Sections of the Income Tax Act 1961

The Following contains the List of Section under the Income Tax Act, 1961

Sections of the Income Tax Act, 1961
CHAPTER – I PRELIMINARY
1 Short title, extent and commencement
2 Definitions
3 “Previous year” defined
CHAPTER – II BASIS OF CHARGE
4 Charge of income-tax
5 Scope of total income
5A Apportionment of income between spouses governed by Portuguese Civil Code
6 Residence in India
7 Income deemed to be received
8 Dividend income
9 Income deemed to accrue or arise in India
CHAPTER – III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
10 Incomes not included in total income
10AA Special provisions in respect of newly established Units in Special Economic Zones
11 Income from property held for charitable or religious purposes
12 Income of trusts or institutions from contributions
12A Conditions for applicability of sections 11 and 12
12AA Procedure for registration
13 Section 11 not to apply in certain cases
13A Special provision relating to incomes of political parties
13B Special provisions relating to voluntary contributions received by electoral trust
CHAPTER – IV COMPUTATION OF TOTAL INCOME
14 Heads of income
14A Expenditure incurred in relation to income not includible in total income
A. SALARIES
15 Salaries
16 Deductions from salaries
17 “Salary”, “perquisite” and “profits in lieu of salary” defined
B. INCOME FROM HOUSE PROPERTY
22 Income from house property
23 Annual value how determined
24 Deductions from income from house property
25 Amounts not deductible from income from house property
25A Special provision for cases where unrealised rent allowed as deduction is realised subsequently
25AA Unrealised rent received subsequently to be charged to income-tax
25B Special provision for arrears of rent received
26 Property owned by co-owners
27 “Owner of house property”, “annual charge”, etc., defined
C. PROFITS AND GAINS FROM BUSINESS OR PROFESSION
28 Profits and gains of business or profession
29 Income from profits and gains of business or profession, how computed
30 Rent, rates, taxes, repairs and insurance for buildings
31 Repairs and insurance of machinery, plant and furniture
32 Depreciation
33AB Tea development account, coffee development account and rubber development account
33ABA Site Restoration Fund
35 Expenditure on scientific research
35ABB Expenditure for obtaining licence to operate telecommunication services
35AC Expenditure on eligible projects or schemes
35AD Deduction in respect of expenditure on specified business
35CCA Expenditure by way of payment to associations and institutions for carrying out rural development programmes
35CCC Expenditure on agricultural extension project
35CCD Expenditure on skill development project
35D Amortisation of certain preliminary expenses
35DD Amortisation of expenditure in case of amalgamation or demerger
35DDA Amortisation of expenditure incurred under voluntary retirement scheme
35E Deduction for expenditure on prospecting, etc., for certain minerals
36 Other deductions
37 General
38 Building, etc., partly used for business, etc., or not exclusively so used
40 Amounts not deductible
40A Expenses or payments not deductible in certain circumstances
41 Profits chargeable to tax
42 Special provision for deductions in the case of business for prospecting, etc., for mineral oil
43 Definitions of certain terms relevant to income from profits and gains of business or profession
43A Special provisions consequential to changes in rate of exchange of currency
43B Certain deductions to be only on actual payment
43C Special provision for computation of cost of acquisition of certain assets
43D Special provision in case of income of public financial institutions, public companies, etc.
44 Insurance business
44A Special provision for deduction in the case of trade, professional or similar association
44AA Maintenance of accounts by certain persons carrying on profession or business
44AB Audit of accounts of certain persons carrying on business or profession
44AD Special provision for computing profits and gains of business on presumptive basis
44AE Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
44B Special provision for computing profits and gains of shipping business in the case of non-residents
44BB Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
44BBA Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
44BBB Special provision for computing profits and gains of foreign companies, engaged in the business of civil construction, etc., in certain turnkey power projects
44C Deduction of head office expenditure in the case of non-residents
44D Special provisions for computing income by way of royalties, etc., in the case of foreign companies
44DA Special provision for computing income by way of royalties, etc., in case of non-residents
44DB Special provision for computing deductions in the case of business reorganization of co-operative banks
D. CAPITAL GAINS
45 Capital gains
46 Capital gains on distribution of assets by companies in liquidation
46A Capital gains on purchase by company of its own shares or other specified securities
47 Transactions not regarded as transfer
47A Withdrawal of exemption in certain cases
48 Mode of computation
49 Cost with reference to certain modes of acquisition
50 Special provision for computation of capital gains in case of depreciable assets
50A Special provision for cost of acquisition in case of depreciable asset
50B Special provision for computation of capital gains in case of slump sale
50C Special provision for full value of consideration in certain cases
50D Fair market value deemed to be full value of consideration in certain cases
51 Advance money received
54 Profit on sale of property used for residence
54B Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
54D Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases
54EC Capital gain not to be charged on investment in certain bonds
54F Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house
54G Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
54GA Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
54GB Capital Gain on transfer of residential property not to be charged in certain cases
54H Extension of time for acquiring new asset or depositing or investing amount of capital gain
55 Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
55A Reference to Valuation Officer
E. INCOME FROM OTHER SOURCES
56 Income from other sources
57 Deductions
58 Amounts not deductible
59 Profits chargeable to tax
CHAPTER – V INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S TOTAL INCOME
60 Transfer of income where there is no transfer of assets
61 Revocable transfer of assets
62 Transfer irrevocable for a specified period
63 “Transfer” and “revocable transfer” defined
64 Income of individual to include income of spouse, minor child, etc.
65 Liability of person in respect of income included in the income of another person
CHAPTER – VI AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS
A. AGGREGATION OF INCOME
66 Total income
67A Method of computing a member’s share in income of association of persons or body of individuals
68 Cash credits
69 Unexplained investments
69A Unexplained money, etc.
69B Amount of investments, etc., not fully disclosed in books of account
69C Unexplained expenditure, etc.
69D Amount borrowed or repaid on hundi
B. SET OFF OR CARRY FORWARD AND SET OFF
70 Set off of loss from one source against income from another source under the same head of income
71 Set off of loss from one head against income from another
71A Transitional provisions for set off of loss under the head “Income from house property”
71B Carry forward and set off of loss from house property
72 Carry forward and set off of business losses
72A Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.
72AA Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation of banking company in certain cases
72AB Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in business reorganisation of co-operative banks
73 Losses in speculation business
73A Carry forward and set off of losses by specified business
74 Losses under the head “Capital gains”
74A Losses from certain specified sources falling under the head “income from other sources”
75 Losses of firms
78 Carry forward and set off of losses in case of change in constitution of firm or on succession
79 Carry forward and set off of losses in the case of certain companies
80 Submission of return for losses
CHAPTER – VIA DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME
A. GENERAL
80A Deductions to be made in computing total income
80AB Deductions to be made with reference to the income included in the gross total income
80AC Deduction not to be allowed unless return furnished
80B Definitions
B. DEDUCTIONS IN RESPECT OF CERTAIN PAYMENTS
80C Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
80CCC Deduction in respect of contribution to certain pension funds
80CCD Deduction in respect of contribution to pension scheme of Central Government
80CCE Limit on deductions under sections 80C, 80CCC and 80CCD
80CCG Deduction in respect of investment made under an equity savings scheme
80D Deduction in respect of medical insurance premia
80DD Deduction in respect of maintenance including medical treatment of a disabled dependent
80DDB Deduction in respect of medical treatment, etc.
80E Deduction in respect of interest on loan taken for higher education
80EE Deduction in respect of interest on loan taken for residential house property
80G Deduction in respect of donations to certain funds, charitable institutions, etc.
80GG Deductions in respect of rents paid
80GGA Deduction in respect of certain donations for scientific research or rural development
80GGB Deduction in respect of contributions given by companies to political parties
80GGC Deductions in respect of contributions given by any person to political parties
C. DEDUCTIONS IN RESPECT OF CERTAIN INCOMES
80IA Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
80IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
80IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings
80IC Special provisions in respect of certain undertakings or enterprises in certain special category States
80ID Deduction in respect of profits and gains from business of hotels and convention centres in specified area
80IE Special provisions in respect of certain undertakings in North-Eastern States
80JJA Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste
80JJAA Deduction in respect of employment of new workmen
80LA Deduction in respect of certain incomes of Offshore Banking Units and International Financial Services Centre
80P Deduction in respect of income of co-operative societies
80QQB Deduction in respect of royalty income, etc., of authors of certain books other than text books
80RRB Deduction in respect of royalty on Patents
D. OTHERS
80U Deduction in case of a person with disability
CHAPTER – VII INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME TAX IS PAYABLE
86 Share of member of an association of persons or body of individuals in the income of the association or body
CHAPTER – VIII REBATES AND RELIEF
A. REBATE OF INCOME TAX
87 Rebate to be allowed in computing income-tax
87A Rebate of income tax in case of certain individuals
88 Rebate on life insurance premia, contribution to provident fund, etc.
88E Rebate in respect of securities transaction tax
B. RELIEF OF INCOME TAX
89 Relief when salary, etc., is paid in arrears or in advance
CHAPTER – IX DOUBLE TAXATION RELIEF
90 Agreement with foreign countries
90A Adoption by Central Government of agreements between specified associations for double taxation relief
91 Countries with which no agreement exists
CHAPTER – X SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX
92 Computation of income from international transaction having regard to arm’s length price
92A Meaning of associated enterprise
92B Meaning of international transaction
92BA Meaning of specified domestic transaction
92C Computation of arm’s length price
92CA Reference to Transfer Pricing Officer
92CB Power of Board to make safe harbour rules
92CC Advance Pricing Agreement
92CD Effect to advance pricing agreement
92D Maintenance, keeping of information and document by persons entering into an international transaction or specified domestic transaction
92E Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction
92F Definitions of certain terms relevant to computation of arm’s length price, etc
93 Avoidance of income-tax by transactions resulting in transfer of income to non-residents
94 Avoidance of tax by certain transactions in securities
94A Special measures in respect of transactions with persons located in notified jurisdictional area
CHAPTER – XA GENERAL ANTI-AVOIDANCE RULE
95 Applicability of General Anti Avoidance Rule
96 Impermissible avoidance arrangement
97 Arrangement to lack commercial substance
98 Consequence of impermissible avoidance arrangement
99 Treatment of connected person and accommodating party
100 Application of Chapter
101 Framing of guidelines
102 Definitions
CHAPTER – XII DETERMINATION OF TAX IN CERTAIN SPECIAL CASES
110 Determination of tax where total income includes income on which no tax is payable
111 Tax on accumulated balance of recognised provident fund
111A Tax on short-term capital gains in certain cases
112 Tax on long-term capital gains
113 Tax in the case of block assessment of search cases
115A Tax on dividends, royalty and technical service fees in the case of foreign companies
115AB Tax on income from units purchased in foreign currency or capital gains arising from their transfer
115AC Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
115ACA Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
115AD Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
115B Tax on profits and gains of life insurance business
115BB Tax 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
115BBA Tax on non-resident sportsmen or sports associations
115BBB Tax on income from units of an open-ended equity oriented fund of the unit Trust of India or of Mutual Funds
115BBC Anonymous donations to be taxed in certain cases
115BBD Tax on certain dividends received from foreign companies
115BBE Tax on income referred to in section 68, 69, 69A, 69B, 69C or 69D
CHAPTER – XII-A SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON RESIDENTS
115C Definitions
115D Special provision for computation of total income of non-residents
115E Tax on investment income and long-term capital gains
115F Capital gains on transfer of foreign exchange assets not to be charged in certain cases
115G Return of income not to be filed in certain cases
115H Benefit under Chapter to be available in certain cases even after the assessee becomes resident
115I Chapter not to apply if the assessee so chooses
CHAPTER – XII-B SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES
115J Special provisions relating to certain companies
115JA Deemed income relating to certain companies
115JAA Tax credit in respect of tax paid on deemed income relating to certain companies
115JB Special provision for payment of tax by certain companies
115JC Special provision for payment of tax by certain persons other than a company
115JD Tax credit for alternate minimum tax
115JE Application of other provisions of the Act
115JEE Application of this Chapter to certain persons
115JF Interpretation in this Chapter
CHAPTER – XII-BB SPECIAL PROVISIONS RELATING TO CONVERSION OF INDIAN BRANCH OF A FOREIGN BANK INTO A SUBSIDIARY COMPANY
115JG Conversion of an Indian branch of a foreign company into subsidiary Indian Company
CHAPTER – XII-D SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES
115-O Tax on distributed profits of domestic companies
115P Interest payable for non-payment of tax by domestic companies
115Q When company is deemed to be in default
CHAPTER – XII-DA SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY BACK OF SHARES
115QA Tax on distributed income to shareholders
115QB Interest payable for non-payment of tax by company
115QC When company is deemed to be assessee in default
CHAPTER – XII-E SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME
115R Tax on distributed income to unit holders
115S Interest payable for non-payment of tax
115T Unit Trust of India or mutual fund to be an assessee in default
CHAPTER – XII-EA SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME BY SECURITISATION TRUSTS
115TA Tax on distributed income to investors
115TB Interest payable for non-payment of tax
115TC Securitisation Trust to be assessee in default
CHAPTER – XII-F SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPITAL COMPANIES AND VENTURE CAPITAL FUNDS
115U Tax on income in certain cases
CHAPTER – XII-G SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES
A. MEANING OF CERTAIN EXPRESSIONS
115V Definitions
B. COMPUTATION OF TONNAGE INCOME FROM BUSINESS OF OPERATING QUALIFYING SHIPS
115VA Computation of profits and gains from the business of operating qualifying ships
115VB Operating ships
115VC Qualifying company
115VD Qualifying ship
115VE Manner of computation of income under tonnage tax scheme
115VF Tonnage income
115VG Computation of tonnage income
115VH Calculation in case of joint operation, etc.
115VI Relevant shipping income
115VJ Treatment of common costs
115VK Depreciation
115VL General exclusion of deduction and set off, etc.
115VM Exclusion of loss
115VN Chargeable gains from transfer of tonnage tax assets
115VO Exclusion from section 115JB
C. PROCEDURE FOR OPTION OF TONNAGE TAX SCHEME
115VP Method and time of opting for tonnage tax scheme
115VQ Period for which tonnage tax option to remain in force
115VR Renewal of tonnage tax scheme
115VS Prohibition to opt for tonnage tax scheme in certain cases
D. CONDITIONS FOR APPLICABILITY OF TONNAGE TAX SCHEME
115VT Transfer of profits to Tonnage Tax Reserve Account
115VU Minimum training requirement for tonnage tax company
115VV Limit for charter in of tonnage
115VW Maintenance and audit of accounts
115VX Determination of tonnage
E. AMALGAMATION AND DEMERGER OF SHIPPING COMPANIES
115VY Amalgamation
115VZ Demerger
F. MISCELLENEOUS
115VZA Effect of temporarily ceasing to operate qualifying ships
G. PROVISIONS OF THIS CHAPTER NOT TO APPLY IN CERTAIN CASES
115VZB Avoidance of tax
115VZC Exclusion from tonnage tax scheme
CHAPTER – XIII INCOME TAX AUTHORITIES
A. APPOINTMENT AND CONTROL
116 Income-tax authorities
117 Appointment of income-tax authorities
118 Control of income-tax authorities
119 Instructions to subordinate authorities
B. JURISDICTION
120 Jurisdiction of income-tax authorities
124 Jurisdiction of Assessing Officers
127 Power to transfer cases
129 Change of incumbent of an office
C. POWERS
131 Power regarding discovery, production of evidence, etc.
132 Search and seizure
132A Powers to requisition books of account, etc.
132B Application of seized or requisitioned assets
133 Power to call for information
133A Power of survey
133B Power to collect certain information
134 Power to inspect registers of companies
135 Power of Director General or Director, Chief Commissioner or Commissioner and Joint Commissioner
136 Proceedings before income-tax authorities to be judicial proceedings
D. DISCLOSURE OF INFORMATION
138 Disclosure of information respecting assessees
CHAPTER – XIV PROCEDURE FOR ASSESSMENT
139 Return of income
139A Permanent account number
139B Scheme for submission of returns through Tax Return Preparers
139C Power of Board to dispense with furnishing documents, etc., with the return
139D Filing of return in electronic form
140 Return by whom to be signed
140A Self-assessment
142 Inquiry before assessment
142A Estimate by Valuation Officer in certain cases
143 Assessment
144 Best judgment assessment
144A Power of Joint Commissioner to issue directions in certain cases
144BA Reference to Commissioner in certain cases
144C Reference to dispute resolution panel
145 Method of accounting
145A Method of accounting in certain cases
147 Income escaping assessment
148 Issue of notice where income has escaped assessment
149 Time limit for notice
150 Provision for cases where assessment is in pursuance of an order on appeal, etc.
151 Sanction for issue of notice
152 Other provisions
153 Time limit for completion of assessments and reassessments
153A Assessment in case of search or requisition
153B Time limit for completion of assessment under section 153A
153C Assessment of income of any other person
153D Prior approval necessary for assessment in cases of search or requisition
154 Rectification of mistake
155 Other amendments
156 Notice of demand
157 Intimation of loss
158 Intimation of assessment of firm
CHAPTER – XIV-A SPECIAL PROVISIONS FOR AVOIDING REPETITIVE APPEALS
158A Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
CHAPTER – XV LIABILITY IN SPECIAL CASES
A. LEGAL REPRESENTATIVES
159 Legal representatives
B. REPRESENTATIVE ASSESEES – GENERAL PROVISIONS
160 Representative assessee
161 Liability of representative assessee
162 Right of representative assessee to recover tax paid
C. REPRESENTATIVE ASSESSEES – SPECIAL CASES
163 Who may be regarded as agent
164 Charge of tax where share of beneficiaries unknown
164A Charge of tax in case of oral trust
165 Case where part of trust income is chargeable
D. REPRESENTATIVE ASSESSEES – MISCELLENEOUS PROVISIONS
166 Direct assessment or recovery not barred
167 Remedies against property in cases of representative assessees
DD. FIRMS, AOP AND BOI
167A Charge of tax in the case of a firm
167B Charge of tax where shares of members in AOP or BOI is unknown, etc.
167C Liability of partners of an LLP in liquidation
E. EXECUTORS
168 Executors
169 Right of executor to recover tax paid
F. SUCCESSION TO BUSINESS OR PROFESSION
170 Succession to business otherwise than on death
G. PARTITION
171 Assessment after partition of a Hindu undivided family
H. PROFITS OF NON RESIDENTS FROM OCCASSIONAL SHIPPING BUSINESS
172 Shipping business of non-residents
I. RECOVERY OF TAX IN RESPECT OF NON RESIDENTS
173 Recovery of tax in respect of non-resident from his assets
J. PERSONS LEAVING INDIA
174 Assessment of persons leaving India
JA. AOP BOI OR AJP FORMED FOR A PARTICULAR EVENT OR PURPOSE
174A Assessment of AOP, BOI or AJP formed for a particular event or purpose
K. PERSONS TRYING TO ALIENATE THEIR ASSETS
175 Assessment of persons likely to transfer property to avoid tax
L. DISCONTINUANCE OF BUSINESS OR DISSOLUTION
176 Discontinued business
177 Association dissolved or business discontinued
178 Company in liquidation
M. PRIVATE COMPANIES
179 Liability of directors of private company in liquidation
N. SPECIAL PROVISIONS FOR CERTAIN KIND OF INCOMES
180 Royalties or copyright fees for literary or artistic work
180A Consideration for know-how
CHAPTER – XVI SPECIAL PROVISIONS APPLICABLE TO FIRMS
A. ASSESSMENT OF FIRMS
184 Assessment as a firm
185 Assessment when section 184 not complied with
B. OMITTED
C. CHANGES IN CONSTITUTION, SUCCESSION AND DISSOLUTION
187 Change in constitution of a firm
188 Succession of one firm by another firm
188A Joint and several liability of partners for tax payable by firm
189 Firm dissolved or business discontinued
189A Provisions applicable to past assessments of firms
CHAPTER XVII COLLECTION AND RECOVERY OF TAX
A. GENERAL
190 Deduction at source and advance payment
191 Direct payment
B. DEDUCTION AT SOURCE
192 Salary
193 Interest on securities
194 Dividends
194A Interest other than “Interest on securities”
194B Winnings from lottery or crossword puzzle
194BB Winnings from horse race
194C Payments to contractors and sub-contractors
194D Insurance commission
194E Payments to non-resident sportsmen or sports associations
194EE Payments in respect of deposits under National Savings Scheme, etc.
194F Payments on account of repurchase of units by Mutual Fund or Unit Trust of India
194G Commission, etc., on the sale of lottery tickets
194H Commission or brokerage
194I Rent
194IA Payment on transfer of certain immovable property other than agricultural land
194J Fees for professional or technical services
194K Income in respect of units
194L Payment of compensation on acquisition of capital asset
194LA Payment of compensation on acquisition of certain immovable property
194LB Income by way of interest from infrastructure debt fund
194LC Income by way of interest from Indian company
194LD Income by way of interest on certain bonds and Govt. securities
195 Other sums
195A Income payable “net of tax”
196 Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations
196A Income in respect of units of non-residents
196B Income from units
196C Income from foreign currency bonds or shares of Indian company
196D Income of Foreign Institutional Investors from securities
197 Certificate for deduction at lower rate
197A No deduction to be made in certain cases
198 Tax deducted is income received
199 Credit for tax deducted
200 Duty of person deducting tax
200A Processing of statements of tax deducted at source
201 Consequences of failure to deduct or pay
202 Deduction only one mode of recovery
203 Certificate for tax deducted
203A Tax deduction and collection account number
203AA Furnishing of statement of tax deducted, etc.
204 Meaning of “person responsible for paying”
205 Bar against direct demand on assessee
206 Persons deducting tax to furnish prescribed returns
206A Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax
206AA Requirement to furnish Permanent Account Number
BB. COLLECTION AT SOURCE
206C Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.
206CA Tax collection account number
C. ADVANCE PAYMENT OF TAX
207 Liability for payment of advance tax
208 Conditions of liability to pay advance tax
209 Computation of advance tax
210 Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer
211 Instalments of advance tax and due dates
214 Interest payable by Government
215 Interest payable by assessee
216 Interest payable by assessee in case of underestimate, etc.
217 Interest payable by assessee when no estimate made
218 When assessee deemed to be in default
219 Credit for advance tax
D. COLLECTION AND RECOVERY
220 When tax payable and when assessee deemed in default
221 Penalty payable when tax in default
222 Certificate to Tax Recovery Officer
223 Tax Recovery Officer by whom recovery is to be effected
224 Validity of certificate and cancellation or amendment thereof
225 Stay of proceedings in pursuance of certificate and amendment or cancellation thereof
226 Other modes of recovery
227 Recovery through State Government
228A Recovery of tax in pursuance of agreements with foreign countries
229 Recovery of penalties, fine, interest and other sums
230 Tax clearance certificate
232 Recovery by suit or under other law not affected
E. OMITTED
F. INTEREST CHARGEABLE IN CERTAIN CASES
234A Interest for defaults in furnishing return of income
234B Interest for defaults in payment of advance tax
234C Interest for deferment of advance tax
234D Interest on excess refund
234E Fee for defaults in furnishing statements
CHAPTER – XVIII RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES
236 Relief to company in respect of dividend paid out of past taxed profits
236A Relief to certain charitable institutions or funds in respect of certain dividends
CHAPTER – XIX REFUNDS
237 Refunds
238 Person entitled to claim refund in certain special cases
239 Form of claim for refund and limitation
240 Refund on appeal, etc.
242 Correctness of assessment not to be questioned
243 Interest on delayed refunds
244 Interest on refund where no claim is needed
244A Interest on refunds
245 Set off of refunds against tax remaining payable
CHAPTER – XIXA SETTLEMENT OF CASES
245A Definitions
245B Income-tax Settlement Commission
245BA Jurisdiction and powers of Settlement Commission
245BB Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
245BC Power of Chairman to transfer cases from one Bench to another
245BD Decision to be by majority
245C Application for settlement of cases
245D Procedure on receipt of an application under section 245C
245DD Power of Settlement Commission to order provisional attachment to protect revenue
245E Power of Settlement Commission to reopen completed proceedings
245F Powers and procedure of Settlement Commission
245G Inspection, etc., of reports
245H Power of Settlement Commission to grant immunity from prosecution and penalty
245HA Abatement of proceeding before Settlement Commission
245HAA Credit for tax paid in case of abatement of proceedings
245I Order of settlement to be conclusive
245J Recovery of sums due under order of settlement
245K Bar on subsequent application for settlement
245L Proceedings before Settlement Commission to be judicial proceedings
CHAPTER – XIX-B ADVANCE RULINGS
245N Definitions
245O Authority for advance rulings
245P Vacancies, etc., not to invalidate proceedings
245Q Application for advance ruling
245R Procedure on receipt of application
245RR Appellate authority not to proceed in certain cases
245S Applicability of advance ruling
245T Advance ruling to be void in certain circumstances
245U Powers of the Authority
245V Procedure of Authority
CHAPTER XX APPEALS AND REVISION
A. APPEALS TO DEPUTY COMMISSIONER (APPEALS) AND COMMISSIONER (APPEALS)
246 Appealable orders
246A Appealable orders before Commissioner (Appeals)
248 Appeal by person denying liability to deduct tax in certain cases
249 Form of appeal and limitation
250 Procedure in appeal
251 Powers of the Commissioner (Appeals)
B. APPEALS TO APPELATE TRIBUNAL
252 Appellate Tribunal
253 Appeals to the Appellate Tribunal
254 Orders of Appellate Tribunal
255 Procedure of Appellate Tribunal
C. APPEALS TO HIGH COURT
260A Appeal to High Court
260B Case before High Court to be heard by not less than two Judges
D. APPEAL TO SUPREME COURT
261 Appeal to Supreme Court
262 Hearing before Supreme Court
E. REVISION BY COMMISSIONER
263 Revision of orders prejudicial to revenue
264 Revision of other orders
F. GENERAL
265 Tax to be paid notwithstanding reference, etc.
266 Execution for costs awarded by Supreme Court
267 Amendment of assessment on appeal
268 Exclusion of time taken for copy
268A Filing of appeal or application for reference by income-tax authority
269 Definition of “High Court”
CHAPTER XX-A ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX
269A Definitions
269AB Registration of certain transactions
269B Competent authority
269C Immovable property in respect of which proceedings for acquisition may be taken
269D Preliminary notice
269E Objections
269F Hearing of objections
269G Appeal against order for acquisition
269H Appeal to High Court
269I Vesting of property in Central Government
269J Compensation
269K Payment or deposit of compensation
269L Assistance by Valuation Officers
269M Powers of competent authority
269N Rectification of mistakes
269O Appearance by authorised representative or registered valuer
269P Statement to be furnished in respect of transfers of immovable property
269Q Chapter not to apply to transfers to relatives
269R Properties liable for acquisition under this Chapter not to be acquired under other laws
269RR Chapter not to apply where transfer of immovable property made after a certain date
269S Chapter not to extend to State of Jammu and Kashmir
CHAPTER XX-B REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX
269SS Mode of taking or accepting certain loans and deposits
269T Mode of repayment of certain loans or deposits
269TT Mode of repayment of Special Bearer Bonds, 1991
CHAPTER XX-C PENALTIES IMPOSABLE
269U Commencement of Chapter
269UA Definitions
269UB Appropriate authority
269UC Restrictions on transfer of immovable property
269UD Order by appropriate authority for purchase by Central Government of immovable property
269UE Vesting of property in Central Government
269UF Consideration for purchase of immovable property by Central Government
269UG Payment or deposit of consideration
269UH Re-vesting of property in the transferor on failure of payment or deposit of consideration
269UI Powers of the appropriate authority
269UJ Rectification of mistakes
269UK Restrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property
269UL Restrictions on registration, etc., of documents in respect of transfer of immovable property
269UM Immunity to transferor against claims of transferee for transfer
269UN Order of appropriate authority to be final and conclusive
269UO Chapter not to apply to certain transfers
269UP Chapter not to apply where transfer of immovable property effected after certain date
CHAPTER XX-C PENALTIES IMPOSABLE
271 Failure to furnish returns, comply with notices, concealment of income, etc.
271A Failure to keep, maintain or retain books of account, documents, etc.
271AA Penalty for failure to keep and maintain information and document in respect of international transaction
271AAB Penalty where search has been initiated
271B Failure to get accounts audited
271BA Penalty for failure to furnish report under section 92E
271BB Failure to subscribe to the eligible issue of capital
271C Penalty for failure to deduct tax at source
271CA Penalty for failure to collect tax at source
271D Penalty for failure to comply with the provisions of section 269SS
271E Penalty for failure to comply with the provisions of section 269T
271F Penalty for failure to furnish return of income
271FA Penalty for failure to furnish annual information return
271FB Penalty for failure to furnish return of fringe benefits
271G Penalty for failure to furnish information or document under section 92D
272A Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.
272AA Penalty for failure to comply with the provisions of section 133B
272B Penalty for failure to comply with the provisions of section 139A
272BB Penalty for failure to comply with the provisions of section 203A
272BBB Penalty for failure to comply with the provisions of section 206CA
273 False estimate of, or failure to pay, advance tax
273A Power to reduce or waive penalty, etc., in certain cases
273AA Power of Commissioner to grant immunity from penalty
273B Penalty not to be imposed in certain cases
274 Procedure
275 Bar of limitation for imposing penalties
CHAPTER XXII OFFENCES AND PROSECUTION
275A Contravention of order made under section 132(3)
275B Failure to comply with the provisions of section 132(1)(iib)
276 Removal, concealment, transfer or delivery of property to thwart tax recovery
276A Failure to comply with the provisions of sub-sections (1) and (3) of section 178
276AB Failure to comply with the provisions of sections 269UC, 269UE and 269UL
276B Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B
276BB Failure to pay the tax collected at source
276C Wilful attempt to evade tax, etc.
276CC Failure to furnish returns of income
276CCC Failure to furnish return of income in search cases
276D Failure to produce accounts and documents
277 False statement in verification, etc.
277A Falsification of books of account or document, etc.
278 Abetment of false return, etc.
278A Punishment for second and subsequent offences
278AA Punishment not to be imposed in certain cases
278AB Power of Commissioner to grant immunity from prosecution
278B Offences by companies
278C Offences by Hindu undivided families
278D Presumption as to assets, books of account, etc., in certain cases
278E Presumption as to culpable mental state
279 Prosecution to be at instance of Chief Commissioner or Commissioner
279A Certain offences to be non-cognizable
279B Proof of entries in records or documents
280 Disclosure of particulars by public servants
280A Special Courts
280B Offences triable by Special Court
280C Trial of offences as summons case
280D Application of Code of Criminal Procedure, 1973 to proceedings before Special Court
CHAPTER XXIII MISCELLENEOUS
281 Certain transfers to be void
281B Provisional attachment to protect revenue in certain cases
282 Service of notice generally
282A Authentication of notices and other documents
283 Service of notice when family is disrupted or firm, etc., is dissolved
284 Service of notice in the case of discontinued business
285 Submission of statement by a non-resident having liaison office
285B Submission of statements by producers of cinematograph films
285BA Obligation to furnish annual information return
287 Publication of information respecting assessees in certain cases
287A Appearance by registered valuer in certain matters
288 Appearance by authorised representative
288A Rounding off of income
288B Rounding off amount payable and refund due
289 Receipt to be given
290 Indemnity
291 Power to tender immunity from prosecution
292 Cognizance of offences
292A Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply
292B Return of income, etc., not to be invalid on certain grounds
292BB Notice deemed to be valid in certain circumstances
292C Presumption as to assets, books of account, etc.
292CC Authorisation and assessment in case of search or requisition
293 Bar of suits in civil courts
293A Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils
293B Power of Central Government or Board to condone delays in obtaining approval
294 Act to have effect pending legislative provision for charge of tax
294A Power to make exemption, etc., in relation to certain Union territories
295 Power to make rules
296 Rules and certain notifications to be placed before Parliament
297 Repeals and savings
298 Power to remove difficulties
SCHEDULES TO THE ACT
I Insurance Business
II Procedure for Recovery of Tax
III Procedure for Distraint by AO/TRO
IV A. RPF B. Approved Superannuation Funds C. Approved Gratuity Funds
V List of Articles and Things
VI Omitted
VII A. Minerals B. Groups of Associated Minerals
VIII List of Industrially Backward States & UT
IX Omitted
X Omitted
XI List of Articles or Things
XII Processed Minerals or Ores
XIII List of Articles or Things
XIV List of Articles or Things or Operations

'Sections of the Income Tax Act 1961' has 1 comment

  1. August 27, 2013 @ 5:39 pm Chandrashekhara

    Really helpful information..

    Reply


Would you like to share your thoughts?

Your email address will not be published.