ITA 2025 · Sections

Sections of the Income Tax Act, 2025

Every section that has commentary in the treatise is here, deep-linkable and searchable. Each section page maps to its 1961-Act counterpart and cross-links to the Rules 2026.

Sections covered: 537
Range: 1 – 536
Regime: 2025
In force: 01-Apr-26

537/537

1
Short Title Extent Commencement
Chapter I — Preliminary
STATUTORY ARCHITECTURE Section 1 is the gateway provision of the Income-tax Act, 2025. It establishes — (a) the formal title, (b) the territorial extent, (c) the commencement date. The substantive operative provisions follow from s. 2…
2
Definitions
Chapter I — Preliminary
Section 2 carries 112 numbered clauses defining terms used throughout the Income-tax Act, 2025. This file reproduces the verbatim text of Section 2 drawn from the official PDF (Income-tax Act, 2025 as amended by Finance Act, 2026),…
3
Section 3 — Tax Year — Definition and Application
Vols I–II–III — Foundational
Section 3 codifies the new 'TAX YEAR' concept — landmark structural reform. Earlier 1961 Act used dual concepts: 'previous year' (income earned) + 'assessment year' (income assessed and taxed). Confusing for taxpayers and aligned with…
4
Charge of Income-tax
Chapter II — Basis of Charge
STATUTORY ARCHITECTURE Section 4 is the substantive charging provision. Its operation depends on three pillars — (a) a Central Act (typically the Finance Act of the relevant year) prescribing rates, (b) the substantive Income-tax Act,…
5
Scope of Total Income
Chapter II — Basis of Charge
STATUTORY ARCHITECTURE Section 5 establishes the residence-based scope of taxation. India follows the residence principle (worldwide taxation for residents) tempered with the source principle (Indian-source taxation for non-residents).…
6
Residence in India
Chapter II — Basis of Charge
STATUTORY ARCHITECTURE — Residence Tests for Individual An individual is RESIDENT in India in any tax year if EITHER — (a) he is in India for 182 days or more in that tax year, OR (c) he is in India for 60 days or more in that tax year…
7
Income Deemed Received
Chapter II — Basis of Charge
STATUTORY ARCHITECTURE Section 7 is a deeming provision — its purpose is to plug timing gaps between accrual and actual receipt. Without s. 7 , certain accumulations would escape taxation by virtue of not having been physically received…
8
Dividend Income
Chapter II — Basis of Charge
STATUTORY ARCHITECTURE — Deemed Dividend Categories Section 8 read with s. 2 'dividend' definition catches the following constructive distributions: (a) Distribution of accumulated profits to shareholders involving release of company…
9
Income Deemed to Accrue or Arise in India
Chapter II — Basis of Charge
Section 9 is the cornerstone of cross-border income taxation in India -- the substantive equivalent of 1961 s. 9 in its entirety with all post-1961 accretions including the FA 2012 retrospective overriding of Vodafone (indirect transfer),…
10
Portuguese Civil Code Apportionment
Chapter II — Basis of Charge
STATUTORY ARCHITECTURE Section 10 is a Goa/Daman/Diu/Dadra-Nagar-Haveli specific provision. The Portuguese Civil Code's COMMUNIAO DOS BENS regime treats both spouses as joint owners of all property acquired during the marriage. The…
11
Incomes Not Included
Chapter III — Incomes Not Included
Section 11 is the gateway provision for the entire exempt-income architecture of the 2025 Act. Unlike the 1961 Act (where 1961 s. 10 enumerated 60+ sub-clauses inline), the 2025 Act re-architects exemptions into separate Schedules — II…
12
Political Parties and Electoral Trusts
Chapter III — Incomes Not Included
Section 12 is the gateway provision for the special exemption regime applicable to political parties and electoral trusts. Unlike s. 11 which routes general exemptions through Schedules II-VII, s. 12 routes political-party/electoral-trust…
13
Heads of Income
Chapter IV — Computation of Total Income · Part A — Heads of Income
Section 13 is the classifier provision for the entire computation framework. It enumerates the five Heads of Income under which all chargeable income must be classified for computation of total income. Each Head has its own dedicated…
14
Income Not Forming Part of TI - Expenditure
Chapter IV — Computation of Total Income · Part A — Heads of Income
Section 14 codifies the long-standing principle that EXPENDITURE incurred to earn EXEMPT income is NOT deductible against TAXABLE income. This is the substantive rule under-pinning the famous Rule 8D framework (1961 s. 14 A read with…
15
Salaries Charge
Chapter IV — Computation of Total Income · Part B — Salaries
Section 15 is the charging section for the Salaries head. It charges salary on the EARLIER of (a) due basis OR (b) receipt basis, with the arrears clause preventing double-taxation. Two Explanations preserve the no-double-taxation rule…
16
Income from Salary
Chapter IV — Computation of Total Income · Part B — Salaries
Section 16 supplies the substantive 'salary' definition for Chapter IV Part B — what receipts fall within the Salaries head for purposes of charge under s. 15 . The 2025 Act adopts a more granular structure than 1961 s. 17(1) ,…
17
Perquisite
Chapter IV — Computation of Total Income · Part B — Salaries
Section 17 defines 'perquisite' for purposes of the Salaries head -- the in-kind / fringe-benefit component of remuneration provided by employer to employee. The architecture has FOUR sub-sections: (1) inclusionary list of nine categories…
18
Profits in Lieu of Salary
Chapter IV — Computation of Total Income · Part B — Salaries
Section 18 catches receipts that resemble salary in substance but are not labelled as such — termination compensation, golden handshake, retrenchment compensation, ex-gratia, keyman-insurance receipts, sign-on bonus from prospective…
19
Deductions from Salaries
Chapter IV — Computation of Total Income · Part B — Salaries
Section 19 is a TABLE-based provision listing 14 categories of allowed deductions / exemptions from salary income. Structured as: sub-section (1) operative provision read with the 14-row Table; sub-section (2) explanatory provisions for…
20
Income from House Property Charge
Chapter IV — Computation of Total Income · Part C — Income from House Property
Section 20 is the charging section for the House Property head. It charges to tax the 'annual value' of property consisting of buildings or lands appurtenant thereto, owned (legally OR deemed) by the assessee, and not used for the…
21
Annual Value
Chapter IV — Computation of Total Income · Part C — Income from House Property
Section 21 prescribes the methodology for determining 'annual value' under the HP head — the chargeable measure under s. 20 . Three operative formulas: (a) reasonable expected rent (the sum for which property might reasonably be expected…
22
Deductions from HP Income
Chapter IV — Computation of Total Income · Part C — Income from House Property
Section 22 prescribes the closed-list deductions from annual value (computed under s. 21 ) — only two heads: (a) Standard deduction at 30% of annual value (no actual repair receipts required); (b) Interest on borrowed capital (subject to…
23
Arrears of Rent
Chapter IV — Computation of Total Income · Part C — Income from House Property
Section 23 is the timing-shift provision for arrears of rent and unrealised rent recovered in a subsequent year. The recovered amount is taxable in the year of receipt regardless of when the rent originally accrued — preventing assessee…
24
Property Owned by Co-owners
Chapter IV — Computation of Total Income · Part C — Income from House Property
Section 24 governs the income-tax treatment of property co-owned by two or more persons whose shares are definite and ascertainable. Each co-owner's share is computed and assessed separately — the co-owners are NOT taxed as an Association…
25
Interpretation Deemed Owner
Chapter IV — Computation of Total Income · Part C — Income from House Property
Section 25 enumerates five categories of deemed-owner — situations where a person is taxed as the OWNER of a house property for s. 20 charge purposes, even where legal title rests elsewhere. These deeming rules cover: (a) intra-family…
26
PGBP Charge
Chapter IV — Computation of Total Income · Part D — PGBP
Section 26 is the charging section for the PGBP head — the most extensive computation regime in Chapter IV. It catches profits / gains of business carried on at any time during the tax year, plus eight enumerated categories of receipts…
27
Manner of Computing PGBP
Chapter IV — Computation of Total Income · Part D — PGBP
Section 27 is the framework provision establishing the methodology for computing PGBP income — by reference to ss. 28-44, the ensuing computational provisions for deductions / disallowances / depreciation / cost / valuation. STATUTORY…
28
Rent Rates Taxes Repairs Insurance
Chapter IV — Computation of Total Income · Part D — PGBP
Section 28 prescribes deduction for rent, rates, taxes, current repairs, and insurance premiums on premises / plant & machinery / furniture used for business. The substantive rule: revenue expenditure deductible; capital expenditure…
29
Employee Welfare Deductions
Chapter IV — Computation of Total Income · Part D — PGBP
Section 29 covers deductions for employer contributions to employee welfare funds — recognised provident fund, approved superannuation, gratuity fund (employer-side; employee-side u/s 7); bonus / commission; staff welfare expenditure.…
30
Premium Deductions
Chapter IV — Computation of Total Income · Part D — PGBP
Section 30 prescribes specific deductions for insurance premium and Keyman insurance premium paid by the assessee in connection with business / profession. The substantive rule: insurance premium for protection of business assets /…
31
Bad Debt Deductions
Chapter IV — Computation of Total Income · Part D — PGBP
Section 31 prescribes deductions for bad debts written off (general assessees) and provision for bad and doubtful debts (banks / financial institutions, subject to caps). The substantive rule for general assessees: write-off in books is…
32
Other Deductions
Chapter IV — Computation of Total Income · Part D — Profits and Gains of Business or Profession
Section 32 catalogues ELEVEN specific deduction categories under the PGBP head -- the substantive equivalent of 1961 ss. 36(1)(i)-(xv). These are deductions ALLOWED in addition to / outside the general 'wholly and exclusively for the…
33
Depreciation
Chapter IV — Computation of Total Income · Part D — PGBP
Section 33 is the depreciation provision — the most-litigated computational rule in PGBP. It extends to four asset classes: buildings, plant, machinery, and furniture (tangible); plus intangible assets (know-how, patents, trademarks)…
34
General Conditions for Deductions
Chapter IV — Computation of Total Income · Part D — PGBP
Section 34 prescribes the general conditions for any deduction under ss. 28-32 — common conditions including ownership of asset, business-use connection, and consistency of method. It serves as a procedural guard-rail across all PGBP…
35
Amounts Not Deductible
Chapter IV — Computation of Total Income · Part D — Profits and Gains of Business or Profession
Section 35 is the master disallowance provision under PGBP -- substantive equivalent of 1961 ss. 40 / 40A / 40(b) consolidated. The opening words 'Irrespective of any other provision of Chapter IV-D' make this a NON-OBSTANTE clause…
36
Expenses or Payments Not Deductible
Chapter IV — Computation of Total Income · Part D — PGBP
Section 36 is the substantive equivalent of 1961 s. 40 A — covering excessive related-party payments, cash payments above prescribed thresholds, gratuity provisions (only contribution to approved fund qualifies), non-statutory welfare…
37
Actual Payment Basis
Chapter IV — Computation of Total Income · Part D — PGBP
Section 37 is the substantive equivalent of 1961 s. 43 B — overriding the mercantile method by requiring ACTUAL PAYMENT for the enumerated categories: tax / duty / cess (a); employer PF / superannuation / gratuity (b); bonus / commission…
38
Deemed Profits and Gains
Chapter IV — Computation of Total Income · Part D — PGBP
Section 38 is the substantive equivalent of 1961 s. 41 — catching certain receipts that are deemed profits even where there is no current-year business activity OR where the receipt is technically a recovery rather than fresh profit.…
39
Computation of Actual Cost
Chapter IV — Computation of Total Income · Part D — PGBP
Section 39 prescribes the methodology for computing 'actual cost' of an asset for depreciation purposes — substantive equivalent of 1961 s. 43(1) . The substantive rule (sub-sections (1)-(3)): actual cost = purchase price + freight +…
40
Special Cost of Acquisition
Chapter IV — Computation of Total Income · Part D — PGBP
Section 40 prescribes the special-cost-of-acquisition rules for assets acquired by gift / will / inheritance / amalgamation / demerger / etc. — situations where there is no actual cost paid. The substantive rule: cost is the previous…
41
Written Down Value of Depreciable Asset
Chapter IV — Computation of Total Income · Part D — Profits and Gains of Business or Profession
Section 41 is the substantive equivalent of 1961 s. 43(6) -- the WDV-mechanics provision that operationalises depreciation accounting for tax purposes. Eleven sub-sections cover: (1) basic WDV definition; the central [(A-D)+B-C]-E…
42
Capitalising Forex
Chapter IV — Computation of Total Income · Part D — PGBP
Section 42 prescribes the treatment of forex fluctuation on borrowings used to acquire imported capital assets — the substantive equivalent of 1961 s. 43 A. Where forex liability for asset acquisition increases due to rupee depreciation,…
43
Taxation of Forex
Chapter IV — Computation of Total Income · Part D — PGBP
Section 43 prescribes the treatment of forex fluctuation on revenue items (trade receivables / payables / current monetary assets) — the substantive equivalent of 1961 s. 43 AA / ICDS VI. Forex gains / losses on revenue items are…
44
Amortisation of Preliminary Expenses
Chapter IV — Computation of Total Income · Part D — Profits and Gains of Business or Profession
Section 44 is the substantive equivalent of 1961 s. 35 D -- the 5-year amortisation regime for PRE-COMMENCEMENT and EXTENSION-OF-UNDERTAKING preliminary expenses. Pre-1976, such expenses were treated as enduring-benefit capital…
45
Expenditure on Scientific Research
Chapter IV — Computation of Total Income · Part D — Profits and Gains of Business or Profession
Section 45 is the substantive equivalent of 1961 ss. 35 (and partial 35(2AB), 35(2AA), 35(1)(ii)/(iii)) -- the R&D deduction regime under PGBP. The 2025 Act consolidates SIX separate 1961 provisions into a single section. ELEVEN…
46
Capital Expenditure of Specified Business
Chapter IV — Computation of Total Income · Part D — PGBP
Section 46 prescribes the 100% upfront deduction for capital expenditure incurred for setting up and operating 'specified businesses' — substantive equivalent of 1961 s. 35 AD. The list of specified businesses includes: cold-chain…
47
Agri-Extension and Skill Development
Chapter IV — Computation of Total Income · Part D — PGBP
Section 47 prescribes 150% / 100% deduction (post FA 2016 sunset to 100%) for expenditure on agricultural-extension projects (1961 s. 35 CCC) and skill-development projects (1961 s. 35 CCD). The deductions are aimed at incentivising rural…
48
Tea Coffee Rubber Development Account
Chapter IV — Computation of Total Income · Part D — PGBP
Section 48 prescribes a special-deduction regime for assessees engaged in the business of growing and manufacturing tea / coffee / rubber in India — substantive equivalent of 1961 s. 33 AB. Up to 40% of profits (or actual deposit,…
49
Site Restoration Fund
Chapter IV — Computation of Total Income · Part D — PGBP
Section 49 prescribes a profit-deferral incentive for assessees engaged in prospecting / extracting / producing petroleum / natural gas — substantive equivalent of 1961 s. 33 ABA. Up to 20% of profits, deposited with SBI in approved Site…
50
Trade Professional Similar Association
Chapter IV — Computation of Total Income · Part D — PGBP
Section 50 is the substantive equivalent of 1961 s. 44 A. Where a 'specified association' (trade / professional / similar association — excluded from Schedule III, Table, Sl. No. 24) has subscriptions/receipts from members falling short…
51
Mineral Prospecting Amortisation
Chapter IV — Computation of Total Income · Part D — Profits and Gains of Business or Profession
Section 51 is the substantive equivalent of 1961 s. 35 E -- the 10-year amortisation regime for mineral prospecting expenditure. The mining industry is characterised by long lead-times and high upfront prospecting costs; many prospecting…
52
Amortisation Telecom Amalgamation Demerger VRS
Chapter IV — Computation of Total Income · Part D — PGBP
Section 52 consolidates the discrete amortisation provisions of the 1961 Act — s. 35 DD (amalgamation/demerger expenses, 5-year amortisation), s. 35 DDA (VRS payments, 5-year amortisation), s. 35 ABA (spectrum fee, life-of-spectrum…
53
Stamp Duty Value as Deemed Full Value
Chapter IV — Computation of Total Income · Part D — PGBP
Section 53 prescribes that where land or building (other than a capital asset — i.e., held as stock-in-trade) is transferred and the consideration falls short of stamp-duty value, the latter is deemed the full value of consideration for…
54
Specified Oil Exploration Business
Chapter IV — Computation of Total Income · Part D — PGBP
Section 54 is the substantive equivalent of 1961 s. 42 — the Production Sharing Contract (PSC) regime. It permits special deductions for assessees engaged in 'specified oil exploration business' — prospecting / extraction / production of…
55
Insurance Business
Chapter IV — Computation of Total Income · Part D — PGBP
Section 55 is the substantive equivalent of 1961 s. 44 read with the First Schedule. It carves insurance business — life, general, mutual, co-operative-society — out of the ordinary computation regime: profits and gains are computed…
56
Specified FIs Interest on NPAs
Chapter IV — Computation of Total Income · Part D — PGBP
Section 56 is the substantive equivalent of 1961 s. 43 D — the cash-basis recognition relief for interest on bad / doubtful debts of specified financial institutions (banks, public financial institutions, NBFCs, HFCs, scheduled…
57
Construction and Service Contracts Revenue Recognition
Chapter IV — Computation of Total Income · Part D — PGBP
Section 57 is the substantive equivalent of 1961 s. 43 CB. It mandates Percentage-of-Completion Method (PoCM) for construction contracts and long-duration service contracts (> 90 days), and Project-Completion Method for short-duration…
58
Presumptive Taxation 44AD 44ADA 44AE
Chapter IV — Computation of Total Income · Part D — PGBP
Section 58 consolidates the three presumptive-tax regimes of the 1961 Act — s. 44 AD (small business; 6%/8% of turnover up to ₹2 cr / ₹3 cr); s. 44 AE (transporters; ≤ 10 goods carriages, ₹1000/ton or ₹7500/vehicle); and s. 44 ADA…
59
Royalty FTS Computation for Non-Residents
Chapter IV — Computation of Total Income · Part D — PGBP
Section 59 is the substantive equivalent of 1961 s. 44 DA. Royalty and Fees for Technical Services received by a 'specified assessee' (non-resident with a PE / fixed place of profession in India) — and effectively connected with that PE /…
60
Head Office Expenditure Cap for Non-Residents
Chapter IV — Computation of Total Income · Part D — PGBP
Section 60 is the substantive equivalent of 1961 s. 44 C. It caps the deduction of HO-expenditure (executive / administrative / general overheads incurred by NR's HO outside India) attributable to India business / profession at 5% of…
61
NR Specific Presumptive Computation
Chapter IV — Computation of Total Income · Part D — PGBP
Section 61 consolidates several non-resident-specific presumptive regimes of the 1961 Act into a single Table-driven dispensation. Sub-section (1) is non-obstante to ss. 26-54. Sub-section (2) Table covers SIX categories: (1) NR shipping…
62
Maintenance of Books of Account
Chapter IV — Computation of Total Income · Part D — PGBP
Section 62 is the substantive equivalent of 1961 s. 44 AA. It mandates books-of-account for: (i) specified profession (irrespective of receipts); (ii) other business / non-specified profession on threshold tests of income / turnover.…
63
Tax Audit
Chapter IV — Computation of Total Income · Part D — PGBP
Section 63 is the substantive equivalent of 1961 s. 44 AB. It mandates audit of accounts by a Chartered Accountant for: (i) businesses with turnover > ₹ 1 crore (or ₹ 10 crore where cash-receipts and cash-payments each ≤ 5%); (ii)…
64
Co-operative Bank Reorganisation
Chapter IV — Computation of Total Income · Part D — PGBP
Section 64 is the substantive equivalent of 1961 s. 44 DB. It governs the continuation of business-profit deductions u/s 33 (depreciation), s. 44 (preliminary expenses), and s. 52(1) Sl. Nos. 1-2 (amalgamation/demerger / VRS) where a…
65
Interpretation for Section 64
Chapter IV — Computation of Total Income · Part D — PGBP
Section 65 is the definition section for the s. 64 reorganisation regime — substantive equivalent of 1961 s. 44 DB Explanation. It defines: (a) amalgamation; (b) demerger; (c) conversion of co-operative bank to banking company; (d)…
66
Interpretation Part D
Chapter IV — Computation of Total Income · Part D — PGBP
Section 66 is the omnibus interpretation section for Part D — closing-out the PGBP chapter with cross-cutting definitions. It defines 'agreement' (for s. 26(2)(h) tax-deductibility of certain payments), and other technical terms used…
67
Capital Gains Charge
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 67 is the charging provision for the head 'Capital Gains' — the substantive equivalent of 1961 s. 45 in its entirety (clauses 1, 1A, 1B, 2, 3, 4, 4A, 5, 5A, 5B, 6 collapsed into 18 numbered sub-sections). It is the LONGEST…
68
Liquidation Distribution
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 68 is the substantive equivalent of 1961 s. 46 . Sub-section (1) — distribution of assets by a company in liquidation to its shareholders is NOT a transfer at the company's level (so no CG charge on the company). Sub-section (2) —…
69
Buyback by Company
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 69 is the substantive equivalent of 1961 s. 46 A. Sub-section (1) — shareholder is taxed under Capital Gains on (consideration received MINUS cost of acquisition) when company buys back its own shares / specified securities.…
70
Transactions Not Regarded as Transfer
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 70 is the substantive equivalent of 1961 s. 47 — the foundational tax-neutrality provision for restructurings, family-property division, capital-market mechanics, statutory bond regimes, and offshore-fund relocations. It is the…
71
Withdrawal of Exemption
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 71 is the substantive equivalent of 1961 s. 47 A -- the WITHDRAWAL-OF-EXEMPTION provision that operates as the CLAW-BACK SISTER of s. 70 (Transactions not regarded as transfer). Where a tax-neutral transfer under s. 70 fails to…
72
Mode of Computation of Capital Gains
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 72 is the COMPUTATIONAL CORE of Part E -- the substantive equivalent of 1961 s. 48 in its entirety with all post-1961 accretions including the FA 1992 indexation regime, the FA 1981 / FA 2007 NR foreign-currency conversion rule,…
73
Cost in Special Modes of Acquisition
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 73 is the substantive equivalent of 1961 s. 49 . It prescribes the cost of acquisition for capital assets acquired through 24 specific 'special modes' — gift / will / inheritance / liquidation / trust / amalgamation / demerger /…
74
Depreciable Block of Assets STCG
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 74 is the substantive equivalent of 1961 s. 50 -- the FORCED STCG treatment for depreciable block-of-assets, irrespective of holding period. The non-obstante override of s. 2(101) (holding-period definition) makes ALL gains on…
75
Cost When Depreciation Allowed
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 75 is the substantive equivalent of 1961 s. 50 A. It addresses the case where depreciation has been obtained under s. 33(2) (depreciation on capital asset used in scientific research / specified business) for a capital asset in…
76
Market Linked Debentures Specified MFs Unlisted Bonds
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 76 is the substantive equivalent of 1961 s. 50 AA -- the FORCED-STCG REGIME for three categories of securities introduced over FA 2023 / FA 2024: (a) MARKET LINKED DEBENTURES (MLDs -- structured debt with returns linked to…
77
Slump Sale
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 77 is the substantive equivalent of 1961 s. 50 B -- the SLUMP SALE computation regime. SLUMP SALE = transfer of an undertaking / division as a GOING CONCERN for a LUMP-SUM CONSIDERATION without item-wise asset valuation ( s. 2 /…
78
Stamp Duty Value as Deemed FVOC
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 78 is the substantive equivalent of 1961 s. 50 C -- the ANTI-UNDERVALUATION provision for LAND / BUILDING transfers. Where consideration received is LESS THAN STAMP DUTY VALUE (SDV), the SDV is deemed to be FVOC for s. 72…
78A
RECEIPTS WITHOUT OR WITH INADEQUATE CONSIDERATION
Expanded — Other Sources
ANGEL TAX — Section 56(2)(viib) [now s. 78 A(c)(ii)] ** EDITORIAL CORRECTION FOLDED IN ** — In v1, the angel-tax valuation principle was attributed to Vaani Estates v. CIT (Karnataka HC) — a case which does not exist in any reporter. The…
79
FMV Deemed FVOC for Unquoted Shares
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 79 is the substantive equivalent of 1961 s. 50 CA. Where a capital asset, being a SHARE OTHER THAN A QUOTED SHARE, is transferred at consideration < FMV (per prescribed rules), the FMV is deemed FVOC. Sub-section (2) —…
80
FMV Deemed FVOC When Consideration Not Ascertainable
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 80 is the substantive equivalent of 1961 s. 50 D. Where consideration received / accruing from transfer is NOT ASCERTAINABLE OR CANNOT BE DETERMINED, the FMV-on-transfer-date is deemed FVOC for s. 72 computation. This is a…
81
Advance Money Received and Forfeited
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 81 is the substantive equivalent of 1961 s. 51 . Where a capital asset has, on a previous occasion, been the subject of negotiations for transfer that fell through, and the assessee retained the advance / earnest money received:…
82
Residential House Reinvestment Exemption
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 82 is the substantive equivalent of 1961 s. 54 -- THE MOST-UTILISED reinvestment exemption in individual / HUF capital-gains planning. The provision allows individuals / HUFs selling LTCG-eligible residential house property to…
83
Agricultural Land Reinvestment Exemption
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 83 is the substantive equivalent of 1961 s. 54 B -- the AGRICULTURAL-LAND-TO-AGRICULTURAL-LAND reinvestment exemption for individuals / HUFs. The provision targets the urban-fringe agricultural land transactions where the land…
84
Compulsory Acquisition Industrial Reinvestment
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 84 is the substantive equivalent of 1961 s. 54 D -- the reinvestment exemption for industrial undertakings facing COMPULSORY ACQUISITION of their land / building / rights therein. The compulsory acquisition (under any law -- LAA…
85
Investment in Specified Bonds 54EC
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 85 is the substantive equivalent of 1961 s. 54 EC. Where LTCG arises from transfer of land or building (or both) and the assessee invests within 6 months in 'long-term specified asset' (NHAI / REC / IRFC / PFC bonds — typically…
86
Other LTCG to Residential House 54F
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 86 is the substantive equivalent of 1961 s. 54 F -- the COMPANION reinvestment exemption to s. 82 (residential-house-to-residential-house). Section 86 covers individuals / HUFs whose LTCG arises from transfer of ANY long-term…
87
Industrial Shift Urban to Non-Urban
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 87 is the substantive equivalent of 1961 s. 54 G -- a TARGETED RELIEF for industrial undertakings shifting from URBAN AREAS to non-urban areas (decongestion / decentralisation policy intent). The provision allows business…
88
Industrial Shift Urban to SEZ
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 88 is the substantive equivalent of 1961 s. 54 GA -- the SEZ-DESTINATION VARIANT of the urban-shift CG roll-over exemption. Where industrial undertaking shifts from urban area TO ANY SPECIAL ECONOMIC ZONE (SEZ) -- whether the SEZ…
89
Compulsory Acquisition Time Window 54H
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 89 is the substantive equivalent of 1961 s. 54 H. It is a critical procedural relief for compulsory-acquisition reinvestment exemptions (ss. 82, 83, 84, 85 and 86). Where compensation for compulsory acquisition is NOT received on…
90
Cost Definitions
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 90 is the substantive equivalent of 1961 s. 55 — the definitional bedrock of the Capital Gains chapter. Every CG computation under ss. 67-89 ultimately resolves to the variables defined here. The section is structured into TWELVE…
91
Reference to Valuation Officer 55A
Chapter IV — Computation of Total Income · Part E — Capital Gains
Section 91 is the substantive equivalent of 1961 s. 55 A. It empowers the Assessing Officer to refer the valuation of a capital asset (for FMV / CG-computation purposes) to a Valuation Officer (VO) — when (a) registered-valuer-claimed FMV…
92
Other Sources Charging Section
Chapter IV — Computation of Total Income · Part F — Other Sources
Section 92 is the substantive equivalent of 1961 s. 56 — the residual / catch-all charging provision and one of the most-litigated chargeing sections of the Act. Architecture spans 5 sub-sections covering: (i) Sub-s. (1) — RESIDUAL…
93
Deductions in Other Sources
Chapter IV — Computation of Total Income · Part F — Other Sources
Section 93 is the substantive equivalent of 1961 s. 57 . It enumerates allowable deductions while computing income under Other Sources head: (a) for dividends — collection charges; (b) for interest on securities / loans — collection…
94
Amounts Not Deductible
Chapter IV — Computation of Total Income · Part F — Other Sources
Section 94 is the substantive equivalent of 1961 s. 58 . It overlays the s. 93 deduction framework with prohibited / non-deductible items: (a) personal expenses; (b) interest / salary paid OUTSIDE India without TDS or to NR-payee for whom…
95
Profits Chargeable to Tax
Chapter IV — Computation of Total Income · Part F — Other Sources
Section 95 is the substantive equivalent of 1961 s. 59 . It provides the OS-head recoupment / reversal mechanism — analogous to s. 38 PGBP deemed-profits provision. Where any expenditure / loss / trading liability earlier allowed as a…
96
Transfer of Income Without Asset
Chapter V — Income of Other Persons
Section 96 is the substantive equivalent of 1961 s. 60 — opening provision of Chapter V (Income of Other Persons / Clubbing). Where the income-yielding asset is RETAINED by the transferor but only the INCOME stream is transferred (e.g.,…
97
Revocable Transfer of Assets
Chapter V — Income of Other Persons
Section 97 is the substantive equivalent of 1961 ss. 61-63. Sub-section (1) — income from a REVOCABLE transfer of assets is clubbed in the transferor's hands. Sub-section (2) — exception: the transfer is not caught if (a) the transfer is…
98
Definitions of Transfer and Revocable Transfer
Chapter V — Income of Other Persons
Section 98 is the substantive equivalent of 1961 s. 63 — the definitional anchor for ss. 96-97. (a) 'Transfer' is defined BROADLY to include any settlement, trust, covenant, agreement or arrangement — far wider than the 'transfer' in s.…
99
Spouse Minor Child HUF Clubbing
Chapter V — Income of Other Persons
Section 99 is the substantive equivalent of 1961 ss. 64-65 — the core SPOUSE / MINOR CHILD / HUF clubbing regime. Sub-section (1) — clubs the income of spouse / minor child / son's wife / etc. with the individual's income in specified…
100
Liability of Person Whose Income is Clubbed
Chapter V — Income of Other Persons
Section 100 is the substantive equivalent of 1961 s. 65 . Once income of one person is clubbed in another's hands under Chapter V (or s. 25(a) — partner's income through firm), the person in whose NAME the asset stands (or who is the…
101
Total Income
Chapter VI — Aggregation of Income
Section 101 is the substantive equivalent of 1961 s. 66 — opening provision of Chapter VI (Aggregation of Income). Income on which no income-tax is payable under Chapter XVII-A4 (typically rebate / specific exemption / chapter-VIII…
102
Unexplained Cash Credits
Chapter VI — Aggregation of Income
Section 102 is the substantive equivalent of 1961 s. 68 — the foundational anti-evasion provision and the most-litigated section of the entire Act. Where any sum is found CREDITED in books of an assessee for a tax year and (a) no…
103
Unexplained Investment
Chapter VI — Aggregation of Income
Section 103 is the substantive equivalent of 1961 s. 69 . Where any INVESTMENT made by the assessee in the tax year is NOT recorded in books OR is recorded at less than the actual amount, AND no/unsatisfactory explanation about source is…
104
Unexplained Asset
Chapter VI — Aggregation of Income
Section 104 is the substantive equivalent of 1961 ss. 69A and 69B. Where any ASSET is found OWNED BY or BELONGING TO the assessee but not recorded in books (or recorded below actual cost), AND no/unsatisfactory explanation about source of…
105
Unexplained Expenditure
Chapter VI — Aggregation of Income
Section 105 is the substantive equivalent of 1961 s. 69 C. Where any EXPENDITURE has been incurred by the assessee in a tax year and (a) no explanation about source is offered OR (b) explanation is unsatisfactory, the amount is deemed…
106
Hundi Cash Borrowings
Chapter VI — Aggregation of Income
Section 106 is the substantive equivalent of 1961 s. 69 D. Where any amount (including interest) is BORROWED or REPAID through a NEGOTIABLE INSTRUMENT or HUNDI, OTHERWISE THAN by account-payee cheque (or other CG-prescribed mode), the…
107
Punitive Charge of Tax
Chapter VI — Aggregation of Income
Section 107 is the substantive equivalent of 1961 s. 115 BBE. Income deemed under ss. 102 (cash credits), 103 (unexplained investment), 104 (unexplained assets), 105 (unexplained expenditure), and 106 (hundi) is charged at the punitive…
108
Intra-Head Set-off
Chapter VII — Set-off and Carry Forward
Section 108 is the substantive equivalent of 1961 s. 70 — opening section of Chapter VII (Set-off & Carry Forward). Sub-section (1): Within the SAME head of income (other than CG), losses from one source may be set off against income…
109
Inter-Head Set-off
Chapter VII — Set-off and Carry Forward
Section 109 is the substantive equivalent of 1961 s. 71 . Inter-head set-off: losses computed under any head (other than CG) may be set off against income of any other head, including CG, subject to: (a) Speculation / specified-business…
110
Carry Forward HP Loss
Chapter VII — Set-off and Carry Forward
Section 110 is the substantive equivalent of 1961 s. 71 B. Where HP loss for a tax year cannot be wholly set off under s. 109 (inter-head with ₹ 2 lakh cap), the un-set-off balance is carried forward for up to EIGHT subsequent tax years…
111
Carry Forward CG Loss
Chapter VII — Set-off and Carry Forward
Section 111 is the substantive equivalent of 1961 s. 74 . Where CG-loss cannot be wholly set off intra-head u/s 108, the unallowed balance is carried forward up to EIGHT subsequent tax years. Set-off rules in carry-forward years preserve…
112
Carry Forward Business Loss
Chapter VII — Set-off and Carry Forward
Section 112 is the substantive equivalent of 1961 s. 72 . Where non-speculation, non-specified-business PGBP-loss cannot be set off intra-head ( s. 108 ) or inter-head ( s. 109 ), the balance is carried forward up to EIGHT subsequent tax…
113
Speculation Business Loss
Chapter VII — Set-off and Carry Forward
Section 113 is the substantive equivalent of 1961 s. 73 . Speculation-business loss has a SEPARATE COMPARTMENT in tax computation: Sub-section (1) — Speculation-loss may be set off ONLY against another speculation-business profit (no…
114
Specified Business Loss
Chapter VII — Set-off and Carry Forward
Section 114 is the substantive equivalent of 1961 s. 73 A. 'Specified business' (cross-referenced to s. 46 ) covers infrastructure / cold-chain / pipeline / hospital / hotel / fertiliser / sugar / housing-project businesses eligible for…
115
Specified Activity Loss
Chapter VII — Set-off and Carry Forward
Section 115 is the substantive equivalent of 1961 s. 73 B / s. 115 VC-VR (Tonnage Tax) carry-forward rules. It creates a SEPARATE COMPARTMENT for losses from 'specified activities' — typically tonnage-tax shipping / racehorse owning /…
116
Loss on Amalgamation Demerger
Chapter VII — Set-off and Carry Forward
Section 116 is the substantive equivalent of 1961 s. 72 A — the most consequential M&A tax provision in the Act, preserving the inherited tax-shield value of accumulated losses and unabsorbed depreciation across corporate…
117
Banking and Govt Insurance Co Amalgamation
Chapter VII — Set-off and Carry Forward
Section 117 is the substantive equivalent of 1961 s. 72 AA — the SPECIAL-statute amalgamation regime distinct from the general s. 116 framework. It addresses three specific reorganisation categories effected under STATUTORY SCHEMES (not…
118
Co-op Bank Reorganisation Loss
Chapter VII — Set-off and Carry Forward
Section 118 is the substantive equivalent of 1961 s. 72 AB. Where a co-operative bank undergoes business reorganisation (amalgamation / demerger / conversion to banking-company), the predecessor's accumulated loss and unabsorbed…
119
Loss Forfeiture on Firm Reconstitution
Chapter VII — Set-off and Carry Forward
Section 119 is the substantive equivalent of 1961 ss. 78 / 79A. Sub-section (1) — for FIRMS undergoing reconstitution (retirement / death of partner), the proportionate loss attributable to the retired/deceased partner cannot be carried…
120
No Loss vs Search Survey Income
Chapter VII — Set-off and Carry Forward
Section 120 is the substantive equivalent of 1961 s. 79 A. Where any UNDISCLOSED INCOME is detected as a result of search ( s. 286 -equivalent block / specified-period assessment) or survey ( s. 287 -equivalent), NO LOSS — whether…
121
Timely Return Required
Chapter VII — Set-off and Carry Forward
Section 121 is the substantive equivalent of 1961 s. 80 . It mandates that NO LOSS shall be carried forward and set off under ss. 111(1), 112(1), 113(2), 114(2) etc. UNLESS the loss has been determined IN PURSUANCE OF A RETURN FILED UNDER…
122
Charging Section
Chapter VIII — Deductions
Section 122 is the substantive equivalent of 1961 s. 80 A — opening / charging section of Chapter VIII. Deductions enumerated in Chapter VIII (ss. 123-154) are allowed FROM GROSS TOTAL INCOME (GTI), subject to: (a) deductions cannot…
123
80C 1.5 Lakh Basket
Chapter VIII — Deductions
Section 123 is the substantive equivalent of 1961 s. 80 C — the most-utilised individual-tax deduction. Individual or HUF assessee allowed deduction of aggregate sums (per Schedule XV) NOT EXCEEDING ₹ 1,50,000 from gross total income.…
124
NPS Deduction
Chapter VIII — Deductions
Section 124 is the substantive equivalent of 1961 s. 80 CCD — the National Pension Scheme (NPS) deduction. Architecture spans 13 sub-sections covering: (i) employer-contribution deduction (sub-ss. 1-2 — 10% or 14% of salary depending on…
125
Agnipath Scheme
Chapter VIII — Deductions
Section 125 is the substantive equivalent of 1961 s. 80 CCH (FA 2023 introduction). Individual enrolled in the Agnipath Scheme on/after 1-Nov-2022 and contributing to the Agniveer Corpus Fund is allowed deduction of own contribution. The…
126
Health Insurance Premia
Chapter VIII — Deductions
Section 126 is the substantive equivalent of 1961 s. 80 D. Individual / HUF assessee allowed deduction for health insurance premium / preventive-health-checkup / medical-expenditure-on-senior-citizen-without-insurance. Limits: ₹ 25,000…
127
Disabled Dependant
Chapter VIII — Deductions
Section 127 is the substantive equivalent of 1961 s. 80 DD. Resident individual / HUF allowed flat deduction for: (a) expenditure on medical treatment / nursing / training / rehabilitation of a disabled dependant; OR (b) deposits /…
128
Medical Treatment Specified Disease
Chapter VIII — Deductions
Section 128 is the substantive equivalent of 1961 s. 80 DDB. Resident individual / HUF allowed deduction for medical treatment of specified diseases (cancer, AIDS, neurological diseases, chronic renal failure, hematological disorders,…
129
Higher Education Loan Interest
Chapter VIII — Deductions
Section 129 is the substantive equivalent of 1961 s. 80 E. Individual allowed deduction for INTEREST PAID on loan taken from any financial institution / approved charitable institution for higher education of self, spouse, children, or…
130
Affordable Housing Loan Interest
Chapter VIII — Deductions
Section 130 is the substantive equivalent of 1961 ss. 80EE / 80EEA — ADDITIONAL housing-loan interest deduction OVER AND ABOVE the s. 23 (HP head) ₹ 2 lakh interest cap. Targeted at first-home buyers acquiring affordable residential…
131
Housing Loan Interest 80EE
Chapter VIII — Deductions
Section 131 is the substantive equivalent of 1961 s. 80 EE. Alternative to s. 130 — for assessees NOT eligible for s. 130 , this section provides up to ₹ 50,000 additional deduction for first-home loan interest. Earlier sunset window…
132
Electric Vehicle Loan Interest
Chapter VIII — Deductions
Section 132 is the substantive equivalent of 1961 s. 80 EEB. Individual allowed deduction up to ₹ 1,50,000 per FY for INTEREST PAID on loan from financial institution for purchase of an ELECTRIC VEHICLE. Available for one-time /…
133
Donations 80G
Chapter VIII — Deductions
Section 133 is the substantive equivalent of 1961 s. 80 G — the principal individual / corporate charitable-donations deduction. Architecture: (I) Sub-section (1)(a) — 100% DEDUCTIBLE donations (24 specified Funds / institutions…
134
Rent Paid 80GG
Chapter VIII — Deductions
Section 134 is the substantive equivalent of 1961 s. 80 GG. For assessees NOT receiving HRA (housing rent allowance) but paying rent on accommodation, deduction equal to LEAST OF: (a) ₹ 5,000 per month / ₹ 60,000 per year; (b) Rent paid…
135
Scientific Rural Donations 80GGA
Chapter VIII — Deductions
Section 135 is the substantive equivalent of 1961 s. 80 GGA. Allowed for any assessee (NOT HAVING PGBP income) — donations to: (a) approved scientific research association / university / college / institution u/s 35(1)(ii) / (iia); (b)…
136
Company Political Contribution
Chapter VIII — Deductions
Section 136 is the substantive equivalent of 1961 s. 80 GGB. Indian Company allowed deduction for contributions to (a) political party registered u/s 29A of Representation of the People Act, 1951; or (b) electoral trust. 100% deductible,…
137
Person Political Contribution
Chapter VIII — Deductions
Section 137 is the substantive equivalent of 1961 s. 80 GGC. Any assessee (other than local authority and Govt-funded artificial juridical person) — typically individuals / HUF / firms — allowed deduction for contributions to political…
138
Infrastructure Profits 80-IA
Chapter VIII — Deductions
Section 138 is the substantive equivalent of 1961 s. 80 -IA. Cross-reference / continuation provision — preserves deduction for legacy 80-IA infrastructure-development undertakings (power generation/distribution / road / port / airport /…
139
SEZ Developer 80-IAB
Chapter VIII — Deductions
Section 139 is the substantive equivalent of 1961 s. 80 -IAB. Continuation provision for SEZ-developers (legacy approvals before sunset 1-Apr-2017) — 100% deduction of profits for 10 consecutive AYs out of first 15. Distinct from s. 145…
140
Eligible Start-up 80-IAC
Chapter VIII — Deductions
Section 140 is the substantive equivalent of 1961 s. 80 -IAC — the principal Income-tax incentive for start-ups in India. Eligible start-up (DPIIT / Inter-Ministerial-Board-certified) gets 100% deduction of profits and gains derived from…
141
Industrial Undertaking 80-IB
Chapter VIII — Deductions
Section 141 is the substantive equivalent of 1961 s. 80 -IB — legacy provisions for industrial undertakings, hospitals, hotels, scientific R&D, etc. Most categories have sunset (closed window for new undertakings); s. 141 preserves…
142
Affordable Housing 80-IBA
Chapter VIII — Deductions
Section 142 is the substantive equivalent of 1961 s. 80 -IBA. Real-estate developer constructing affordable-housing project (specified flat-area / project-size / completion-period) gets 100% deduction of profits derived from the project.…
143
North-Eastern States 80-IE
Chapter VIII — Deductions
Section 143 is the substantive equivalent of 1961 s. 80 -IE. 100% deduction of profits for 10 consecutive AYs from undertaking commencing operations in any North-Eastern State (including Sikkim) — manufacturing / production /…
144
SEZ Unit 10AA
Chapter VIII — Deductions
Section 144 is the substantive equivalent of 1961 s. 10 AA — for SEZ-units (operating businesses inside SEZ). Deduction structure (for legacy units commenced before 31-Mar-2020 cut-off): (a) First 5 years (Years 1-5): 100% of…
145
Bio-degradable Waste 80JJA
Chapter VIII — Deductions
Section 145 is the substantive equivalent of 1961 s. 80 JJA. 100% deduction of profits from business of collecting and processing / treating bio-degradable waste — for generation of: (a) power; (b) bio-fuels; (c) bio-fertilisers; (d)…
146
Additional Employee Cost 80JJAA
Chapter VIII — Deductions
Section 146 is the substantive equivalent of 1961 s. 80 JJAA — major employment-incentive deduction. Assessee whose accounts are audited u/s 63 allowed 30% of ADDITIONAL EMPLOYEE COST (cost of new employees employed during the year) for 3…
147
IFSC OBU 80LA
Chapter VIII — Deductions
Section 147 is the substantive equivalent of 1961 s. 80 LA. 100% deduction of specified income for: (a) Offshore Banking Units (OBUs) of scheduled banks operating in SEZ; (b) IFSC (International Financial Services Centre) units in…
148
Inter-Corp Dividend 80M
Chapter VIII — Deductions
Section 148 is the substantive equivalent of 1961 s. 80 M. Domestic company allowed deduction equal to dividend received from another domestic company / business trust / specified foreign company TO THE EXTENT THAT it on-distributes such…
149
Co-operative Society Deduction
Chapter VIII — Deductions · Part D — Other Deductions
Section 149 is the substantive equivalent of 1961 s. 80 P -- the cornerstone deduction provision for the co-operative sector. The provision recognises the constitutional and policy commitment to the co-operative movement (Article 43-B and…
150
Federal Co-operative Deduction
Chapter VIII — Deductions · Part D — Other Deductions
Section 150 is the substantive equivalent of 1961 s. 80 PA -- a TIME-LIMITED deduction (sunset 1-Apr-2029) for federal co-operatives in respect of dividend income received from companies in which they have invested, provided the dividend…
151
Author Royalty Deduction
Chapter VIII — Deductions · Part D — Other Deductions
Section 151 is the substantive equivalent of 1961 s. 80 QQB -- the deduction for resident-individual authors of literary / artistic / scientific books (other than text-books) on royalty / lump-sum-assignment income. The provision…
152
Patent Royalty Deduction
Chapter VIII — Deductions · Part D — Other Deductions
Section 152 is the substantive equivalent of 1961 s. 80 RRB -- the patent-royalty deduction for resident-individual patentees on royalty income from patents registered ON OR AFTER 1-APR-2003 under the Patents Act 1970. The post-1-Apr-2003…
153
Interest on Deposits Deduction
Chapter VIII — Deductions · Part D — Other Deductions
Section 153 consolidates 1961 s. 80 TTA (general non-senior-citizen / HUF -- INR 10,000 on savings-account interest only) and s. 80 TTB (senior citizen -- INR 50,000 on any deposit including time deposits) into a single section with two…
154
Disabled Person Deduction
Chapter VIII — Deductions · Part D — Other Deductions
Section 154 is the substantive equivalent of 1961 s. 80 U -- the SELF-DISABILITY DEDUCTION (distinct from s. 127 / 1961 s. 80 DD which covers DEPENDANT-disability). The deduction recognises increased living costs and reduced earning…
155
Rebate Framework
Chapter IX — Rebates and Reliefs · Part A — Rebates and Reliefs
Section 155 is the framework provision for the rebates regime under Chapter IX. It is the substantive equivalent of 1961 s. 87 (the rebate-allowing umbrella). Section 155 does NOT itself grant any rebate; it merely AUTHORISES the…
156
Rebate of Income-tax (87A FA2025)
Chapter IX — Rebates and Reliefs · Part A — Rebates and Reliefs
Section 156 is the substantive equivalent of 1961 s. 87 A -- the resident-individual income-tax rebate. The provision has been progressively enhanced: started at INR 2,000 (FA 2013), expanded to INR 12,500 (FA 2019 for income up to INR…
157
Salary Arrears Relief
Chapter IX — Rebates and Reliefs · Part A — Rebates and Reliefs
Section 157 is the substantive equivalent of 1961 s. 89 -- the salary-arrears / advance-salary / multi-year-salary relief mechanism. The provision addresses the cliff-edge problem when an employee receives in one tax year (a) arrears of…
158
Foreign Retirement Account
Chapter IX — Rebates and Reliefs · Part A — Rebates and Reliefs
Section 158 is the substantive equivalent of 1961 s. 89 A (introduced FA 2021). The provision addresses MISMATCH between Indian tax accrual basis (income taxed when accrued in retirement account) and foreign country tax basis (some…
159
DTAA Framework
Chapter IX — Rebates and Reliefs · Part B — Double Taxation Relief
Section 159 is the substantive equivalent of 1961 s. 90 -- the master DTAA framework. The provision authorises CG to enter into bilateral DTAAs with countries / specified territories or to adopt agreements between specified associations…
160
Unilateral Foreign Tax Relief
Chapter IX — Rebates and Reliefs · Part B — Double Taxation Relief
Section 160 is the substantive equivalent of 1961 s. 91 -- the UNILATERAL foreign tax credit provision for income earned in countries WITHOUT DTAA with India. The provision recognises that even absent a treaty, double-taxation relief…
161
TP Charging Section
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 161 is the substantive equivalent of 1961 s. 92 -- the foundational charging section for the transfer-pricing regime under Chapter X. Sub-s. (1) directs that income from an INTERNATIONAL TRANSACTION ( s. 163 ) or SPECIFIED…
162
Associated Enterprise
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 162 is the substantive equivalent of 1961 s. 92 A -- the gateway definition for the TP regime. The definition has TWO LIMBS: (1) a direct / indirect-management-participation test (sub- s. 1 ); (2) a 13-clause DEEMING TRIGGER list…
163
International Transaction
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 163 is the substantive equivalent of 1961 s. 92 B -- the definition of INTERNATIONAL TRANSACTION for TP scope. The definition is broad: any transaction between TWO OR MORE ASSOCIATED ENTERPRISES, either or both of whom are…
164
Specified Domestic Transaction
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 164 is the substantive equivalent of 1961 s. 92 BA -- the definition of SPECIFIED DOMESTIC TRANSACTION (SDT) bringing certain DOMESTIC AE-style transactions into the TP net. SDT was originally introduced FA 2012 to address…
165
Arms Length Price Methods
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 165 is the substantive equivalent of 1961 s. 92 C -- the engine of TP determination. The provision specifies FIVE METHODS for ALP determination -- each suitable for different transaction types -- and requires the MOST APPROPRIATE…
166
Reference to TPO
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 166 is the substantive equivalent of 1961 ss. 92CA + 92D + 92E -- the procedural framework for TP enforcement: (a) AO's reference to specialised Transfer Pricing Officer (TPO); (b) TPO's determination of ALP under s. 165 ; (c)…
167
Safe Harbour Rules
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 167 is the substantive equivalent of 1961 s. 92 CB -- the SAFE HARBOUR RULES authorising CG to prescribe categories of international transactions and corresponding margin / pricing thresholds where assessee's reported margin…
168
Advance Pricing Agreement
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 168 is the substantive equivalent of 1961 s. 92 CC -- the Advance Pricing Agreement (APA) framework introduced FA 2012. APA is a forward-looking certainty mechanism where CBDT (with CG approval) and assessee pre-agree on ALP /…
169
Modified Return on APA
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 169 is the substantive equivalent of 1961 s. 92 CD -- the procedural mechanism for assessees to FILE MODIFIED RETURN incorporating ALP / methodology agreed in APA ( s. 168 ). When APA is signed (typically 24-36 months after…
170
Secondary Adjustment
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 170 is the substantive equivalent of 1961 s. 92 CE -- the SECONDARY ADJUSTMENT framework introduced FA 2017 with FA 2019 / FA 2021 refinements. Where TP primary-adjustment increases income (e.g., AO's TP-adjustment / APA…
171
TP Documentation Master File CbC
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 171 is the substantive equivalent of 1961 s. 92 D and s. 286 (BEPS Action 13 implementation). It mandates maintenance and furnishing of TP DOCUMENTATION for international transactions. Three-tier framework per OECD BEPS Action 13:…
172
AO Inquiry Power
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 172 grants AO / TPO the procedural power to require TP documentation, books of account, related-party records, FAR details, comparable working, etc. from assessee. The AO can issue notice under s. 142(1) requiring information;…
173
TP Definitions
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 173 supplies the definitional anchors for the TP regime (referred to throughout ss. 161, 162, 163, 165, 171, 172). Key definitions: (a) ENTERPRISE -- person engaged in business / profession including PE; (b) PERMANENT…
174
Asset Transfer Anti-Avoidance
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 174 is the substantive equivalent of 1961 s. 93 -- a SPECIFIC ANTI-AVOIDANCE provision targeting offshore-asset-transfers designed to avoid Indian tax. The provision predates GAAR (Chapter XI) and continues alongside it.…
175
Bond Washing Dividend Stripping
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 175 is the substantive equivalent of 1961 s. 94 -- the BOND WASHING and DIVIDEND STRIPPING anti-avoidance regime. The provision targets securities-trading patterns designed to transfer interest / dividend income to tax-favoured…
176
Notified Jurisdictional Areas
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 176 is the substantive equivalent of 1961 s. 94 A -- the NOTIFIED JURISDICTIONAL AREA (NJA) regime introduced FA 2011 to address jurisdictions failing to share tax information with India (FATF non-compliant / non-cooperative).…
177
Thin Capitalisation
Chapter X — Special Provisions Relating to Avoidance of Tax
Section 177 is the substantive equivalent of 1961 s. 94 B -- the THIN CAPITALISATION rule introduced FA 2017 implementing BEPS Action 4. The provision restricts deduction for INTEREST / ROYALTY / FTS payable to associated enterprises ( s.…
178
GAAR Applicability
Chapter XI — General Anti-Avoidance Rule
Section 178 is the substantive equivalent of 1961 s. 95 -- the GATEWAY provision of the GAAR regime under Chapter XI. The provision establishes that GAAR (Chapter XI ss. 178-184) overrides ALL other Income-tax Act provisions including…
179
Impermissible Avoidance Arrangement
Chapter XI — General Anti-Avoidance Rule
Section 179 is the substantive equivalent of 1961 s. 96 -- the DEFINITIONAL CORE of GAAR. It defines 'impermissible avoidance arrangement' (IAA) by a TWO-PRONG test: (a) main purpose is to obtain TAX BENEFIT; AND (b) one or more of FOUR…
180
Lack of Commercial Substance
Chapter XI — General Anti-Avoidance Rule
Section 180 is the substantive equivalent of 1961 s. 97 -- the COMMERCIAL SUBSTANCE TEST under GAAR. The provision deems an arrangement to LACK commercial substance if any of FOUR specific patterns are present: (a) ROUND-TRIP financing;…
181
GAAR Consequences
Chapter XI — General Anti-Avoidance Rule
Section 181 is the substantive equivalent of 1961 s. 98 -- the OPERATIONAL CONSEQUENCES of an IAA declaration. Once an arrangement is held IAA ( s. 179 ), the AO has wide discretion to RE-CHARACTERISE / DISREGARD / RE-ALLOCATE income,…
182
Presumption of Tax Benefit
Chapter XI — General Anti-Avoidance Rule
Section 182 is the substantive equivalent of 1961 s. 99 -- the PRESUMPTION rule for GAAR proceedings. In determining whether tax benefit exists in an arrangement, the AO is to compare ACTUAL tax position with HYPOTHETICAL tax position…
183
Application of Chapter XI
Chapter XI — General Anti-Avoidance Rule
Section 183 is the substantive equivalent of 1961 s. 100 -- a SCOPE provision specifying that Chapter XI applies in addition to or in lieu of any other basis for determination of tax liability. The provision clarifies that GAAR is not…
184
GAAR Definitions
Chapter XI — General Anti-Avoidance Rule
Section 184 is the substantive equivalent of 1961 s. 101 -102 -- the DEFINITIONS chapter for GAAR. Key definitions: (a) ARRANGEMENT -- step / part of arrangement; transaction / scheme / agreement / understanding; whether enforceable or…
185
Mode of Taking Loans Deposits
Chapter XII — Mode of Payment in Certain Cases
Section 185 is the substantive equivalent of 1961 s. 269 SS -- the cash-acceptance prohibition introduced 1984 to combat black-money channelisation through cash loans / deposits / advances. The provision PROHIBITS taking or accepting loan…
186
Cash Receipt INR 2L Bar
Chapter XII — Mode of Payment in Certain Cases
Section 186 is the substantive equivalent of 1961 s. 269 ST -- the BLANKET CASH-RECEIPT BAN introduced FA 2017 as part of post-demonetisation digital-economy push. PROHIBITS receipt of INR 2,00,000 OR MORE in cash from any person: (a) in…
187
Electronic Payment Facility
Chapter XII — Mode of Payment in Certain Cases
Section 187 is the substantive equivalent of 1961 s. 269 SU -- introduced FA 2019 mandating businesses with TURNOVER > INR 50 CRORE in preceding financial year to provide facility for accepting payments through electronic mode (UPI /…
188
Mode of Repayment
Chapter XII — Mode of Payment in Certain Cases
Section 188 is the substantive equivalent of 1961 s. 269 T -- the REPAYMENT-side mirror of s. 185 acceptance restriction. PROHIBITS repayment by branches of banking companies / co-op banks / OTHER ENTITIES of any loan / deposit /…
189
Chapter XII Definitions
Chapter XII — Mode of Payment in Certain Cases
Section 189 supplies definitional anchors for Chapter XII (ss. 185-188): banking company / co-operative bank / loan / deposit / specified sum / specified advance / electronic mode etc. Cross-references SCRA / Banking Regulation Act / RBI…
190
Average-Rate Tax Adjustment
Chapter XIII — Determination of Tax in Special Cases
Section 190 is the substantive equivalent of 1961 s. 86 -- the technical provision allowing a deduction from total income-tax of an amount equal to AVERAGE-RATE-OF-TAX times the income on which NO income-tax is payable. Architecture:…
191
RPF Accumulated Balance
Chapter XIII — Determination of Tax in Special Cases
Section 191 is the substantive equivalent of 1961 s. 111 -- the special-tax provision for RPF accumulated balance withdrawn by employee where Schedule XI Part A para 8 exemption is INAPPLICABLE (i.e., employee withdraws before 5 years of…
192
Block-Period Undisclosed Income 60
Chapter XIII — Determination of Tax in Special Cases
Section 192 is the substantive equivalent of 1961 s. 113 -- the SPECIAL-RATE provision for SEARCH-AND-SEIZURE block-assessment cases. Where AO has determined undisclosed income for the BLOCK PERIOD under s. 294 (block assessment for…
193
GDR Income KB Industry Employees
Chapter XIII — Determination of Tax in Special Cases
Section 193 is the substantive equivalent of 1961 s. 115 ACA -- the SPECIAL CONCESSIONAL TAX REGIME for resident-individual employees of Indian KNOWLEDGE-BASED-INDUSTRY companies who hold GLOBAL DEPOSITORY RECEIPTS (GDRs) acquired under…
194
Special Rate Table 6 Categories
Chapter XIII — Determination of Tax in Special Cases
Section 194 is a COMPOSITE provision consolidating multiple 1961 special-rate provisions ( s. 115 BB lottery / 115B life insurance / 115BBE undisclosed / 115BBF patent / 115BBG carbon credit / 115BBH VDA / 115BBJ online gaming) into a…
195
Cash Credits Unexplained 60
Chapter XIII — Determination of Tax in Special Cases
Section 195 is the substantive equivalent of 1961 s. 115 BBE -- the SPECIAL FLAT-RATE provision for income deemed under ss. 102-106 (Chapter VI Aggregation -- equivalent of 1961 ss. 68 / 69 / 69A / 69B / 69C / 69D unexplained-receipts).…
196
STCG Rates FA2024 20pc
Chapter XIII — Determination of Tax in Special Cases
Section 196 is the substantive equivalent of 1961 s. 111 A -- the SPECIAL RATE provision for STCG on STT-paid listed equity / equity-MF units / business-trust units. FA 2024 SIGNIFICANT INCREASE: STT-paid listed equity STCG rate enhanced…
197
LTCG Rates FA2024 12.5pc
Chapter XIII — Determination of Tax in Special Cases
Section 197 is the substantive equivalent of 1961 s. 112 -- the GENERAL LTCG RATE provision. FA 2024 WATERSHED: PRE-23-JUL-2024 LTCG: 20% with indexation (using s. 72(2) indexed cost) for all assets. POST-23-JUL-2024 LTCG: 12.5% FLAT for…
198
STT Listed Equity LTCG
Chapter XIII — Determination of Tax in Special Cases
Section 198 is the substantive equivalent of 1961 s. 112 A -- the SPECIAL CONCESSIONAL LTCG REGIME for STT-paid listed equity / equity-MF / business-trust units, perhaps the most-used provision in retail investor tax planning. FA 2018…
199
Domestic Company Default Rate
Chapter XIII — Determination of Tax in Special Cases
Section 199 establishes the DEFAULT corporate tax rate framework for domestic companies (NOT opting for s. 200 22% concessional or s. 201 15% new-manufacturing regimes). The default rate is per the Finance Act / Schedule applicable --…
200
Domestic Company 22pc Concessional
Chapter XIII — Determination of Tax in Special Cases
Section 200 is the substantive equivalent of 1961 s. 115 BAA -- the FA 2019 WATERSHED CORPORATE TAX REFORM that gave domestic companies the option to pay 22% income-tax (effective ~25.17% after 10% surcharge and 4% cess) IN LIEU of…
201
New Manufacturing Domestic 15pc
Chapter XIII — Determination of Tax in Special Cases
Section 201 is the substantive equivalent of 1961 s. 115 BAB -- THE MOST AGGRESSIVE CORPORATE TAX INCENTIVE in Indian tax history. 15% rate (effective ~17.16% after 10% surcharge + 4% cess) for NEW MANUFACTURING DOMESTIC COMPANIES…
202
Individual HUF New Regime
Chapter XIII — Determination of Tax in Special Cases
Section 202 is the substantive equivalent of 1961 s. 115 BAC -- THE NEW SIMPLIFIED RATE REGIME for individuals / HUFs / AOPs / BOIs (other than co-ops) / firms / LLPs. Introduced FA 2020 as opt-in alternative; FA 2023 made it the DEFAULT…
203
Co-op Society 22pc
Chapter XIII — Determination of Tax in Special Cases
Section 203 is the substantive equivalent of 1961 s. 115 BAD -- the FA 2020 corporate-tax-style concession EXTENDED TO CO-OPERATIVE SOCIETIES one year after the s. 200 (FA 2019) introduction for domestic companies. Resident co-operative…
204
New Mfg Co-op Society 15pc
Chapter XIII — Determination of Tax in Special Cases
Section 204 is the substantive equivalent of 1961 s. 115 BAE -- the FA 2023 EXTENSION of s. 201 -style 15% manufacturing concession to NEW CO-OPERATIVE SOCIETIES. Eligible: resident co-operative society SET UP AND REGISTERED ON OR AFTER…
205
Specified Deductions Negative List
Chapter XIII — Determination of Tax in Special Cases
Section 205 is the substantive negative-list provision referenced by ss. 199, 200, 201, 203, 204 (corporate / co-op concessional regimes). It enumerates the SPECIFIC deductions / allowances that companies / co-ops opting for concessional…
206
MAT for Companies 14pc
Chapter XIII — Determination of Tax in Special Cases
Section 206 is the substantive equivalent of 1961 s. 115 JB -- THE MAT (Minimum Alternate Tax) provision -- a critical anti-avoidance mechanism targeting BOOK-PROFIT-RICH-BUT-TAX-LOW companies. Where income-tax under regular provisions is…
207
Section 207 — Patent Box Regime — Concessional Rate on Patent Royalty (formerly s. 115BBF)
Expanded — Special Tax
Section 207 (formerly 115BBF) is the Patent Box regime — concessional 10 per cent rate on patent-royalty income. Aimed at incentivising IP development and retention in India. SCOPE. Royalty + lump-sum technology transfer payments from…
208
Offshore Fund 10pc
Chapter XIII — Determination of Tax in Special Cases
Section 208 is the substantive equivalent of 1961 s. 115 AB -- the special rate provision for OVERSEAS FINANCIAL ORGANISATION (Offshore Fund) earning income from MUTUAL FUND UNITS in India. Concessional rate of 10% on income from such…
209
NR Specified Income Rates
Chapter XIII — Determination of Tax in Special Cases
Section 209 is the substantive equivalent of 1961 s. 115 A -- the SPECIAL-RATE provision for NON-RESIDENTS earning specified categories of Indian-source income. The provision contains a TABLE of specified incomes and corresponding…
210
Specified Fund FII Rates
Chapter XIII — Determination of Tax in Special Cases
Section 210 is the substantive equivalent of 1961 s. 115 AD -- the special rate provision for SPECIFIED FUNDS (investment vehicles registered as Specified Fund per s. 9 / Schedule definitions; typically AIF Cat I/II/III) and FOREIGN…
211
Sportsman NR Non-Citizen 20pc
Chapter XIII — Determination of Tax in Special Cases
Section 211 is the substantive equivalent of 1961 s. 115 BBA -- the special rate provision for SPORTSMEN (including ATHLETES) AND SPORTS ASSOCIATIONS / INSTITUTIONS who are NON-RESIDENT AND NON-CITIZEN of India. Income covered: (a)…
212
NRI Definitions
Chapter XIII — Determination of Tax in Special Cases
Section 212 is the definitional anchor for the NRI-specific concessional regime under ss. 213-218 (substantive equivalent of 1961 ss. 115C-115I). Defines: (a) 'foreign exchange asset' -- specified asset acquired by NRI in convertible…
213
NRI No Deduction
Chapter XIII — Determination of Tax in Special Cases
Section 213 is the substantive equivalent of 1961 s. 115 D -- the no-deduction rule for NRI investment income from foreign exchange assets. Where NRI's investment income falls under ss. 213-218 special regime, NO Chapter VIII deductions /…
214
NRI Investment Income LTCG
Chapter XIII — Determination of Tax in Special Cases
Section 214 is the substantive equivalent of 1961 s. 115 E -- the SPECIAL RATE provision for NRI investment income and LTCG from foreign exchange assets. Concessional rates: (a) Investment income (interest / dividends from foreign…
215
NRI LTCG Reinvestment
Chapter XIII — Determination of Tax in Special Cases
Section 215 is the substantive equivalent of 1961 s. 115 F -- the special reinvestment exemption for NRI LTCG from foreign exchange asset transfer. Where NRI transfers a foreign exchange asset and reinvests net consideration into another…
216
NRI Return-Filing Exemption
Chapter XIII — Determination of Tax in Special Cases
Section 216 is the substantive equivalent of 1961 s. 115 G -- procedural simplification for NRI: NOT NECESSARY to furnish return of income u/s 263(1) where NRI's total income consists ONLY of investment income / LTCG from foreign exchange…
217
NRI Becoming Resident
Chapter XIII — Determination of Tax in Special Cases
Section 217 is the substantive equivalent of 1961 s. 115 H -- procedural provision allowing an NRI who BECOMES RESIDENT in India to ELECT to continue receiving NRI-concessional treatment (under ss. 213-216) in respect of FX-asset…
218
IFSC Specified Investment
Chapter XIII — Determination of Tax in Special Cases
Section 218 is the substantive equivalent of 1961 s. 115 AC -- special rate provision for income of the nature referred to in s. 147(3) (IFSC specified investment income). Where total income includes such income, aggregate income-tax =…
219
Foreign Bank Branch Conversion
Chapter XIII — Determination of Tax in Special Cases
Section 219 is the substantive equivalent of 1961 s. 115 JG -- TAX NEUTRALITY framework for FOREIGN BANK BRANCHES converting to INDIAN SUBSIDIARIES (per RBI / regulator-approved scheme). Designed to facilitate the regulatory transition…
220
Foreign Company POEM Transition
Chapter XIII — Determination of Tax in Special Cases
Section 220 is the substantive equivalent of 1961 s. 115 JH -- TRANSITION FRAMEWORK for foreign companies that BECOME RESIDENT in India (typically via POEM -- Place of Effective Management test under s. 6 ) for the first time. Where…
221
Securitisation Trust Pass-Through
Chapter XIII — Determination of Tax in Special Cases
Section 221 is the substantive equivalent of 1961 s. 115 TCA -- the PASS-THROUGH TAXATION REGIME for SECURITISATION TRUSTS. Where a person holds a securitised debt instrument issued by a Securitisation Trust (per SARFAESI Act 2002 / SEBI…
222
Venture Capital Undertaking
Chapter XIII — Determination of Tax in Special Cases
Section 222 is the substantive equivalent of 1961 s. 115 U -- the PASS-THROUGH REGIME for VENTURE CAPITAL UNDERTAKING (VCU) -- earlier known as Venture Capital Funds (VCFs). Effectively superseded by Cat-I AIF regime under SEBI AIF…
223
Business Trust REIT InvIT Pass-Through
Chapter XIII — Determination of Tax in Special Cases
Section 223 is the substantive equivalent of 1961 s. 115 UA -- the PASS-THROUGH TAXATION FRAMEWORK for BUSINESS TRUSTS (REITs and InvITs) under SEBI REIT Regulations 2014 / InvIT Regulations 2014 / FA 2014 watershed. The provision creates…
224
AIF Cat I-II Pass-Through
Chapter XIII — Determination of Tax in Special Cases
Section 224 is the substantive equivalent of 1961 s. 115 UB -- the PASS-THROUGH REGIME for ALTERNATIVE INVESTMENT FUNDS (AIFs) under SEBI AIF Regulations 2012, specifically Category I and Category II AIFs (Cat-III AIFs taxed at fund…
225
Tonnage Tax Charge
Chapter XIII — Determination of Tax in Special Cases
Section 225 is the substantive equivalent of 1961 s. 115 V (Tonnage Tax framework anchor). The TONNAGE TAX SCHEME is an alternative tax regime for qualifying SHIPPING COMPANIES, where income from operating qualifying ships is computed on…
226
Qualifying Company
Chapter XIII — Determination of Tax in Special Cases
Section 226 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VC. The provision is integral to operationalising the…
227
Tonnage Income Computation
Chapter XIII — Determination of Tax in Special Cases
Section 227 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VG. The provision is integral to operationalising the…
228
Relevant Shipping Income
Chapter XIII — Determination of Tax in Special Cases
Section 228 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VI. The provision is integral to operationalising the…
229
Tonnage Tax Depreciation
Chapter XIII — Determination of Tax in Special Cases
Section 229 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VK. The provision is integral to operationalising the…
230
Computation Methodology
Chapter XIII — Determination of Tax in Special Cases
Section 230 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VG. The provision is integral to operationalising the…
231
Option Exercise
Chapter XIII — Determination of Tax in Special Cases
Section 231 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VP. The provision is integral to operationalising the…
232
Operational Conditions
Chapter XIII — Determination of Tax in Special Cases
Section 232 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VT/U/V/W. The provision is integral to operationalising the…
233
Procedural Compliance
Chapter XIII — Determination of Tax in Special Cases
Section 233 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VR. The provision is integral to operationalising the…
234
Cessation Withdrawal
Chapter XIII — Determination of Tax in Special Cases
Section 234 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VS/VZ. The provision is integral to operationalising the…
235
Tonnage Tax Definitions
Chapter XIII — Determination of Tax in Special Cases
Section 235 is part of the Tonnage Tax framework (ss. 225-235), the alternative tax regime for qualifying Indian shipping companies. The substantive equivalent of 1961 s. 115 VAB / 115VC etc.. The provision is integral to operationalising…
236
Income-tax Authorities
Chapter XIV — Tax Administration
Section 236 is the substantive equivalent of 1961 s. 116 -- the foundational provision establishing the HIERARCHY OF INCOME-TAX AUTHORITIES from CBDT (apex) down to Inspectors (bottom of operational pyramid). The provision lists 12…
237
Appointment of Authorities
Chapter XIV — Tax Administration
Section 237 is the substantive equivalent of 1961 s. 117 -- the provision dealing with appointment of income-tax authorities within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines authority…
238
Control of Authorities
Chapter XIV — Tax Administration
Section 238 is the substantive equivalent of 1961 s. 118 -- the provision dealing with control of income-tax authorities within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines authority…
239
Instructions to Subordinate
Chapter XIV — Tax Administration
Section 239 is the substantive equivalent of 1961 s. 119 -- the foundational provision empowering CBDT (Central Board of Direct Taxes) to issue ORDERS / INSTRUCTIONS / DIRECTIONS to other income-tax authorities for proper administration…
240
Taxpayer Charter
Chapter XIV — Tax Administration
Section 240 is the substantive equivalent of 1961 s. 119 A -- the provision dealing with taxpayer's charter (fa 2020) within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines authority…
241
Jurisdiction of Authorities
Chapter XIV — Tax Administration
Section 241 is the substantive equivalent of 1961 s. 120 -- the foundational provision establishing the JURISDICTIONAL FRAMEWORK for income-tax authorities. The provision governs how cases are allocated to different authorities -- by…
242
Jurisdiction of AO
Chapter XIV — Tax Administration
Section 242 is the substantive equivalent of 1961 s. 124 -- the operational framework for allocating SPECIFIC ASSESSEE to SPECIFIC ASSESSING OFFICER (AO). The provision mandates that once AO has been vested with jurisdiction over assessee…
243
Power to Transfer Cases
Chapter XIV — Tax Administration
Section 243 is the substantive equivalent of 1961 s. 127 -- the procedural framework for TRANSFER OF CASES from one AO to another AO. The transfer power is exercised by SPECIFIED INCOME-TAX AUTHORITY (typically Pr CIT / CIT or higher)…
244
Change of Incumbent
Chapter XIV — Tax Administration
Section 244 is the substantive equivalent of 1961 s. 129 -- the provision dealing with change of incumbent of office within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines authority…
245
Faceless Jurisdiction
Chapter XIV — Tax Administration
Section 245 is the substantive equivalent of 1961 s. 130 -- the FACELESS JURISDICTION FRAMEWORK introduced FA 2020 / FA 2022 enabling income-tax authorities to operate WITHOUT TRADITIONAL JURISDICTIONAL CONSTRAINTS in faceless mode. The…
246
Discovery and Production of Evidence
Chapter XIV — Tax Administration
Section 246 is the substantive equivalent of 1961 s. 131 -- vesting in income-tax authorities (AO / Joint CIT / Pr CIT / etc.) the SAME POWERS as a CIVIL COURT under the Code of Civil Procedure 1908 / Bharatiya Nagarik Suraksha Sanhita…
247
Search and Seizure
Chapter XIV — Tax Administration
Section 247 is the substantive equivalent of 1961 s. 132 -- the COERCIVE INVESTIGATION POWER allowing income-tax authorities to enter and search premises, seize books / documents / valuables, examine persons under oath, and freeze bank…
248
Power to Requisition
Chapter XIV — Tax Administration
Section 248 is the substantive equivalent of 1961 s. 132 A -- the COMPANION COERCIVE POWER to s. 247 (search and seizure) authorising income-tax authorities to REQUISITION books / documents / assets that are in possession of OTHER…
249
Reasons Not Disclosed
Chapter XIV — Tax Administration
Section 249 is the substantive equivalent of 1961 s. 132(13) -- the provision dealing with reasons not to be disclosed within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines authority…
250
Application of Seized Assets
Chapter XIV — Tax Administration
Section 250 is the substantive equivalent of 1961 s. 132 B -- the operational provision governing APPLICATION of assets seized under s. 247 (search) or requisitioned under s. 248 against tax / interest / penalty liability. The provision…
251
Copying Retention Release
Chapter XIV — Tax Administration
Section 251 governs the procedural lifecycle of SEIZED BOOKS / DOCUMENTS / ASSETS post-search under s. 247 / requisition under s. 248 . The provision authorises authorised officer / AO to: (a) make copies / extracts of seized items; (b)…
252
Power to Call for Information
Chapter XIV — Tax Administration
Section 252 is the substantive equivalent of 1961 s. 133 -- the foundational provision empowering income-tax authorities (AO / Joint CIT / Joint Director) to CALL FOR INFORMATION from any person regarding ANY MATTER OR PERSON useful for /…
253
Powers of Survey
Chapter XIV — Tax Administration
Section 253 is the substantive equivalent of 1961 s. 133 A -- the SURVEY POWER which is the NON-COERCIVE counterpart of search-and-seizure ( s. 247 ). Income-tax authority may enter business / professional premises during business hours,…
254
Power to Collect Information
Chapter XIV — Tax Administration
Section 254 is the substantive equivalent of 1961 s. 133 B -- the provision dealing with power to collect certain information within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines…
255
Inspect Company Registers
Chapter XIV — Tax Administration
Section 255 is the substantive equivalent of 1961 s. 134 -- the provision dealing with power to inspect registers of companies within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines…
256
Powers of Certain Authorities
Chapter XIV — Tax Administration
Section 256 is the substantive equivalent of 1961 s. 135 -- the provision dealing with power of certain income-tax authorities within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines…
257
Judicial Proceedings
Chapter XIV — Tax Administration
Section 257 is the substantive equivalent of 1961 s. 136 -- the provision dealing with proceedings before income-tax authorities to be judicial proceedings within Chapter XIV (Tax Administration) framework. Critical for operational tax…
258
Disclosure of Information
Chapter XIV — Tax Administration
Section 258 is the substantive equivalent of 1961 s. 138 -- the foundational provision establishing the GENERAL CONFIDENTIALITY of taxpayer information held by Income-tax Department, with SPECIFIED EXCEPTIONS for inter-agency disclosure.…
259
Call by Prescribed Authority
Chapter XIV — Tax Administration
Section 259 is the substantive equivalent of 1961 s. 133 -- the provision dealing with power to call for information by prescribed authority within Chapter XIV (Tax Administration) framework. Critical for operational tax administration;…
260
Faceless Collection of Information
Chapter XIV — Tax Administration
Section 260 is the substantive equivalent of 1961 s. 133 B -- the provision dealing with faceless collection of information (fa 2021) within Chapter XIV (Tax Administration) framework. Critical for operational tax administration; defines…
261
Chapter XIV Definitions
Chapter XIV — Tax Administration
Section 261 is the DEFINITIONAL ANCHOR for Chapter XIV (Tax Administration ss. 236-260). The provision defines critical terms used throughout the chapter: 'authorised officer' / 'banker / banking institution' / 'books of account' /…
262
PAN
Chapter XV — Return of Income
Section 262 is the substantive equivalent of 1961 s. 139 A -- the foundational provision establishing PAN (Permanent Account Number) as the universal taxpayer identifier and prescribing eligibility / mandatory categories / Aadhaar-PAN…
263
Return of Income
Chapter XV — Return of Income
Section 263 is the substantive equivalent of 1961 s. 139 -- THE MOST FREQUENTLY-INVOKED COMPLIANCE PROVISION in the Act, governing every taxpayer's annual return-filing obligation. The provision is one of the LONGEST sections (~25K bytes)…
264
TRP Scheme
Chapter XV — Return of Income
Section 264 is the substantive equivalent of 1961 s. 139 B -- the provision dealing with tax return preparer (trp) scheme in the return-filing framework under Chapter XV. Critical for compliance; integrates with s. 263 main return-filing…
265
Verification of Return
Chapter XV — Return of Income
Section 265 is the substantive equivalent of 1961 s. 140 -- the provision dealing with verification of return (dsc / evc / aadhaar otp) in the return-filing framework under Chapter XV. Critical for compliance; integrates with s. 263 main…
266
Self-Assessment
Chapter XV — Return of Income
Section 266 is the substantive equivalent of 1961 s. 140 A -- the provision dealing with self-assessment of tax in the return-filing framework under Chapter XV. Critical for compliance; integrates with s. 263 main return-filing provision.…
267
Tax on Updated Return
Chapter XV — Return of Income
Section 267 is the substantive equivalent of 1961 s. 140 B -- the provision dealing with tax on updated return (fa 2022) in the return-filing framework under Chapter XV. Critical for compliance; integrates with s. 263 main return-filing…
268
Inquiry Before Assessment
Chapter XVI — Procedure for Assessment
Section 268 is the substantive equivalent of 1961 s. 142 -- the foundational provision empowering AO / Joint CIT / Joint Director to issue NOTICE TO ASSESSEE for production of return / books of account / documents / personal attendance /…
269
Estimation by Valuation Officer
Chapter XVI — Procedure for Assessment
Section 269 is the substantive equivalent of 1961 s. 142 A -- the AO's power to refer ASSET VALUATION to a DEPARTMENTAL VALUATION OFFICER (DVO) during pending assessment. The provision is critical for: (a) immovable property valuations…
270
Assessment
Chapter XVI — Procedure for Assessment
Section 270 is the substantive equivalent of 1961 s. 143 -- THE MOST FREQUENTLY-INVOKED ASSESSMENT PROVISION in the Act, governing every taxpayer's return-processing under the central CPC system at Bangalore and AO scrutiny / NFAC…
271
Best Judgment Assessment
Chapter XVI — Procedure for Assessment
Section 271 is the substantive equivalent of 1961 s. 144 -- the provision dealing with best judgment assessment within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry /…
272
Joint Commissioner Directions
Chapter XVI — Procedure for Assessment
Section 272 is the substantive equivalent of 1961 s. 144 A -- the provision dealing with joint commissioner directions within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry…
273
Faceless Assessment
Chapter XVI — Procedure for Assessment
Section 273 is the substantive equivalent of 1961 s. 144 B -- the FACELESS ASSESSMENT FRAMEWORK introduced FA 2020 and operationalised by CBDT Notification dated 13-Aug-2020. The provision establishes the DIGITAL-ONLY ASSESSMENT…
274
Reference to PCIT
Chapter XVI — Procedure for Assessment
Section 274 is the substantive equivalent of 1961 s. 144 BA -- the PRE-ASSESSMENT SENIOR-AUTHORITY REVIEW PATHWAY for cases involving (a) GAAR (Chapter XI - s. 178 -184) implications; (b) certain specified domestic transactions; (c) other…
275
Reference to DRP
Chapter XVI — Procedure for Assessment
Section 275 is the substantive equivalent of 1961 s. 144 C -- the DISPUTE RESOLUTION PANEL (DRP) framework, specifically targeting eligible-assessee cases including: (a) any FOREIGN COMPANY; (b) any case involving INTERNATIONAL…
276
Method of Accounting
Chapter XVI — Procedure for Assessment
Section 276 is the substantive equivalent of 1961 s. 145 -- the provision dealing with method of accounting within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry / scrutiny…
277
Method Specific Cases
Chapter XVI — Procedure for Assessment
Section 277 is the substantive equivalent of 1961 s. 145 A -- the provision dealing with method of accounting (specific cases) within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a)…
278
Taxability Certain Income
Chapter XVI — Procedure for Assessment
Section 278 is the substantive equivalent of 1961 s. 145 B -- the provision dealing with taxability of certain income within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry /…
279
Income Escaping Assessment
Chapter XVI — Procedure for Assessment
Section 279 is the substantive equivalent of 1961 s. 147 -- the foundational provision authorising RE-OPENING OF ASSESSMENT for years where INCOME has ESCAPED ASSESSMENT. POST FA 2021 WATERSHED: the provision was substantially…
280
Notice for Escaped Assessment
Chapter XVI — Procedure for Assessment
Section 280 is the substantive equivalent of 1961 s. 148 -- the formal NOTICE provision triggering reassessment proceedings under s. 279 . The provision authorises AO to issue notice requiring assessee to file return for the year in…
281
Pre-Notice Procedure
Chapter XVI — Procedure for Assessment
Section 281 is the substantive equivalent of 1961 s. 148 A -- the FA 2021 PROCEDURAL SAFEGUARD requiring AO to follow MANDATORY PRE-NOTICE PROCEDURE before issuing reassessment notice under s. 280 . The framework: (a) AO conducts…
282
Time Limit Notices
Chapter XVI — Procedure for Assessment
Section 282 is the substantive equivalent of 1961 s. 149 -- the provision dealing with time limit for notices ss. 280/281 within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a)…
283
Other Provisions Escaped
Chapter XVI — Procedure for Assessment
Section 283 is the substantive equivalent of 1961 s. 150 -- the provision dealing with other provisions on escaped assessment within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a)…
284
Sanction for Notice
Chapter XVI — Procedure for Assessment
Section 284 is the substantive equivalent of 1961 s. 151 -- the provision dealing with sanction for notice within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry / scrutiny…
285
Other Provisions
Chapter XVI — Procedure for Assessment
Section 285 is the substantive equivalent of 1961 s. 152 -- the provision dealing with provisions for assessing of escaped assessment within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration…
286
Time Limit Assessment
Chapter XVI — Procedure for Assessment
Section 286 is the substantive equivalent of 1961 s. 153 -- THE MASTER LIMITATION PROVISION governing time-limits for ALL ASSESSMENT / REASSESSMENT / RECOMPUTATION orders. The provision is one of the LONGEST procedural sections (~13.7K…
287
Rectification of Mistake
Chapter XVI — Procedure for Assessment
Section 287 is the substantive equivalent of 1961 s. 154 -- the foundational RECTIFICATION provision authorising income-tax authorities to rectify any MISTAKE APPARENT FROM THE RECORD in their orders / intimations. The provision is the…
287A
Pre-Reassessment Procedure (formerly s. 148A — FA 2021 Insertion)
Expanded — Assessment
Section 287A is the most consequential procedural reform of the post-2021 reassessment regime. Before FA 2021, reassessment under section 148 was based on the AO's 'reasons to believe' — often an opaque internal AO assessment leading to…
288
Other Amendments
Chapter XVI — Procedure for Assessment
Section 288 is the substantive equivalent of 1961 s. 155 -- the COMPREHENSIVE CONSEQUENTIAL AMENDMENT PROVISION authorising AO to amend completed assessments to give effect to subsequent orders / determinations affecting related-party…
289
Notice of Demand
Chapter XVI — Procedure for Assessment
Section 289 is the substantive equivalent of 1961 s. 156 -- the provision dealing with notice of demand within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry / scrutiny…
290
Modification of Notice
Chapter XVI — Procedure for Assessment
Section 290 is the substantive equivalent of 1961 s. 156 A -- the provision dealing with modification of notice within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry /…
291
Intimation of Loss
Chapter XVI — Procedure for Assessment
Section 291 is the substantive equivalent of 1961 s. 157 -- the provision dealing with intimation of loss within the assessment procedure framework under Chapter XVI. Critical provision in tax-administration for: (a) inquiry / scrutiny…
292
Block Assessment Charge
Chapter XVI — Procedure for Assessment
Section 292 is the substantive equivalent of 1961 s. 158 BA -- the foundational charging provision for BLOCK ASSESSMENT triggered by search and seizure under s. 247 . The provision establishes that on search-led discovery of undisclosed…
293
Block Period Computation
Chapter XVI — Procedure for Assessment
Section 293 is the substantive equivalent of 1961 s. 158 BB -- the COMPUTATION METHODOLOGY for total undisclosed income of the BLOCK PERIOD assessed under search-led block assessment regime ( s. 247 → s. 294 → s. 192 60% tax). The…
294
Block Assessment Procedure
Chapter XVI — Procedure for Assessment
Section 294 is the substantive equivalent of 1961 s. 158 BC -- the operational procedure for block assessment activated post-search. The provision establishes the procedural workflow: (a) AO issues notice to assessee post-search; (b)…
295
Other Person Spillover
Chapter XVI — Procedure for Assessment
Section 295 is the substantive equivalent of 1961 s. 158 BD -- the SPILLOVER BLOCK ASSESSMENT framework. Where during search of one assessee (Person A), the AO discovers UNDISCLOSED INCOME / ASSETS belonging to OTHER PERSON (Person B),…
296
Block Time-limit
Chapter XVI — Procedure for Assessment
Section 296 is the substantive equivalent of 1961 s. 158 BE -- the comprehensive time-limit framework for COMPLETION OF BLOCK ASSESSMENT under s. 294 procedure. The provision establishes specific time-windows for: (a) primary assessee…
297
Certain interests and penalties not levied
Chapter XVI — Procedure for Assessment
Section 297 is the substantive equivalent of 1961 s. 158 BFA -- the provision dealing with certain interests and penalties not levied within the BLOCK ASSESSMENT framework triggered by search and seizure ( s. 247 ). Section 247 search…
298
Block Interest and Penalty
Chapter XVI — Procedure for Assessment
Section 298 is the substantive equivalent of 1961 s. 158 BFA -- governing interest and penalty in block-assessment cases. The provision establishes specific interest / penalty framework over and above general provisions, recognising the…
299
Authority competent for block assessment
Chapter XVI — Procedure for Assessment
Section 299 is the substantive equivalent of 1961 s. 158 BG -- the provision dealing with authority competent for block assessment within the BLOCK ASSESSMENT framework triggered by search and seizure ( s. 247 ). Section 247 search…
300
Application of other provisions of Act
Chapter XVI — Procedure for Assessment
Section 300 is the substantive equivalent of 1961 s. 158 BH -- the provision dealing with application of other provisions of act within the BLOCK ASSESSMENT framework triggered by search and seizure ( s. 247 ). Section 247 search triggers…
301
Block Period Interpretation
Chapter XVI — Procedure for Assessment
Section 301 is the substantive equivalent of 1961 s. 158 B -- the DEFINITIONAL ANCHOR for block-assessment provisions ss. 292-300 (1961 ss. 158BA-158BH). Defines critical terms: 'BLOCK PERIOD' (typically 6 / 10 years preceding search);…
302
Legal_representative
Chapter XVII — Special Provisions Relating to Certain Persons
Section 302 is the substantive equivalent of 1961 s. 159 -- the provision dealing with legal representative within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal representatives /…
303
Representative_assessee
Chapter XVII — Special Provisions Relating to Certain Persons
Section 303 is the substantive equivalent of 1961 s. 160 -- the provision dealing with representative assessee within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal representatives…
304
Liability_of_representative_assessee
Chapter XVII — Special Provisions Relating to Certain Persons
Section 304 is the substantive equivalent of 1961 s. 161 -- the provision dealing with liability of representative assessee within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
305
Right_of_representative_assessee_to_recover_tax
Chapter XVII — Special Provisions Relating to Certain Persons
Section 305 is the substantive equivalent of 1961 s. 162 -- the provision dealing with right of representative assessee to recover tax within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks…
306
Who_may_be_regarded_as_agent
Chapter XVII — Special Provisions Relating to Certain Persons
Section 306 is the substantive equivalent of 1961 s. 163 -- the provision dealing with who may be regarded as agent within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
307
Discretionary Trust MMR
Chapter XVII — Special Provisions Relating to Certain Persons
Section 307 is the substantive equivalent of 1961 s. 164 -- the special provision charging tax at MAXIMUM MARGINAL RATE (MMR) on income of DISCRETIONARY TRUSTS / TRUSTS WHERE BENEFICIARY SHARES INDETERMINATE / UNKNOWN. The provision…
308
Charge_of_tax_in_case_of_oral_trust
Chapter XVII — Special Provisions Relating to Certain Persons
Section 308 is the substantive equivalent of 1961 s. 164 A -- the provision dealing with charge of tax in case of oral trust within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
309
Charge_of_tax_in_case_of_AOP-BOI
Chapter XVII — Special Provisions Relating to Certain Persons
Section 309 is the substantive equivalent of 1961 s. 167 A -- the provision dealing with charge of tax in case of aop/boi within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
310
Method_of_computing_share
Chapter XVII — Special Provisions Relating to Certain Persons
Section 310 is the substantive equivalent of 1961 s. 67 A -- the provision dealing with method of computing share within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
311
Charge_of_tax_where_share_unknown
Chapter XVII — Special Provisions Relating to Certain Persons
Section 311 is the substantive equivalent of 1961 s. 167 B -- the provision dealing with charge of tax where share unknown within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
312
Executor
Chapter XVII — Special Provisions Relating to Certain Persons
Section 312 is the substantive equivalent of 1961 s. 168 -- the provision dealing with executor within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal representatives /…
313
Business Succession
Chapter XVII — Special Provisions Relating to Certain Persons
Section 313 is the substantive equivalent of 1961 s. 170 -- the special-assessment provision for cases where one person SUCCEEDS to business / profession of another otherwise than by death (e.g., sale of business / amalgamation / demerger…
314
Tribunal Court Order Effect
Chapter XVII — Special Provisions Relating to Certain Persons
Section 314 is the substantive equivalent of 1961 s. 170 A -- introduced FA 2022 to address SUBSEQUENT TRIBUNAL / COURT ORDERS affecting business reorganisations / amalgamations / mergers. Where NCLT / Court order modifies business…
315
HUF Partition Assessment
Chapter XVII — Special Provisions Relating to Certain Persons
Section 315 is the substantive equivalent of 1961 s. 171 -- the procedural framework for assessing HINDU UNDIVIDED FAMILY (HUF) post-partition. The provision addresses how AO recognises partition / continuing assessment of HUF /…
316
NR Shipping Voyage Tax
Chapter XVII — Special Provisions Relating to Certain Persons
Section 316 is the substantive equivalent of 1961 s. 172 -- the SPECIAL VOYAGE-WISE TAX FRAMEWORK for non-resident shipping companies operating ships from Indian ports. The provision provides: (a) PRESUMPTIVE INCOME at 7.5% of gross…
317
Assessment_of_persons_leaving_India
Chapter XVII — Special Provisions Relating to Certain Persons
Section 317 is the substantive equivalent of 1961 s. 174 -- the provision dealing with assessment of persons leaving india within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
318
Person_formed_for_particular_event-purpose
Chapter XVII — Special Provisions Relating to Certain Persons
Section 318 is the substantive equivalent of 1961 s. 174 A -- the provision dealing with person formed for particular event/purpose within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
319
Persons_likely_to_transfer_property_to_avoid_tax
Chapter XVII — Special Provisions Relating to Certain Persons
Section 319 is the substantive equivalent of 1961 s. 175 -- the provision dealing with persons likely to transfer property to avoid tax within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks…
320
Discontinued_business
Chapter XVII — Special Provisions Relating to Certain Persons
Section 320 is the substantive equivalent of 1961 s. 176 -- the provision dealing with discontinued business within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal representatives /…
321
Association_dissolved_or_business_discontinued
Chapter XVII — Special Provisions Relating to Certain Persons
Section 321 is the substantive equivalent of 1961 s. 177 -- the provision dealing with association dissolved or business discontinued within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
322
Company in Liquidation
Chapter XVII — Special Provisions Relating to Certain Persons
Section 322 is the substantive equivalent of 1961 s. 178 -- the provision establishing TAX LIABILITY of a company UNDER LIQUIDATION (under Companies Act 2013 / IBC 2016) and DUTIES of the LIQUIDATOR. The provision ensures that tax dues…
323
Director Liability Private Company
Chapter XVII — Special Provisions Relating to Certain Persons
Section 323 is the substantive equivalent of 1961 s. 179 -- the provision imposing PERSONAL LIABILITY on DIRECTORS of PRIVATE COMPANY for tax dues unrecoverable from the company itself. The provision applies where (a) tax cannot be…
324
Charge_of_tax_in_case_of_firm
Chapter XVII — Special Provisions Relating to Certain Persons
Section 324 is the substantive equivalent of 1961 s. 184 -- the provision dealing with charge of tax in case of firm within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
325
Assessment_as_a_firm
Chapter XVII — Special Provisions Relating to Certain Persons
Section 325 is the substantive equivalent of 1961 s. 184 -- the provision dealing with assessment as a firm within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal representatives /…
326
Assessment_when_section_325_not_complied
Chapter XVII — Special Provisions Relating to Certain Persons
Section 326 is the substantive equivalent of 1961 s. 185 -- the provision dealing with assessment when section 325 not complied within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
327
Change_in_constitution_of_firm
Chapter XVII — Special Provisions Relating to Certain Persons
Section 327 is the substantive equivalent of 1961 s. 187 -- the provision dealing with change in constitution of firm within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
328
Succession_of_one_firm_by_another
Chapter XVII — Special Provisions Relating to Certain Persons
Section 328 is the substantive equivalent of 1961 s. 188 -- the provision dealing with succession of one firm by another within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
329
Joint_and_several_liability_of_partners
Chapter XVII — Special Provisions Relating to Certain Persons
Section 329 is the substantive equivalent of 1961 s. 188 A -- the provision dealing with joint and several liability of partners within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
330
Firm_dissolved_or_business_discontinued
Chapter XVII — Special Provisions Relating to Certain Persons
Section 330 is the substantive equivalent of 1961 s. 189 -- the provision dealing with firm dissolved or business discontinued within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
331
Liability_of_LLP_partners_in_liquidation
Chapter XVII — Special Provisions Relating to Certain Persons
Section 331 is the substantive equivalent of 1961 s. 167 C -- the provision dealing with liability of llp partners in liquidation within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
332
Charitable Trust Registration
Chapter XVII — Special Provisions Relating to Certain Persons
Section 332 is the substantive equivalent of 1961 ss. 12A / 12AB -- THE FOUNDATIONAL REGISTRATION PROVISION for charitable trusts / Non-Profit Organisations (NPOs) seeking exemption under s. 11 / 1961 s. 11 . FA 2020 watershed…
333
Charitable_Trust_--_Switching_over_of_regimes
Chapter XVII — Special Provisions Relating to Certain Persons
Section 333 is the substantive equivalent of 1961 s. 12 AB Proviso -- the provision dealing with charitable trust -- switching over of regimes within the special-provisions framework under Chapter XVII. The chapter covers liability…
334
Charitable_Trust_--_Tax_on_registered_NPO_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 334 is the substantive equivalent of 1961 s. 11 -- the provision dealing with charitable trust -- tax on registered npo income within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks…
335
Charitable_Trust_--_Regular_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 335 is the substantive equivalent of 1961 s. 11(1) -- the provision dealing with charitable trust -- regular income within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
336
Charitable_Trust_--_Taxable_regular_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 336 is the substantive equivalent of 1961 s. 11(2) -- the provision dealing with charitable trust -- taxable regular income within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
337
Anonymous Donations 30pc
Chapter XVII — Special Provisions Relating to Certain Persons
Section 337 is the substantive equivalent of 1961 s. 115 BBC -- the SPECIAL TAX REGIME for ANONYMOUS DONATIONS received by charitable trusts / NPOs. The provision targets cash-deposit / anonymous-corpus building schemes -- where trust…
338
Charitable_Trust_--_Income_not_in_regular_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 338 is the substantive equivalent of 1961 s. 11(1)(d) -- the provision dealing with charitable trust -- income not in regular income within the special-provisions framework under Chapter XVII. The chapter covers liability…
339
Charitable_Trust_--_Corpus_donation
Chapter XVII — Special Provisions Relating to Certain Persons
Section 339 is the substantive equivalent of 1961 s. 11(1)(d) -- the provision dealing with charitable trust -- corpus donation within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
340
Charitable_Trust_--_Deemed_corpus_donation
Chapter XVII — Special Provisions Relating to Certain Persons
Section 340 is the substantive equivalent of 1961 s. 11(1)(d) Proviso -- the provision dealing with charitable trust -- deemed corpus donation within the special-provisions framework under Chapter XVII. The chapter covers liability…
341
Trust Application of Income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 341 is the substantive equivalent of 1961 s. 11(1) read with s. 11(2) -- the foundational APPLICATION-OF-INCOME mechanism that determines whether charitable trust qualifies for s. 11 / s. 334 exemption. The provision establishes…
342
Charitable_Trust_--_Accumulated_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 342 is the substantive equivalent of 1961 s. 11(2) -- the provision dealing with charitable trust -- accumulated income within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
343
Charitable_Trust_--_Deemed_accumulated_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 343 is the substantive equivalent of 1961 s. 11(3) -- the provision dealing with charitable trust -- deemed accumulated income within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks…
344
Charitable_Trust_--_Business_undertaking
Chapter XVII — Special Provisions Relating to Certain Persons
Section 344 is the substantive equivalent of 1961 s. 11(4) -- the provision dealing with charitable trust -- business undertaking within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
345
Charitable_Trust_--_Commercial_activities_restrict
Chapter XVII — Special Provisions Relating to Certain Persons
Section 345 is the substantive equivalent of 1961 s. 11(4A) -- the provision dealing with charitable trust -- commercial activities restriction within the special-provisions framework under Chapter XVII. The chapter covers liability…
346
Charitable_Trust_--_Object_of_general_public_utili
Chapter XVII — Special Provisions Relating to Certain Persons
Section 346 is the substantive equivalent of 1961 s. 2(15) -- the provision dealing with charitable trust -- object of general public utility within the special-provisions framework under Chapter XVII. The chapter covers liability…
347
Charitable_Trust_--_Books_of_account
Chapter XVII — Special Provisions Relating to Certain Persons
Section 347 is the substantive equivalent of 1961 s. 12 A(1)(b) -- the provision dealing with charitable trust -- books of account within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for:…
348
Charitable_Trust_--_Audit
Chapter XVII — Special Provisions Relating to Certain Persons
Section 348 is the substantive equivalent of 1961 s. 12 A(1)(b) -- the provision dealing with charitable trust -- audit within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
349
Charitable_Trust_--_Return_of_income
Chapter XVII — Special Provisions Relating to Certain Persons
Section 349 is the substantive equivalent of 1961 s. 139(4A) -- the provision dealing with charitable trust -- return of income within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
350
Charitable_Trust_--_Permitted_modes_of_investment
Chapter XVII — Special Provisions Relating to Certain Persons
Section 350 is the substantive equivalent of 1961 s. 11(5) -- the provision dealing with charitable trust -- permitted modes of investment within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks…
351
Specified Violations
Chapter XVII — Special Provisions Relating to Certain Persons
Section 351 is the substantive equivalent of 1961 s. 12 AB(4) -- the SPECIFIED VIOLATIONS framework introduced FA 2022 enumerating specific breaches that empower PCIT/CIT to CANCEL trust's registration under s. 332 . Cancellation triggers…
352
Trust Accreted Income Exit Tax
Chapter XVII — Special Provisions Relating to Certain Persons
Section 352 is the substantive equivalent of 1961 s. 115 TD -- the EXIT TAX provision targeting charitable trust accumulated wealth. Where a registered trust ceases to qualify for exemption (cancellation under s. 351 / dissolution /…
353
Charitable_Trust_--_Other_violations
Chapter XVII — Special Provisions Relating to Certain Persons
Section 353 is the substantive equivalent of 1961 s. 13 -- the provision dealing with charitable trust -- other violations within the special-provisions framework under Chapter XVII. The chapter covers liability frameworks for: legal…
354
80G Approval
Chapter XVII — Special Provisions Relating to Certain Persons
Section 354 is the substantive equivalent of 1961 s. 80 G(5) -- the foundational provision authorising charitable trusts / NPOs / specified entities to seek APPROVAL FOR 80G DONATION DEDUCTION ELIGIBILITY (under s. 133(1)(b)(ii) of 2025…
355
Chapter XVII Interpretation
Chapter XVII — Special Provisions Relating to Certain Persons
Section 355 is the DEFINITIONAL ANCHOR for Chapter XVII Special Provisions relating to charitable trusts / NPOs (ss. 332-355) and related provisions. The provision defines critical terms used throughout the chapter: 'charitable purpose' /…
356
JCIT(A) Appeals
Chapter XVIII — Appeals Revisions and ADR
Section 356 is the substantive equivalent of 1961 s. 246 -- the framework for FIRST APPELLATE LEVEL at JOINT COMMISSIONER (APPEALS) [JCIT(A)] introduced by FA 2023 to handle smaller-quantum disputes. The provision enumerates orders…
357
CIT(A) Appeals
Chapter XVIII — Appeals Revisions and ADR
Section 357 is the substantive equivalent of 1961 s. 246 A -- the MASTER FIRST APPELLATE PROVISION enumerating orders appealable to COMMISSIONER (APPEALS) [CIT(A)]. The provision is the WORKHORSE first-appellate framework -- every…
358
Form of Appeal Limitation
Chapter XVIII — Appeals Revisions and ADR
Section 358 is the substantive equivalent of 1961 s. 249 -- the procedural anchor for FILING APPEALS to JCIT(A) / CIT(A). The provision establishes: (a) FORM (Form 35) and signature requirements; (b) LIMITATION of 30 DAYS from order…
359
Procedure in Appeal
Chapter XVIII — Appeals Revisions and ADR
Section 359 is the substantive equivalent of 1961 s. 250 -- the procedural framework for FIRST-TIER APPEAL hearing and disposal at JCIT(A) / CIT(A). The provision governs: (a) hearing notice to appellant + AO; (b) opportunity for parties…
360
Powers of CIT(A)
Chapter XVIII — Appeals Revisions and ADR
Section 360 is the substantive equivalent of 1961 s. 251 -- the framework for FIRST APPELLATE AUTHORITY POWERS in disposing appeals. The provision provides COMPREHENSIVE POWERS to confirm / reduce / enhance / annul the AO's assessment /…
361
Appellate Tribunal
Chapter XVIII — Appeals Revisions and ADR
Section 361 is the substantive equivalent of 1961 s. 252 -- the foundational provision establishing the INCOME TAX APPELLATE TRIBUNAL (ITAT). The provision establishes ITAT as an INDEPENDENT QUASI-JUDICIAL BODY constituted under the Act…
362
Appeals to ITAT
Chapter XVIII — Appeals Revisions and ADR
Section 362 is the substantive equivalent of 1961 s. 253 -- the framework for FILING APPEALS TO ITAT. The provision specifies: (a) WHO can appeal (assessee + AO/Department); (b) AGAINST WHICH ORDERS appealable to ITAT; (c) FORM of appeal…
363
Orders of ITAT
Chapter XVIII — Appeals Revisions and ADR
Section 363 is the substantive equivalent of 1961 s. 254 -- the framework for ITAT'S POWERS and FINAL ORDERS. The provision establishes: (a) ITAT can pass any order it thinks fit -- broad powers; (b) typically confirm / vary / reverse /…
365
HC Appeal
Chapter XVIII — Appeals Revisions and ADR
Section 365 is the substantive equivalent of 1961 s. 260 A -- the framework for SECOND APPELLATE FORUM at HIGH COURT. The provision restricts HC appeals to cases involving SUBSTANTIAL QUESTION OF LAW arising from ITAT order. HC does NOT…
366
HC Bench
Chapter XVIII — Appeals Revisions and ADR
Section 366 is the substantive equivalent of 1961 s. 260 A(2A) -- the provision dealing with hc bench composition (2 judges) within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical…
367
SC Appeal
Chapter XVIII — Appeals Revisions and ADR
Section 367 is the substantive equivalent of 1961 s. 261 -- the FINAL APPELLATE TIER framework for tax disputes. SC appeal lies from HC ORDER under s. 365 (Article 132/133 Constitutional certificate) OR via SLP under Article 136. The…
368
SC Hearing
Chapter XVIII — Appeals Revisions and ADR
Section 368 is the substantive equivalent of 1961 s. 261 / 262 -- the provision dealing with hearing before supreme court within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
369
Tax Payable Irrespective
Chapter XVIII — Appeals Revisions and ADR
Section 369 is the substantive equivalent of 1961 s. 264 A / s. 220(6) -- the provision dealing with tax payable irrespective of appeal within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII.…
370
SC Costs Execution
Chapter XVIII — Appeals Revisions and ADR
Section 370 is the substantive equivalent of 1961 s. 263 -- the provision dealing with execution of costs awarded by sc within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
371
Amendment on Appeal
Chapter XVIII — Appeals Revisions and ADR
Section 371 is the substantive equivalent of 1961 s. 264 -- the provision dealing with amendment of assessment on appeal within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
372
Exclusion of Time
Chapter XVIII — Appeals Revisions and ADR
Section 372 is the substantive equivalent of 1961 s. 268 -- the provision dealing with exclusion of time for copy within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
373
Dept Appeal Filing
Chapter XVIII — Appeals Revisions and ADR
Section 373 is the substantive equivalent of 1961 s. 268 A -- the provision dealing with department appeal filing within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
374
HC Interpretation
Chapter XVIII — Appeals Revisions and ADR
Section 374 is the substantive equivalent of 1961 s. 269 -- the provision dealing with high court interpretation within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
375
HC SC Procedure
Chapter XVIII — Appeals Revisions and ADR
Section 375 is the substantive equivalent of 1961 s. 269 A -- the provision dealing with hc / sc procedure aspects within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
376
HC SC Continuation
Chapter XVIII — Appeals Revisions and ADR
Section 376 is the substantive equivalent of 1961 s. 269 A -- the provision dealing with continuation of hc / sc matters within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
377
Revenue Revision
Chapter XVIII — Appeals Revisions and ADR
Section 377 is the substantive equivalent of 1961 s. 263 -- the SUO-MOTO REVISIONARY POWER of Pr CIT / CIT against AO orders that are 'ERRONEOUS AND PREJUDICIAL TO REVENUE'. The provision allows departmental review of AO orders without…
378
Assessee Revision
Chapter XVIII — Appeals Revisions and ADR
Section 378 is the substantive equivalent of 1961 s. 264 -- the ASSESSEE-FAVOURABLE REVISIONARY POWER of Pr CIT / CIT. Where AO order causes hardship to assessee but assessee chose not to file regular appeal (e.g., due to small quantum,…
379
DRC
Chapter XVIII — Appeals Revisions and ADR
Section 379 is the substantive equivalent of 1961 s. 245 MA -- the DISPUTE RESOLUTION COMMITTEE (DRC) framework introduced FA 2021 as an ALTERNATIVE DISPUTE RESOLUTION mechanism for SMALL-TAXPAYER cases. The provision provides simplified…
380
DRC Interpretation
Chapter XVIII — Appeals Revisions and ADR
Section 380 is the substantive equivalent of 1961 s. 245 MA Explanation -- the provision dealing with drc interpretation within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
381
Board for Advance Rulings
Chapter XVIII — Appeals Revisions and ADR
Section 381 is the substantive equivalent of 1961 s. 245 -O / 245-OA -- the provision dealing with board for advance rulings (bar) within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical…
382
BAR Vacancies
Chapter XVIII — Appeals Revisions and ADR
Section 382 is the substantive equivalent of 1961 s. 245 P -- the provision dealing with bar vacancies / proceedings within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
383
AR Application
Chapter XVIII — Appeals Revisions and ADR
Section 383 is the substantive equivalent of 1961 s. 245 Q -- the provision dealing with application for advance ruling within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
384
AR Procedure
Chapter XVIII — Appeals Revisions and ADR
Section 384 is the substantive equivalent of 1961 s. 245 R -- the provision dealing with procedure on receipt of ar application within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical…
385
Appellate Authority Bar
Chapter XVIII — Appeals Revisions and ADR
Section 385 is the substantive equivalent of 1961 s. 245 RR -- the provision dealing with appellate authority not to proceed within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical…
386
AR Void Circumstances
Chapter XVIII — Appeals Revisions and ADR
Section 386 is the substantive equivalent of 1961 s. 245 S(2) -- the provision dealing with ar void in certain circumstances within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical…
387
BAR Powers
Chapter XVIII — Appeals Revisions and ADR
Section 387 is the substantive equivalent of 1961 s. 245 U -- the provision dealing with powers of board for ar within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
388
BAR Procedure
Chapter XVIII — Appeals Revisions and ADR
Section 388 is the substantive equivalent of 1961 s. 245 V -- the provision dealing with procedure of bar within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural / definitional…
389
Appeal from AR
Chapter XVIII — Appeals Revisions and ADR
Section 389 is the substantive equivalent of 1961 s. 245 W [FA 2021] -- the provision dealing with appeal from ar within the appellate / revisions / alternate dispute resolution framework under Chapter XVIII. Critical procedural /…
390
Master Collection Framework
Chapter XIX — Collection and Recovery of Tax
Section 390 is the substantive equivalent of 1961 s. 190 -- the foundational charging provision establishing that INCOME TAX shall be PAYABLE by way of: (a) DEDUCTION OR COLLECTION AT SOURCE; OR (b) ADVANCE PAYMENT (advance tax…
391
Direct Payment
Chapter XIX — Collection and Recovery of Tax
Section 391 of the Income-tax Act, 2025 is the substantive equivalent of section 191 of the Income-tax Act, 1961. It establishes the residual rule that where TDS has not been deducted (or where an income falls outside the deduction net),…
392
Salary TDS
Chapter XIX — Collection and Recovery of Tax
Section 392 of the Income-tax Act, 2025 corresponds substantively to sections 192 and 192A of the Income-tax Act, 1961. It is the cornerstone TDS provision for employer-employee remuneration, accommodating the dual-regime architecture…
393
Master TDS Provision
Chapter XIX — Collection and Recovery of Tax
Section 393 is the MASTER TDS PROVISION consolidating 1961 ss. 192-196D into a single comprehensive section with extensive Tables. THE LARGEST SECTION IN THE ENTIRE ACT (~80K bytes verbatim). Covers ALL TDS categories: SALARY (192);…
394
TCS Framework
Chapter XIX — Collection and Recovery of Tax
Section 394 is the substantive equivalent of 1961 s. 206 C -- the TAX COLLECTED AT SOURCE (TCS) framework targeting SELLER-SIDE collection on specified goods / services. The provision establishes that SELLER must COLLECT specified…
395
Certificates
Chapter XIX — Collection and Recovery of Tax
Section 395 of the Income-tax Act, 2025 corresponds substantively to sections 197 (lower deduction certificate), 197A (declaration in Forms 15G/15H/15CA-CB) and the related certificate-issuance framework of the 1961 Act. It permits a…
396
Tax Deducted is Income Received
Chapter XIX — Collection and Recovery of Tax
Section 396 of the Income-tax Act, 2025 is the substantive equivalent of section 198 of the Income-tax Act, 1961. It establishes the foundational principle that for purposes of computing the income of the assessee, tax deducted at source…
397
Compliance and Reporting
Chapter XIX — Collection and Recovery of Tax
Section 397 of the Income-tax Act, 2025 consolidates the compliance and reporting framework that, under the 1961 Act, was distributed across sections 200(3) (quarterly statements), 203 (TDS certificates), 203A (TAN), 203AA (Form 26AS),…
398
Consequences of TDS-TCS Failure
Chapter XIX — Collection and Recovery of Tax
Section 398 of the Income-tax Act, 2025 consolidates the consequences regime that, under the 1961 Act, was distributed across sections 201 (assessee in default), 201(1A) (interest), 206C(6)/(7) (TCS default), and 234E (late filing fee).…
399
Processing of TDS-TCS Statements
Chapter XIX — Collection and Recovery of Tax
Section 399 of the Income-tax Act, 2025 is the substantive equivalent of section 200 A (TDS) and section 206 CB (TCS) of the Income-tax Act, 1961. It establishes the centralised processing mechanism for quarterly TDS/TCS statements at the…
400
CG Power to Relax
Chapter XIX — Collection and Recovery of Tax
Section 400 of the Income-tax Act, 2025 is the substantive equivalent of section 197 A(1F) and the power to issue notifications under sections 192 to 196D / 206C of the 1961 Act. It empowers the Central Government to notify, by…
401
Bar Against Direct Demand
Chapter XIX — Collection and Recovery of Tax
Section 401 of the Income-tax Act, 2025 is the substantive equivalent of section 205 of the Income-tax Act, 1961. It bars the Revenue from raising direct demand on an assessee for tax which has already been deducted at source by the…
402
Interpretation TDS-TCS Definitions
Chapter XIX — Collection and Recovery of Tax
Section 402 of the Income-tax Act, 2025 is the consolidated definitional provision for Chapter XIX (TDS / TCS Sub-Chapter). Under the 1961 Act, definitions were scattered across Explanations to ss. 192, 193, 194, 194A, 194B, 194C, 194D,…
403
Liability for Payment of Advance Tax
Chapter XIX — Collection and Recovery of Tax
Section 403 of the Income-tax Act, 2025 corresponds to s. 207 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Section 403 establishes the liability…
404
Conditions of Liability to Pay Advance Tax
Chapter XIX — Collection and Recovery of Tax
Section 404 of the Income-tax Act, 2025 corresponds to s. 208 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Section 404 specifies the conditional…
405
Computation of Advance Tax
Chapter XIX — Collection and Recovery of Tax
Section 405 of the Income-tax Act, 2025 corresponds to s. 209 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Computation rule: estimated total income…
406
Payment of Advance Tax by Assessee on his Own Accord
Chapter XIX — Collection and Recovery of Tax
Section 406 of the Income-tax Act, 2025 corresponds to s. 210 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Self-assessment mechanism: assessee…
407
Payment of Advance Tax in Pursuance of Order of Assessing Officer
Chapter XIX — Collection and Recovery of Tax
Section 407 of the Income-tax Act, 2025 corresponds to s. 210(3) /(4) (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Where AO has reason to believe that…
408
Instalments of Advance Tax and Due Dates
Chapter XIX — Collection and Recovery of Tax
Section 408 of the Income-tax Act, 2025 corresponds to s. 211 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Instalment schedule -- non-presumptive…
409
When Assessee is Deemed to be in Default
Chapter XIX — Collection and Recovery of Tax
Section 409 of the Income-tax Act, 2025 corresponds to s. 218 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Where assessee fails to pay any instalment…
410
Credit for Advance Tax
Chapter XIX — Collection and Recovery of Tax
Section 410 of the Income-tax Act, 2025 corresponds to s. 219 (FA 1987) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Advance tax paid is treated as tax paid;…
411
Determination of Default
Chapter XIX — Collection and Recovery of Tax
Section 411 of the Income-tax Act, 2025 corresponds to s. 218 / 220 (procedural) of the Income-tax Act, 1961, restated within the consolidated advance tax framework of Chapter XIX. STATUTORY ARCHITECTURE Procedural framework for AO to…
412
When Tax is Payable and When Assessee is in Default
Chapter XIX — Collection and Recovery of Tax
Section 412 of the Income-tax Act, 2025 corresponds to s. 220 (FA 1987) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 412 establishes the timeline of demand. Tax raised by demand notice ( s. 156 ) is payable within 30 days…
413
Penalty Payable When Tax in Default
Chapter XIX — Collection and Recovery of Tax
Section 413 of the Income-tax Act, 2025 corresponds to s. 221 (FA 1987) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where assessee is in default in payment of tax, AO may impose penalty up to the amount of tax in arrears.…
414
Other Modes of Recovery
Chapter XIX — Collection and Recovery of Tax
Section 414 of the Income-tax Act, 2025 corresponds to s. 226 (FA 1987) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Recovery modes: (a) attachment of debts / s. 226(3) garnishee notice on banks/debtors; (b) sale of movable /…
415
Recovery by Tax Recovery Officer
Chapter XIX — Collection and Recovery of Tax
Section 415 of the Income-tax Act, 2025 corresponds to s. 222 / Sch II (Income-tax Rules) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE TRO is empowered to draw up certificate of tax due and recover via Schedule II procedures: (a)…
416
Modes of Recovery
Chapter XIX — Collection and Recovery of Tax
Section 416 of the Income-tax Act, 2025 corresponds to s. 222(1) / s. 226 (consolidated) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Detailed enumeration of recovery modes -- 88 lines in statutory text. Includes attachment,…
417
Recovery Through State Government
Chapter XIX — Collection and Recovery of Tax
Section 417 of the Income-tax Act, 2025 corresponds to s. 227 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE TRO may forward certificate to State Collector (or equivalent) for recovery as arrears of land revenue. Useful where State…
418
Recovery Through Court
Chapter XIX — Collection and Recovery of Tax
Section 418 of the Income-tax Act, 2025 corresponds to s. 232 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE AO may recover tax through Civil Court suit in addition to (not in lieu of) recovery under s. 415 / 416. Suit filed under…
419
Recovery in Pursuance of Agreements with Foreign Countries
Chapter XIX — Collection and Recovery of Tax
Section 419 of the Income-tax Act, 2025 corresponds to s. 228 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Recovery from / for foreign jurisdiction under DTAA mutual assistance article. India has entered into mutual collection…
420
Tax Clearance Certificate
Chapter XIX — Collection and Recovery of Tax
Section 420 of the Income-tax Act, 2025 corresponds to s. 230 (FA 1959) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Persons leaving India may be required to obtain tax clearance certificate under specified circumstances.…
421
Recovery from Persons Holding Money on Behalf of Assessee
Chapter XIX — Collection and Recovery of Tax
Section 421 of the Income-tax Act, 2025 corresponds to s. 226(3) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Garnishee notice mechanism. AO/TRO directs banks, debtors, employers, tenants holding money for the defaulter to remit it…
422
Liability of Manager of a Company
Chapter XIX — Collection and Recovery of Tax
Section 422 of the Income-tax Act, 2025 corresponds to s. 179 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Director / manager of a private company in liquidation is jointly and severally liable for tax dues unless he proves…
423
Interest for Default in Furnishing Return
Chapter XIX — Collection and Recovery of Tax
Section 423 of the Income-tax Act, 2025 corresponds to s. 234 A (FA 1989 from 1-4-1989) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Interest at 1% per month (or part of month) from due date u/s 139(1) [ s. 263 of 2025] to date of…
424
Interest for Default in Payment of Advance Tax
Chapter XIX — Collection and Recovery of Tax
Section 424 of the Income-tax Act, 2025 corresponds to s. 234 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Interest at 1% per month (or part of month) where: (a) advance tax paid is < 90% of assessed tax, OR (b) no advance tax…
425
Interest for Deferment of Advance Tax
Chapter XIX — Collection and Recovery of Tax
Section 425 of the Income-tax Act, 2025 corresponds to s. 234 C of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Interest for shortfall in instalments: 1% per month for 3 months (or 1 month for last instalment). Default benchmarks: 15%…
426
Interest on Excess Refund
Chapter XIX — Collection and Recovery of Tax
Section 426 of the Income-tax Act, 2025 corresponds to s. 234 D of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where refund granted u/s 143(1) is found excess on regular assessment ( s. 143(3) ), interest at 0.5% per month from date…
427
Fee for Default in Furnishing Return of Income
Chapter XIX — Collection and Recovery of Tax
Section 427 of the Income-tax Act, 2025 corresponds to s. 234 F (FA 2017) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Fee of INR 5,000 for late filing (after 31-Jul); INR 1,000 if total income < INR 5L. Levied automatically on…
428
Fee for Default in Furnishing Statements
Chapter XIX — Collection and Recovery of Tax
Section 428 of the Income-tax Act, 2025 corresponds to s. 234 E of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 200 per day for delay in filing TDS/TCS quarterly statements, capped at amount of TDS/TCS for that quarter. Mandatory;…
429
Fee for Default Relating to Statement or Information
Chapter XIX — Collection and Recovery of Tax
Section 429 of the Income-tax Act, 2025 corresponds to Penalty regime under s. 271 FA / 271K of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Fees for failure to furnish statements like SFT ( s. 285 BA), accountant's report under…
430
Fee for Default Relating to Intimation of Aadhaar Number
Chapter XIX — Collection and Recovery of Tax
Section 430 of the Income-tax Act, 2025 corresponds to s. 234 H (FA 2021) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Fee up to INR 1,000 for failure to link PAN with Aadhaar by prescribed date. PAN becomes inoperative if not…
431
Refunds -- General Eligibility
Chapter XX — Refunds
Section 431 of the Income-tax Act, 2025 corresponds to s. 237 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 431 is the entitlement-to-refund provision. Where a person has paid (or has had paid on his behalf) tax which…
432
Refund Where Income is Included in Other Person's Income
Chapter XX — Refunds
Section 432 of the Income-tax Act, 2025 corresponds to s. 238 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where income is clubbed under Chapter VI [ s. 96 -100 of 2025] in another person's hands (e.g. spouse, minor child,…
433
Form of Claim for Refund and Limitation
Chapter XX — Refunds
Section 433 of the Income-tax Act, 2025 corresponds to s. 239 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Refund claim via filing return under s. 263 [ s. 139 of 1961]. The 1961 framework permitted Form 30 separately; the 2025…
434
Refund for Denying Liability to Deduct Tax
Chapter XX — Refunds
Section 434 of the Income-tax Act, 2025 corresponds to s. 239 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE FA 2022 provision (effective 1-4-2022). Where deductor, having borne TDS under contractual arrangement (net-of-tax),…
435
Refund on Appeal etc.
Chapter XX — Refunds
Section 435 of the Income-tax Act, 2025 corresponds to s. 240 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where any order in appeal / revision / other proceeding results in refund, AO must give effect within prescribed time (3…
436
Correctness of Assessment Not to be Questioned
Chapter XX — Refunds
Section 436 of the Income-tax Act, 2025 corresponds to s. 242 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Refund proceedings cannot be used to re-litigate finality of assessment. Assessment becomes final after appellate process /…
437
Interest on Refund
Chapter XX — Refunds
Section 437 of the Income-tax Act, 2025 corresponds to s. 244 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Simple interest at 0.5% per month (or part of month) on refund. Period: from date of payment of tax / date of intimation…
438
Set-off and Withholding of Refunds
Chapter XX — Refunds
Section 438 of the Income-tax Act, 2025 corresponds substantively to sections 245 (set-off of refund against demand) and 241A (withholding of refund pending assessment) of the Income-tax Act, 1961. It empowers AO to (a) set off any refund…
439
Penalty for Under-reporting and Misreporting of Income
Chapter XXI — Penalties
Section 439 of the Income-tax Act, 2025 corresponds to s. 270 A (FA 2016 from 1-4-2017) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Section 439 is the bedrock penalty provision of the 2025 Act -- it replaces (under the 1961…
440
Immunity from Imposition of Penalty
Chapter XXI — Penalties
Section 440 of the Income-tax Act, 2025 corresponds to s. 270 AA (FA 2016) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Assessee may apply to AO for waiver of penalty u/s 439 [270A] AND immunity from prosecution u/s 472…
441
Penalty for Failure to Keep Books and Other Default
Chapter XXI — Penalties
Section 441 of the Income-tax Act, 2025 corresponds to s. 271 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Flat penalty of INR 25,000 for failure to maintain books or documents required u/s 44AA [ s. 62 of 2025] or to retain them…
442
Penalty re Transfer Pricing Documentation
Chapter XXI — Penalties
Section 442 of the Income-tax Act, 2025 corresponds to s. 271 AA - s. 271 G of the Income-tax Act, 1961. STATUTORY ARCHITECTURE 2% of value of each international transaction or specified domestic transaction in respect of which the…
443
Penalty for Refusal to Answer or Sign Statement
Chapter XXI — Penalties
Section 443 of the Income-tax Act, 2025 corresponds to s. 271(1)(b) (FA 1987) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty for refusal to answer questions or sign statement put by AO during proceedings under the Act.…
444
Penalty for False Entry in Books
Chapter XXI — Penalties
Section 444 of the Income-tax Act, 2025 corresponds to s. 271 AAD (FA 2020) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty equal to aggregate amount of false entry or omitted entry. Targets fake invoices, sham transactions,…
445
Penalty re Charitable Trust Specified Income
Chapter XXI — Penalties
Section 445 of the Income-tax Act, 2025 corresponds to s. 271 AAE of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty on registered NPO for any specified income chargeable under s. 211 [ s. 13 -12-115BBI of 1961] -- equal to…
446
Penalty for Failure re Crypto-asset Statement
Chapter XXI — Penalties
Section 446 of the Income-tax Act, 2025 corresponds to s. 271 FAA (FA 2024) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty for failure to furnish statement re VDA or crypto-asset transactions u/s 509(1) [285BA equivalent].…
447
Penalty re Failure to Get Accounts Audited
Chapter XXI — Penalties
Section 447 of the Income-tax Act, 2025 corresponds to s. 271 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE 0.5% of total sales or turnover or gross receipts subject to maximum INR 1,50,000. Non-compliance with s. 63 [44AB tax…
448
Penalty re Failure to Deduct Tax at Source
Chapter XXI — Penalties
Section 448 of the Income-tax Act, 2025 corresponds to s. 271 C of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty equal to tax not deducted -- in addition to s. 398 (consequences of failure) interest. Discretionary -- AO must…
449
Penalty re Failure to Collect Tax (TCS)
Chapter XXI — Penalties
Section 449 of the Income-tax Act, 2025 corresponds to s. 271 CA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty equal to TCS not collected. Mirror of s. 448 [271C] for collectors. PRACTITIONER PLANNING NOTES Document the…
450
Penalty re Acceptance of Loan or Deposit (s. 185)
Chapter XXI — Penalties
Section 450 of the Income-tax Act, 2025 corresponds to s. 271 D of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty equal to amount of loan, deposit or specified sum accepted in cash exceeding INR 20,000 in contravention of s. 185…
451
Penalty re Receipt in Cash above INR 2 lakh (s. 186)
Chapter XXI — Penalties
Section 451 of the Income-tax Act, 2025 corresponds to s. 271 DA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty equal to amount received in cash by single person on single day in aggregate exceeding INR 2 lakh in…
452
Penalty re Failure to Provide Digital Acceptance Facility
Chapter XXI — Penalties
Section 452 of the Income-tax Act, 2025 corresponds to s. 271 DB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty INR 5,000 per day during period of failure where assessee turnover above INR 50 crore fails to provide UPI, RuPay…
453
Penalty re Repayment of Loan or Deposit Otherwise than Banking Channel
Chapter XXI — Penalties
Section 453 of the Income-tax Act, 2025 corresponds to s. 271 E of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty equal to amount of loan, deposit or specified advance repaid in cash exceeding INR 20,000 in contravention of s.…
454
Penalty re Failure to Furnish SFT or Reportable Account
Chapter XXI — Penalties
Section 454 of the Income-tax Act, 2025 corresponds to s. 271 FA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 500 per day; INR 1,000 per day during continuance after notice. Specified Financial Transactions u/s 508 [285BA]…
455
Penalty re Inaccuracy in SFT
Chapter XXI — Penalties
Section 455 of the Income-tax Act, 2025 corresponds to s. 271 FAA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 50,000 for inaccurate information in SFT or reportable account statement. PRACTITIONER PLANNING NOTES Cross-verify…
456
Penalty re Eligible Investment Fund Reporting
Chapter XXI — Penalties
Section 456 of the Income-tax Act, 2025 corresponds to s. 271 FAB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty for failure of EIF ( s. 9 A of 1961) to file statement or information per Schedule I. PRACTITIONER PLANNING…
457
Penalty re Failure to Furnish TP Information
Chapter XXI — Penalties
Section 457 of the Income-tax Act, 2025 corresponds to s. 271 G of the Income-tax Act, 1961. STATUTORY ARCHITECTURE 2% of international transaction value -- failure to furnish TP information or document under s. 506(1) [ s. 92 D] within…
458
Penalty re Indian Concern Failure to Furnish Information re Foreign Co
Chapter XXI — Penalties
Section 458 of the Income-tax Act, 2025 corresponds to s. 271 GA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 5,00,000 for failure of Indian concern (where indirect transfer of Indian asset triggered s. 9 deeming) to provide…
459
Penalty re CbCR Filing Failure
Chapter XXI — Penalties
Section 459 of the Income-tax Act, 2025 corresponds to s. 271 GB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Tiered: INR 5,000 per day for first month, INR 15,000 per day thereafter, capped at INR 5 lakh; INR 50,000 for…
460
Penalty re Failure to Furnish Statement re Crypto or VDA
Chapter XXI — Penalties
Section 460 of the Income-tax Act, 2025 corresponds to s. 271 FAB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 200 per day on crypto-exchange or VDA reporting entity for failure to file statement u/s 505 [ s. 285 BAA].…
461
Penalty re Failure to Deliver TDS Quarterly Statement
Chapter XXI — Penalties
Section 461 of the Income-tax Act, 2025 corresponds to s. 271 H of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty INR 10,000 to INR 1,00,000 for failure to deliver or inaccuracy in TDS or TCS quarterly statement under s.…
462
Penalty re Inaccurate Information in TDS Statement
Chapter XXI — Penalties
Section 462 of the Income-tax Act, 2025 corresponds to s. 271 J of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 10,000 per default for inaccurate information by accountant, merchant banker or registered valuer in report or…
463
Penalty on Professionals (Accountants, Valuers, Merchant Bankers)
Chapter XXI — Penalties
Section 463 of the Income-tax Act, 2025 corresponds to s. 271 J (FA 2017) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 10,000 for any incorrect information in any report or certificate by accountant, merchant banker or…
464
Penalty for Failure to Comply with Notices
Chapter XXI — Penalties
Section 464 of the Income-tax Act, 2025 corresponds to s. 271(1)(b) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 10,000 to INR 1,00,000 -- range; for failure to comply with notice u/s 270, 271 or 272 [142 or 143]. PRACTITIONER…
465
Penalty for Default in Multiple Specified Defaults
Chapter XXI — Penalties
Section 465 of the Income-tax Act, 2025 corresponds to s. 272 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 10,000 each for various specified defaults -- failure to answer questions, sign statements, attend, etc. PRACTITIONER…
466
Penalty re Failure to Comply with s. 254 Survey Order
Chapter XXI — Penalties
Section 466 of the Income-tax Act, 2025 corresponds to s. 272 AA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Penalty up to INR 1,000 per day during continuance of failure. PRACTITIONER PLANNING NOTES Survey-team compliance;…
467
Penalty re Failure to Comply with s. 262 PAN Provisions
Chapter XXI — Penalties
Section 467 of the Income-tax Act, 2025 corresponds to s. 272 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 10,000 for failure to comply with PAN provisions -- non-application, non-quoting, false PAN, etc. PRACTITIONER…
468
Penalty re Failure to Comply with s. 397 TAN-26AS
Chapter XXI — Penalties
Section 468 of the Income-tax Act, 2025 corresponds to s. 272 BB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE INR 10,000 for failure re TAN, Form 26AS or quarterly statements. PRACTITIONER PLANNING NOTES TAN application + quoting…
469
Power of PCIT or CIT to Reduce or Waive Penalty
Chapter XXI — Penalties
Section 469 of the Income-tax Act, 2025 corresponds to s. 273 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE PCIT or CIT may, on his own motion or on application, reduce or waive penalty u/s 439 [270A], 444 [271AAD] or 471 [274] --…
470
Reasonable Cause Defence
Chapter XXI — Penalties
Section 470 of the Income-tax Act, 2025 corresponds to s. 273 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Notwithstanding ss. 441, 442, 446, 448-468, no penalty if assessee proves reasonable cause for the failure. Statutory…
471
Procedure for Imposition of Penalty
Chapter XXI — Penalties
Section 471 of the Income-tax Act, 2025 corresponds to s. 274 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Mandatory hearing before any penalty order. AO must record reasons and serve show-cause notice specifying the penalty…
472
Bar of Limitation for Imposing Penalty
Chapter XXI — Penalties
Section 472 of the Income-tax Act, 2025 corresponds to s. 275 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Time-limits: (a) where penalty initiated AND assessment is appealed -- 6 months from end of month in which appellate order…
473
Contravention of Order Made During Search
Chapter XXII — Offences and Prosecutions
Section 473 of the Income-tax Act, 2025 corresponds to s. 275 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment up to 2 years with fine for contravention of any restraint or prohibition order made under s. 247(4) [ s.…
474
Failure to Afford Facility for Inspection of Books During Search
Chapter XXII — Offences and Prosecutions
Section 474 of the Income-tax Act, 2025 corresponds to s. 275 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Up to 6 months simple imprisonment or fine or both for failure to afford authorised officer the facility for inspection of…
475
Removal-Concealment of Property to Prevent Tax Recovery
Chapter XXII — Offences and Prosecutions
Section 475 of the Income-tax Act, 2025 corresponds to s. 276 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment up to 2 years with fine. Punishes fraudulent removal, concealment, transfer or delivery of property with intent…
476
Failure to Pay TDS to Credit of Central Government
Chapter XXII — Offences and Prosecutions
Section 476 of the Income-tax Act, 2025 corresponds to s. 276 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 3 months to 7 years with fine. Punishes failure to PAY DEDUCTED tax to Central Government -- NOT failure to…
477
Failure to Pay TCS to Credit of Central Government
Chapter XXII — Offences and Prosecutions
Section 477 of the Income-tax Act, 2025 corresponds to s. 276 BB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 3 months to 7 years with fine for failure to pay collected TCS u/s 394 [206C] to Central Government. Mirror…
478
Wilful Attempt to Evade Tax
Chapter XXII — Offences and Prosecutions
Section 478 of the Income-tax Act, 2025 corresponds to s. 276 C(1) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 6 months to 7 years with fine. Punishes wilful attempts to evade tax, penalty, interest. Severity tiered:…
479
Wilful Failure to Furnish Return
Chapter XXII — Offences and Prosecutions
Section 479 of the Income-tax Act, 2025 corresponds to s. 276 CC of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 6 months to 7 years (where tax evaded > INR 25 lakhs; else 3 months to 2 years). Threshold-based…
480
Wilful Failure re Block-Period Return
Chapter XXII — Offences and Prosecutions
Section 480 of the Income-tax Act, 2025 corresponds to s. 276 CCC of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 3 months to 3 years with fine. For failure to file return for block period under s. 158 BC of 1961 (search…
481
Failure to Comply with Direction u-s s. 254
Chapter XXII — Offences and Prosecutions
Section 481 of the Income-tax Act, 2025 corresponds to s. 276 D of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Up to 1 year imprisonment with fine for failure to comply with direction issued under s. 254 [ s. 142(1) / s. 142(2A)…
482
False Statement in Verification
Chapter XXII — Offences and Prosecutions
Section 482 of the Income-tax Act, 2025 corresponds to s. 277 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 6 months to 7 years (above INR 25 lakhs evasion); 3 months to 2 years (below). Punishes false statement in any…
483
Falsification of Books - False Entry
Chapter XXII — Offences and Prosecutions
Section 483 of the Income-tax Act, 2025 corresponds to s. 277 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 3 months to 2 years and fine for first person who falsifies books / makes/causes false entry / omits entry to…
484
Abetment of False Return - Statement
Chapter XXII — Offences and Prosecutions
Section 484 of the Income-tax Act, 2025 corresponds to s. 278 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Imprisonment 6 months to 7 years (above INR 25L) or 3 months to 2 years (below). Punishes person who abets / induces another…
485
Punishment for Second and Subsequent Offences
Chapter XXII — Offences and Prosecutions
Section 485 of the Income-tax Act, 2025 corresponds to s. 278 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Repeat offender -- imprisonment 6 months to 7 years; harsher minimum. Where person convicted under ss. 476, 477, 478(1),…
486
Punishment Not to be Imposed in Certain Cases
Chapter XXII — Offences and Prosecutions
Section 486 of the Income-tax Act, 2025 corresponds to s. 278 AA of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Reasonable cause defence -- no person punishable for failures referred to in ss. 476-481 if he proves reasonable cause…
487
Offences by Companies
Chapter XXII — Offences and Prosecutions
Section 487 of the Income-tax Act, 2025 corresponds to s. 278 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where offence committed by company, every person who at the time of offence was in charge of, and responsible for, the…
488
Offences by HUF
Chapter XXII — Offences and Prosecutions
Section 488 of the Income-tax Act, 2025 corresponds to s. 278 C of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where offence committed by HUF, karta or member who knowingly committed offence or in connection with whose consent /…
489
Presumption as to Assets, Books, etc., Found in Search
Chapter XXII — Offences and Prosecutions
Section 489 of the Income-tax Act, 2025 corresponds to s. 278 D of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where any money, bullion, jewellery, books or document is found in search u/s 247 [132], it shall be presumed in…
490
Presumption of Culpable Mental State
Chapter XXII — Offences and Prosecutions
Section 490 of the Income-tax Act, 2025 corresponds to s. 278 E of the Income-tax Act, 1961. STATUTORY ARCHITECTURE In any prosecution requiring culpable mental state, court shall presume the existence of such mental state; but the…
491
Prosecution to be at Instance of PCCIT-PCIT
Chapter XXII — Offences and Prosecutions
Section 491 of the Income-tax Act, 2025 corresponds to s. 279 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE No prosecution without prior sanction of PCCIT/CCIT/PCIT/CIT. Subsection (2) provides for compounding either before or after…
492
Probation of Offenders Act Not to Apply
Chapter XXII — Offences and Prosecutions
Section 492 of the Income-tax Act, 2025 corresponds to s. 292 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Notwithstanding BNSS 2023, Probation of Offenders Act, 1958 / Section 360 of Code of Criminal Procedure (now BNSS), do not…
493
Disclosure of Information by Public Servant
Chapter XXII — Offences and Prosecutions
Section 493 of the Income-tax Act, 2025 corresponds to s. 280 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Income-tax records and information shall be confidential; public servant disclosing without lawful authority commits an…
494
Public Servant Furnishing False Information
Chapter XXII — Offences and Prosecutions
Section 494 of the Income-tax Act, 2025 corresponds to s. 280 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Public servant furnishing false information / certificate -- imprisonment up to 1 year with fine. PRACTITIONER PLANNING…
495
Special Courts
Chapter XXII — Offences and Prosecutions
Section 495 of the Income-tax Act, 2025 corresponds to s. 280 A (FA 2012) and Schedule of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Central Government, in consultation with Chief Justice of HC, designates Special Courts for trial…
496
Trial of Offences as Summons-Cases
Chapter XXII — Offences and Prosecutions
Section 496 of the Income-tax Act, 2025 corresponds to s. 280 C of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Special Court tries offences punishable with imprisonment up to 2 years as summons-cases; quicker disposal under BNSS.…
497
Special Court to have Powers of Magistrate
Chapter XXII — Offences and Prosecutions
Section 497 of the Income-tax Act, 2025 corresponds to s. 280 C(2) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Notwithstanding BNSS 2023, Special Court shall have all powers of First-Class Magistrate as well as Court of Session…
498
Application of Bharatiya Nagarik Suraksha Sanhita 2023
Chapter XXII — Offences and Prosecutions
Section 498 of the Income-tax Act, 2025 corresponds to s. 281 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Save as otherwise provided in the Act, BNSS 2023 (replaces CrPC) applies to Special Court proceedings. Specific provisions…
499
Certain Transfers to be Void
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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 Where Address of Deceased Assessee not Known
Chapter XXIII — Miscellaneous and Repeal
Section 504 of the Income-tax Act, 2025 corresponds to s. 283(2) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Where assessment to be made on legal representative under s. 320 [ s. 159 ], notice on legal representative valid.…
505
Statement by NR Liaison Office
Chapter XXIII — Miscellaneous and Repeal
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
Information - Document re International Transactions
Chapter XXIII — Miscellaneous and Repeal
Section 506 of the Income-tax Act, 2025 corresponds to s. 92 D of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Maintain prescribed information / document about international transactions / specified domestic transactions, master file,…
507
Statement re Cinematograph Film
Chapter XXIII — Miscellaneous and Repeal
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)
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Furnishing of Information by Authorised Persons
Chapter XXIII — Miscellaneous and Repeal
Section 510 of the Income-tax Act, 2025 corresponds to s. 285 BB of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Prescribed income-tax authority may call for information from any person; AIS framework draws from this provision.…
511
CbCR by Constituent Entity
Chapter XXIII — Miscellaneous and Repeal
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
Power to Make Exemption etc by Notification
Chapter XXIII — Miscellaneous and Repeal
Section 512 of the Income-tax Act, 2025 corresponds to s. 295 A / 296 / 297 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE CG by notification may make rules for matters not specifically covered. Subordinate-legislation power --…
513
Authorised Representative
Chapter XXIII — Miscellaneous and Repeal
Section 513 of the Income-tax Act, 2025 corresponds to s. 288 of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Assessee may appear before any income-tax authority by an authorised representative (AR): (a) relative / employee, (b)…
514
Power of PCCIT-CCIT to Discipline Authorised Representatives
Chapter XXIII — Miscellaneous and Repeal
Section 514 of the Income-tax Act, 2025 corresponds to s. 288(5) of the Income-tax Act, 1961. STATUTORY ARCHITECTURE PCCIT / CCIT / PCIT may, after hearing, debar an AR from appearing before income-tax authorities for misconduct.…
515
Authorised Representative Disqualification Conditions
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Application of Money - Books Seized in Search
Chapter XXIII — Miscellaneous and Repeal
Section 524 of the Income-tax Act, 2025 corresponds to s. 132 B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Money / bullion / books seized in search may be applied towards existing liability (regular assessment, advance tax,…
525
Income-tax Authorities to Hold Property
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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 Withdraw Approval
Chapter XXIII — Miscellaneous and Repeal
Section 527 of the Income-tax Act, 2025 corresponds to s. 293 A / 293B of the Income-tax Act, 1961. STATUTORY ARCHITECTURE CG may, after recording reasons, withdraw any approval / exemption granted under Act. Hearing required.…
528
Approval of CG - Board not to be Mandatory
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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 Make Schemes for Removal of Difficulty
Chapter XXIII — Miscellaneous and Repeal
Section 531 of the Income-tax Act, 2025 corresponds to s. 295 A of the Income-tax Act, 1961. STATUTORY ARCHITECTURE CG may make schemes for matters not provided for; vote-on-account, e-assessment etc. PRACTITIONER PLANNING NOTES Faceless…
532
Power to Make Schemes (E-Filing - E-Assessment)
Chapter XXIII — Miscellaneous and Repeal
Section 532 of the Income-tax Act, 2025 corresponds to s. 144 B / 245MA 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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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
Chapter XXIII — Miscellaneous and Repeal
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)
Chapter XXIII — Miscellaneous and Repeal
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)…

Sections of the Income Tax Act, 2025

Short Title Extent Commencement

Definitions

Section 3 — Tax Year — Definition and Application

Charge of Income-tax

Scope of Total Income

Residence in India

Income Deemed Received

Dividend Income

Income Deemed to Accrue or Arise in India

Portuguese Civil Code Apportionment

Incomes Not Included

Political Parties and Electoral Trusts

Heads of Income

Income Not Forming Part of TI - Expenditure

Salaries Charge

Income from Salary

Perquisite

Profits in Lieu of Salary

Deductions from Salaries

Income from House Property Charge

Annual Value

Deductions from HP Income

Arrears of Rent

Property Owned by Co-owners

Interpretation Deemed Owner

PGBP Charge

Manner of Computing PGBP

Rent Rates Taxes Repairs Insurance

Employee Welfare Deductions

Premium Deductions

Bad Debt Deductions

Other Deductions

Depreciation

General Conditions for Deductions

Amounts Not Deductible

Expenses or Payments Not Deductible

Actual Payment Basis

Deemed Profits and Gains

Computation of Actual Cost

Special Cost of Acquisition

Written Down Value of Depreciable Asset

Capitalising Forex

Taxation of Forex

Amortisation of Preliminary Expenses

Expenditure on Scientific Research

Capital Expenditure of Specified Business

Agri-Extension and Skill Development

Tea Coffee Rubber Development Account

Site Restoration Fund

Trade Professional Similar Association

Mineral Prospecting Amortisation

Amortisation Telecom Amalgamation Demerger VRS

Stamp Duty Value as Deemed Full Value

Specified Oil Exploration Business

Insurance Business

Specified FIs Interest on NPAs

Construction and Service Contracts Revenue Recognition

Presumptive Taxation 44AD 44ADA 44AE

Royalty FTS Computation for Non-Residents

Head Office Expenditure Cap for Non-Residents

NR Specific Presumptive Computation

Maintenance of Books of Account

Tax Audit

Co-operative Bank Reorganisation

Interpretation for Section 64

Interpretation Part D

Capital Gains Charge

Liquidation Distribution

Buyback by Company

Transactions Not Regarded as Transfer

Withdrawal of Exemption

Mode of Computation of Capital Gains

Cost in Special Modes of Acquisition

Depreciable Block of Assets STCG

Cost When Depreciation Allowed

Market Linked Debentures Specified MFs Unlisted Bonds

Slump Sale

Stamp Duty Value as Deemed FVOC

RECEIPTS WITHOUT OR WITH INADEQUATE CONSIDERATION