VOLUME 1 Chapter I Preliminary Section 1 Short title, extent and commencement Section 2 Definitions Section 2(1A) Agricultural income Section 2(7) Assessee Section 2(9) Assessment Year Section 2(13) Business Section 2(14) Capital asset Section 2(15) Charitable purpose Section 2(18) Company in which the public are substantially interested Section 2(22) Dividends Section 2(23) Firm, partner and partnership Section 2(24) Income Section 2(25A) India Section 2(31) Person Section 2(31)(ii) Hindu undivided family Section 2(31)(iv) Firm Section 2(31)(v) Association of persons or a body of individuals, whether incorporated or not Section 2(47) Transfer Section 3 "Previous year" defined Chapter II Basis of Charge Section 4 Charge of income-tax and capital or revenue receipts Section 5 Scope of total income Section 6 Residence in India Section 8 Dividend income Section 9 Income deemed to accrue or arise in India Chapter III Incomes which do not form part of total income Section 10 Incomes totally exempt from tax Section 10(1) Agricultural income Section 10(2) Sum received by a member of HUF Section 10(3) Casual and non-recurring receipts Section 10(4A) Interest earned by non-resident on NRE Deposits Section 10(10A) Gratuity payment(s) Section 10(10B) Retrenchment compensation received by a workman Section 10(10C) Compensation received on voluntary retirement by specified employees Section 10(14) Special allowances specifically granted to meet expenses Section 10(19A) Annual Value of any palace in the occupation of a ruler Section 10(20) Income of a local authority Section 10(20A) Authority for housing accommodation and planning/development of cities Section 10(22) Income of university or educational institution Section 10(23C) Exemption to educational institutions Section 10(23D) Income of specified mutual fund Section 10(26) Income of Scheduled Tribe in specified areas Section 10(29) Income of marketing authorities Section 10A Special provision in respect of newly established undertakings in free trade zone, etc. Sections 11 to 13 Exemption of income from property held for charitable or religious purposes Chapter IV Computation of Total Income Section 14 Heads of income Section 14A Expenditure incurred in relation to income not includible in total income Sections 15 to 17 Salary income Sections 18 to 21 Interest on securities Section 22 Income from house property Section 23 Annual value how determined Section 24 Deductions from income from house property Section 27 "Owner of house property", "annual charge", etc., defined Sections 28 & 29 Profits and gains of business or profession 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 33 Development rebate Section 33A Development allowance Section 34 Conditions for depreciation allowance and Development rebate Section 35 Expenditure on scientific research Section 35B Export markets development allowance Section 35C Agricultural Development allowance Section 35CCA Expenditure by way of payment to Associations and Institutions for carrying out rural development programmes Section 35E Deduction for expenditure on prospecting, etc. for certain minerals Section 36 Other deductions Section 36(1)(ii) Bonus or commission to employees Section 36(1)(iii) Interest on capital borrowed for business purposes Section 36(1)(iv) Employer's contribution to approved superannua-tion fund Section 36(1)(v) Employer's contribution to gratuity fund Section 36(1)(vii) Bad debts Section 37 Business expenditure Section 38 Building, etc., partly used for business, etc., or not exclusively so used Section 40 Amounts not deductible Section 40(a)(ii) Rates or tax levied on business profits Section 40(a)(v) Payments made to or on behalf of employees Section 40(b) Salary, interest and commission paid by firm to partners Section 40(c) Disallowance of payments by companies to directors and substantially interested persons Section 40A Expenses or payments not deductible in certain circumstances Section 40A(2) Disallowance of certain payments or expenditures Section 40A(3) Payments for expenditure made otherwise than by crossed cheque or bank draft Section 40A(5) Ceiling on salary and perquisites to employees Section 40A(7) Gratuity to employees Section 41 Profits chargeable to tax Section 41(1) Recoupment of expenditure and loss allowed as deduction Section 41(2) Balancing charge Section 41(4) Recovery of debts allowed as bad debts earlier Section 42 Deduction in respect of prospecting, etc. of mineral oils Section 43 Definitions of certain terms relevant to income from profits and gains of business or profession Section 43(1) Actual cost of assets Section 43(3) Plant Section 43(5) Speculative transactions Section 43(6) Written down value of assets Section 43A Special provisions consequential to changes in rate of exchange of currency Section 43B Certain deductions to be only on actual payment 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 44B 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 45 Capital gains Section 46 Capital gains on distribution of assets by companies in liquidation Section 47 Transactions not regarded as transfer Section 47(iii) Transfer of capital assets under gift or will Section 47(vii) Transfer of shares in a scheme of amalgamation Section 48 Mode of computation Section 49 Cost with reference to certain modes of acquisition Section 49(2) Cost of acquisition of shares in case of amalgamation of companies Section 50 Special provision for computation of capital gains in case of depreciable assets Section 52 Consideration for transfer in case of under-statement Section 54 Profit on sale of property used for residence 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 55 Meaning of "adjusted", "cost of improvement" and "cost of acquisition" Section 55(2) Cost of acquisition Section 55A Reference to valuation officer Section 56 Income from other sources Section 57 Deductions 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 64(1) Income of spouse and minor children includible in income of individual Section 64(1)(i)/ Share income of spouse or minor child in (iii) firm Section 64(1)(iii) Minor's share income from firm Section 64(1)(iv) Income from assets transferred to spouse Section 64(1)(v) Income from assets transferred to minor child Section 64(1)(vii) Income from assets transferred for the benefit of spouse or minor child 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 firm Section 68 Cash credits Section 69 Unexplained investments Section 69A Unexplained money, etc. 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 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 certain cases of amalgamation Section 73 Losses in speculation business Section 74 Losses under the head "Capital gains" 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
VOLUME 2 Chapter VIA Deductions to be made in computing total income Section 80 Amortization of Film Production Expenses Section 80AA Computation of deduction under section 80M Section 80G Deduction in respect of donations to certain funds, charitable institutions, etc. Section 80HH Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas Section 80HHB Deduction in respect of profits and gains from projects outside India Section 80HHC Deduction in respect of profits retained for export business 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-IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings Section 80J Deduction in respect of profits and gains from newly established industrial undertakings or ships or hotel business in certain cases Section 80K Deduction in respect of dividends attributable to profits and gains from new industrial undertakings or ships or hotel business Section 80M Deduction in respect of certain inter-corporate dividends 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 80RRA Deduction in respect of remuneration received for services rendered outside India Section 80T Deduction in respect of long-term capital gains in the case of assessees other than companies Chapter VII Incomes forming part of total income on which no income-tax is payable Section 84 Income from newly established industrial undertakings or hotels Chapter VIII Rebate and reliefs Section 88 Rebate on life insurance premia, contributions to provident funds, etc. Section 89 Relief when salary, etc., is paid in arrears or in advance Section 90 Agreement with foreign countries Chapter X Special provisions relating to avoidance of tax Section 92 Income from transactions with non-residents, how computed in certain cases Section 92CA Reference to transfer pricing officer 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 Chapter XI Additional income-tax on undistributed profits Section 104 Income-tax on undistributed income of certain companies 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 113 Tax in the case of block assessment of search cases 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 115JB Special provision for payment of tax by certain companies Chapter XII-H Income-tax on Fringe Benefits Section 115WA Fringe Benefit Tax Chapter XIII Income-tax authorities Section 119 Instructions to subordinate authorities Section 120 Transfer of cases Section 124 Jurisdiction of assessing officers Section 127 Power to transfer cases Section 129 Change of incumbent of office Section 131 Power regarding discovery, production of evidence, etc. Section 132 Search and seizure Section 132B Application of, seized or requisitioned assets Section 133 Power to call for information Section 133(6) Information useful to proceedings under Income-tax Act Section 133A Power of survey Section 136 Proceedings before income-tax authorities to be judicial proceedings Section 137 Disclosure of information prohibited Section 138 Disclosure of information respecting assessees Chapter XIV Procedure for assessment Section 139 Return of income Section 140 Return by whom to be signed Section 141 Provisional assessment Section 142 Special Audit Section 143 Assessment Section 144 Best judgment assessment Section 144B Reference to Deputy Commissioner in certain cases Section 145 Method of accounting Section 146 Reopening of assessment at the instance of the assessee 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 or an order on appeal, etc. Section 151 Sanction for issue of notice Section 153 Time limit for completion of assessments and reassessments Section 154 Rectification of mistake Section 155 Other amendments Section 156 Notice of demand Section 157 Intimation of loss Section 158 Intimation of assessment of firm Chapter XIVB Special procedure for assessment of search cases Sections 158B to 158BI 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 Charge of tax where share of beneficiaries unknown Section 166 Direct assessment or recovery not barred Section 168 Executors 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 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 Chapter XVI Special provisions applicable to firms Section 182 Assessment of registered firms Section 184 Assessment of a firm Section 185 Assessment when section 184 not complied with Section 186 Cancellation of registration 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 Chapter XVII Collection and Recovery of Tax Section 190 Deduction at source and advance payment Section 192 Salary Section 194C Payments to contractors and sub-contractors Section 194H Commission or brokerage Section 195 Deduction for tax where payment is to be made to a non-resident Section 197 Certificate for deduction at lower rate Section 199 Credit for tax deducted Section 206C Collection of tax at source Section 207 Liability for payment of advance tax Section 210 Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer Section 214 Interest payable by Government Section 215 Interest payable by assessee Section 216 Interest payable by assessee in case of underestimate, etc. Section 217 Interest payable by assessee when no estimate made Section 219 Credit for advance tax Section 220 When tax payable and when assessee deemed in default Section 220(2) Interest payable for delay in payment of tax demand Section 220(2A) Reduction or waiver of interest payable under section 220(2) Section 220(3) Extension of time for payment of tax in instalments Section 220(7) Claim on the ground of restriction or remittance from foreign country Section 221 Penalty payable when tax in default Section 222 Certificate to Tax Recovery Officer Section 226 Other modes of recovery Section 231 Period for commencing recovery proceedings Section 234 Interest payable by assessee Sections 234A, Interest for defaults 234B & 234C Chapter XIX Refunds Section 237 Refunds Section 240 Refund of appeal Section 242 Correctness of assessment not to be questioned 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 245C Application for settlement of cases Section 245D Procedure on receipt of application for settlement Section 245E Power of Settlement Commission to reopen completed proceedings Section 245H Power of Settlement Commission to grant immunity from prosecution and penalty Section 245-I Order of settlement to be conclusive Section 245L Proceedings before Settlement Commission to be judicial proceedings Chapter XIXB Advance Rulings Section 245N Definitions Chapter XX Appeals and Revision Section 246 Appealable orders Section 248 Appeal by person denying liability to deduct tax Section 249 Form of appeal and limitation Section 250 Procedure in appeal Section 251 Powers of the Deputy Commissioner (Appeals) or, as the case may be, the Commissioner (Appeals) Section 253 Appeals to the Appellate Tribunal Section 254 Orders of Appellate Tribunal Section 255 Procedure of Appellate Tribunal Section 256 Statement of case to the High Court General principles Questions of fact — Illustrations Questions of law — Illustrations Section 257 Statement of cases to Supreme Court in certain cases Section 258 Power of High Court or Supreme Court to require statement to be amended Section 260 Decision of High Court or Supreme Court on the case stated Section 260A Appeal to High Court Section 261 Appeals to Supreme Court Section 262 Hearing before Supreme Court Section 263 Revision of orders prejudicial to Revenue Section 264 Revision of other orders Section 268A Filing of appeal or application for reference by income-tax authority Chapter XXA Acquisition of immovable properties in certain cases of transfer to counteract evasion of tax Section 269C Immovable property in respect of which proceedings for acquisition may be taken Section 269-I Vesting of property in Central Government Section 269SS Mode of taking or accepting certain loans and advances Chapter XXC Purchase by Central Government of immovable properties in certain cases of transfer Section 269UA Definitions for purpose of Chapter XXC Section 269UD Order by appropriate authority for purchase by Central Government of immovable property 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 269UL Restrictions on registration of documents in respect of transfer of immovable property Chapter XXI Penalties imposable Section 271 Failure to furnish returns, comply with notices, concealment of income, etc. Section 271(1)(a) Penalty for late furnishing of return of income Section 271(1)(c) Penalty for concealment of income and furnishing inaccurate particulars of income Section 271(2) Registered firm liable to penalty as if unregistered firm Section 271C Penalty for failure to deduct tax at source Section 273 False estimate of, or failure to pay advance tax Section 273A Power to reduce or waive penalty, etc., in certain cases Section 274 Procedure Section 276B Failure to pay the tax deducted at source Chapter XXII Offences and Prosecutions Section 276C Wilful attempt to evade tax, etc. Section 276CC Failure to furnish returns of income Section 276DD Failure to comply with section 269SS Section 277 False statement in verification, etc. Section 279 Prosecution to be at the instance of Chief Commissioner or Commissioner Chapter XXIIA Annuity deposits Chapter XXIIB Tax Credit Certificates Section 280ZC Tax credit certificates in relation to exports Section 280ZD Tax credit certificates in relation to increase production of certain goods Chapter XXIII Miscellaneous Section 281 Certain transfers to be void Section 281B Provisional attachment to protect revenue Section 282 Service of notice generally Section 293 Bar of suits in civil courts General principles Writ petitions under Article 226 of the Constitution Petitions to Supreme Court under Article 32 of the Constitution Section 295 Power to make rules Section 297 Repeals and savings Section 298 Power to remove difficulties First Schedule Insurance business Second Schedule Procedure for recovery of tax Fourth Schedule Recognised provident funds and approved superannuation funds and gratuity funds of unrecognised provident fund DIVISION IA: INCOME TAX RULES, 1962 DIVISION II: WEALTH TAX Chapter I Preliminary Section 2 Definitions Section 2(e)/2(ea) Assets Section 2(m) Net wealth Section 2(q) Valuation date Chapter II Charge of wealth-tax and assets subject to such charge Section 3 Charge of wealth-tax Section 4 Net wealth to include certain assets Section 5 Exemption in respect of certain assets Section 6 Exclusion of assets and debts outside India Section 7 Value of assets, how to be determined Chapter IV Assessment Section 16A Reference to valuation officer Section 17 Wealth escaping assessment Section 18 Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. Section 18B Power to reduce or waive penalty in certain cases Section 20 Assessment after partition of a Hindu undivided family Chapter V Liability to assessment in special cases Section 21 Assessment when assets are held by courts of wards, administrators-general, etc. Chapter VI Appeals, Revisions and References Section 23 Appeals to Deputy Commissioner (Appeals) from orders of Assessing Officer Section 25 Powers of Commissioner to revise orders of subordinate authorities Section 27A Appeal to High Court Section 29 Appeals to Supreme Court Section 35 Rectification of mistakes Section 38A Powers of valuation officer, etc. Section 45 Act not to apply in certain cases DIVISION III: GIFT TAX Chapter I Preliminary Section 2 Definitions Chapter II Charge of gift-tax and gifts subject to such charge Section 3 Charge of gift-tax Section 4 Gifts to include certain transfers Section 5 Exemption in respect of certain gifts Section 6 Valuation of gifts how determined Chapter VI Appeals, Revisions and References Section 26 Reference to High Court DIVISION IV VOLUNTARY DISCLOSURE SCHEME
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