Chapter XXIII

38 sections authoredTax year 2026-27 onward

Sections in this chapter

499
Certain Transfers to be Void
Section 499 of the Income-tax Act, 2025 corresponds to s. 281 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where during pendency / after completion of any proceeding but before service of TRO notice u/s 415 [ s. 222 ], assessee…
500
Provisional Attachment to Protect Revenue
Section 500 of the Income-tax Act, 2025 corresponds to s. 281 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE AO with prior approval of Competent Authority may provisionally attach property during pendency of (a) assessment of…
501
Service of Notice
Section 501 of the Income-tax Act, 2025 corresponds to s. 282 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Notice / summons / requisition / order may be served by post, electronic record, courier, hand delivery or as prescribed.…
502
Authentication of Notices
Section 502 of the Income-tax Act, 2025 corresponds to s. 282 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Notice or document required to be issued by any income-tax authority -- shall be authenticated by digital signature / EVC…
503
Service After Partition of HUF
Section 503 of the Income-tax Act, 2025 corresponds to s. 283 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE After AO records finding of total partition, notice may be served on any one of the persons who was a member of the HUF…
504
Service of notice in case of discontinued business
Section 504 of the Income-tax Act, 2025 corresponds to s. 284 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 504 deals with service of notice where an assessment is to be made under s. 320, the provision on discontinued…
505
Statement by NR Liaison Office
Section 505 of the Income-tax Act, 2025 corresponds to s. 285 (FA 2010) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Every NR having liaison office in India under FEMA -- file annual statement of activities to AO in prescribed form…
506
Furnishing of information or documents by an Indian concern in certain cases
Section 506 of the Income-tax Act, 2025 corresponds to s. 285A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 506 places a reporting obligation on an Indian concern through which a foreign company or entity holds Indian…
507
Statement re Cinematograph Film
Section 507 of the Income-tax Act, 2025 corresponds to s. 285 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Producer of cinematograph film to file particulars of payments > INR 50,000 to artists, technicians etc within 60 days…
508
Statement of Financial Transactions (SFT)
Section 508 of the Income-tax Act, 2025 corresponds to s. 285 BA (FA 2014) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Specified entities (banks, MFs, registrars, depositories) -- file annual SFT covering high-value transactions.…
509
Statement re Crypto - VDA Transactions
Section 509 of the Income-tax Act, 2025 corresponds to s. 285 BAA (FA 2024) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Reporting entity (crypto exchange / VDA platform) -- file periodic statement of crypto / VDA transactions.…
510
Annual information statement
Section 510 of the Income-tax Act, 2025 corresponds to s. 285 BB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE The prescribed income-tax authority must upload an annual information statement, with information in the possession of an income-tax authority, to the assessee's registered e-filing account.
511
CbCR by Constituent Entity
Section 511 of the Income-tax Act, 2025 corresponds to s. 286 (FA 2016, BEPS Action 13) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Constituent entity resident in India of MNE group with consolidated revenue > EUR 750M (INR…
512
Publication of information respecting assessees in certain cases
Section 512 of the Income-tax Act, 2025 corresponds to s. 287 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 512 empowers the Central Government to publish the names of assessees and other particulars of proceedings or…
513
Appearance by registered valuer in certain matters
Section 513 of the Income-tax Act, 2025 corresponds to s. 287A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 513 permits an assessee to attend through a registered valuer in matters relating to the valuation of any asset. It…
514
Registration of valuers
No corresponding section in the Income-tax Act, 1961. Under s. 287A of that Act, "registered valuer" took its meaning from s. 2(oaa) of the Wealth-tax Act, 1957. STATUTORY ARCHITECTURE Section 514 sets up a system for registering valuers…
515
Authorised Representative Disqualification Conditions
Section 515 of the Income-tax Act, 2025 corresponds to s. 288(7) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE AR disqualified by court of competent jurisdiction (criminal / regulatory) ineligible to appear. PRACTITIONER PLANNING…
516
Rounding-off of Income - Tax
Section 516 of the Income-tax Act, 2025 corresponds to s. 288 A / 288B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Total income rounded off to nearest INR 10. Tax payable / refundable rounded off to nearest INR 10. PRACTITIONER…
517
Receipt to be Given for Payment
Section 517 of the Income-tax Act, 2025 corresponds to s. 289 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Department shall give receipt for any money paid or recovered under the Act. Now electronic via OLTAS / TRACES challan…
518
Indemnity to Tax Deductor - Payer
Section 518 of the Income-tax Act, 2025 corresponds to s. 290 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Person deducting / retaining / paying tax in pursuance of the Act is indemnified for the act of deducting / paying.…
519
Power to Tax Income Escaping Assessment
Section 519 of the Income-tax Act, 2025 corresponds to s. 291 (Bar of suits) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE CG empowered to extend operation by notification. PRACTITIONER PLANNING NOTES Vestigial provision; rarely…
520
Cognizance of Offences
Section 520 of the Income-tax Act, 2025 corresponds to s. 292 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE No court inferior to Judicial Magistrate First Class shall try offences under the Act. Prevents lower-court trial of…
521
Probation of Offenders Act not to Apply
Section 521 of the Income-tax Act, 2025 corresponds to s. 292 A (older) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Probation of Offenders Act, 1958 / Section 360 BNSS does not apply to specified income-tax offences (intersects…
522
Return of Income - Notice etc not to be Invalid
Section 522 of the Income-tax Act, 2025 corresponds to s. 292 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE No return / assessment / notice / summons / proceeding shall be invalid by reason of mistake, defect or omission, if it is…
523
Defect in Service Cured by Appearance
Section 523 of the Income-tax Act, 2025 corresponds to s. 292 BB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where assessee has appeared / cooperated in proceeding, he is precluded from raising service defect. Active-participation…
524
Presumption as to assets, books of account, etc.
Section 524 of the Income-tax Act, 2025 corresponds to s. 292C of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 524 raises presumptions about books of account, documents, assets, information in electronic form and computer…
525
Income-tax Authorities to Hold Property
Section 525 of the Income-tax Act, 2025 corresponds to FA 2024 (SOP) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Departmental SOP for custody of seized property; insurance / safekeeping; procedure for return. PRACTITIONER PLANNING…
526
Bar of Civil Suits
Section 526 of the Income-tax Act, 2025 corresponds to s. 293 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE No civil suit shall lie to set aside or modify any income-tax proceeding or order. Statutory remedies (appeal / revision /…
527
Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils
Section 527 of the Income-tax Act, 2025 corresponds to s. 293A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 527 empowers the Central Government, if satisfied that it is necessary or expedient in the public interest, to make…
528
Approval of CG - Board not to be Mandatory
Section 528 of the Income-tax Act, 2025 corresponds to FA 2017 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where CG / Board approval required, AO may presume satisfaction in cases prescribed. PRACTITIONER PLANNING NOTES Procedural…
529
Doctrine of Res Judicata in Income-tax
Section 529 of the Income-tax Act, 2025 corresponds to FA 2017 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Once Board / CG / authority gives a decision, same point not to be re-agitated. Each AY assessment independent (Radhasoami…
530
Provisional Tax Where Annual Finance Act not in Force
Section 530 of the Income-tax Act, 2025 corresponds to s. 294 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE If on 1-Apr no Annual Finance Act in force, provisional tax payable based on previous year's rates. Accommodates Budget…
531
Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961
Section 531 of the Income-tax Act, 2025 corresponds to s. 294A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 531 confers a power to rescind; it does not confer any power to grant exemptions. It allows the Central Government,…
532
Power to Make Schemes (E-Filing - E-Assessment)
Section 532 of the Income-tax Act, 2025 corresponds to ss. 92CA, 142B, 144C, 151A, 157A, 231, 245MA, 245R, 245W, 250, 253, 255, 264A, 264B, 274, 279 and 293D of the Income-tax Act, 1961. STATUTORY ARCHITECTURE CG may notify schemes for faceless assessment, faceless appeal, faceless DRC, e-filing, etc. -- enables digital…
533
CBDT to Make Rules
Section 533 of the Income-tax Act, 2025 corresponds to s. 295 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Board, subject to control of CG, may make rules to carry out Act. Income-tax Rules 1962 derive from this section. Rules…
534
Laying of Rules - Notifications before Parliament
Section 534 of the Income-tax Act, 2025 corresponds to s. 296 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE All rules / notifications shall be laid before Parliament for 30 days; Parliament may modify. Procedural transparency.…
535
Removal of Difficulties
Section 535 of the Income-tax Act, 2025 corresponds to s. 298 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE If any difficulty arises, CG may by Order make provisions to remove difficulty. 2-year sunset from commencement (1-4-2026 to…
536
Repeal and Saving (Repeal of Income-tax Act, 1961)
Section 536 of the Income-tax Act, 2025 corresponds to Repealing provision of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Sub-section (1) -- Income-tax Act, 1961 (43 of 1961) is REPEALED with effect from 1-April 2026. Sub-section (2)…

Chapter XXIII

Sections in this chapter

Certain Transfers to be Void

Provisional Attachment to Protect Revenue

Service of Notice

Authentication of Notices

Service After Partition of HUF

Service of notice in case of discontinued business

Statement by NR Liaison Office

Furnishing of information or documents by an Indian concern in certain cases

Statement re Cinematograph Film

Statement of Financial Transactions (SFT)

Statement re Crypto - VDA Transactions

Annual information statement

CbCR by Constituent Entity

Publication of information respecting assessees in certain cases

Appearance by registered valuer in certain matters

Registration of valuers

Authorised Representative Disqualification Conditions

Rounding-off of Income - Tax

Receipt to be Given for Payment

Indemnity to Tax Deductor - Payer

Power to Tax Income Escaping Assessment

Cognizance of Offences

Probation of Offenders Act not to Apply

Return of Income - Notice etc not to be Invalid

Defect in Service Cured by Appearance

Presumption as to assets, books of account, etc.

Income-tax Authorities to Hold Property

Bar of Civil Suits

Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils

Approval of CG - Board not to be Mandatory

Doctrine of Res Judicata in Income-tax

Provisional Tax Where Annual Finance Act not in Force

Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961

Power to Make Schemes (E-Filing - E-Assessment)

CBDT to Make Rules

Laying of Rules - Notifications before Parliament

Removal of Difficulties

Repeal and Saving (Repeal of Income-tax Act, 1961)