ACT NO. 43 OF 1961
[13th September, 1961.]
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:-
CHAPTER I PRELIMINARY
Section 1. Short title, extent and commencement.
(1) This Act may be called the Income-tax Act, 1961.
(2) It extends to the whole of India.
(3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962.
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 7 Income deemed to be received
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 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 Income 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
Heads of income
Section 14A Expenditure incurred in relation to income not includible in total income
A.-Salaries
Section 16 Deductions from salaries
Section 17 Salary, perquisite and profits in lieu of salary defined
B.- [Omitted]
18. [Omitted.].
19. [Omitted.].
20. [Omitted.].
21. [Omitted.].
C.-Income from house property
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
D.-Profits and gains of business or profession
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 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 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 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
35B. [Omitted.].
35C. [Omitted.].
35CC. [Omitted.].
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 38 Building, etc., partly used for business, etc., or not exclusively so used
39. [Omitted.]
Section 40 Amounts not deductible
Section 40A Expenses or payments not deductible in certain circumstances
Section 41 Profits chargeable to tax
Section 43A Special provisions consequential to changes in rate of exchange of currency
Section 43AA Taxation of foreign exchange fluctuation
Section 43B Certain deductions to be only on actual payment
Section 43C Special provision for computation of cost of acquisition of certain assets
Section 43CB Computation of income from construction and service contracts
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
44AC. [Omitted.]
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 44AF Special provisions for computing profits and gains of retail business
Section 44C Deduction of head office expenditure in the case of non-residents
E.- 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 50D Fair market value deemed to be full value of consideration in certain cases
Section 51 Advance money received
52. [Omitted.].
53. [Omitted.].
Section 54 Profit on sale of property used for residence
54A. [Omitted.].
54C. [Omitted.].
Section 54E Capital gain on transfer of capital assets not to be charged in certain cases
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 54EE Capital gain not to be charged on investment in units of a specified fund
Section 54GB Capital gain on transfer of residential property not to be charged in certain cases
Section 55 Meaning of adjusted, cost of improvement and cost of acquisition
Section 55A Reference to Valuation Officer
F.- Income from other sources
Section 56 Income from other sources
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
Aggregation of income
67. [Omitted.].
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
Set off, or carry forward and set off
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 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 79 Carry forward and set off of losses in case of certain companies
Section 80 Submission of return for losses
CHAPTER VI-A DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME
A.- General
Section 80A Deductions to be made in computing total income
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
B.- Deductions in respect of certain payments
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 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
80F. [Omitted.].
80FF. [Omitted.].
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
C.-Deductions in respect of certain incomes
80H. [Omitted.].
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 80IAC Special provision in respect of specified business
Section 80IBA Deductions in respect of profits and gains from housing projects
Section 80IE Special provisions in respect of certain undertakings in North-Eastern States
80J. [Omitted.].
80JJ. [Omitted.].
Section 80JJAA Deduction in respect of employment of new workmen
80K. [Omitted.].
80L. [Omitted.]
80M. [Omitted.].
80MM. [Omitted.].
80N. [Omitted.].
Section 80-O Deduction in respect of royalties, etc., from certain foreign enterprises
Section 80-P Deduction in respect of income of co-operative societies
Section 80-PA Deduction in respect of certain income of Producer Companies
Section 80Q Deduction in respect of profits and gains from the business of publication of books
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
80S. [Omitted.].
80T. [Omitted.].
80TT. [Omitted.].
CA.- Deductions in respect of other incomes
Section 80TTA Deduction in respect of interest on deposits in savings account
Section 80TTB Deduction in respect of interest on deposits in case of senior citizens
D.- Other deductions
Section 80U Deduction in case of a person with disability
80V. [Omitted.].
80VV. [Omitted.].
CHAPTER VI-B
RESTRICTION ON CERTAIN DEDUCTIONS IN THE CASE OF COMPANIES
80VVA. [Omitted.].
CHAPTER VII INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME-TAX IS
PAYABLE
81. [Omitted.].
82. [Omitted.].
83. [Omitted.].
84. [Omitted.].
85. [Omitted.].
85A. [Omitted.].
85B. [Omitted.].
85C. [Omitted.].
Section 86 Share of member of an association of persons or body of individuals
in the income of the association or body
86A. [Omitted.].
CHAPTER VIII REBATES AND RELIEFS
A.- Rebate of income-tax
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
88A. [Omitted.].
88B. [Omitted.].
88C. [Omitted.].
88D. [Omitted.].
Section 88E Rebate in respect of securities transaction tax
B.- Relief for income-tax
Section 89 Relief when salary, etc., is paid in arrears or in advance
89A. [Omitted.].
CHAPTER IX DOUBLE TAXATION RELIEF
Section 90 Agreement with foreign countries or specified territories
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 arms 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 arms 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 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 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
CHAPTER XI ADDITIONAL INCOME-TAX ON UNDISTRIBUTED PROFITS
103. [Omitted.].
104. [Omitted.].
105. [Omitted.].
106. [Omitted.].
107. [Omitted.].
107A. [Omitted.].
108. [Omitted.].
109. [Omitted.].
CHAPTER XII DETERMINATION OF TAX IN CERTAIN SPECIAL CASES
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 long-term capital gains in certain cases
Section 113 Tax on long-term capital gains in certain cases
114. [Omitted.].
115. [Omitted.].
Section 115A Tax on dividends, royalty and technical service fees in the case of foreign Companies
Section 115B Tax on profits and gains of life insurance business
Section 115BA Tax on income of certain domestic companies
Section 115BBA Tax on non-resident sportsmen or sports associations
115BBC Anonymous donations to be taxed in certain cases
115BBD Tax on certain dividends received from foreign companies
Section 115BBDA Tax on certain dividends received from domestic companies
Section 115BBF Tax on income from patent
Section 115BBG Tax on income from transfer of carbon credits
CHAPTER XIIA SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON-RESIDENTS
Section 115D Special provision for computation of total income of non-residents
Section 115E Tax on investment income 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 115I Chapter not to apply if the assessee so chooses
CHAPTER XII-B 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 XII-BA SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS OTHER THAN A COMPANY
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 XII-BB 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 XII-BC SPECIAL PROVISIONS RELATING TO FOREIGN COMPANY SAID TO BE RESIDENT IN INDIA
Section 115JH Foreign company said to be resident in India
CHAPTER XII-C SPECIAL PROVISIONS RELATING TO RETAIL TRADE, ETC.
115K. [Omitted.].
115L. [Omitted.].
115M. [Omitted.].
115N. [Omitted.].
CHAPTER XII-D SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED
PROFITS OF DOMESTIC COMPANIES
Section 115O 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 XII-DA 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 XII-E SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOM
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 XII-EA 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 securitization trusts
CHAPTER XII-EB SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF 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 XII-F 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 XII-FA SPECIAL PROVISIONS RELATING TO BUSINESS TRUSTS
Section 115UA Tax on income of unit holder and business trust
CHAPTER XII-FB SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS
Section 115UB Tax on income of investment fund and its unit holders
CHAPTER XII-G SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES
A. - Meaning of certain expressions
B.- Computation of tonnage income from business of operating qualifying ships
Section 115VA Computation of profits and gains from the business of operating qualifying ships
Section 115VC Qualifying company
Section 115VE Manner of computation of income under tonnage tax scheme
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 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 115VO Exclusion from provisions of section 115JB
C.- Procedure for option of tonnage tax scheme
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
D.- Conditions for applicability 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
E.- Amalgamation and demerger of shipping companies
F.- Miscellaneous
Section 115VZA Effect of temporarily ceasing to operate qualifying ships
G.- Provisions of this chapter not to apply in certain cases
Section 115VZB Avoidance of tax
Section 115VZC Exclusion from tonnage tax scheme
CHAPTER XII-H INCOME-TAX OF FRINGE BENEFITS
A. - Meaning of certain expressions
B. - Basis of charge
Section 115WA Charge of fringe benefit tax
Section 115WC Value of fringe benefits
C.- Procedure for filing of return in respect of fringe benefits, assessment
and
payment of tax in respect thereof
Section 115WD Return of fringe benefits
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
A. - Appointment and control
Section 116 Income-tax authorities
Section 117 Appointment of income-tax authorities
Section 118 Control of income-tax authorities
Section 119 Instructions to subordinate authorities
B.- Jurisdiction
Section 120 Jurisdiction of income-tax authorities
121. [Omitted.].
121A. [Omitted.].
122. [Omitted.].
123. [Omitted.].
Section 124 Jurisdiction of Assessing Officers
125. [Omitted.].
125A. [Omitted.].
126. [Omitted.].
Section 127 Power to transfer cases
128. [Omitted.].
Section 129 Change of incumbent of an office
130. [Omitted.].
130A. [Omitted.]
C.- Powers
Section 131 Power regarding discovery, production of evidence, etc
Section 132 Search and seizure
Section 132A Powers to requisition books of account, etc
Section 132B Application of seized or requisitioned assets
Section 133 Power to call for information
Section 133B Power to collect certain information
Section 133C Power to call for information by prescribed income-tax authority
Section 134 Power to inspect registers of companies
Section 136 Proceedings before income-tax authorities to be judicial proceedings
D. - Disclosure of information
137. [Omitted.].
Section 138 Disclosure of information respecting assessees
CHAPTER XIV PROCEDURE FOR ASSESSMENT
Section 139A Permanent account number
Section 139AA Quoting of Aadhaar number
Section 139B Scheme for submission of returns through Tax Return Preparers
Section 139C Power of Board to dispense with furnishing documents, etc., with return
Section 139D Filing of return in electronic form
Section 140 Return by whom to be verified
Section 142 Inquiry before assessment
Section 142A Estimation of value of assets by Valuation Officer
Section 144 Best judgment assessment
Section 144A Power of Joint Commissioner to issue directions in certain cases
Section 144BA Reference to Principal Commissioner or Commissioner in certain cases
Section 144C Reference to dispute resolution panel
Section 145 Method of accounting
Section 145A Method of accounting in certain cases
Section 147 Income escaping assessment
Section 148 Issue of notice where income has escaped assessment
Section 149 Time limit for notice
Section 150 Provision for cases where assessment is in pursuance of an order on appeal, etc
Section 151 Sanction for issue of notice
Section 153 Time limit for completion of assessments, reassessments and recomputation
Section 153A Assessment in case of search or requisition
Section 153B Time-limit for completion of assessment under section 153A
Section 153C Assessment of income of any other person
Section 153D Prior approval necessary for assessment in cases of search or requisition
Section 154 Rectification of mistake
Section 157 Intimation of loss
Section 158 Intimation of assessment of firm
CHAPTER XIV-A SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS
CHAPTER XIV-B SPECIAL PROCEDURE FOR ASSESSMENT OF SEARCH CASES
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
A.- Legal representatives
Section 159 Legal representatives
B.- Representative assesses - General provisions
Section 160 Representative assessee
Section 161 Liability of representative assessee
Section 162 Right of representative assessee to recover tax paid
C. - Representative assesses- Special cases
Section 163 Who may be regarded as agent
Section 164 Charge 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
D.- Representative assesses-Miscellaneous provisions
Section 166 Direct assessment or recovery not barred
Section 167 Remedies against property in cases of representative assessees
DD.- Firms, association of persons and body of individuals
Section 167A Charge of tax in the case of a firm
Section 167C Liability of partners of limited liability partnership in liquidation
E.- Executors
Section 169 Right of executor to recover tax paid
F.- Succession to business or profession
Section 170 Succession to business otherwise than on death
G.- Partition
Section 171 Assessment after partition of a Hindu undivided family
H.- Profits of non-residents from occasional shipping business
Section 172 Shipping business of non-residents
I.- Recovery of tax in respect of non-residents
Section 173 Recovery of tax in respect of non-resident from his assets
J.- Persons leaving India
Section 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
K.- Persons trying to alienate their assets
Section 175 Assessment of persons likely to transfer property to avoid tax
L.- Discontinuance of business, or dissolution
Section 176 Discontinued business
Section 177 Association dissolved or business discontinued
Section 178 Company in liquidation
M.- Private companies
Section 179 Liability of directors of private company in liquidation
N.- Special provisions for certain kinds of income
Section 180 Royalties or copyright fees for literary or artistic work
Section 180A Consideration for know-how
O.-[Omitted]
181. [Omitted.].
CHAPTER XVI SPECIAL PROVISIONS APPLICABLE TO FIRMS
A.-Assessment of firms
182. [Omitted.].
183. [Omitted.].
Section 184 Assessment as a firm
Section 185 Assessment when section 184 not complied with
C.- Changes in constitution, succession and dissolution
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
A.- General
Section 190 Deduction at source and advance payment
B.- Deduction at source
Section 192A Payment of accumulated balance due to an employee
Section 193 Interest on securities
Section 194A Interest other than Interest on securities
Section 194B Winnings from lottery or crossword puzzle
Section 194BB Winnings from horse race
Section 194C Payments to contractors
Section 194D Insurance commission
Section 194DA Payment in respect of life insurance policy
Section 194E Payments to non-resident sportsmen or sports associations
Section 194EE Payments in respect of deposits under National Savings Scheme, etc
Section 194F Payments on account of repurchase of units by Mutual Fund or Unit Trust of India
Section 194G Commission, etc., on the sale of lottery tickets
Section 194H Commission or brokerage
Section 194IA Payment on transfer of certain immovable property other than agricultural land
Section 194IB Payment of rent by certain individuals or Hindu undivided family
Section 194IC Payment under specified agreement
194J Fees for professional or technical service
194K. [Omitted.].
194L. [Omitted.].
Section 194LA Payment of compensation on acquisition of certain immovable property
Section 194LB Income by way of interest from infrastructure debt fund
Section 194LBA Certain income from units of a business trust
Section 194LBB Income in respect of units of investment fund
Section 194LBC Income in respect of investment in securitization trust
Section 194LC Income by way of interest from Indian company
Section 194LD Income by way of interest on certain bonds and Government securities
Section 195A Income payable net of tax
Section 196A Income in respect of units of non-residents
Section 196B Income from units
Section 196C Income from foreign currency bonds or shares of Indian company
Section 196D Income of Foreign Institutional Investors from securities
Section 197 Certificate for deduction at lower rate
Section 197A No deduction to be made in certain cases
Section 198 Tax deducted is income received
Section 199 Credit for tax deducted
Section 200 Duty of person deducting tax
Section 200A Processing of statements of tax deducted at source
Section 201 Consequences of failure to deduct or pay
Section 202 Deduction only one mode of recovery
Section 203 Certificate for tax deducted
Section 203A Tax deduction and collection account number
Section 203AA Furnishing of statement of tax deducted
Section 204 Meaning of person responsible for paying
Section 205 Bar against direct demand on assessee
Section 206 Persons deducting tax to furnish prescribed returns
Section 206AA Requirement to furnish Permanent Account Number
206B. [Omitted.].
BB.- Collection at source
Section 206CA Tax collection account number
Section 206CB Processing of statements of tax collected at source
Section 206CC Requirement to furnish Permanent Account Number by collectee
C.- Advance payment of tax
Section 207 Liability for payment of advance tax
Section 208 Conditions of liability to pay advance tax
Section 209 Computation of advance tax
209A. [Omitted.].
Section 211 Instalments of advance tax and due dates
212. [Omitted.].
213. [Omitted.].
Section 214 Interest payable by Government
Section 215 Interest payable by assessee
Section 216 Interest payable by assessee in case of under-estimate, etc
Section 217 Interest payable by assessee when no estimate made
Section 218 When assessee deemed to be in default
Section 219 Credit for advance tax
D.- Collection and recovery
Section 220 When tax payable and when assessee deemed in default
Section 221 Penalty payable when tax in default
Section 222 Certificate to Tax Recovery Officer
Section 223 Tax Recovery Officer by whom recovery is to be effected
Section 224 Validity of certificate and cancellation or amendment thereof
Section 225 Stay of proceedings in pursuance of certificate and amendment or cancellation thereof
Section 226 Other modes of recovery
Section 227 Recovery through State Government
228. [Omitted.].
Section 228A Recovery of tax in pursuance of agreements with foreign countries
Section 229 Recovery of penalties, fine, interest and other sums
Section 230 Tax clearance certificate
230A. [Omitted.].
231. [Omitted.].
Section 232 Recovery by suit or under other law not affected
E.- Tax payable under provisional assessment
233. [Omitted.].
234. [Omitted.].
F.- Interest chargeable in certain cases
Section 234A Interest for defaults in furnishing return of income
Section 234B Interest for defaults in payment of advance tax
Section 234C Interest for deferment of advance tax
Section 234D Interest on excess refund
G.- Levy of fee in certain cases
Section 234E Fee for default in furnishing statements
Section 234F Fee for default in furnishing return of income
CHAPTER XVIII RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES
235. [Omitted.].
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 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
241. [Omitted.].
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 245B Income-tax Settlement Commission
Section 245BA Jurisdiction and powers of Settlement Commission
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 245i 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
245M. [Omitted.].
CHAPTER XIX-B ADVANCE RULINGS
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
A.- Appeals to the Deputy Commissioner (Appeals) and commissioner (Appeals)
Section 246A Appealable orders before Commissioner (Appeals)
Section 248 Appeal by a person denying liability to deduct tax in certain cases
Section 249 Form of appeal and limitation
Section 250 Procedure in appeal
Section 251 Powers of the Commissioner (Appeals)
B. Appeals to the Appellate Tribunal
Section 252 Appellate Tribunal
Section 252A Qualifications, terms and conditions of service of President, Vice-President and Member
Section 253 Appeals to the Appellate Tribunal
Section 254 Orders of Appellate Tribunal
Section 255 Procedure of Appellate Tribunal
C.- Reference to High Court
Section 256 Statement of case to the High Court
Section 257 Statement of case to Supreme Court in certain cases
Section 258 Power of High Court or Supreme Court to require statement to be amended
Section 259 Case before High Court to be heard by not less than two judges
Section 260 Decision of High Court or Supreme Court on the case stated
CC.- Appeals to High Court
Section 260A Appeal to High Court
Section 260B Case before High Court to be heard by not less than two Judges
D.- Appeals to the Supreme Court
Section 261 Appeal to Supreme Court
Section 262 Hearing before Supreme Court
E.- Revision by the Principal Commissioner or Commissioner
Section 263 Revision of orders prejudicial to revenue
Section 264 Revision of other orders
F.- General
Section 265 Tax to be paid notwithstanding reference, etc
Section 266 Execution for costs awarded by Supreme Court
Section 267 Amendment of assessment on appeal
Section 268 Exclusion of time taken for copy
Section 268A Filing of appeal or application for reference by income-tax authority
Section 269 Definition of High Court
CHAPTER XXA ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX
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 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 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 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 269UB Appropriate authority
Section 269UC Restrictions on transfer 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 269UI Powers of the appropriate authority
Section 269UJ Rectification of mistakes
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
270. [Omitted.].
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 271AAA Penalty where search has been initiated
Section 271AAB Penalty where search has been initiated
Section 271AAC Penalty in respect of certain income
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 statement of financial transaction or reportable income
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 271H Penalty for failure to furnish statements, etc
Section 271J Penalty for furnishing incorrect information in reports or certificates
272. [Omitted.].
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 tax
Section 273A Power to reduce or waive penalty, etc., in certain cases
Section 273AA Power of Principal Commissioner or Commissioner to grant immunity from penalty
Section 273B Penalty not to be imposed in certain cases
Section 275 Bar of limitation for imposing penalties
CHAPTER XXII OFFENCES AND PROSECUTIONS
Section 275A Contravention of order made under sub-section (3) of section 132
Section 275B Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132
Section 276 Removal, concealment, transfer or delivery of property to thwart tax recovery
Section 276A Failure to comply with the provisions of sub-sections (1) and (3) of section 178
276AA. [Omitted.].
Section 276AB Failure to comply with the provisions of sections 269UC, 269UE and 269UL
Section 276B Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B
Section 276BB Failure to pay the tax collected at source
Section 276C Wilful attempt to evade tax, etc
Section 276CC Failure to furnish returns of income
Section 276CCC Failure to furnish return of income in search cases
Section 276D Failure to produce accounts and documents
276DD. [Omitted.].
276E. [Omitted.].
Section 277 False statement in verification, etc
Section 277A Falsification of books of account or document, etc
Section 278 Abetment of false return, etc
Section 278A Punishment for second and subsequent offences
Section 278AA Punishment not to be imposed in certain cases
Section 278AB Power of Principal Commissioner or Commissioner to grant immunity from prosecution
Section 278B Offences by companies
Section 278C Offences by Hindu undivided families
Section 278D Presumption as to assets, books of account, etc., in certain cases
Section 278E Presumption as to culpable mental state
Section 279A Certain offences to be non-cognizable
Section 279B Proof of entries in records or documents
Section 280 Disclosure of particulars by public servants
Section 280B Offences triable by Special Court
Section 280C Trial of offences as summons case
Section 280D Application of Code of Criminal Procedure, 1973 to proceedings before Special Court
CHAPTER XXII-A ANNUITY DEPOSITS
280E. [Omitted.].
280F. [Omitted.].
280G. [Omitted.].
280H. [Omitted.].
280-I. [Omitted.].
280J. [Omitted.].
280K. [Omitted.].
280L. [Omitted.].
280M. [Omitted.].
280N. [Omitted.].
280-O. [Omitted.].
280P. [Omitted.].
280Q. [Omitted.].
280R. [Omitted.].
280S. [Omitted.].
280T. [Omitted.].
280U. [Omitted.].
280V. [Omitted.].
280W. [Omitted.].
280X. [Omitted.].
CHAPTER XXII-B TAX CREDIT CERTIFICATES
280Y. [Omitted.].
280Z. [Omitted.].
280ZA. [Omitted.].
280ZB. [Omitted.].
280ZC. [Omitted.].
280ZD. [Omitted.].
280ZE. [Omitted.].
CHAPTER XXIII MISCELLANEOUS
Section 281 Certain transfers to be void
281A. [Repealed.].
Section 281B Provisional attachment to protect revenue in certain cases
Section 282 Service of notice generally
Section 282A Authentication of notices and other documents
282B. [Omitted.].
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 291 Power to tender immunity from prosecution
Section 292 Cognizance of offences
Section 202B 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 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