INCOME TAX ACT, 2008
INDEX
Chapter
I
PRELIMINARY
1 Short title, extent and commencement
Chapter
II
BASIS OF CHARGE
5A Apportionment of income between spouses governed by Portuguese Civil Code
7 Income deemed to be received
9 Income deemed to accrue or arise in India
Chapter
III
INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
10 Incomes not included in total income
10A Special provision in respect of newly established undertakings in free
trade zone, etc
10AA Special provisions in respect of newly established Units in Special
Economic Zones
10B Special provisions in respect of newly established hundred per cent
export-oriented undertakings
10BA Special provisions in respect of export of certain articles or things
10BB Meaning of computer programmes in certain cases
10C Special provision in respect of certain industrial undertakings in
North-Eastern Region
11 Income from property held for charitable or religious purposes
12 Income of trusts or institutions from contributions
12A Conditions for applicability of sections 11 and 12
12AA Procedure for registration
13 Section 11 not to apply in certain cases
13A Special provision relating to incomes of political parties
Chapter
IV
COMPUTATION OF TOTAL INCOME
Heads of income
14A Expenditure incurred in relation to income not includible in total income
A. – Salaries
15 Salaries
17 “Salary”, “perquisite” and “profits in lieu of salary” defined
B. - [Omitted]
18 [OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]
19 [OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]
21 [OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]
20 [OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]
C. - Income from house property
23 Annual value how determined
24 Deductions from income from house property
25 Amounts not deductible from income from house property
25A Special provision for cases where unrealised rent allowed as deduction is
realised subsequently
25AA Unrealized rent received subsequently to be charged to income-tax
25B Special provision for arrears of rent received
26 Property owned by co-owners
27 “Owner of house property”, “annual charge”, etc., defined
D. - Profits and gains of business or profession
28 Profits and gains of business or profession
29 Income from profits and gains of business or profession, how computed
30 Rent, rates, taxes, repairs and insurance for buildings
31 Repairs and insurance of machinery, plant and furniture
32 Depreciation
32AB Investment deposit account
33AB Tea development account, coffee development account and rubber
development account
33ABA Site Restoration Fund
33AC Reserves for shipping business
34 Conditions for depreciation allowance and development rebate
35 Expenditure on scientific research
35A Expenditure on acquisition of patent rights or copyrights
35ABB Expenditure for obtaining licence to operate telecommunication services
35AC Expenditure on eligible projects or schemes
35B [OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
35C [OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
35CC [OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
35D Amortization of certain preliminary expenses
35DD Amortization
of expenditure in case of amalgamation or demerger
35DDA Amortization
of expenditure incurred under voluntary retirement scheme
35E Deduction
for expenditure on prospecting, etc., for certain minerals
38 Building,
etc., partly used for business, etc., or not exclusively so used
39 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
40A Expenses
or payments not deductible in certain circumstances
42 Special
provision for deductions in the case of business for prospecting, etc., for
mineral oil
43 Definitions
of certain terms relevant to income from profits and gains of business or
profession
43A Special
provisions consequential to changes in rate of exchange of currency
43B Certain
deductions to be only on actual payment
43C Special
provision for computation of cost of acquisition of certain assets
43D Special
provision in case of income of public financial institutions, public companies,
etc.
44A Special
provision for deduction in the case of trade, professional or similar
association
44AA Maintenance
of accounts by certain persons carrying on profession or business
44AB Audit
of accounts of certain persons carrying on business or profession
44AC [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
44AD Special
provision for computing profits and gains of business of civil construction,
etc.
44AF Special
provisions for computing profits and gains of retail business
44C Deduction
of head office expenditure in the case of non-residents
44DA Special
provision for computing income by way of royalties, etc., in case of
non-residents
46 Capital
gains on distribution of assets by companies in liquidation
46A Capital
gains on purchase by company of its own shares or other specified securities
47 Transactions
not regarded as transfer
47A Withdrawal
of exemption in certain cases
49 Cost
with reference to certain modes of acquisition
50 Special
provision for computation of capital gains in case of depreciable assets
50A Special
provision for cost of acquisition in case of depreciable asset
50B Special
provision for computation of capital gains in case of slump sale
50C Special
provision for full value of consideration in certain cases
52 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
53 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
54 Profit
on sale of property used for residence
54A [OMITTED
BY THE FINANCE (NO. 2) ACT, 1971, W.E.F. 1-4-1972]
54C [OMITTED
BY THE FINANCE ACT, 1976, W.E.F. 1-4-1976]
54D Capital
gain on compulsory acquisition of lands and buildings not to be charged in
certain cases
54E Capital
gain on transfer of capital assets not to be charged in certain cases
54EB Capital
gain on transfer of long-term capital assets not to be charged in certain cases
54EC Capital
gain not to be charged on investment in certain bonds
54H Extension
of time for acquiring new asset or depositing or investing amount of capital
gain
55 Meaning
of “adjusted”, “cost of
improvement”
and “cost
of acquisition”
55A Reference
to Valuation Officer
F. - Income from
other sources
INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S TOTAL INCOME
60 Transfer
of income where there is no transfer of assets
61 Revocable
transfer of assets
62 Transfer
irrevocable for a specified period
63 “Transfer” and “revocable
transfer”
defined
64 Income
of individual to include income of spouse, minor child, etc.
65 Liability
of person in respect of income included in the income of another person
AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF
LOSS
67 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
67A Method
of computing a member’s
share in income of association of persons or body of individuals
69B Amount
of investments, etc., not fully disclosed in books of account
69C Unexplained
expenditure, etc.
69D Amount
borrowed or repaid on hundi
Set
off, or carry forward and set off
70 Set
off of loss from one source against income from another source under the same
head of income
71 Set
off of loss from one head against income from another
71A Transitional
provisions for set off of loss under the head “Income from house property”
71B Carry
forward and set off of loss from house property
72 Carry
forward and set off of business losses
73 Losses
in speculation business
74 Losses
under the head “Capital
gains”
74A Losses
from certain specified sources falling under the head "income from other
sources"
76 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
77 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
78 Carry
forward and set off of losses in case of change in constitution of firm or on
succession
79 Carry
forward and set off of losses in the case of certain companies
80 Submission
of return for losses
DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME
80A Deductions
to be made in computing total income
80AA [OMITTED
BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998]
80AB Deductions
to be made with reference to the income included in the gross total income
80AC Deduction
not to be allowed unless return furnished
B.
- Deductions in respect of certain payments
80CC [OMITTED
BY THE FINANCE (NO. 2) ACT, 1996, W.R.E.F. 1-4-1993]
80CCB Deduction
in respect of investment made under Equity Linked Savings Scheme
80CCC Deduction
in respect of contribution to certain pension funds
80CCD Deduction
in respect of contribution to pension scheme of Central Government
80CCE Limit
on deductions under sections 80C, 80CCC and 80CCD
80D Deduction
in respect of medical insurance premia
80DDB Deduction in respect of medical treatment,
etc.
80E Deduction
in respect of interest on loan taken for higher education
80F [OMITTED
BY THE FINANCE ACT, 1985, W.E.F. 1-4-1986]
80FF [OMITTED
BY THE FINANCE (NO. 2) ACT, 1980, W.E.F. 1-4-1981]
80G Deduction
in respect of donations to certain funds, charitable institutions, etc.
80GG Deductions
in respect of rents paid
80GGA Deduction
in respect of certain donations for scientific research or rural development
80GGB Deduction
in respect of contributions given by companies to political parties
80GGC Deductions
in respect of contributions given by any person to political parties
C.
- Deductions in respect of certain incomes
80H [OMITTED
BY THE TAXATION LAWS (AMENDMENT) ACT, 1975, W.E.F. 1-4-1976]
80HHB Deduction
in respect of profits and gains from projects outside India
80HHBA Deduction
in respect of profits and gains from housing projects in certain cases
80HHC Deduction
in respect of profits retained for export business
80HHD Deduction
in respect of earnings in convertible foreign exchange
80HHE Deduction
in respect of profits from export of computer software, etc.
80HHF Deduction
in respect of profits and gains from export or transfer of film software, etc.
80IE Special
provisions in respect of certain undertakings in North-Eastern States
80J [OMITTED
BY THE FINANCE (NO. 2) ACT, 1996, W.R.E.F. 1-4-1989]
80JJ [OMITTED
BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998]
80JJAA Deduction
in respect of employment of new workmen
80K [OMITTED
BY THE FINANCE ACT, 1986, W.E.F. 1-4-1987]
80L [OMITTED
BY THE FINANCE ACT, 2005, W.E.F. 1-4-2006]
80M [OMITTED
BY THE FINANCE ACT, 2003, W.E.F. 1-4-2004]
80MM [OMITTED
BY THE FINANCE ACT, 1983, W.E.F. 1-4-1984]
80N [OMITTED
BY THE FINANCE ACT, 1985, W.E.F. 1-4-1986]
80O Deduction
in respect of royalties, etc., from certain foreign enterprises
80P Deduction
in respect of income of co-operative societies
80Q Deduction
in respect of profits and gains from the business of publication of books
80QQ [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
80QQA Deduction
in respect of professional income of authors of text books in Indian languages
80RR Deduction
in respect of professional income from foreign sources in certain cases
80RRA Deduction
in respect of remuneration received for services rendered outside India
80RRB Deduction
in respect of royalty on Patents
80S [OMITTED
BY THE FINANCE ACT, 1986, W.E.F. 1-4-1987]
80T [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
80TT [OMITTED
BY THE FINANCE ACT, 1986, W.E.F. 1-4-1987]
80U Deduction
in case of a person with disability
80V [OMITTED
BY THE FINANCE ACT, 1994, W.E.F. 1-4-1995]
80VV [OMITTED
BY THE FINANCE ACT, 1985, W.E.F. 1-4-1986]
RESTRICTION ON CERTAIN DEDUCTIONS IN THE CASE OF COMPANIES
80VVA [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO
INCOME-TAX IS PAYABLE
81 [OMITTED
BY THE FINANCE (NO. 2) ACT, 1967, W.E.F. 1-4-1968]
82.
Dividends
from co-operative Society
83.
Income
of marketing Society
84.
Income
of newly established industrial undertakings or Hotels
85.
Dividend
from new industrial undertaking or hotel
85A.
Deduction
of tax on inter-corporate dividends
85B.
Deduction
of tax on dividends received from certain foreign companies
85C.
Deduction
of tax on royalties, etc., received from certain foreign companies
86A [OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989]
87 Rebate
to be allowed in computing income-tax
87A [Omitted
by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968]
88 Rebate
on life insurance premia, contribution to provident fund, etc.
88A [OMITTED
BY THE FINANCE (NO. 2) ACT, 1996, W.R.E.F. 1-4-1994]
88B [OMITTED
BY THE FINANCE ACT, 2005, W.E.F. 1-4-2006]
88C [OMITTED
BY THE FINANCE ACT, 2005, W.E.F. 1-4-2006]
88D [OMITTED
BY THE FINANCE ACT, 2005, W.E.F. 1-4-2006]
88E Rebate
in respect of securities transaction tax
89 Relief
when salary, etc., is paid in arrears or in advance
89A [OMITTED
BY THE FINANCE ACT, 1983, W.E.F. 1-4-1983]
90 Agreement
with foreign countries
91 Countries
with which no agreement exists
SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX
92 Computation
of income from international transaction having regard to arm’s length
price
92A Meaning
of associated enterprise
92B Meaning
of international transaction
92C Computation
of arm’s
length price
92CA Reference
to Transfer Pricing Officer
92E Report
from an accountant to be furnished by persons entering into international
transaction
92F Definitions
of certain terms relevant to computation of arm’s length price, etc
93 Avoidance
of income-tax by transactions resulting in transfer of income to non-residents
94 Avoidance
of tax by certain transactions in securities
ADDITIONAL INCOME-TAX ON UNDISTRIBUTED PROFITS
104 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
105 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
106 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
107 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
107A [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
108 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
109 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
DETERMINATION OF TAX IN CERTAIN SPECIAL CASES
110 Determination
of tax where total income includes income on which no tax is payable
111 Tax
on accumulated balance of recognised provident fund
111A Tax
on short-term capital gains in certain cases
112 Tax
on long-term capital gains
112A [OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989]
113 Tax
in the case of block assessment of search cases
114 [OMITTED
BY THE FINANCE (NO. 2) ACT, 1967, W.E.F. 1-4-1968]
115 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
115A Tax
on dividends, royalty and technical service fees in the case of foreign
companies
115B Tax
on profits and gains of life insurance business
115BBA Tax
on non-resident sportsmen or sports associations
115BBC
Anonymous
donations to be taxed in certain cases
SPECIAL PROVISIONS RELATING TO
CERTAIN INCOMES OF NON-RESIDENTS
115D Special
provision for computation of total income of non-residents
115E Tax
on investment income and long-term capital gains
115F Capital
gains on transfer of foreign exchange assets not to be charged in certain cases
115G Return
of income not to be filed in certain cases
115H Benefit
under Chapter to be available in certain cases even after the assessee becomes
resident
115I Chapter
not to apply if the assessee so chooses
SPECIAL PROVISIONS RELATING TO
CERTAIN COMPANIES
115J. Special
provisions relating to certain companies
115JA. Deemed
income relating to certain companies
115JAA. Tax
credit in respect of tax paid on deemed income relating to certain companies
115JB. Special
provision for payment of tax by certain companies
SPECIAL PROVISIONS RELATING TO RETAIL
TRADE, ETC.
115K [OMITTED
BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998]
115L [OMITTED
BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998]
115M [OMITTED
BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998]
115N [OMITTED
BY THE FINANCE ACT, 1997, W.E.F. 1-4-1998]
SPECIAL PROVISIONS RELATING TO TAX ON
DISTRIBUTED PROFITS OF DOMESTIC COMPANIES
115O Tax
on distributed profits of domestic companies
115P Interest
payable for non-payment of tax by domestic companies
115Q When
company is deemed to be in default
SPECIAL PROVISIONS RELATING TO TAX ON
DISTRIBUTED INCOME
115R Tax
on distributed income to unit holders
115S Interest
payable for non-payment of tax
115T Unit
Trust of India or mutual fund to be an assessee in default
115U Tax
on income in certain cases
SPECIAL PROVISIONS RELATING TO INCOME
OF SHIPPING COMPANIES
A. - Meaning of certain expressions
B. - Computation of tonnage income from business of
operating qualifying ships
115VA Computation
of profits and gains from the business of operating qualifying ships
115VE Manner
of computation of income under tonnage tax scheme
115VG Computation
of tonnage income
115VH Calculation
in case of joint operation, etc.
115VI Relevant
shipping income
115VJ Treatment
of common costs
115VL General
exclusion of deduction and set off, etc.
115VN Chargeable
gains from transfer of tonnage tax assets
115VO Exclusion
from provisions of section 115JB
C.
- Procedure for option of tonnage tax scheme
115VP Method
and time of opting for tonnage tax scheme
115VQ Period
for which tonnage tax option to remain in force
115VR Renewal
of tonnage tax scheme
115VS Prohibition
to opt for tonnage tax scheme in certain cases
D.
- Conditions for applicability of tonnage tax scheme
115VT Transfer
of profits to Tonnage Tax Reserve Account
115VU Minimum
training requirement for tonnage tax company
115VV Limit
for charter in of tonnage
115VW Maintenance
and audit of accounts
115VX Determination
of tonnage
E.
- Amalgamation and demerger of shipping companies
115VZA Effect
of temporarily ceasing to operate qualifying ships
G. - Provisions of this Chapter not to apply in certain
cases
115VZ Exclusion
from tonnage tax scheme
A.
- Meaning of certain expressions
115WA Charge
of fringe benefit tax
115WC Value
of fringe benefits
115WD Return
of fringe benefits
115WF Best
judgment assessment
115WG Fringe
benefits escaping assessment
115WH Issue
of notice where fringe benefits have escaped assessment
115WI Payment
of fringe benefit tax
115WJ Advance
tax in respect of fringe benefits
115WK Interest
for default in furnishing return of fringe benefits
115WKA Recovery
of fringe benefit tax by the employer from the employee
115WKB Deemed
payment of tax by employee
115WL Application
of other provisions of this Act
117 Appointment
of income-tax authorities
118 Control
of income-tax authorities
119 Instructions
to subordinate authorities
120 Jurisdiction
of income-tax authorities
121 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
121A [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
122 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
123 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
124 Jurisdiction
of Assessing Officers
125 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
125A [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
126 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
128 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
129 Change
of incumbent of an office
130 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
130A [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1988]
131 Power
regarding discovery, production of evidence, etc.
132A Powers
to requisition books of account, etc.
132B Application
of seized or requisitioned assets
133 Power
to call for information
133B Power
to collect certain information
134 Power
to inspect registers of companies
135 Power
of Director General or Director, Chief Commissioner or Commissioner and Joint
Commissioner
136 Proceedings
before income-tax authorities to be judicial proceedings
D. - Disclosure of information
137 [OMITTED
BY THE FINANCE ACT, 1964, W.E.F. 1-4-1964]
138 Disclosure
of information respecting assessees
139B Scheme
for submission of returns through Tax Return Preparers
139C Power
of Board to dispense with furnishing documents, etc., with the return
139D Filing
of return in electronic form
140 Return
by whom to be signed
141 [OMITTED
BY THE TAXATION LAWS (AMENDMENT) ACT, 1970, W.E.F. 1-4-1971]
141A [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
142A Estimate
by Valuation Officer in certain cases
144A Power
of Joint Commissioner to issue directions in certain cases
144B [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
145A Method
of accounting in certain cases
146 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
147 Income
escaping assessment
148 Issue
of notice where income has escaped assessment
150 Provision
for cases where assessment is in pursuance of an order on appeal, etc.
151 Sanction
for issue of notice
153 Time
limit for completion of assessments and reassessments
153A Assessment
in case of search or requisition
153B Time
limit for completion of assessment under section 153A
153C Assessment
of income of any other person
153D Prior
approval necessary for assessment in cases of search or requisition
158 Intimation
of assessment of firm
SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS
SPECIAL PROCEDURE FOR ASSESSMENT OF
SEARCH CASES
158BA Assessment
of undisclosed income as a result of search
158BB Computation
of undisclosed income of the block period
158BC Procedure
for block assessment
158BD Undisclosed
income of any other person
158BE Time
limit for completion of block assessment
158BF Certain
interests and penalties not to be levied or imposed
158BFA Levy
of interest and penalty in certain cases
158BG Authority
competent to make the block assessment
158BH Application
of other provisions of this Act
158BI Chapter
not to apply after certain date
B. - Representative assesses - General provisions
161 Liability
of representative assessee
162 Right
of representative assessee to recover tax paid
C. - Representative assesses - Special cases
163 Who
may be regarded as agent
164 Charge
of tax where share of beneficiaries unknown
164A Charge
of tax in case of oral trust
165 Case
where part of trust income is chargeable
D. - Representative assessees - Miscellaneous provisions
166 Direct
assessment or recovery not barred
167 Remedies
against property in cases of representative assessees
DD. - Firms, association of persons and body of
individuals
167A Charge
of tax in the case of a firm
169 Right
of executor to recover tax paid
F. - Succession to business or profession
170 Succession
to business otherwise than on death
171 Assessment
after partition of a Hindu undivided family
H. - Profits of non-residents from occasional shipping
business
172 Shipping
business of non-residents
I. - Recovery of tax in respect of non-residents
173 Recovery
of tax in respect of non-resident from his assets
174 Assessment
of persons leaving Indi
K. - Persons trying to alienate their assets
175 Assessment
of persons likely to transfer property to avoid tax
L. - Discontinuance of business, or dissolution
177 Association
dissolved or business discontinued
179 Liability
of directors of private company in liquidation
N. - Special provisions for certain kinds of income
180 Royalties
or copyright fees for literary or artistic work
180A Consideration
for know-how
181 [OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989]
SPECIAL
PROVISIONS APPLICABLE TO FIRMS
182 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
183 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
185 Assessment
when section 184 not complied with
C. - Changes in
constitution, succession and dissolution
187 Change
in constitution of a firm
188 Succession
of one firm by another firm
188A Joint
and several liability of partners for tax payable by firm
189 Firm
dissolved or business discontinued
189A Provisions
applicable to past assessments of firms
COLLECTION
AND RECOVERY OF TAX
190 Deduction
at source and advance payment
194A Interest
other than “Interest
on securities”
194B Winnings
from lottery or crossword puzzle
194BB Winnings
from horse race
194C Payments
to contractors and sub-contractors
194E Payments
to non-resident sportsmen or sports associations
194EE Payments
in respect of deposits under National Savings Scheme, etc.
194F Payments
on account of repurchase of units by Mutual Fund or Unit Trust of India
194G Commission,
etc., on the sale of lottery tickets
194J Fees
for professional or technical services
194K Income
in respect of units
194L Payment
of compensation on acquisition of capital asset
194LA Payment
of compensation on acquisition of certain immovable property
195A Income
payable “net
of tax”
196 Interest
or dividend or other sums payable to Government, Reserve Bank or certain
corporations
196A Income
in respect of units of non-residents
196C Income
from foreign currency bonds or shares of Indian company
196D Income
of Foreign Institutional Investors from securities
197 Certificate
for deduction at lower rate
197A No
deduction to be made in certain cases
198 Tax
deducted is income received
200 Duty
of person deducting tax
201 Consequences
of failure to deduct or pay
202 Deduction
only one mode of recovery
203 Certificate
for tax deducted
203A Tax
deduction and collection account number
203AA Furnishing
of statement of tax deducted
204 Meaning
of “person
responsible for paying”
205 Bar
against direct demand on assessee
206 Persons
deducting tax to furnish prescribed returns
206B [OMITTED
BY THE FINANCE (NO. 2) ACT, 1996, W.E.F. 1-10-1996]
206C Profits
and gains from the business of trading in alcoholic liquor, forest produce,
scrap, etc.
206CA Tax
collection account number
207 Liability
for payment of advance tax
208 Conditions
of liability to pay advance tax
209 Computation
of advance tax
209A [OMITTED
BY THE DIRECT TAX LAWS (AMDT.) ACT, 1987, W.E.F. 1-4-1988]
211 Instalments
of advance tax and due dates
212 [OMITTED
BY THE DIRECT TAX LAWS (AMDT.) ACT, 1987, W.E.F. 1-4-1988]
213 [OMITTED
BY THE DIRECT TAX LAWS (AMDT.) ACT, 1987, W.E.F. 1-4-1988]
214 Interest
payable by Government
215 Interest
payable by assessee
216 Interest
payable by assessee in case of under-estimate, etc.
217 Interest
payable by assessee when no estimate made
218 When
assessee deemed to be in default
220 When
tax payable and when assessee deemed in default
221 Penalty
payable when tax in default
222 Certificate
to Tax Recovery Officer
223 Tax
Recovery Officer by whom recovery is to be effected
224 Validity
of certificate and cancellation or amendment thereof
225 Stay
of proceedings in pursuance of certificate and amendment or cancellation
thereof
227 Recovery
through State Government
228 [OMITTED
BY THE DIRECT TAX LAWS (AMDT.) ACT, 1987, W.E.F. 1-4-1989]
228A Recovery
of tax in pursuance of agreements with foreign countries
229 Recovery
of penalties, fine, interest and other sums
230A [OMITTED
BY THE FINANCE ACT, 2001, W.E.F. 1-6-2001]
231 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-198]
232 Recovery
by suit or under other law not affected
E. - Tax payable under provisional assessment
233 [OMITTED
BY THE TAXATION LAWS (AMENDMENT) ACT, 1970, W.E.F. 1-4-1971]
234 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
F. - Interest chargeable in certain cases
234A Interest
for defaults in furnishing return of income
234B Interest
for defaults in payment of advance tax
234C Interest
for deferment of advance tax
234D Interest
on excess refund
RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES
235 [OMITTED
BY THE FINANCE (NO. 2) ACT, 1971, W.E.F. 1-4-1972]
236 Relief
to company in respect of dividend paid out of past taxed profits
236A Relief
to certain charitable institutions or funds in respect of certain dividends
238 Person
entitled to claim refund in certain special cases
239 Form
of claim for refund and limitation
241 [OMITTED
BY THE FINANCE ACT, 2001, W.E.F. 1-6-2001]
242 Correctness
of assessment not to be questioned
243 Interest
on delayed refunds
244 Interest
on refund where no claim is needed
245 Set
off of refunds against tax remaining payable
245B Income-tax
Settlement Commission
245BA Jurisdiction
and powers of Settlement Commission
245BB Vice-Chairman
to act as Chairman or to discharge his functions in certain circumstances
245BC Power
of Chairman to transfer cases from one Bench to another
245BD Decision
to be by majority
245C Application
for settlement of cases
245D Procedure
on receipt of an application under section 245C
245DD Power
of Settlement Commission to order provisional attachment to protect revenue
245E Power
of Settlement Commission to reopen completed proceedings
245F Powers
and procedure of Settlement Commission
245G Inspection,
etc., of reports
245H Power
of Settlement Commission to grant immunity from prosecution and penalty
245HA Abatement
of proceeding before Settlement Commission
245HAA Credit
for tax paid in case of abatement of proceedings
245I Order
of settlement to be conclusive
245J Recovery
of sums due under order of settlement
245K Bar
on subsequent application for settlement
245L Proceedings
before Settlement Commission to be judicial proceedings
245M [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-6-1987]
245O Authority
for advance rulings
245P Vacancies,
etc., not to invalidate proceedings
245Q Application
for advance ruling
245R Procedure
on receipt of application
245RR Appellate
authority not to proceed in certain cases
245S Applicability
of advance ruling
245T Advance
ruling to be void in certain circumstances
A. - Appeals to the Deputy Commissioner (Appeals) and
Commissioner (Appeals)
246A Appealable
orders before Commissioner (Appeals)
247 [OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]
248 Appeal
by person denying liability to deduct tax in certain cases
249 Form
of appeal and limitation
251 Powers
of the Commissioner (Appeals)
B. - Appeals to the Appellate Tribunal
253 Appeals
to the Appellate Tribunal
254 Orders
of Appellate Tribunal
255 Procedure
of Appellate Tribunal
C. - [omitted by the National Tax Tribunal Act, 2005, with
effect from a date yet to be notified]
256 [OMITTED
BY THE NATIONAL TAX TRIBUNAL ACT, 2005, WITH EFFECT FROM A DATE YET TO BE
NOTIFIED]
257 Statement
of case to Supreme Court in certain cases
258 [OMITTED
BY THE NATIONAL TAX TRIBUNAL ACT, 2005, WITH EFFECT FROM A DATE YET TO BE
NOTIFIED]
259 [OMITTED
BY THE NATIONAL TAX TRIBUNAL ACT, 2005, WITH EFFECT FROM A DATE YET TO BE
NOTIFIED]
260 Effect
to the decisions of Supreme Court and of the National Tax Tribunal
260B Case
before High Court to be heard by not less than two Judges
D. - Appeals to the Supreme Court
262 Hearing
before Supreme Court
E. - Revision by the Commissioner
263 Revision
of orders prejudicial to revenue
265 Tax
to be paid notwithstanding reference, etc.
266 Execution
for costs awarded by Supreme Court
267 Amendment
of assessment on appeal
268 Exclusion
of time taken for copy
268A Filing
of appeal or application for reference by income-tax authority
269 Definition
of “High Court”
ACQUISITION OF
IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX
269AB Registration
of certain transactions
269C Immovable
property in respect of which proceedings for acquisition may be taken
269G Appeal
against order for acquisition
269I Vesting
of property in Central Government
269K Payment
or deposit of compensation
269L Assistance
by Valuation Officers
269M Powers
of competent authority
269N Rectification
of mistakes
269O Appearance
by authorized representative or registered valuer
269P Statement
to be furnished in respect of transfers of immovable property
269Q Chapter
not to apply to transfers to relatives
269R Properties
liable for acquisition under this Chapter not to be acquired under other laws
269RR Chapter
not to apply where transfer of immovable property made after a certain date
269S Chapter
not to extend to State of Jammu and Kashmir
269SS Mode
of taking or accepting certain loans and deposits
269T Mode
of repayment of certain loans or deposits
269TT Mode
of repayment of Special Bearer Bonds, 1991
PURCHASE BY CENTRAL
GOVERNMENT OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER
269UC Restrictions
on transfer of immovable property
269UD Order
by appropriate authority for purchase by Central Government of immovable
property
269UE Vesting
of property in Central Government
269UF Consideration
for purchase of immovable property by Central Government
269UG Payment
or deposit of consideration
269UH Re-vesting
of property in the transferor on failure of payment or deposit of consideration
269UI Powers
of the appropriate authority
269UJ Rectification
of mistakes
269UL Restrictions
on registration, etc., of documents in respect of transfer of immovable
property
269UM Immunity
to transferor against claims of transferee for transfer
269UN Order
of appropriate authority to be final and conclusive
269UO Chapter
not to apply to certain transfers
269UP Chapter
not to apply where transfer of immovable property effected after certain date
270 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
271 Failure
to furnish returns, comply with notices, concealment of income, etc.
271A Failure
to keep, maintain or retain books of account, documents, etc.
271AAA
Penalty
where search has been initiated
271B Failure
to get accounts audited
271BA Penalty
for failure to furnish report under section 92E
271BB Failure
to subscribe to the eligible issue of capital
271C Penalty
for failure to deduct tax at source
271CA Penalty
for failure to collect tax at source
271D Penalty
for failure to comply with the provisions of section 269SS
271E Penalty
for failure to comply with the provisions of section 269T
271F Penalty
for failure to furnish return of income
271FA Penalty
for failure to furnish annual information return
271FB Penalty
for failure to furnish return of fringe benefits
271G Penalty
for failure to furnish information or document under section 92D
272 [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
272AA Penalty
for failure to comply with the provisions of section 133B
272B Penalty
for failure to comply with the provisions of section 139A
272BB Penalty
for failure to comply with the provisions of section 203A
272BBB Penalty
for failure to comply with the provisions of section 206CA
273 False
estimate of, or failure to pay, advance tax
273A Power
to reduce or waive penalty, etc., in certain cases
273AA Power
of Commissioner to grant immunity from penalty
273B Penalty
not to be imposed in certain cases
275 Bar
of limitation for imposing penalties
275A Contravention
of order made under sub-section (3) of section 132
275B Failure
to comply with the provisions of clause (iib) of sub-section (1) of section 132
276 Removal,
concealment, transfer or delivery of property to thwart tax recovery
276A Failure
to comply with the provisions of sub-sections (1) and (3) of section 178
276AA [OMITTED
BY THE FINANCE ACT, 1986, W.E.F. 1-10-1986]
276AB Failure
to comply with the provisions of sections 269UC, 269UE and 269UL
276B Failure
to pay tax to the credit of Central Government under Chapter XII-D or XVII-B
276BB Failure
to pay the tax collected at source
276C Wilful
attempt to evade tax, etc
276CC Failure
to furnish returns of income
276CCC Failure
to furnish return of income in search cases
276D Failure
to produce accounts and documents
276DD [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
276E [OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]
277 False
statement in verification, etc.
277A Falsification
of books of account or document, etc.
278 Abetment
of false return, etc.
278A Punishment
for second and subsequent offences
278AA Punishment
not to be imposed in certain cases
278AB Power
of Commissioner to grant immunity from prosecution
278C Offences
by Hindu undivided families
278D Presumption
as to assets, books of account, etc., in certain cases
278E Presumption
as to culpable mental state
279 Prosecution
to be at instance of Chief Commissioner or Commissioner
279A Certain
offences to be non-cognizable
279B Proof
of entries in records or documents
280 Disclosure
of particulars by public servants
TO
280X [OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1988]
280Y [OMITTED
BY THE FINANCE ACT, 1990, W.E.F. 1-4-1990]
280Z [OMITTED
BY THE FINANCE ACT, 1990, W.E.F. 1-4-1990]
280ZA [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]
280ZB [OMITTED
BY THE FINANCE ACT, 1990, W.E.F. 1-4-1990]
280ZC [OMITTED
BY THE FINANCE ACT, 1990, W.E.F. 1-4-1990]
280ZD [OMITTED
BY THE FINANCE ACT, 1990, W.E.F. 1-4-1990]
280ZE [OMITTED
BY THE FINANCE ACT, 1990, W.E.F. 1-4-1990]
281 Certain
transfers to be void
281A [REPEALED
BY THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988, W.E.F. 19-5-1988]
281B Provisional
attachment to protect revenue in certain cases
282 Service
of notice generally
282A Authentication
of notices and other documents
283 Service
of notice when family is disrupted or firm, etc., is dissolved
284 Service
of notice in the case of discontinued business
285 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-6-1987]
285A [OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1988]
285B Submission
of statements by producers of cinematograph films
285BA Obligation
to furnish annual information return
286 [OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-6-1987]
287 Publication
of information respecting assessees in certain cases
287A Appearance
by registered valuer in certain matters
288 Appearance
by authorized representative
288B Rounding
off amount payable and refund due
291 Power
to tender immunity from prosecution
292B Return
of income, etc., not to be invalid on certain grounds
292BB Notice
deemed to be valid in certain circumstances
292C Presumption
as to assets, books of account, etc.
293 Bar
of suits in civil courts
293B Power
of Central Government or Board to condone delays in obtaining approval
294 Act
to have effect pending legislative provision for charge of tax
294A Power
to make exemption, etc., in relation to certain Union territories
296 Rules
and certain notifications to be placed before Parliament