Vidhi Codex

The Income Tax Act 1961

The Income Tax Act 1961

Tax1961681 sections21 chapters

The Income Tax Act 1961 regulates the taxation of personal and corporate incomes in India, determining how earnings from salaries, property, business, and investments are calculated and collected. It applies to residents, non-residents, Hindu undivided families, local businesses, and foreign companies with economic ties to India. This legislation matters because it provides the primary legal framework for the government to generate revenue to fund public services and infrastructure. Additionally, it establishes crucial guidelines for tax exemptions, relief schemes, and investment incentives, directly influencing the financial decisions and legal responsibilities of taxpayers who reside or do business within the country.

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Chapter I PRELIMINARY →

  1. 0Preamble
  2. 1Short title, extent and commencement.
  3. 2Definitions.
  4. 3Previous year defined

Chapter II BASIS OF CHARGE →

  1. 4Charge of income-tax.
  2. 5Scope of total income.
  3. 5AApportionment of income between spouses governed by Portuguese Civil Code.
  4. 6Residence in India.
  5. 7Income deemed to be received.
  6. 8Dividend income.
  7. 9Income deemed to accrue or arise in India.
  8. 9ACertain activities not to constitute business connection in India.

Chapter III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME →

  1. 10Incomes not included in total income.
  2. 10ASpecial provision in respect of newly established undertakings in free trade zone, etc.(1) Subject to the provisions of
  3. 10BSpecial provisions in respect of newly established hundred per cent. export-oriented undertakings.
  4. 10CSpecial provision in respect of certain industrial undertakings in North-Eastern Region.
  5. 10BASpecial provisions in respect of export of certain articles or things.
  6. 10BBMeaning of computer programmes in certain cases.
  7. 11Income from property held for charitable or religious purposes.
  8. 12Income of trusts or institutions from contributions.
  9. 12AConditions for applicability of sections 11 and 12.]
  10. 12AAProcedure for registration.
  11. 13Section 11 not to apply in certain cases.
  12. 13ASpecial provision relating to incomes of political parties.
  13. 13BSpecial provisions relating to voluntary contributions received by electoral trust.

Chapter IV COMPUTATION OF TOTAL INCOME →

  1. 14Heads of income.
  2. 14AExpenditure incurred in relation to income not includible in total income.
  3. 15Salaries.
  4. 16Deductions from salaries.
  5. 17“Salary”, “perquisite” and “profits in lieu of salary” defined.
  6. 21Omitted..
  7. 22Income from house property.
  8. 23Annual value how determined.
  9. 24Deductions from income from house property.
  10. 25Amounts not deductible from income from house property.
  11. 25ASpecial provision for arrears of rent and unrealised rent received subsequently.
  12. 26Property owned by co-owners.
  13. 27“Owner of house property”, “annual charge”, etc., defined.
  14. 28Profits and gains of business or profession.
  15. 29Income from profits and gains of business or profession, how computed.
  16. 30Rent, rates, taxes, repairs and insurance for buildings.
  17. 31Repairs and insurance of machinery, plant and furniture.
  18. 32Depreciation.
  19. 32AInvestment allowance.
  20. 32ABInvestment deposit account.
  21. 32ACInvestment in new plant or machinery.
  22. 32ADInvestment in new plant or machinery in notified backward areas in certain States.
  23. 33Development rebate.
  24. 33ADevelopment allowance.
  25. 33BRehabilitation allowance.
  26. 33ABTea development account 2[, coffee development account and rubber development account.
  27. 33ACReserves for shipping business.
  28. 33ABASite Restoration Fund.
  29. 34Conditions for depreciation allowance and development rebate.
  30. 34ARestriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies.
  31. 35Expenditure on scientific research.
  32. 35AExpenditure on acquisition of patent rights or copyrights.
  33. 35DAmortisation of certain preliminary expenses.
  34. 35EDeduction for expenditure on prospecting, etc., for certain minerals.
  35. 35ABExpenditure on know-how.
  36. 35ACExpenditure on eligible projects or schemes.
  37. 35ADDeduction in respect of expenditure on specified business.
  38. 35DDAmortisation of expenditure in case of amalgamation or demerger.
  39. 35ABAExpenditure for obtaining right to use spectrum for telecommunication services.
  40. 35ABBExpenditure for obtaining licence to operate telecommunication services.
  41. 35CCBExpenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources.
  42. 35CCCExpenditure on agricultural extension project.
  43. 35CCDExpenditure on skill development project.
  44. 35DDAAmortisation of expenditure incurred under voluntary retirement scheme.
  45. 36Other deductions.
  46. 37General.
  47. 38Building, etc., partly used for business, etc., or not exclusively so used.
  48. 40Amounts not deductible.
  49. 40AExpenses or payments not deductible in certain circumstances.
  50. 41Profits chargeable to tax.
  51. 42Special provision for deductions in the case of business for prospecting, etc., for mineral oil.
  52. 43Definitions of certain terms relevant to income from profits and gains of business or profession.
  53. 43ASpecial provisions consequential to changes in rate of exchange ofcurrency.Notwithstanding anything contained in any
  54. 43BCertain deductions to be only on actual payment.
  55. 43CSpecial provision for computation of cost of acquisition of certain assets.
  56. 43DSpecial provision in case of income of public financial institutions, public companies, etc.
  57. 43AATaxation of foreign exchange fluctuation.
  58. 43CASpecial provision for full value of consideration for transfer of assets other than capital assets in certain cases.
  59. 43CBComputation of income from construction and service contracts.
  60. 44Insurance business.
  61. 44ASpecial provision for deduction in the case of trade, professional or similar association.(1) Notwithstanding anything
  62. 44BSpecial provision for computing profits and gains of shipping business in the case of
  63. 44CDeduction of head office expenditure in the case of non-residents.
  64. 44DSpecial provisions for computing income by way of royalties, etc., in the case of foreign companies.
  65. 44AAMaintenance of accounts by certain persons carrying on profession or business.
  66. 44ABAudit of accounts of certain persons carrying on business or profession.
  67. 44ADSpecial provision for computing profits and gains of business on presumptive basis.
  68. 44AESpecial provision for computing profits and gains of business of plying, hiring or leasing goods carriages.
  69. 44AFSpecial provisions for computing profits and gains of retail business.
  70. 44BBSpecial provision for computing profits and gains in connection with the business of
  71. 44DASpecial provision for computing income by way of royalties, etc., in case of nonresidents.
  72. 44DBSpecial provision for computing deductions in the case of business reorganization of cooperative banks.
  73. 44ADASpecial provision for computing profits and gains of profession on presumptive basis.
  74. 44BBASpecial provision for computing profits and gains of the business of operation of aircraft in the case of non-residents.
  75. 44BBBSpecial provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects.
  76. 45Capital gains.
  77. 46Capital gains on distribution of assets by companies in liquidation.
  78. 46ACapital gains on purchase by company of its own shares or other specified securities.Where a shareholder or a holder of
  79. 47Transactions not regarded as transfer.
  80. 47AWithdrawal of exemption in certain cases.
  81. 48Mode of computation.
  82. 49Cost with reference to certain modes of acquisition.
  83. 50Special provision for computation of capital gains in case of depreciable assets.—
  84. 50ASpecial provision for cost of acquisition in case of depreciable asset.
  85. 50BSpecial provision for computation of capital gains in case of slump sale.
  86. 50CSpecial provision for full value of consideration in certain cases.
  87. 50DFair market value deemed to be full value of consideration in certain cases.
  88. 50CASpecial provision for full value of consideration for transfer of share other than quoted share.
  89. 51Advance money received.
  90. 54Profit on sale of property used for residence.
  91. 54BCapital gain on transfer of land used for agricultural purposes not to be charged in certain cases.
  92. 54DCapital gain on compulsory acquisition of lands and buildings not to be charged in certain cases.
  93. 54ECapital gain on transfer of capital not to be assets charged in certain cases.
  94. 54FCapital gain on transfer of certain capital assets not to be charged in case of investment in residential house.
  95. 54GExemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area.
  96. 54HExtension of time for acquiring new asset or depositing or investing amount of capital gain.
  97. 54EACapital gain on transfer of long-term capital assets not to be charged in the case of investment in 2[specified securities.
  98. 54EBCapital gain on transfer of long-term capital assets not to be charged in certain cases.
  99. 54ECCapital gain not to be charged on investment in certain bonds.
  100. 54EDCapital gain on transfer of certain listed securities or unit not to be charged in certain cases.
  101. 54EECapital gain not to be charged on investment in units of a specified fund.
  102. 54GAExemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone.
  103. 54GBCapital gain on transfer of residential property not to be charged in certain cases.
  104. 55Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”.
  105. 55AReference to Valuation Officer.
  106. 56Income from other sources.
  107. 57Deductions.
  108. 58Amounts not deductible.
  109. 59Profits chargeable to tax.
  110. 60Transfer of income where there is no transfer of assets.
  111. 61Revocable transfer of assets.
  112. 62Transfer irrevocable for a specified period.
  113. 64Income of individual to include income of spouse, minor child, etc.
  114. 65Liability of person in respect of income included in the income of another person.

Chapter VI AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS →

  1. 66Total income.
  2. 67AMethod of computing a member's share in income of association of persons or body of individuals.
  3. 68Cash credits.
  4. 69Unexplained investments.
  5. 69AUnexplained money, etc.
  6. 69BAmount of investments, etc., not fully disclosed in books of account.
  7. 69CUnexplained expenditure, etc.
  8. 69DAmount borrowed or repaid on hundi.
  9. 70Set off of loss from one source against income from another source under the same head of income.
  10. 72AProvisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.
  11. 72AAProvisions relating to carry forward and set-off of accumulated loss and unabsorbed
  12. 72ABProvisions relating to carry forward and set off of accumulated loss and unabsorbed
  13. 73Losses in speculation business.
  14. 73ACarry forward and set off of losses by specified business.
  15. 74Losses under the head “Capital gains”.
  16. 75Losses of firms.
  17. 78Carry forward and set off of losses in case of change in constitution of firm or on succession.
  18. 79Carry forward and set off of losses in case of certain companies.
  19. 80Submission of return for losses.
  20. 80ADeductions to be made in computing total income.
  21. 80BDefinitions.
  22. 80CDeduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
  23. 80DDeduction in respect of health insurance premia.
  24. 80EDeduction in respect of interest on loan taken for higher education.
  25. 80GDeduction in respect of donations to certain funds, charitable institutions, etc.
  26. 80QDeduction in respect of profits and gains from the business of publication of books.
  27. 80RDeduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc.
  28. 80UDeduction in case of a person with disability
  29. 80ABDeductions to be made with reference to the income included in the gross total income.
  30. 80ACDeduction not to be allowed unless return furnished.
  31. 80DDDeduction in respect of maintenance including medical treatment of a dependant who is a person with disability.
  32. 80EEDeduction in respect of interest on loan taken for residential house property.
  33. 80GGDeductions in respect of rents paid.
  34. 80HHDeduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas.
  35. 80LADeductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre.
  36. 80PADeduction in respect of certain income of Producer Companies.
  37. 80RRDeduction in respect of professional income from foreign sources in certain cases.
  38. 80CCADeduction in respect of deposits under National Savings Scheme or payment to a
  39. 80CCBDeduction in respect of investment made under Equity Linked Savings Scheme.
  40. 80CCCDeduction in respect of contribution to certain pension funds.
  41. 80CCDDeduction in respect of contribution to pension scheme of Central Government.
  42. 80CCELimit on deductions under section 80C, section 80CCC and 80CCD.
  43. 80CCFDeduction in respect of subscription to long-term infrastructure bonds.
  44. 80CCGDeduction in respect of investment made under an equity savings scheme.
  45. 80DDBDeduction in respect of medical treatment, etc.
  46. 80GGADeduction in respect of certain donations for scientific research or rural development.
  47. 80GGBDeduction in respect of contributions given by companies to political parties.
  48. 80GGCDeduction in respect of contributions given by any person to political parties.
  49. 80HHADeduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas.
  50. 80HHBDeduction in respect of profits and gains from projects outside India.
  51. 80HHDDeduction in respect of earnings in convertible foreign exchange.
  52. 80HHFDeduction in respect of profits and gains from export or transfer of film software, etc.
  53. 80JJADeduction in respect of profits and gains from business of collecting and processing of bio-degradable waste.
  54. 80QQADeduction in respect of professional income of authors of text books in Indian languages.
  55. 80QQBDeduction in respect of royalty income, etc., of authors of certain books other than text-books.
  56. 80RRADeduction in respect of remuneration received for services rendered outside India.
  57. 80RRBDeduction in respect of royalty on patents.
  58. 80TTBDeduction in respect of interest on deposits in case of senior citizens.
  59. 86Share of member of an association of persons or body of individuals in the income of the

Chapter VII INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME-TAX IS PAYABLE →

    Chapter VIII 2[REBATES AND RELIEFS] 3[A.—Rebate of income-tax] →

    1. 87Rebate to be allowed in computing income-tax.
    2. 87ARebate of income-tax in case of certain individuals.
    3. 88Rebate on life insurance premia, contribution to provident fund, etc.
    4. 88ERebate in respect of securities transaction tax.
    5. 89Relief when salary, etc., is paid in arrears or in advance.

    Chapter IX DOUBLE TAXATION RELIEF →

    1. 90Agreement with foreign countries or specified territories.
    2. 90AAdoption by Central Government of agreement between specified associations for double
    3. 91Countries with which no agreement exists.

    Chapter X SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX →

    1. 92Computation of income from international transaction having regard to arm’s length price.
    2. 92AMeaning of associated enterprise.
    3. 92BMeaning of international transaction.
    4. 92CComputation of arm’s length price.
    5. 92DMaintenance and keeping of information and document by persons entering into an 1[international transaction or specified domestic transaction.
    6. 92BAMeaning of specified domestic transaction.
    7. 92CCAdvance pricing agreement.
    8. 92CDEffect to advance pricing agreement.
    9. 92CESecondary adjustment in certain cases.
    10. 93Avoidance of income-tax by transactions resulting in transfer of income to non-residents.—
    11. 94Avoidance of tax by certain transactions in securities.
    12. 94ASpecial measures in respect of transactions with persons located in notified jurisdictional area.
    13. 94BLimitation on interest deduction in certain cases.
    14. 95Applicability of GeneralAnti-Avoidance Rule.
    15. 96Impermissible avoidance arrangement.
    16. 97Arrangement to lack commercial substance.
    17. 98Consequences of impermissible avoidance arrangement.
    18. 99Treatment of connected person and accommodating party.
    19. 100Application of this Chapter.
    20. 101Framing of guidelines.
    21. 102Definitions.
    22. 103Original CHAPTER XI dealing with Additional Income-tax on Undistributed Profits contained
    23. 107Approval of Inspecting Assistant Commissioner for orders under section 104.]—Omitted

    Chapter XII DETERMINATION OF TAX IN CERTAIN SPECIAL CASES →

    1. 110Determination of tax where total income includes income on which no tax is payable.Where there is included in the total
    2. 111Tax on accumulated balance of recognised provident fund.
    3. 111ATax on short-term capital gains in certain cases.
    4. 112Tax on long-term capital gains.
    5. 112ATax on longterm capital gains in certain cases.
    6. 113Tax in the case of block assessment of search cases.
    7. 115ATax on dividends, royalty and technical service fees in the case of foreign companies.
    8. 115DSpecial provision for computation of total income of non-residents.
    9. 115ETax on investment income and long-term capital gains.
    10. 115FCapital gains on transfer of foreign exchange assets not to be charged in certain cases.(1) Where, in the case of an
    11. 115GReturn of income not to be filed in certain cases.
    12. 115HBenefit under Chapter to be available in certain cases even after the assessee becomes resident.
    13. 115JSpecial provisions relating to certain companies.
    14. 115PInterest payable for non-payment of tax by domestic companies.
    15. 115QWhen company is deemed to be in default.
    16. 115RTax on distributed income to unit holders.
    17. 115SInterest payable for non-payment of tax.
    18. 115TUnit Trust of India or Mutual Fund to be an assessee in default.
    19. 115UTax on income in certain cases.
    20. 115VDefinitions.
    21. 115WDefinitions.
    22. 115ADTax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer.
    23. 115BATax on income of certain domestic companies.
    24. 115BBTax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever.
    25. 115JADeemed income relating to certain companies.
    26. 115JBSpecial provision for payment of tax by certain companies.
    27. 115JCSpecial provisions for payment of tax by certain persons other than a company.
    28. 115JDTax credit for alternate minimum tax.
    29. 115JEApplication of other provisions of this Act.
    30. 115JFInterpretation in this Chapter.In this Chapter—
    31. 115JGConversion of an Indian branch of foreign company into subsidiary Indian
    32. 115JHForeign company said to be resident in India.
    33. 115QATax on distributed income to shareholders.
    34. 115QBInterest payable for non-payment of tax by company.
    35. 115QCWhen company is deemed to be assessee in default.
    36. 115TATax on distributed income to investors.
    37. 115TBInterest payable for non-payment of tax.
    38. 115TCSecuritisation trust to be assessee in default.
    39. 115TEInterest payable for non-payment of tax by trust or institution.
    40. 115UATax on income of unit holder and business trust.
    41. 115UBTax on income of investment fund and its unit holders.
    42. 115VAComputation of profits and gains from the business of operating qualifying ships.
    43. 115VBOperating ships.
    44. 115VCQualifying company.
    45. 115VDQualifying ship.
    46. 115VEManner of computation of income under tonnage tax scheme.
    47. 115VFTonnage income.
    48. 115VGComputation of tonnage income.
    49. 115VHCalculation in case of joint operation, etc.
    50. 115VIRelevant shipping income.
    51. 115VJTreatment of common costs.
    52. 115VKDepreciation.
    53. 115VLGeneral exclusion of deduction and set off, etc.
    54. 115VMExclusion of loss.
    55. 115VNChargeable gains from transfer of tonnage tax assets.
    56. 115VPMethod and time of opting for tonnage tax scheme.
    57. 115VQPeriod for which tonnage tax option to remain in force.
    58. 115VRRenewal of tonnage tax scheme.
    59. 115VSProhibition to opt for tonnage tax scheme in certain cases.
    60. 115VTTransfer of profits to Tonnage Tax Reserve Account.
    61. 115VUMinimum training requirement for tonnage tax company.
    62. 115VVLimit for charter in of tonnage.
    63. 115VWMaintenance and audit of accounts.
    64. 115VXDetermination of tonnage.
    65. 115VYAmalgamation.
    66. 115VZDemerger.
    67. 115WACharge of fringe benefit tax.
    68. 115WBFringe benefits.
    69. 115WCValue of fringe benefits.
    70. 115WDReturn of fringe benefits.
    71. 115WEAssessment.
    72. 115WFBest judgment assessment.
    73. 115WGFringe benefits escaping assessment.
    74. 115WHIssue of notice where fringe benefits have escaped assessment.
    75. 115WIPayment of fringe benefit tax.
    76. 115WJAdvance tax in respect of fringe benefits.
    77. 115WKInterest for default in furnishing return of fringe benefits.
    78. 115WMChapter XII-H not to apply after a certain date.
    79. 115ACATax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.
    80. 115BBATax on non-resident sportsmen or sports associations.
    81. 115BBBTax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds.
    82. 115BBCAnonymous donations to be taxed in certain cases.
    83. 115BBDTax on certain dividends received from foreign companies.
    84. 115BBETax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.
    85. 115BBFTax on income from patent.
    86. 115BBGTax on income from transfer of carbon credits.
    87. 115JAATax credit in respect of tax paid on deemed income relating to certain companies.
    88. 115JEEApplication of this Chapter to certain persons.
    89. 115TCATax on income from securitisation trusts.
    90. 115VZBAvoidance of tax.
    91. 115WKARecovery of fringe benefit tax by the employer from the employee.—
    92. 115WKBDeemed payment of tax by employee.

    Chapter XIII INCOME-TAX AUTHORITIES A.—Appointment and control →

    1. 116Income-tax authorities.
    2. 117Appointment of income-tax authorities.
    3. 118Control of income-tax authorities.
    4. 119Instructions to subordinate authorities.
    5. 120Jurisdiction of income-tax authorities.
    6. 124Jurisdiction of Assessing Officers.
    7. 129Change of incumbent of an office.
    8. 131Power regarding discovery, production of evidence, etc.
    9. 132Search and seizure.
    10. 132APowers to requisition books of account, etc.
    11. 133Power to call for information.
    12. 133APower of survey.
    13. 134Power to inspect registers of companies.
    14. 135Power of 7[8[Principal Director General or Director General]] or 9[Principal Director
    15. 136Proceedings before income-tax authorities to be judicial proceedings.
    16. 138Disclosure of information respecting assessees.

    Chapter XIV PROCEDURE FOR ASSESSMENT →

    1. 139Return of income.
    2. 139APermanent account number.
    3. 139BScheme for submission of returns through Tax Return Preparers.
    4. 139CPower of Board to dispense with furnishing documents, etc., with return.
    5. 139DFiling of return in electronic form.
    6. 140Return by whom to be 2[verified.
    7. 140ASelf-assessment.
    8. 142Inquiry before assessment.
    9. 142AEstimation of value of assets by Valuation Officer.
    10. 143Assessment.
    11. 144Best judgment assessment.
    12. 144APower of 10[Joint Commissioner] to issue directions in certain cases.
    13. 144CReference to dispute resolution panel.
    14. 144BAReference to 2[Principal Commissioner orCommissioner] in certain cases.
    15. 145Method of accounting.
    16. 145AMethod of accounting in certain cases.
    17. 145BTaxability of certain income.
    18. 147Income escaping assessment.
    19. 148Issue of notice where income has escaped assessment.
    20. 149Time limit for notice.
    21. 150Provision for cases where assessment is in pursuance of an order on appeal, etc.
    22. 152Other provisions.
    23. 153Time limit for completion of assessment, reassessment and recomputation.
    24. 153AAssessment in case of search or requisition.
    25. 153BTime limit for completion of assessment under section 153A.
    26. 154Rectification of mistake.
    27. 155Other amendments.
    28. 156Notice of demand.
    29. 157Intimation of loss.
    30. 158Intimation of assessment of firm.
    31. 158AProcedure when assessee claims identical question of law is pending before High Court or Supreme Court.
    32. 158AAProcedure when in an appeal by revenue an identical question of law is pending before Supreme Court.
    33. 158BAAssessment of undisclosed income as a result of search.
    34. 158BBComputation of undisclosed income of the block period.
    35. 158BCProcedure for block assessment.
    36. 158BDUndisclosed income of any other person.
    37. 158BETime limit for completion of block assessment.
    38. 158BFCertain interests and penalties not to be levied or imposed.
    39. 158BGAuthority competent to make the block assessment.
    40. 158BHApplication of other provisions of this Act.
    41. 158BIChapter not to apply after certain date.
    42. 158BFALevy of interest and penalty in certain cases.

    Chapter XV LIABILITY IN SPECIAL CASES A.—Legal representatives →

    1. 159Legal representatives.
    2. 160Representative assessee.
    3. 161Liability of representative assessee.
    4. 162Right of representative assessee to recover tax paid.
    5. 163Who may be regarded as agent.
    6. 164Charge of tax where share of beneficiaries unknown.
    7. 164ACharge of tax in case of oral trust.
    8. 165Case where part of trust income is chargeable.
    9. 167Remedies against property in cases of representative assessees.
    10. 167CLiability of partners of limited liability partnership in liquidation.
    11. 169Right of executor to recover tax paid.
    12. 170Succession to business otherwise than on death.
    13. 171Assessment after partition of a Hindu undivided family.
    14. 172Shipping business of non-residents.
    15. 173Recovery of tax in respect of non-resident from his assets.
    16. 174Assessment of persons leaving India.
    17. 174AAssessment of association of persons or body of individuals or artificial juridical person
    18. 175Assessment of persons likely to transfer property to avoid tax.
    19. 176Discontinued business.
    20. 177Association dissolved or business discontinued.
    21. 178Company in liquidation.
    22. 179Liability of directors of private company in liquidation.
    23. 180Royalties or copyright fees for literary or artistic work.
    24. 180AConsideration for know-how.
    25. 184Assessment as a firm.
    26. 185Assessment when section 184 not complied with.
    27. 188Succession of one firm by another firm.
    28. 188AJoint and several liability of partners for tax payable by firm.
    29. 189Firm dissolved or business discontinued.
    30. 189AProvisions applicable to past assessments of firms.

    Chapter XVII COLLECTION AND RECOVERY OF TAX A.—General →

    1. 190Deductionat source and advance payment.
    2. 191Direct payment.
    3. 192Salary.
    4. 192APayment of accumulated balance due to an employee.
    5. 193Interest on securities.
    6. 194Dividends.
    7. 194AInterest other than “Interest on securities”.
    8. 194BWinnings from lottery or crossword puzzle.
    9. 194CPayments to contractors.
    10. 194DInsurance commission.
    11. 194EPayments to non-resident sportsmen or sports associations.
    12. 194FProvided further that nothing contained in this section shall apply to the payment of the said amount to the heirs of the assessee.
    13. 194GCommission, etc., on the sale of lottery tickets.
    14. 194HCommission or brokerage.
    15. 194JFees for professional or technical services.
    16. 194BBWinnings from horse race.
    17. 194DAPayment in respect of life insurance policy.
    18. 194EEPayments in respect of deposits under National Savings Scheme, etc.
    19. 194LAPayment of compensation on acquisition of certain immovable property.
    20. 194LBIncome by way of interest from infrastructure debt fund.
    21. 194LCIncome by way of interest from Indian company.
    22. 194LDIncome by way of interest on certain bonds and Government securities.
    23. 194LBBIncome in respect of units of investment fund.
    24. 195Other sums.
    25. 195AIncome payable “net of tax”.
    26. 196Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations.
    27. 196AIncome in respect of units of non-residents.
    28. 196BIncome from units.
    29. 196CIncome from foreign currency bonds or shares of Indian company.
    30. 196DIncome of Foreign Institutional Investors from securities.
    31. 197Certificate for deduction at lower rate.
    32. 197ANo deduction to be made in certain cases.
    33. 198Tax deductedis income received.
    34. 199Credit for tax deducted.
    35. 200Duty of person deducting tax.
    36. 200AProcessing of statements of tax deducted at source.
    37. 201Consequences of failure to deduct or pay.
    38. 202Deduction only one mode of recovery.
    39. 203Certificate for tax deducted.
    40. 203ATax deduction and collection account number.
    41. 203AAFurnishing of statement of tax deducted.
    42. 204Meaning of“person responsible for paying”.
    43. 205Bar against direct demand on assessee.
    44. 206Persons deducting tax to furnish prescribed returns.
    45. 206AFurnishing of quarterlyreturn in respect of payment of interest to residents without deduction of tax.
    46. 206BPerson paying dividend to certain residents without deduction of tax to furnish
    47. 206CProfits and gains from the business of trading in alcoholic liquor, forest produce, scrap,
    48. 206AARequirement to furnish Permanent Account Number.
    49. 206CATax collection account number.
    50. 206CBProcessing of statements of tax collected at source.
    51. 206CCRequirement to furnish Permanent Account number by collectee.
    52. 207Liability for payment of advance tax.
    53. 208Conditions of liability to pay advance tax.
    54. 210Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer.
    55. 211Instalments of advance tax and due dates.
    56. 214Interest payable by Government.
    57. 215Interest payable by assessee.
    58. 216Interest payable by assessee in case of under-estimate, etc.
    59. 217Interest payable by assessee when no estimate made.
    60. 218When assessee deemed to be in default.
    61. 219Credit for advance tax.
    62. 220When tax payable and when assessee deemed in default.
    63. 221Penalty payable when tax in default.
    64. 222Certificate to Tax Recovery Officer.
    65. 223Tax Recovery Officer by whom recovery is to be effected.
    66. 224Validity of certificate and cancellation or amendment thereof.
    67. 225Stay of proceedings in pursuance of certificate and amendment or cancellation thereof.
    68. 226Other modes of recovery.
    69. 227Recovery through State Government.
    70. 228ARecovery of tax in pursuance of agreements with foreign countries.
    71. 229Recovery of penalties, fine, interest and other sums.
    72. 230Tax clearance certificate.
    73. 232Recovery by suit or under other law not affected.
    74. 234BInterest for defaults in payment of advance tax.
    75. 234CInterest for deferment of advance tax.
    76. 234DInterest on excess refund.
    77. 234EFee for default in furnishing statements.
    78. 234FFee for default in furnishing return of income.

    Chapter XVIII RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES →

    1. 236Relief to company in respect of dividend paid out of past taxed profits.
    2. 236ARelief to certain charitable institutions or funds in respect of certain dividends.

    Chapter XIX REFUNDS →

    1. 237Refunds.
    2. 238Person entitled to claim refund in certain special cases.
    3. 239Formof claim for refund and limitation.
    4. 240Refund on appeal, etc.
    5. 241AWithholding of refund in certain cases.
    6. 242Correctness of assessment not to be questioned.
    7. 243Interest on delayed refunds.
    8. 244Interest on refund where no claim is needed.
    9. 244AInterest on refunds.
    10. 245Set off of refunds against tax remaining payable.
    11. 245ADefinitions.
    12. 245CApplication for settlement of cases.
    13. 245DProcedure on receipt of an application under section 245C.
    14. 245EPower of Settlement Commission to reopen completed proceedings.
    15. 245FPowers and procedure of Settlement Commission.
    16. 245GInspection, etc., of reports.
    17. 245HPower of Settlement Commission to grant immunity from prosecution and penalty.
    18. 245JRecovery of sums due under order of settlement.
    19. 245KBar on subsequent application for settlement.
    20. 245LProceedings before Settlement Commission to be judicial proceedings.
    21. 245NDefinitions.
    22. 245PVacancies, etc., not to invalidate proceedings.
    23. 245QApplicationfor advance ruling.
    24. 245SApplicability of advance ruling.
    25. 245TAdvance ruling to be void in certain circumstances.
    26. 245VProcedure of Authority.
    27. 245BBVice-Chairman to act as Chairman or to discharge his functions in certain circumstances.
    28. 245BCPower of Chairman to transfer cases from one Bench to another.
    29. 245BDDecision to be by majority.
    30. 245DDPower of Settlement Commission to order provisional attachment to protect revenue.
    31. 245HAAbatement of proceeding before Settlement Commission.
    32. 245HAACredit for tax paid in case of abatement of proceedings.

    Chapter XX APPEALSAND REVISION →

    1. 246AAppealable orders before Commissioner (Appeals).
    2. 249Form of appeal and limitation. (1) Every appeal under this Chapter shall be in the prescribed form and shall be
    3. 250Procedure in appeal.
    4. 251Powers of the 1[ Commissioner (Appeals).
    5. 252Appellate Tribunal.
    6. 252AQualifications, terms and conditions of service of President, Vice-President and Member.
    7. 253Appeals to the Appellate Tribunal.
    8. 254Orders of Appellate Tribunal.
    9. 255Procedure of Appellate Tribunal.
    10. 256Statement of case to the High Court.
    11. 257Statement of case to Supreme Court in certain cases.
    12. 258Power of High Court or Supreme Court to require statement to be amended.
    13. 259Case before High Court to be heard by not less than two judges.
    14. 260Decision of High Court or Supreme Court on the case stated.
    15. 260AAppeal to High Court.
    16. 260BCase before High Court to be heard by not less than two Judges.
    17. 261Appeal to Supreme Court.
    18. 262Hearing before Supreme Court.
    19. 263Revision of orders prejudicial to revenue.
    20. 264Revision of other orders.
    21. 265Tax tobe paid notwithstanding reference, etc.
    22. 266Execution for costs awarded by Supreme Court.
    23. 267Amendment of assessment on appeal.
    24. 268Exclusion of time taken for copy.
    25. 269Definition of "High Court".
    26. 269ADefinitions.
    27. 269CImmovable property in respect of which proceedings for acquisition may be taken.
    28. 269DPreliminary notice.
    29. 269EObjections.
    30. 269FHearing of objections.
    31. 269GAppeal against order for acquisition.
    32. 269HAppeal to High Court.
    33. 269JCompensation.
    34. 269KPayment or deposit of compensation.
    35. 269LAssistance by Valuation Officers.
    36. 269MPowers of competent authority.
    37. 269NRectification of mistakes.
    38. 269PStatement to be furnished in respect of transfers of immovable property.
    39. 269QChapter not to apply to transfers to relatives.
    40. 269RProperties liable for acquisition under this Chapter not to be acquired under other laws.
    41. 269SChapter not to extend to State of Jammu and Kashmir.
    42. 269UCommencement of Chapter.
    43. 269ABRegistration of certain transactions.
    44. 269RRChapter not to apply where transfer of immovable property made after a certain date.
    45. 269STMode of undertaking transactions.
    46. 269UADefinitions.
    47. 269UBAppropriate authority.
    48. 269UDOrder by appropriate authority for purchase by Central Government of immovable property.
    49. 269UEVesting of property in Central Government.
    50. 269UFConsideration for purchase of immovable property by Central Government.
    51. 269UGPayment or deposit of consideration.
    52. 269UHRe-vesting of property in the transferor on failure of payment or deposit of consideration.
    53. 269UIPowers of the appropriate authority.
    54. 269UJRectification of mistakes.
    55. 269UKRestrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property.
    56. 269ULRestrictions on registration, etc., of documents in respect of transfer of immovable property.
    57. 269UMImmunity to transferor against claims of transferee for transfer.
    58. 269UNOrder of appropriate authority to be final and conclusive.
    59. 269UOChapter not to apply to certain transfers.
    60. 269UPChapter not to apply where transfer of immovable property effected after certain date.

    Chapter XXI PENALTIES IMPOSABLE →

    1. 270APenalty for under-reporting and misreporting of income.
    2. 270AAImmunity from imposition of penalty, etc.
    3. 271Failure to furnish returns, comply with notices, concealment of income, etc.
    4. 271AFailure to keep, maintain or retain books of account, documents, etc.
    5. 271BFailure to get accounts audited.
    6. 271CPenalty for failure to deduct tax at source.
    7. 271DPenalty for failure to comply with the provisions of section 269SS.
    8. 271EPenalty for failure to comply with the provisions of section 269T.
    9. 271FPenalty for failure to furnish return of income.
    10. 271GPenalty for failure to furnish information or document under section 92D.
    11. 271HPenalty for failure to furnish statements, etc.
    12. 271JPenalty for furnishing incorrect information in reports or certificates.
    13. 271AAPenalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
    14. 271BAPenalty for failure to furnish report under section 92E.
    15. 271BBFailure to subscribe to the eligible issue of capital.
    16. 271CAPenalty for failure to collect tax at source.
    17. 271FAPenalty for failure to furnish 4[statement of financial transaction or reportable
    18. 271FBPenalty for failure to furnish return of fringe benefits.
    19. 271GAPenalty for failure to furnish information or document under section 285A.
    20. 271GBPenalty for failure to furnish report or for furnishing inaccurate report under
    21. 271AAAPenalty where search has been initiated.
    22. 271AABPenalty where search has been initiated.
    23. 271AACPenalty in respect of certain income.
    24. 271FAAPenalty for furnishing inaccurate statement of financial transaction or reportable account.
    25. 271FABPenalty for failure to furnish statement or information or document by an eligible
    26. 272APenalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.
    27. 272AAPenalty for failure to comply with the provisions of section 133B.
    28. 272BBPenalty for failure to comply with the provisions of section 203A.
    29. 272BBBPenalty for failure to comply with the provisions of section 206CA.
    30. 273False estimate of, or failure to pay, advance tax.
    31. 273APower to reduce or waive penalty, etc., in certain cases.
    32. 273BPenalty not to be imposed in certain cases.
    33. 273AAPower of 4[Principal Commissioner or Commissioner] to grant immunity from penalty.
    34. 274Procedure.
    35. 275Bar of limitation for imposing penalties.

    Chapter XXII OFFENCES AND PROSECUTIONS →

    1. 275AContravention of order made under sub-section (3) of section 132.
    2. 275BFailure to comply with the provisions of clause (iib) of sub-section (1) of section 132.
    3. 276Removal, concealment, transfer or delivery of property to thwart tax recovery.
    4. 276AFailure to comply with the provisions of sub-sections (1) and (3) of section 178.
    5. 276BFailure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.
    6. 276CWilful attempt to evade tax, etc.
    7. 276DFailure to produce accounts and documents.
    8. 276ABFailure to comply with the provisions of sections 269UC, 269UE and 269UL.
    9. 276BBFailure to pay the tax collected at source.
    10. 276CCFailure to furnish returns of income.
    11. 276CCCFailure to furnish return of income in search cases.
    12. 277False statement in verification, etc.
    13. 277AFalsification of books of account or document, etc.
    14. 278Abetment of false return, etc.
    15. 278APunishment for second and subsequent offences.
    16. 278BOffences by companies.
    17. 278COffences by Hindu undivided families.
    18. 278DPresumption as to assets, books of account, etc., in certain cases.
    19. 278EPresumption as to culpable mental state.
    20. 278AAPunishment not to be imposed in certain cases.
    21. 278ABPower of 6[Principal Commissioner or Commissioner] to grant immunity from prosecution.
    22. 279Prosecution to be at instance of 2[ 3[Principal Chief Commissioner or Chief Commissioner] or 4[Principal Commissioner or Commissioner].
    23. 279ACertain offences to be non-cognizable.
    24. 279BProof of entries in records or documents.
    25. 280Disclosure of particulars by public servants.
    26. 280ASpecial Courts.
    27. 280BOffences triable by Special Court.
    28. 280CTrial of offences as summons case.
    29. 280DApplication of Code of Criminal Procedure, 1973 to proceedings before Special

    Chapter XXIII MISCELLANEOUS →

    1. 281Certain transfers to be void.
    2. 281AEffect of failure to furnish information in respect of properties held benami.
    3. 281BProvisional attachment to protect revenue in certain cases.
    4. 282Service of notice generally.
    5. 282AAuthentication of notices and other documents.
    6. 283Service of notice when family is disrupted or firm, etc., is dissolved.
    7. 284Service of notice in the case of discontinued business.
    8. 285Submission of statement by a non-resident having liaison office.
    9. 285AFurnishing of information or documents by an Indian concern in certain cases.—
    10. 285BSubmission of statements by producers of cinematograph films.
    11. 285BAObligation to furnish statement of financial transaction or reportable account. —
    12. 286Furnishing of report in respect of international group.
    13. 287Publication of information respecting assessees in certain cases.
    14. 287AAppearance by registered valuer in certain matters.
    15. 288Appearance by authorised representative.
    16. 288ARounding off of income.
    17. 288BRounding off amount payable and refund due.
    18. 289Receipt to be given.
    19. 290Indemnity.
    20. 291Power to tender immunity from prosecution.
    21. 292Cognizance of offences.
    22. 292ASection 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply.
    23. 292BReturn of income, etc., not to be invalid on certain grounds.
    24. 292BBNotice deemed to be valid in certain circumstances.
    25. 292CPresumption as to assets, books of account, etc.
    26. 292CCAuthorisation and assessment in case of search or requisition.
    27. 293Bar of suits in civil courts.
    28. 293APower to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils.
    29. 293BPower of Central Government or Board to condone delays in obtaining approval.—
    30. 293CPower to withdraw approval.
    31. 294Act to have effect pending legislative provision for charge of tax.
    32. 294APower to make exemption, etc., in relation to certain Union territories.
    33. 295Power to make rules.
    34. 297Repeals and savings.
    35. 298Power to remove difficulties.

    Chapter VI-B RESTRICTION ON CERTAIN DEDUCTIONS IN THE CASE OF COMPANIES →

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