction in the case of an Indian company in respect of royalties, etc., received from any concern in India
Section – 80N : Deduction in respect of dividends received from certain foreign companies
Section – 80-O : Deduction in respect of royalties, etc., from certain foreign enterprises
Section – 80P : Deduction in respect of income of co-operative societies
Section – 80Q : Deduction in respect of profits and gains from the business of publication of books
Section – 80QQ : Deduction in respect of profits and gains from the business of publication of books
Section – 80QQA : Deduction in respect of professional income of authors of text books in Indian languages
Section – 80QQB : Deduction in respect of royalty income, etc., of authors of certain books other than text-books
Section – 80R : Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc
Section – 80RR : Deduction in respect of professional income from foreign sources in certain cases
Section – 80RRA : Deduction in respect of remuneration received for services rendered outside India
Section – 80RRB : Deduction in respect of royalty on patents
Section – 80S : Deduction in respect of compensation for termination of managing agency, etc., in the case of assessees other than companies
Section – 80T : Deduction in respect of long-term capital gains in the case of assessees other than companies
Section – 80TT : Deduction in respect of winnings from lottery
Section – 80TTA : Deduction in respect of interest on deposits in savings account
Section – 80U : Deduction in case of a person with disability
Section – 80V : Deduction from gross total income of the parent in certain cases
Section – 80VV : Deduction in respect of expenses incurred in connection with certain proceedings under the Act

CHAPTER VII – Incomes forming part of total income on which no income-tax is payable
Section – 81 to 85C : Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968
Section – 86 : Share of member of an association of persons or body of individuals in the income of the association or body
Section – 86A : Deduction from tax on certain securities

CHAPTER VIII – Rebates and reliefs
Section – 87 : Rebate to be allowed in computing income-tax

Section – 87A : Rebate of income-tax in case of certain individuals

Section – 88 : Rebate on life insurance premia, contribution to provident fund, etc

Section – 88A : Rebate in respect of investment in certain new shares or units

Section – 88B : Rebate of income-tax in case of individuals of sixty-five years or above

Section – 88C : Rebate of income-tax in case of women below sixty-five years

Section – 88D : Rebate of income-tax in case of certain individuals

Section – 88E : Rebate in respect of securities transaction tax

Section – 89 : Relief when salary, etc., is paid in arrears or in advance

Section – 89A : Tax relief in relation to export turnover
CHAPTER IX – Double Taxation Relief
Section – 90 : Agreement with foreign countries or specified territories

Section – 90A : Adoption by Central Government of agreement between specified associations for double taxation relief

Section – 91 : Countries with which no agreement exists
CHAPTER X – Special provisions relating to avoidance of tax
Section – 92 : Computation of income from international transaction having regard to arm’s length price

Section – 92A : Meaning of associated enterprise

Section – 92B : Meaning of international transaction

Section – 92BA : Meaning of specified domestic transaction

Section – 92C : Computation of arm’s length price

Section – 92CA : Reference to Transfer Pricing Officer

Section – 92CB : Power of Board to make safe harbour rules

Section – 92CC : Advance pricing agreement

Section – 92CD : Effect to advance pricing agreement

Section – 92CE : Secondary adjustment in certain cases

Section – 92D : Maintenance and keeping of information and document by persons entering into an international transaction 55[or specified domestic transaction].

Section – 92E : Report from an accountant to be furnished by persons entering into international transaction 61a[or specified domestic transaction].

Section – 92F : Definitions of certain terms relevant to computation of arm’s length price, etc

Section – 93 : Avoidance of income-tax by transactions resulting in transfer of income to non-residents

Section – 94 : Avoidance of tax by certain transactions in securities

Section – 94A : Special measures in respect of transactions with persons located in notified jurisdictional area

Section – 94B : Limitation on interest deduction in certain cases
CHAPTER XA – GENERAL ANTI-AVOIDANCE RULE
Section – 95 : Applicability of General Anti-Avoidance Rule

Section – 96 : Impermissible avoidance arrangement

Section – 97 : Arrangement to lack commercial substance

Section – 98 : Consequences of impermissible avoidance arrangement

Section – 99 : Treatment of connected person and accommodating party

Section – 100 : Application of this Chapter

Section – 101 : Framing of guidelines

Section – 102 : Definitions
CHAPTER XI – Additional income-tax on undistributed profits
Section – 104 : Income-tax on undistributed income of certain companies

Section – 105 : Special provisions for certain companies

Section – 106 : Period of limitation for making orders under section 104

Section – 107 : Approval of Inspecting Assistant Commissioner for orders under section 104

Section – 107A : Reduction of minimum distribution in certain cases

Section – 108 : Savings for company in which public are substantially interested

Section – 109 : “Distributable income”, “investment company” and “statutory percentage” defined
CHAPTER XII – Determination of tax in certain special cases
Section – 110 : Determination of tax where total income includes income on which no tax is payable
Section – 111 : Tax on accumulated balance of recognised provident fund
Section – 111A : Tax on short-term capital gains in certain cases
Section – 112 : Tax on long-term capital gains
Section – 112A : Tax on interest on National Savings Certificates (First Issue)
Section – 113 : Tax in the case of block assessment of search cases
Section – 114 : Tax on capital gains in cases of assessees other than companies
Section – 115 : Tax on capital gains in case of companies
Section – 115A : Tax on dividends, royalty and technical service fees in the case of foreign companies
Section – 115AB : Tax on income from units purchased in foreign currency or capital gains arising from their transfer
Section – 115AC : Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.
Section – 115ACA : Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
Section – 115AD : Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
Section – 115B : Tax on profits and gains of life insurance business
Section – 115BA : Tax on income of certain domestic companies
Section – 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
Section – 115BBA : Tax on non-resident sportsmen or sports associations
Section – 115BBB : Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds
Section – 115BBC : Anonymous donations to be taxed in certain cases
Section – 115BBD : Tax on certain dividends received from foreign companies
Section – 115BBDA : Tax on certain dividends received from domestic companies
Section – 115BBE : Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D
Section – 115BBF : Tax on income from patent

CHAPTER XIIA – Special provisions relating to certain incomes of non-residents
Section – 115C : Definitions

Section – 115D : Special provision for computation of total income of non-residents

Section – 115E : Tax on investment income20 and long-term capital gains.

Section – 115F : Capital gains on transfer of foreign exchange assets not to be charged in certain cases

Section – 115G : Return of income not to be filed in certain cases

Section – 115H : Benefit under Chapter to be available in certain cases even after the assessee becomes resident

Section – 115-I : Chapter not to apply if the assessee so chooses
CHAPTER XIIB – Special provisions relating to certain companies
Section – 115J : Special provisions relating to certain companies.

Section – 115JA : Deemed income relating to certain companies

Section – 115JAA : Tax credit in respect of tax paid on deemed income relating to certain companies

Section – 115JB : Special provision for payment of tax by certain companies
CHAPTER XIIBA – Special provisions relating to certain limited liability partnerships
Section – 115JC : Special provisions for payment of tax by certain persons other than a company

Section – 115JD : Tax credit for alternate minimum tax

Section – 115JE : Application of other provisions of this Act

Section – 115JEE : Application of this Chapter to certain persons

Section – 115JF : Interpretation in this Chapter
CHAPTER XIIBB – Special provisions relating to conversion of Indian branch of a foreign bank into a subsidiary company
Section – 115JG : Conversion of an Indian branch of foreign company into subsidiary Indian company
CHAPTER XIIBC – SPECIAL PROVISIONS RELATING TO FOREIGN COMPANY SAID TO BE RESIDENT IN INDIA
Section – 115JH : Foreign company said to be resident in India
CHAPTER XIIC – Special provisions relating to retail trade etc.
Section – 115K : Special provision for computation of income in certain cases

Section – 115L : Return of income not to be filed in certain cases

Section – 115M : Special provision for disallowance of deductions and rebate of income-tax

Section – 115N : Bar of proceedings in certain cases

CHAPTER XIID – Special provisions relating to tax on distributed profits of domestic companies
Section – 115-O : Tax on distributed profits of domestic companies

Section – 115P : Interest payable for non-payment of tax by domestic companies

Section – 115Q : When company is deemed to be in default
CHAPTER XIIDA – SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES
Section – 115QA : Tax on distributed income to shareholders

Section – 115QB : Interest payable for non-payment of tax by company

Section – 115QC : When company is deemed to be assessee in default
CHAPTER XIIE – Special provisions relating to tax on distributed income
Section – 115R : Tax on distributed income to unit holders

Section – 115S : Interest payable for non-payment of tax

Section – 115T : Unit Trust of India or Mutual Fund to be an assessee in default
CHAPTER XIIEA – SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME BY SECURITISATION TRUSTS
Section – 115TA : Tax on distributed income to investors

Section – 115TB : Interest payable for non-payment of tax

Section – 115TC : Securitisation trust to be assessee in default

Section – 115TCA : Tax on income from securitisation trusts
CHAPTER XIIEB – SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOMEOF CERTAIN TRUSTS AND INSTITUTIONS
Section – 115TD : Tax on accreted income

Section – 115TE : Interest payable for non-payment of tax by trust or institution

Section – 115TF : When trust or institution is deemed to be assessee in default
CHAPTER XIIF – Special provisions relating to tax on income received from venture capital companies and venture capital funds
Section – 115U : Tax on income in certain cases
CHAPTER XIIFA – SPECIAL PROVISIONS RELATING TO BUSINESS TRUSTS
Section – 115UA : Tax on income of unit holder and business trust
CHAPTER XIIFB – SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS
Section – 115UB : Tax on income of investment fund and its unit holders
CHAPTER XIIG – Special provisions relating to income of shipping companies
Section – 115V : Definitions

Section – 115VA : Computation of profits and gains from the business of operating qualifying ships

Section – 115VB : Operating ships

Section – 115VC : Qualifying company

Section – 115VD : Qualifying ship

Section – 115VE : Manner of computation of income under tonnage tax scheme

Section – 115VF : Tonnage income

Section – 115VG : Computation of tonnage income

Section – 115VH : Calculation in case of joint operation, etc.

Section – 115VI : Relevant shipping income

Section – 115VJ : Treatment of common costs

Section – 115VK : Depreciation

Section – 115VL : General exclusion of deduction and set off, etc.

Section – 115VM : Exclusion of loss

Section – 115VN : Chargeable gains from transfer of tonnage tax assets

Section – 115V-O : Exclusion from provisions of section 115JB

Section – 115VP : Method and time of opting for tonnage tax scheme

Section – 115VQ : Period for which tonnage tax option to remain in force

Section – 115VR : Renewal of tonnage tax scheme

Section – 115VS : Prohibition to opt for tonnage tax scheme in certain cases

Section – 115VT : Transfer of profits to Tonnage Tax Reserve Account

Section – 115VU : Minimum training requirement for tonnage tax company

Section – 115VV : Limit for charter in of tonnage

Section – 115VW : Maintenance and audit of accounts

Section – 115VX : Determination of tonnage

Section – 115VY : Amalgamation

Section – 115VZ : Demerger

Section – 115VZA : Effect of temporarily ceasing to operate qualifying ships

Section – 115VZB : Avoidance of tax

Section – 115VZC : Exclusion from tonnage tax scheme
CHAPTER XIIH – Income-tax on fringe benefits
Section – 115W : Definitions

Section – 115WA : Charge of fringe benefit tax

Section – 115WB : Fringe benefits

Section – 115WC : Value of fringe benefits

Section – 115WD : Return of fringe benefits

Section – 115WE : Assessment

Section – 115WF : Best judgment assessment

Section – 115WG : Fringe benefits escaping assessment

Section – 115WH : Issue of notice where fringe benefits have escaped assessment

Section – 115WI : Payment of fringe benefit tax

Section – 115WJ : Advance tax in respect of fringe benefits

Section – 115WK : Interest for default in furnishing return of fringe benefits

Section – 115WKA : Recovery of fringe benefit tax by the employer from the employee

Section – 115WKB : Deemed payment of tax by employee

Section – 115WL : Application of other provisions of this Act

Section – 115WM : Chapter XII-H not to apply after a certain date

CHAPTER XIII – Income-tax Authorities

CHAPTER XIV – Procedure for assessment

CHAPTER XIVA – Special provision for avoiding repetitive appeals

Section – 158A : Procedure when assessee claims identical question of law is pending before High Court or Supreme Court

Section – 158AA : Procedure when in an appeal by revenue an identical question of law is pending before Supreme Court
CHAPTER XIVB – Special procedure for assessment of search cases
Section – 158B : Definitions

Section – 158BA : Assessment of undisclosed income as a result of search

Section – 158BB : Computation of undisclosed income of the block period

Section – 158BC : Procedure for block assessment

Section – 158BD : Undisclosed income of any other person

Section – 158BE : Time limit for completion of block assessment

Section – 158BF : Certain interests and penalties not to be levied or imposed

Section – 158BFA : Levy of interest and penalty in certain cases

Section – 158BG : Authority competent to make the block assessment

Section – 158BH : Application of other provisions of this Act

Section – 158BI : Chapter not to apply after certain date
CHAPTER XV – Liability in special cases
Section – 159 : Legal representatives

Section – 160 : Representative assessee

Section – 161 : Liability of representative assessee

Section – 162 : Right of representative assessee to recover tax paid

Section – 163 : Who may be regarded as agent

Section – 164 : Charge69 of tax where share of beneficiaries unknown.

Section – 164A : Charge of tax in case of oral trust

Section – 165 : Case where part of trust income is chargeable

Section – 166 : Direct assessment or recovery not barred

Section – 167 : Remedies against property in cases of representative assessees

Section – 167A : Charge of tax in the case of a firm

Section – 167B : Charge of tax where shares of members in association of persons or body of individuals unknown, etc.

Section – 167C : Liability of partners of limited liability partnership in liquidation

Section – 168 : Executors

Section – 169 : Right of executor to recover tax paid

Section – 170 : Succession to business otherwise than on death

Section – 171 : Assessment after partition of a Hindu undivided family

Section – 172 : Shipping business of non-residents

Section – 173 : Recovery of tax in respect of non-resident from his assets

Section – 174 : Assessment of persons leaving India

Section – 174A : Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose

Section – 175 : Assessment of persons likely to transfer property to avoid tax

Section – 176 : Discontinued business

Section – 177 : Association dissolved or business discontinued

Section – 178 : Company in liquidation

Section – 179 : Liability of directors of private company in liquidation

Section – 180 : Royalties or copyright fees for literary or artistic work

Section – 180A : Consideration for know-how

Section – 181 : Omitted by the Finance Act, 1988, w.e.f. 1-4-1989
CHAPTER XVI – Special provisions applicable to firms
Section – 182 : Assessment of registered firms

Section – 183 : Assessment of unregistered firms

Section – 184 : Assessment as a firm

Section – 185 : Assessment when section 184 not complied with

Section – 187 : Change in constitution of a firm

Section – 188 : Succession of one firm by another firm

Section – 188A : Joint and several liability of partners for tax payable by firm

Section – 189 : Firm dissolved or business discontinued

Section – 189A : Provisions applicable to past assessments of firms
CHAPTER XVII – Collection and recovery of tax [Click]

CHAPTER XVIII – Relief respecting tax on dividends in certain cases
Section – 235 : Relief to shareholders in respect of agricultural income-tax attributable to dividends

Section – 236 : Relief to company in respect of dividend paid out of past taxed profits

Section – 236A : Relief to certain charitable institutions or funds in respect of certain dividends
CHAPTER XIX – Refunds
Section – 237 : Refunds

Section – 238 : Person entitled to claim refund in certain special cases

Section – 239 : Form of claim for refund and limitation

Section – 240 : Refund on appeal, etc

Section – 241 : Power to withhold refund in certain cases

Section – 241A : [Withholding of refund in certain cases

Section – 242 : Correctness of assessment not to be questioned

Section – 243 : Interest on delayed refunds

Section – 244 : Interest on refund where no claim is needed

Section – 244A : Interest on refunds

Section – 245 : Set off of refunds against tax remaining payable
CHAPTER XIXA – Settlement of cases
Section – 245A : Definitions

Section – 245B : Income-tax Settlement Commission

Section – 245BA : Jurisdiction and powers of Settlement Commission

Section – 245BB : Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances

Section – 245BC : Power of Chairman to transfer cases from one Bench to another

Section – 245BD : Decision to be by majority

Section – 245C : Application for settlement of cases

Section – 245D : Procedure on receipt of an application under section 245C

Section – 245DD : Power of Settlement Commission to order provisional attachment to protect revenue

Section – 245E : Power of Settlement Commission to reopen completed proceedings

Section – 245F : Powers and procedure of Settlement Commission

Section – 245G : Inspection, etc., of reports

Section – 245H : Power of Settlement Commission to grant immunity from prosecution and penalty

Section – 245HA : Abatement of proceeding before Settlement Commission

Section – 245HAA : Credit for tax paid in case of abatement of proceedings

Section – 245I : Order of settlement to be conclusive

Section – 245J : Recovery of sums due under order of settlement

Section – 245K : Bar on subsequent application for settlement

Section – 245L : Proceedings before Settlement Commission to be judicial proceedings

Section – 245M : Certain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission

CHAPTER XIXB – Advance rulings
Section – 245N : Definitions
Section – 245O : Authority for Advance Rulings
Section – 245P : Vacancies, etc., not to invalidate proceedings
Section – 245Q : Application for advance ruling
Section – 245R : Procedure on receipt of application
Section – 245RR : Appellate authority not to proceed in certain cases
Section – 245S : Applicability of advance ruling
Section – 245T : Advance ruling to be void in certain circumstances
Section – 245U : Powers of the Authority
Section – 245V : Procedure of Authority
CHAPTER XX – Appeals and revision [Click]

CHAPTER XXA – Acquisition of immovable properties in certain cases of transfer to counteract evasion of tax
Section – 269A : Definitions
Section – 269AB : Registration of certain transactions
Section – 269B : Competent authority
Section – 269C : Immovable property in respect of which proceedings for acquisition may be taken
Section – 269D : Preliminary notice
Section – 269E : Objections
Section – 269F : Hearing of objections
Section – 269G : Appeal against order for acquisition
Section – 269H : Appeal to High Court
Section – 269I : Vesting of property in Central Government
Section – 269J : Compensation
Section – 269K : Payment or deposit of compensation
Section – 269L : Assistance by Valuation Officers
Section – 269M : Powers of competent authority
Section – 269N : Rectification of mistakes
Section – 269O : Appearance by authorised representative or registered valuer
Section – 269P : Statement to be furnished in respect of transfers of immovable property
Section – 269Q : Chapter not to apply to transfers to relatives
Section – 269R : Properties liable for acquisition under this Chapter not to be acquired under other laws
Section – 269RR : Chapter not to apply where transfer of immovable property made after a certain date
Section – 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
Section – 269SS : Mode of taking or accepting certain loans, deposits and specified sum.
Section – 269ST : Mode of undertaking transactions
Section – 269T : Mode of repayment of certain loans or deposits
Section – 269TT : Mode of repayment of Special Bearer Bonds, 1991

CHAPTER XXC – Purchase by central government of immovable properties in certain cases of transfer
Section – 269U : Commencement of Chapter
Section – 269UA : Definitions
Section – 269UB : Appropriate authority
Section – 269UC : Restrictions on transfer of immovable property
Section – 269UD : Order by appropriate authority for purchase by Central Government of immovable property
Section – 269UE : Vesting of property in Central Government
Section – 269UF : Consideration for purchase of immovable property by Central Government
Section – 269UG : Payment or deposit of consideration
Section – 269UH : Re-vesting of property in the transferor on failure of payment or deposit of consideration
Section – 269UI : Powers of the appropriate authority
Section – 269UJ : Rectification of mistakes
Section – 269UK : Restrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property
Section – 269UL : Restrictions on registration, etc., of documents in respect of transfer of immovable property
Section – 269UM : Immunity to transferor against claims of transferee for transfer
Section – 269UN : Order of appropriate authority to be final and conclusive
Section – 269UO : Chapter not to apply to certain transfers
Section – 269UP : Chapter not to apply where transfer of immovable property effected after certain date

CHAPTER XXI – Penalties imposable
Section – 270 : Failure to furnish information regarding securities, etc.
Section – 270A : Penalty for under-reporting and misreporting of income
Section – 270AA : Immunity from imposition of penalty, etc.
Section – 271 : Failure to furnish returns, comply with notices, concealment of income, etc.
Section – 271A : Failure to keep, maintain or retain books of account, documents, etc.
Section – 271AA : Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
Section – 271AAA : Penalty where search has been initiated
Section – 271AAB : Penalty where search has been initiated
Section – 271B : Failure to get accounts audited
Section – 271BA : Penalty for failure to furnish report under section 92E
Section – 271BB : Failure to subscribe to the eligible issue of capital
Section – 271C : Penalty for failure to deduct tax at source
Section – 271CA : Penalty for failure to collect tax at source
Section – 271D : Penalty for failure to comply with the provisions of section 269SS
Section – 271DA : Penalty for failure to comply with provisions of section 269ST
Section – 271E : Penalty for failure to comply with the provisions of section 269T
Section – 271F : Penalty for failure to furnish return of income
Section – 271FA : Penalty for failure to furnish 90[statement of financial transaction or reportable account].
Section – 271FAA : Penalty for furnishing inaccurate statement of financial transaction or reportable account
Section – 271FAB : Penalty for failure to furnish statement or information or document by an eligible investment fund
Section – 271FB : Penalty for failure to furnish return of fringe benefits
Section – 271G : Penalty for failure to furnish information or document under section 92D
Section – 271GA : Penalty for failure to furnish information or document under section 285A
Section – 271GB : Penalty for failure to furnish report or for furnishing inaccurate report under section 286
Section – 271H : Penalty for failure to furnish statements, etc.
Section – 271-I : Penalty for failure to furnish information or furnishing inaccurate information under section 195
Section – 272 : Failure to give notice of discontinuance
Section – 272A : Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.
Section – 272AA : Penalty for failure to comply with the provisions of section 133B
Section – 272B : Penalty for failure to comply with the provisions of section 139A.
Section – 272BB : Penalty for failure to comply with the provisions of section 203A
Section – 272BBB : Penalty for failure to comply with the provisions of section 206CA
Section – 273 : False estimate of, or failure to pay, advance tax46.
Section – 273A : Power to reduce or waive penalty, etc., in certain cases
Section – 273AA : Power of 7[Principal Commissioner or] Commissioner to grant immunity from penalty.
Section – 273B : Penalty not to be imposed in certain cases
Section – 274 : Procedure
Section – 275 : Bar of limitation for imposing penalties

CHAPTER XXII – Offences and prosecutions

CHAPTER XXIIB – Tax credit certificates
Section – 280Y : Definitions

Section – 280ZA : Tax credit certificates for shifting of industrial undertaking from urban area

Section – 280ZC : Tax credit certificate in relation to exports

Section – 280ZD : Tax credit certificates in relation to increased production of certain goods

Section – 280ZE : Tax credit certificate scheme
CHAPTER XXIII – Miscellaneous
Section – 281 : Certain transfers to be void

Section – 281A : Effect of failure to furnish information in respect of properties held benami

Section – 281B : Provisional attachment to protect revenue in certain cases

Section – 282 : Service of notice generally

Section – 282A : Authentication of notices and other documents

Section – 282B : Allotment of Document Identification Number

Section – 283 : Service of notice when family is disrupted or firm, etc., is dissolved

Section – 284 : Service of notice in the case of discontinued business

Section – 285 : Submission of statement by a non-resident having liaison office

Section – 285A : Furnishing of information or documents by an Indian concern in certain cases

Section – 285B : Submission of statements by producers of cinematograph films

Section – 285BA : Obligation to furnish statement of financial transaction or reportable account

Section – 286 : Furnishing of report in respect of international group

Section – 287 : Publication of information respecting assessees in certain cases

Section – 287A : Appearance by registered valuer in certain matters

Section – 288 : Appearance by authorised representative

Section – 288A : Rounding off of income

Section – 288B : Rounding off amount payable and refund due

Section – 289 : Receipt to be given

Section – 290 : Indemnity

Section – 291 : Power to tender immunity from prosecution

Section – 292 : Cognizance of offences

Section – 292A : Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply

Section – 292B : Return of income, etc., not to be invalid on certain grounds

Section – 292BB : Notice deemed to be valid in certain circumstances

Section – 292C : Presumption as to assets, books of account, etc

Section – 292CC : Authorisation and assessment in case of search or requisition

Section – 293 : Bar of suits in civil courts

Section – 293A : Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils

Section – 293B : Power of Central Government or Board to condone delays in obtaining approval

Section – 293C : Power to withdraw approval

Section – 294 : Act to have effect pending legislative provision for charge of tax

Section – 294A : Power to make exemption, etc., in relation to certain Union territories

Section – 295 : Power to make rules

Section – 296 : Rules and certain notifications to be placed before Parliament

Section – 297 : Repeals and savings

Section – 298 : Power to remove difficulties

First Schedule
INSURANCE BUSINESS

Second Schedule
PROCEDURE FOR RECOVERY OF TAX

Third Schedule
PROCEDURE FOR DISTRAINT BY 32[ASSESSING OFFICER] 33[OR TAX RECOVERY OFFICER

Fourth Schedule
RECOGNISED PROVIDENT FUNDS

Fifth Schedule
LIST OF ARTICLES AND THINGS

Sixth Schedule
Sixth Schedule

Seventh Schedule
MINERALS

Eighth Schedule
LIST OF INDUSTRIALLY BACKWARD STATES AND UNION TERRITORIES

Ninth Schedule
Omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1988

Tenth Schedule
Omitted by the Finance Act, 1999, w.e.f. 1-4-2000

Eleventh Schedule
LIST OF ARTICLES OR THINGS

Twelfth Schedule
PROCESSED MINERALS AND ORES

Thirteenth Schedule
LIST OF ARTICLES OR THINGS

Fourteenth Schedule
LIST OF ARTICLES OR THINGS OR OPERATIONS

APPENDIX
TEXT OF REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO INCOME-TAX ACT

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