Contents
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Part I--Amendments by the 1. Finance Act, 2019 2. Finance Act (No. 2), 2019 3. Taxation Laws (Amendment) Ordinance, 2019 and Commentary Thereon |
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Section A--Amendments by the Finance Act, 2019, Finance Act (No. 2), 2019 and Taxation Laws (Amendment) Ordinance, 2019--At a Glance |
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Income Tax Act, 1961 |
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Prohibition of Benami Property Transactions Act, 1988 |
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Finance (No. 2) Act, 2004--Securities Transaction Tax |
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The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 |
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Finance Act, 2016--Income Declaration Scheme |
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Section B--Commentary on 1. Finance Act, 2019 2. Finance (No. 2) Act, 2019 3. Taxation Laws (Amendment) Ordinance, 2019 |
1. |
Tax Rates for Assessment Year 2020-21 |
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Personal income-tax rates |
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Tax rate for firms and LLP |
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Tax rates for company |
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All other entities |
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Effective tax rates |
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Rate of tax where charged under section 92CE(2A), 115-O, 115QA, 115R(2), 115TA, 115TD |
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Alternate Minimum Tax on all assessees other than company |
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TDS rates and threshold limit |
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Surcharge on income-tax |
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Health and education cess |
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Surcharge and health and education cess on tax deducted/collected at source |
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Surcharge on MAT |
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Surcharge on secondary adjustment/dividend distribution tax/Income distribution tax/tax on buy back/tax on accreted income |
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Surcharge and cess on advance rates of tax, where tax is computed under specified section or section 192 |
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Tax computation, where net agricultural income exceeds Rs. 5,000 |
2. |
Non-Residents |
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I. Deemed Accrual of Money Transferred Without Adequate Consideration, Where Amount of Money Exceeds Rs. 50,000 in Aggregate by Person Resident in India to a Non-Resident |
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Chargeability of money received for inadequate consideration--The pre-amendment position vis-a-vis non-residents |
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Amendment by the Finance (No. 2) Act, 2019 |
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Applicability of amendment |
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Reason for amendment |
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What is income for the purposes of section 9(1)(viii) |
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Provisions illustrated |
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Applicability of section 56(2)(x) read with section 9(1)(viii) |
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Specified money chargeable under section 56(2)(x) in case of non-residents by virtue of new section 9(1)(viii) from 5-7-2019 |
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Exclusions--Receipts that will not be taxed |
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'Relative' defined |
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When provision to apply |
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Taxable event is receipt |
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What if any such money is received by minors |
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Only the money received from any person is to be taxed |
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Receipt of money--Certain issues |
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Person resident in India |
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Who is a non-resident |
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Tax deduction at source under section 195 |
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Treaty situation |
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II. Special Tax Regime for Fund Managers |
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Relaxation in conditions of special taxation regime for offshore funds |
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III. Other Amendments |
3. |
Exempt Incomes |
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Exemption to interest payable to a non-resident non-corporate assessees or to a foreign company by Indian company or business trust |
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Exemption to income accruing or arising to specified fund |
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Exemption limit to payment from National Pension System Trust enhanced to 60% of total amount in certain cases |
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Exemption to interest payable to a non-resident payable by a unit in International Financial Services Centre |
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Income from buy-back of shares not taxable in hands of shareholders of listed companies |
4. |
Charitable Trusts |
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I. New Conditions Prescribed for Granting Approval/Withdrawal of Approval Under Section 10(23C)(iv) to 10(23C)(via) |
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Provision of section 10(23C)(iv) to 10(23C)(via) |
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Pre-amendment provisions regarding granting of approval to fund, etc. referred to in section 10(23C)(iv) to (via) |
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Amendment to empower prescribed authority to look into compliance with other laws |
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Withdrawal of approval granted to to fund, etc. referred to in section 10(23C)(iv) to (via)--Pre-amendment position |
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Prescribed authority empowered to withdraw approval in case of failure to comply with requirement of other laws |
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II. Charitable Trusts |
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Principal CIT/CIT empowered to look into compliance with other laws while granting registration to charitable trusts |
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Principal CIT/CIT empowered to cancel registration if there is non-compliance with requirement of other law |
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Effect of cancellation |
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Summing up |
5. |
Income from Salary |
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Amount of standard deduction enhanced to Rs. 50,000 |
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Illustration 1 |
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Illustration 2 |
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Illustration 3 |
6. |
Income from House Property |
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No tax on deemed basis if assessee owns two houses |
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Restriction on amount of deduction for interest on borrowed capital for acquisition of self-occupied property |
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Providing one more year for taxation of annual value of unsold stock |
7. |
Business Income |
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I. Digital Economy |
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Expenditure of capital nature for purposes of section 35AD may be made by prescribed modes of electronic payment |
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Payments referred to in section 40A may be made by prescribed mode of electronic payment |
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Payment towards acquisition of any asset in certain cases may be made by prescribed mode of electronic payment |
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Payment referred to in section 43CA(4) may be made by prescribed electronic modes |
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Profit to be deemed at 6 per cent of turnover if payment towards turnover, etc., is received by prescribed electronic modes |
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II. New Depreciation Rates |
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III. No Disallowance Under Section 40(a)(i) Where Payee Files Return and Pays Tax on Income |
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Pre-amendment position |
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The insertion |
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When assessee treated as in default section 201(1) |
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When assessee is not treated as in default under section 201(1) |
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Conditions which are required to be fulfilled for availing of benefit of newly inserted second proviso to section 40(a)(i) |
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Liability to pay interest on tax not deducted |
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Effect of return being filed by the payee--Where assessee fails to deduct tax either in whole or in part |
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Whether second proviso to section 40(a)(i) retrospective in nature |
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Different situations identified |
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Different situations illustrated |
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IV. Reference to Resident in Second Proviso to Section 40(a)(ia) Substituted by Reference to Payee |
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Pre-amendment position |
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The amendment |
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V. Interest Payable to Certain Non-Banking Financial Companies Allowable Only on Payment Basis |
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Existing position |
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Amended position |
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Position where interest payable to certain non-banking financial companies allowed as deduction in earlier assessment year |
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Different situations identified and illustrated |
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Conversion of interest into loan--Effect of |
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Terminologies defined |
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VI. Allowing NBFCs to Report Interest Income on NPA on Receipt Basis |
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Pre-amendment position |
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Amended position |
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Terminologies defined |
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Bad debts prescribed for clause (a) of section 43D |
8. |
Capital Gains |
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Scope of section 47(viiab) extended to notified securities |
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Payment referred to in section 50C(1) may be received by prescribed electronic modes |
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Prescription of exemption from deeming of fair market value of shares for certain transactions |
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Benefit under section 54 to be allowed for acquisition of two residential houses in certain cases |
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Roll-over benefit in case of long-time capital gain arising from transfer of a residential house or plot of land invested in eligible start-up |
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Amendment in definition of equity oriented fund referred to in section 111A |
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Restriction on surcharge in case of income referred to in section 115AD |
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Restriction on surcharge in case of income referred to in section 111A/112A |
9. |
Start-up Taxation |
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Non-applicability of section 56(2)(viib) to consideration received from specified fund by a venture capital undertaking |
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Failure to comply with requirements of exemption notification to cost heavily to company issuing shares |
10. |
Income from Other Sources |
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Consequential amendment of section 56(2)(viii) in view of substitution of section 145A and 145B by Finance Act, 2018 |
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Payment for purposes of first proviso to section 56(2)(x) may be made by way of prescribed electronic modes |
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Provisions of section 56(2)(x) not to apply in certain cases |
11. |
Losses of Privately Held Companies |
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Current Legal Position |
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The substitution |
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Rules regarding carrying over and set off of loss by companies other than start-up |
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Non-satisfaction above conditions in case of eligible start-up |
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Exception to provisions of section 79(1) |
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Terminologies defined |
12. |
Deduction Under Chapter VI-A and Rebate |
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I. Investment in National Pension Scheme |
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Deduction under section 80C extended to investment in TIER-II Account of National Pension Scheme by Central Government employees |
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Limit of contribution by Central Government to National Pension Scheme enhanced to 14 per cent of salary |
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II. Deduction in Respect of Interest on Loan Taken for Acquisition of Residential House Property |
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To whom deduction under section 80EEA allowable |
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Deduction not restricted to resident individuals only |
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Deduction not restricted to interest actually paid |
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Amount of deduction and period over which same is allowable |
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Conditions precedent for deduction |
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No double deduction towards interest payable |
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Terminologies defined |
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Cumulative impact of sections 24(b), 80C and 80EEA |
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Finer points |
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What if assessee's spouse holds a residential property on date of sanction of loan |
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Interest--Meaning of |
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Pre-payment charges for closure of loan account |
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Processing fees--Whether interest |
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Deduction for interest on interest |
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Nexus between interest and acquisition/construction of property essential |
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Residential property--Meaning of |
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Interest for pre-construction period |
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Illustration where time gap between sanction of loan and acquisition of property |
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Different situations identified and illustrated |
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III. Deduction in Respect of Interest Payable on Loan Taken for Purchase of an Electric Vehicle |
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To whom deduction under section 80EEB allowable |
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Deduction not restricted to resident individuals only |
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Payment of interest not necessary, deduction allowable on accrual basis |
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Amount of deduction and period over which same is allowable |
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Conditions precedent for deduction |
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No double deduction towards interest payable |
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Terminologies defined |
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Case of assessee carrying on business or profession |
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Finer points |
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Provisions illustrated |
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IV. Amendment in Conditions in Respect of Deduction in Respect of Profits and Gains From Housing Projects |
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Project can be approved upto 31-3-2020 |
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Amendment of certain conditions for eligibility to get deduction under section 80-IBA |
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V. Other Deductions |
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Payment of emoluments may be made by prescribed electronic modes [Section 80JJAA] |
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100 per cent deduction to specified income of unit of an International Financial Services Centre for centre period of ten consecutive assessment years at option of assessee out of 15 assessment years |
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VI. Rebate Under Section 87A Rejigged |
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Impact of amendment |
13. |
Transfer Pricing |
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Restriction on powers of assessing officer where modified return is filed pursuant to Advance Pricing Agreement |
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Secondary adjustment need be made only where Advance Pricing Agreement entered into on or after 1-4-2017 |
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Clarification regarding no secondary adjustment in certain cases |
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No refund of taxes paid by virtue of secondary adjustment made prior to amendment by Finance (No. 2) Act, 2019 |
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Scope of section 92CE(2) restricted to excess money or part thereof, which is not repatriated |
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Assessee provided with option to pay tax on excess money or part thereof not repatriated and not to make any secondary adjustment |
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Maintenance, keeping and furnishing of information and documents by certain persons |
14. |
Corporate Taxation |
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Certain conditions not to apply in case of demerger of Ind-AS compliant companies |
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Amendment of section 115BA |
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Lower rate of tax on certain domestic companies |
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Reduced tax rate of 15 per cent to certain domestic manufacturing companies |
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Reduction in rate of MAT and No MAT in certain cases |
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Aggregate amount of unabsorbed depreciation and brought forward loss to be reduced while computing book profit in case of distressed companies |
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Availability of MAT credit to companies opting for special tax regime under section 115BAA |
15. |
Buy-Back Tax |
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Position up to 4-7-2019 |
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The amendment |
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Amendment by The Taxation Laws (Amendment) Ordinance, 2019 |
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Reason for amendment |
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Provisions summarised |
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Amount on which tax is levied under section 115QA(1) |
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Rate of tax on income distributed by way of buy-back of shares |
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Consequential amendment of section 10(34A) |
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Section 46A not amended |
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Tax impact of buy-back |
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Illustration 1 |
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Illustration 2 |
16. |
Tax on Distributed Income |
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No dividend distribution tax on profits accumulated after 1-4-2017 by unit of International Financial Services Centre |
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No income distribution tax under section 115R where income distributed by a specified mutual fund out of specified income |
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Investment funds allowed to absorb business loss only and any other loss to be ignored in certain cases |
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Treatment of loss other than business loss accumulated at the level of investment fund on 31-3-2019 |
17. |
Permenant Account Number and Return of Income |
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Individual/HUF/AOP/BOI/Artificial Juridical person claiming deduction under section 54/54B/54D/54EC/54F/54G/54GA/54GB to file return compulsorily if total income exceeds basic exemption limit before such deduction |
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New criterion for compulsory filing of return of income |
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Terminologies defined for purpose of section 139(1) |
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Certain persons mandated to obtain Permanent Account Number |
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Inter-changeability of Aadhaar and Permanent Account Number |
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Aadhaar number may be quoted in lieu of PAN |
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Allowing quoting of Aadhaar Number in documents referred to in section 139A(5)(c) |
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Duty of persons entering into specified transactions and person receiving documents relating to such transactions to ensure quoting of PAN/Aadhaar Number |
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CBDT empowered to make rules for categories of transactions in relation to which Aadhaar number need be quoted |
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Terminologies defined for purpose of section 139A |
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PAN not to be invalidated merely because Aadhaar number not intimated to authority |
18. |
Tax Deduction at Source |
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I. No Tax Deduction on Interest From Banks and Post Office Where Interest Amount Does Not Exceed Rs. 40,000 in a Year |
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Amendment explained |
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II. Tax Under Section 194DA to be Deducted on Amount in Excess of Premiums Paid and Rate of Tax Deduction also Enhanced |
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Pre-amendment position |
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Exemption under section 10(10D) and section 194DA |
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The amendment |
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Reason for amendment |
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Provisions illustrated |
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III. No Tax Deduction on Rent if Rent Amount Does Not Exceed Rs. 2,40,000 in a Year |
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IV. Providing Definition of Consideration for Transfer of Immovable Property for the Purposes of Section 194-IA |
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V. Mandating Tax Deduction at Source on Payment Towards Contract, Commission or Brokerage or Fees for Professional Services Where Paid to a Resident by Certain Individual/HUF |
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Pre-amendment position |
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Who is liable to deduct tax under new section 194M |
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When liability to deduct tax under section 194M arises |
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Payments covered by section 194M |
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When tax is to be deducted |
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Rate of tax deduction |
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No tax deduction in certain cases |
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No need to obtain tax deduction account number under section 194M |
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Terminologies defined |
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Provisions illustrated |
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No deduction of tax or tax deduction at lower rate |
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Whether non-resident payer liable to deduct tax |
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Payee being a non-resident |
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Rate of tax deduction, whether provisions of section 206AA applies |
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Default consequences |
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VI. TDS on Cash Withdrawals |
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Who is liable to deduct tax |
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When tax is to be deducted |
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Only payment in cash covered |
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Rate of tax and amount on which tax is to be deducted |
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Person--Meaning of |
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No tax deduction under certain cases |
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Exemption from TDS Under section 194N |
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Tax deducted to be treated as income received |
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Credit for tax deducted at source for the purposes of section 199 |
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CBDT clarification as to applicable of section 194N to cash withdrawals during 1-4-2019 to 31-8-2019 |
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FAQs on applicability of provisions |
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Provisions illustrated |
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VII. Application Under Section 195(2)/195(7) to be Filed Online |
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VIII. Amendment of Section 201(1) and Section 201(1A) Consequent Upon Extension of Benefit Therein to Section 40(a)(i) |
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Pre-amendment position |
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The amendment |
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Effect of amendment |
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IX. Time Limit for Passing an Order Deeming Assessee to in Default, Where Correction Statement is Filed |
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X. Statement to be Filed by Person Paying any Income by Way of Interest Without Deduction of Tax |
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Existing position |
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The substitution |
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Filing of statement by banking company, etc. |
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Any person other than above to file statement |
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Filing of correction statement |
19. |
Recovery, Refund and Interest |
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Rationalisation of provisions relating to recovery of tax in pursuance of agreement with foreign countries |
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Relief under section 89 to be taken into account while determining tax payable |
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Refund of tax to be claimed only by filing of return of income |
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Enhancing time limitation for sale of attached property under rule 68B of the Second Schedule of the Act |
20. |
Mandating Electronic Payments |
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Mechanism to boost digital payments |
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Mandating acceptance of payments through prescribed electronic modes |
21. |
Penalties and Prosecution |
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Extending scope of section 270A to eases, where return for the first time filed under section 148 |
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Extending scope of penalty for furnishing inaccurate statement of financial transaction or reportable account |
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Extending scope of penalty under section 272B for failure to quote Aadhaar number |
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Rationalisation of the provisions of section 276CC relating to prosecution for not filing return of income |
22. |
Miscellaneous |
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Widening the scope of Statement of Financial Transactions (SFT) |
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Clarification regarding definition of the "accounting year" in section 286 of the Act |
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Deduction allowed to a unit of an International Financial Services Centre under section 80LA to be reduced while computing dividend income, etc. |
23. |
Prohibition of Benami Property Transactions Act, 1988 |
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No prior approval of Approving Authority required, where notice under section 24(1) has already been issued |
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Period of limitation for provisional attachment to be counted from last day of month in which notice under section 24(1) is issued |
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Exclusion of certain periods, while computing period of limitation for the purposes of section 24 |
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Exclusion of certain time while passing order under section 26(7) |
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Appellate authority to hear appeals against order of any authority |
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Rectification of mistake |
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Penalty for failure to comply with notices or furnish information |
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Records or documents in custody of an authority to be taken as evidence |
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Prosecution to be launched with previous sanction of competent authority |
24. |
Finance (No. 2) Act, 2004 : Securities Transaction Tax |
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Securities transaction tax to be levied on difference between strike price and the settlement price where option is exercised |
25. |
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 |
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Expanding scope and ambit of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) |
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Clarificatory amendment of section 10 |
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Commissioner (Appeals) empowered to enhance or reduce penalty |
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Provision of section 144A of Income Tax Act, 1961 extended to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 |
26. |
Finance Act, 2016 : Income Declaration Scheme |
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Enabling certain declarants to pay tax, etc. belatedly |
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Refund of excess tax to certain declarants |
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Part II--Master Guide to Income Tax Act |
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Section C--Ready Referencer |
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A. TAX RATES FOR CURRENT ASSESSMENT YEARS |
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INCOME TAX |
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Tax rates for individual below 60 years of age, Hindu Undivided Families, Association of Persons, Body of Individuals and Every Artificial Juridical Person [Assessment years 2019-20 and 2020-21] |
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Tax rates for individuals being a resident in India, who is of the age of sixty years or more but less than eighty years of age at any time during the previous year [Assessment years 2019-20 and 2020-21] |
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Tax rates for an individuals being a resident in India, who is of the age of eighty years or more at any time during the previous year [Assessment years 2019-20 and 2020-21] |
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Tax rates for companies [Assessment years 2019-20 and 2020-21] |
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Tax rates for co-operative societies [Assessment years 2019-20 and 2020-21] |
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Tax rates for firm and LLP [Assessment years 2019-20 and 2020-21] |
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Tax rates for local authority [Assessment years 2019-20 and 2020-21] |
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B. SPECIFIED TAX RATES UNDER INCOME TAX ACT |
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C. TDS RATES [FOR FINANCIAL YEAR 2019-20] |
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Recipient other than a company being a resident |
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Payment to non-resident indian and non-resident non-corporate assessees |
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Payments to Domestic Company |
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Payments to a Non-Domestic Company |
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D. RATES FOR TAX COLLECTION AT SOURCE [FOR FINANCIAL YEAR 2019-20] |
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Where collected by seller of goods |
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Where collection made by lessor or licensor |
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E. RATES FOR DIVIDEND DISTRIBUTION TAX UNDER SECTION 115-O [FOR FINANCIAL YEAR 2019-20] |
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F. RATES FOR TAX ON INCOME DISTRIBUTED UNDER SECTION 115R [FOR FINANCIAL YEAR 2019-20] |
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G. RATES FOR MINIMUM ALTERNATE TAX [FOR FINANCIAL YEAR 2019-20] |
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H. TAX RATES FOR LAST TEN ASSESSMENT YEARS |
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Income tax rates for Individuals, HUFs, Firms, Body of Individuals and Association of Persons |
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Income tax rates for specified HUFs |
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Rates of income-tax for firms |
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Income-tax rates for companies |
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Income-tax rates for co-operative societies |
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I. RATES FOR DIVIDEND/DISTRIBUTION TAX UNDER
SECTION 115-O |
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J. RATES OF WEALTH TAX [UPTO ASSESSMENT YEAR 1992-93] |
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Specified Hindu Undivided Family--[Upto the assessment year 1992-93] |
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Individuals and Non-specified HUFs--[Upto the assessment year 1992-93] |
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Individuals, HUFs and Companies |
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K. MARKET RATES OF GOLD AND SILVER FOR LAST TEN ASSESSMENT YEARS, AS ON 31-3-2019 AND 1-4-1981 |
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Adjustment to be made in value of 24 carat gold to arrive at value of gold ornaments |
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Conversion factors |
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L. TDS CHART [FINANCIAL YEAR 2019-20] |
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M. FEE STRUCTURE FOR APPEALS |
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N. TAX SAVING SCHEMES |
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O. ACCRUED INTEREST ON NSC (VIII ISSUE) |
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P. TAX CALENDAR FOR RECURRING WORK |
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Q. AUDIT REPORTS/CERTIFICATE/REPORT OF ACCOUNTANT UNDER INCOME TAX ACT, 1961 |
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R. PERIOD OF LIMITATION UNDER INCOME TAX |
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S. APPLICATIONS, CERTIFICATES, REPORTS, ETC., PRESCRIBED UNDER INCOME TAX RULES, 1962 |
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T. WITHHOLDING TAX RATES UNDER DTAA |
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U. LIST OF BONUS ISSUE OF SHARES DURING 1-4-2018 TO 31-3-2019 |
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Section D--Special Charts and Tables |
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I. EXEMPT INCOMES |
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Scope of Exemption in respect of Leave Travel Concession [Section 10(5) read with Rule 2B] |
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List of Incomes Exempt From Tax |
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II. SALARY INCOME |
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Receipt whether chargeable as salary or not--At a glance |
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Taxability of various types of receipts and allowances |
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Bird's eye-view of taxability of perquisites [Section 17(2)] |
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Deductions Allowable from Salary Income |
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Scheme of Exemption under Section 10(10) in Respect of Gratuity |
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Scheme of Exemption under Section 10(10AA) in Respect of Leave Encashment |
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SBI Lending Rates [For Purposes of Computation of Perquisite under section 17 read with Rule 3(7)(i)] |
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III. PROPERTY INCOME |
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Deduction under Sections 23 and 24 at a Glance |
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IV. INCOME FROM BUSINESS OR PROFESSION |
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Deductions allowable in computation of income from business or profession |
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Sums Disallowable In Computation of Income from Business or Profession |
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Point of Time when Payments to be made to Comply with the Provisions of Section 43B |
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Maintenance of Books of Account by Non-Specified Professionals and Persons Carrying on Business |
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Maintenance of Books of Accounts by Specified Professionals |
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V. CAPITAL GAINS |
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Determination of holding period in certain cases [Explanation 1 to section 2(42A) and rule 8AA] |
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Period of holding for classification as long-term capital asset, short term capital asset and the tax rate |
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Cost Inflation Index Table |
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Rate of Exchange and Relevant Dates to Determine Capital Gain under the Proviso to Section 48 |
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Provisions of Sections 45, 46, 50C, 50CA and 50D in a Tabular Form |
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Cost of Acquisition with Reference to Certain Modes of Acquisition [Section 49] |
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Provisions Relating to Cost of Acquisition Presented in a Summary Manner [Section 55] |
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Cost of Improvement |
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General Deductions in computation of Capital Gains |
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Deductions from Capital Gains at a Glance |
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VI. INCOME FROM OTHER SOURCES |
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Deductions Admissible Against Income from Other Sources [Section 57] |
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Amounts Not Deductible [Section 58] |
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VII. LOSSES |
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Set Off and Carry Forward Provisions at a Glance |
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VIII. DEDUCTIONS UNDER CHAPTER VI-A |
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Deduction in Respect of Certain Payments |
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Deduction under Section 80C in Respect of Certain Investments |
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Deduction in Respect of Certain Incomes |
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IX. REBATE AND RELIEFS |
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Rebate under Section 86 |
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Rebate Under Section 87A |
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Double Taxation Avoidance Agreement at a Glance |
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Tax Information Exchange Agreements |
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X. ADVANCE TAX AND TDS |
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TDS Chart [For Financial Year 2019-20] |
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Advance tax instalments [Sections 211, 218 and 219] |
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XI. ASSESSMENT AND REASSESSMENT |
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Return Forms |
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Time Limits for Reopening the Assessment [Section 149] |
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Sanction for Issuance of Notice |
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Time Limit for Completion of Assessment and Reassessment [Section 153] |
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XII. INTEREST PROVISIONS |
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Table as to Interest under Income Tax |
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XIII. PENALTIES AND PROSECUTION |
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List of Penalties |
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Offences and Prosecution |
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XIV. SETTLEMENT OF CASES |
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Determination of Additional Tax Payable in Case of Settlement Petition |
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XV. SECURITIES TRANSACTION TAX |
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Securities transaction tax and income tax treatment of gains from sale of equity shares, etc., at a glance |
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Section E--Income Tax Procedure Guide |
1. |
Procedure Relevant to Surveys [S. 133A] |
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Authorities eligible to conduct survey under section 133A |
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Places of survey |
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Restriction on place of survey under section 133A and exceptions thereto |
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Survey on charitable trusts |
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Survey may be conducted even in the absence of assessee |
|
Whether office of the auditor of the assessee also covered by the term 'premises'? |
|
Powers of income-tax authorities vis-a-vis survey |
|
Power of survey extended to TDS/TCS related matter |
|
Is any statutory form to be served at the time of survey |
|
Timing of survey |
|
Power to impound cash, stock and other valuable articles |
|
Powers of authorities where survey conducted at the time of functions and ceremonies |
|
Power to collect tax during survey |
|
Power to take copies of documents or books, etc. at the time of survey |
|
Evidentiary value of statement taken on oath |
|
Affidavit retracting admission--Impact of |
|
Rights of person surveyed |
|
Presumption available under section 292C applicable to survey proceedings also |
2. |
Procedure Relevant to Search Cases |
|
Authorities empowered to authorise search |
|
Contents of warrant of authorisation |
|
Who can be authorised by authorising officer? |
|
On or after 1-10-2009 no authorisation for search shall be issued by Additional Director/Commissioner or by Joint Director/Commissioner unless empowered by CBDT so to do |
|
When a search can be ordered |
|
Power to issue search notices under section 131(1A) |
|
Authorisation and assessment in case of search of more than one person |
|
Powers under section 132(1) |
|
Recording of statement under section 132(4) |
|
Rights of the person searched |
|
Duties of the persons searched |
|
Formalities to be observed after entering the premises |
|
When entry is not freely available |
|
When premises found locked |
|
Procedure for seizure |
|
Preparation of Panchnama |
|
Assessees not to be coerced for admission of undisclosed income |
3. |
Procedural Aspects as to PAN |
|
Obligation to obtain PAN |
|
Persons required to obtain PAN [Sections 139A(1), 139A(1B), 139A(2) and 139A(3)] |
|
Central Government empowered to notify class or classes of persons who shall apply for PAN if they are liable to pay tax or duty under any law [Section 139A(1A)] |
|
Quoting PAN [Section 139A(5)] |
|
Intimation of PAN by a person receiving income subject to tax deduction [Section 139A(5A)] |
|
Duty of tax deductor to quote PAN [Section 139A(5B)] |
|
Sections 139A(5A) and 139(5B) not to apply to certain persons |
|
Buyer, lessee or licensee referred to in section 206C to intimate PAN [Section 139A(5C)] |
|
Person collecting tax to quote PAN of every buyer, licensee or lessee [Section 139A(5D)] |
|
Aadhaar number may be quoted in lieu of PAN [Section 139A(5E) effective from 1-9-2019] |
|
Ensuring compliance of section 139A [Sections 139A(6) and 139A(7)] |
|
Duty of person entiring into certain transactions and person receiving documents relating to such transaction [Section 139A(6A) and section 139A(6B) from 1-9-2019] |
|
CBDT's power to make rules relating to PAN |
|
Class of persons who shall apply for allotment of Permanent Account Number |
|
Procedure for applying for Permanent Account Number |
|
Format for verification certificate under rule 114(4) |
|
Documents pertaining to transactions in respect of which PAN must be quoted |
|
Duty of certain persons to ensure that correct PAN is quoted [Rule 114C] |
|
Time and manner in which persons referred to in sub-rule (2) of rule 114C shall intimate details of transaction to department [Rule 114D] |
|
Procedure for Submission of Form No. 60 by any Person who Does not Have a Permanent Account Number and who Enters into any Transaction Specified in Rule 114B of the Income Tax Rules, 1962 |
|
Procedure for Registration and Submission of Form No. 61 as per Rule 114D of Income Tax Rules, 1962 |
|
Penalty for failure to comply with provisions of section 139A [Section 272B] |
4. |
Procedure for Filing of Tax Return through Tax Return Preparers [S. 139B] |
5. |
Procedure to Pay Income-Tax on Self-Assessment [S. 140A] |
|
Computation of tax payable |
|
Paying the tax |
|
Failure consequences |
6. |
Procedures and Precautions in Relation to Advance Income Tax |
|
Procedure for paying advance tax suo motu [Sections 210 and 211] |
|
Payment of tax before 31st March |
|
Paying advance tax |
|
Failure consequences |
|
Procedure for paying advance tax in pursuance of order of assessing officer under section 210 of Income Tax Act |
|
Procedure for claiming credit for advance tax paid |
7. |
Procedures and Precautions in Relation to Return |
|
Voluntary return of income under section 139(1) |
|
Return of income to be filed compulsorily person in cartain cases |
|
Return of income of another person |
|
Exemption from filing of return of income by coffee growers, being individuals covered by Rule 7B of the Income Tax Rules |
|
Filing of return under section 139(1) not necessary in certain cases |
|
Return to be filed by universities, etc. referred to in section 35(1)(ii)/ 35(1)(iii) [Section 139(4D)] |
|
Return to be filed by business trust [Section 139(4E)] |
|
Relaxation from compulsory e-filing of return in case of representative assessees of non-residents and private discretionary trusts |
|
Deceased assessees who is to file return and in whose hands income taxable |
|
How to become a legal heir steps to became legal heir |
|
Meaning of representative assessee |
|
CBDT empowered to exempt to a class or classes of persons from furnishing return of income [Section 139(1C)] |
|
Exemption from Filing of Return of Income--Certain Non-Residents Exempted from Filing Return |
|
CBDT empowered to dispense with furnishing documents, etc., with the return [Section 139C] |
|
CBDT empowered to provide for electronic furnishing of return by certain classes of persons [Section 139D] |
|
Procedure for condonation of delay in filing income tax return |
|
Verification of return of income [Section 140] |
|
Return of loss [Section 139(3)] |
|
Procedure to file a belated return [Section 139(4)] |
|
Procedure to revise return of income already filed by assessee [Section 139(5)] |
|
Quoting of Adhaar number in return |
|
Procedure to file a return of income where assessee is a person required to file return under section 139(4A) or section 139(4D) |
|
Procedure to file return under section 139(4C) |
|
Requirement of furnishing return under section 139(4E) and 139(4F) |
|
Defective return [Section 139(9)] |
|
Applicable form of return of income and mode of furnishing of return |
|
Consequences of not filing return of income by due date mentioned in section 139(1) |
|
Consequences of not filing return at all |
|
Return persuant to search |
|
Precautions while filing ITR-7 |
8. |
Procedures and Precautions in Relation to Assessment |
|
Response to notice issued under section 142(1) [Section 142(1) and Rule 14] |
|
Compliance with direction to get accounts audited [Section 142(2A) and Rule 14A] |
|
Point of time of making reference by assessing officer to a valuation officer |
|
Summary assessment |
|
Specified provisions of the Act which shall apply or shall not apply to Centralised Processing of Returns |
|
Centralised Processing of Returns Scheme, 2011 |
|
No need for processing of return [Section 143(1D)] |
|
Intimation under section 143(1) to be deemed as notice of demand |
|
Facing scrutiny assessment |
|
Procedure for E-Assessment |
|
Best judgment assessment [Section 144] |
|
Applying to Joint Commissioner for issue of direction to assessing officer while completing the assessment [Section 144A] |
|
Tax practioner's obligation in respect of scrutiny assessment |
|
Time Limit for Completion of Assessment |
9. |
Procedure for Reference to Dispute Resolution Panel |
|
Introduction of dispute resolution mechanism |
|
Procedure for dispute resolution |
|
Rules regarding Dispute Resolution Panel |
10. |
Procedure for Invoking GAAR |
|
Procedure for invoking GAAR |
|
Notice, Forms for reference under section 144BA |
|
Reference to approving panel |
11. |
Procedure Related to Reassessment |
|
Introduction |
|
Income escaping assessment [Section 147] |
|
Issue of notice where income has escaped assessment [Section 148] |
|
Time limit for issuance of notice [Section 149] |
|
Provision for cases where assessment is in pursuance of an order on appeal, etc. [Section 150] |
|
Sanction for issue of notice [Section 151] |
|
Other provisions [Section 152] |
|
Time limit for completion of reassessment [Section 153] |
|
Reassessment not permissible unless reason to believe exist |
|
Obligation in respect of reassessment |
12. |
Procedure for Assessment in Search Cases [Ss. 153A, 153B, 153C and 153D] |
|
Procedure for assessment in search cases |
|
Time limit for completion of assessment in search cases |
|
Assessment of income of any other person |
|
Class or classes of cases in which the assessing officer shall not be required to issue notice for assessment or reassessment of the total income for six assessment years immediately preceding the assessment year |
|
Authority empowered to pass order |
|
Miscellaneous issues |
13. |
Procedures and Precautions in Relation to Rectification |
|
Orders that can be rectified |
|
Who can seek rectification of mistake apparent from the record |
|
Competent authorities to rectify a mistake apparent from records |
|
Rectification of an order subject to appeal |
|
Rectification either suo motu or on being brought to notice |
|
Opportunity of hearing when necessary |
|
Refund to be granted |
|
Notice of demand in certain cases |
|
Mistake apparent from record--Meaning of |
|
Mistake may be either of fact or of law |
|
Time limit for rectification |
|
Scope of rectification |
|
Period of limitation to start from date of order sought to be amended |
|
Period of limitation for second rectification |
|
Meaning of record |
|
Records of other years are also part of record |
|
Rectification on the basis of subsequent Supreme Court judgment--Whether justified |
|
Departmental circulars |
|
Submission of Online Rectification Application |
|
Pre-requisites for submitting online rectification application |
|
Step by step process to file online rectification application portal |
14. |
Procedure for Avoiding Repetitive Appeals |
|
Declaration by assessee where identical question of law is pending before High Court or Supreme Court |
|
Form of declaration |
|
Guide Lines for filling up Form No. 8 |
|
Procedure on receipt of declaration |
|
Assessee's claim may be admitted or rejected |
|
Justification of not accepting assessee's application under section 158A |
|
Consequences of admission of claim |
|
Application of decision |
|
Procedure for avoidance of repetitive appeal by revenue when an identical question of law is pending before Supreme Court |
15. |
Procedures and Precautions in Relation to Liability in Special Cases |
|
Procedure to be assessed as a legal representative in respect of income of the deceased person [Section 159] |
|
Procedure for being assessed as an agent of non-resident in respect of his income [Section 163] |
|
Procedure for being assessed in respect of the income of minor/lunatic/idiot as his guardian/manager [Section 160] |
|
Procedure for being assessed in the capacity of courts of wards, administrator, official trustee or receiver, or manager [Section 160] |
|
Procedure to be assessed in respect of a trust of which assessee is a trustee(s) [Sections 160, 162 and 164] |
|
Procedure to be assessed in respect of income of a deceased person as his executor [Section 168] |
|
Procedure to obtain recognition of the partition of a Hindu undivided family [Section 171] |
|
Procedure to discontinue business or profession [Section 176] |
|
Procedure to give notice to the assessing officer of having been appointed as a liquidator of a company [Section 178] |
|
Procedures and Precautions in Relation to Recovery |
|
Procedure to make payment of any amount demanded by the assessing officer [Section 220] |
|
Procedure to obtain waiver of interest levied under section 220(2) for late payment of income-tax demanded [Section 220] |
|
Waiver or reduction of interest |
|
Procedure to pay tax demanded in instalments [Section 220] |
|
Procedure to request assessing officer not to treat assessee as assessee in default |
|
Procedure for obtaining time from Tax Recovery Officer for payment of tax demanded in the certificate issued by him [Section 225] |
|
Procedure for obtaining stay of recovery proceedings by Tax Recovery Officer [Section 225] |
|
Procedure for applying to Tax Recovery Officer for amendment of the certificate issued to assessee [Section 225(3)] |
|
Procedure to act on a notice issued by assessing officer or Tax Recovery Officer in garnishee proceedings under section 226(3) |
|
Procedure for objecting to order of attachment or sale of any property in execution of the certificate of Tax Recovery Officer on the ground that such property is not liable to attachment or sale [Rule 11, Schedule II] |
|
Procedure for applying to Tax Recovery Officer for setting aside sale of immovable property on deposit [Rule 60, Schedule II] |
|
Procedure for applying for setting aside sale of immovable property on the ground of non-service of notice or other irregularities [Rule 61, Schedule II] |
|
Procedure for applying for setting aside sale where defaulter has no saleable interest [Rule 62, Schedule II] |
|
Procedure for applying for postponement of sale of immovable property for raising the amount due under certificate of Tax Recovery Officer [Rule 66, Schedule II] |
|
Procedure for applying to assessing officer for accepting property in satisfaction of the amount due from defaulter [Rule 68A, Schedule II] |
|
Procedure for replying to notice to show cause why defaulter should not be committed to the civil prison [Rules 73 to 77, Schedule II] |
|
Procedure for getting an order of release from civil prison [Rules 78 and 79, Schedule II] |
|
Procedure for filing appeal against order of Tax Recovery Officer before Chief Commissioner of Income Tax [Rule 86, Schedule II] |
17. |
Procedure Relevant to Interest for Delay in Furnishing Return of Income |
|
Defaults attracting charge of interest under section 234A(1) |
|
Defaults attracting charge of interest under section 234A(3) |
|
Rate of interest under section 234A |
|
Period for which interest is to be charged |
|
Amount of tax on which interest is to be paid under section 234A |
|
Deduction of interest payable under section 140A [Section 234A(2)] |
|
Meaning of regular assessment |
|
Correlation of section 234A with section 140A |
|
Proportionate increase or decrease to be made [Section 234A(4)] |
|
Meaning of the expression 'month or part of a month' used in section 234A |
|
Procedure to be followed in calculation of interest [Rule 119A] |
|
Waiver/reduction of interest |
18. |
Procedure Relevant to Interest under Section 234B |
|
Defaults attracting charge of interest under section 234B(1) |
|
Amounts on which interest is to be charged under section 234B(1) |
|
Period for which interest is payable [Section 234B(1)] |
|
Rate of interest chargeable under section 234B |
|
Adjustment of interest when tax is paid before regular assessment under section 140A [Section 234B(2)] |
|
Computation of interest where application for settlement is made [Section 234B(2A)] |
|
Increase in interest in the case of reassessment/re-computation under section 147/153A [Section 234B(3)] |
|
Proportionate increase or decrease to be made in interest [Section 234B(4)] |
|
Waiver or reduction of interest under section 234B |
19. |
Procedure Relevant to Interest Under Section 234C |
|
Default attracting charge of interest under section 234C |
|
Instalments of advance tax payable and interest payable |
|
Meaning of the expression "tax due on returned income" |
|
No interest leviable under section 234C in certain cases |
|
Computation of interest under section 234C in case of corporate assessee |
|
Computation of interest under section 234C in case of non-corporate assessee |
|
Tax due on returned income--Meaning of |
|
Waiver or reduction of interest under section 234C |
20. |
Procedure for Levy of Fee for Defaults in Furnishing TDS and TCS Statement |
21. |
Procedure Relevant to Tax Deduction at Source |
22. |
Procedure to Obtain Tax Deduction and Collection Account Number [S. 203A] |
|
Who is required to obtain tax deduction and collection account number |
|
Requirement as to quoting of tax deduction and collection account number |
|
Form of application |
|
Assessing officer to whom application is to be made [Rule 114A(2)] |
|
Time limit for applying |
23. |
Procedures and Precautions in Relation to Refund |
|
Procedure for claiming refund of excess tax deducted at source and/or excess payment of advance tax [Section 237] |
|
Refund of tax to be claimed only by filing return of income |
|
Assessing officer empowered to withheld refund in certain cases [Section 241A] |
|
Procedure for claiming interest on delayed refunds [Section 244A] |
|
Procedure for charging interest on excess refund |
|
Procedure regarding condonation of delay in filing refund claims and claim of carry forward of losses--Circular No. 9/2015, dt. 9-6-2015 |
24. |
Procedures and Precautions in Relation to Advance Ruling |
|
Meaning of advance ruling |
|
Person entitled to seek advance ruling |
|
Form for obtaining an advance ruling [Rule 44E] |
|
Fee payable |
|
Application when can not be made |
|
Rejection of application |
|
Pronouncement of ruling |
25. |
Procedures and Precautions in Relation to Settlement Commission |
26. |
Procedures and Precautions in Relation to First Appeals |
|
To whom appeal shall lie |
|
How appeal shall be filed electronically |
|
Appealable orders |
|
Fees payable for appeal to Commissioner (Appeals) |
|
Time limit for preferring an appeal |
|
Procedure for filing additional grounds of appeal |
|
Procedure for producing additional evidence |
|
Person authorised to verify form of appeal |
|
Authority to prescribe procedure |
|
Electronic Verification Code (EVC) for electronically filed form of appeal to Commissioner (Appeals) |
|
Point of time from which limitation to run |
|
Steps for e-filing of first appeal |
|
Precautions while submitting Form 35 online |
27. |
Procedures and Precautions in Relation to Second Appeal |
|
Orders statutorily made appealable by assessee under section 253(1) |
|
Orders appealable under clause (a) of section 253(1) |
|
Orders appealable under clauses (b) and (ba) of section 253(1) |
|
Order appealable under clause (c) of section 253(1) |
|
Order appealable under clause (d) of section 253(1) |
|
Order appealable under clause (e) of section 253(1) |
|
Order appealable under clause (f) of section 253(1) |
|
ITAT when acts as first appellate authority |
|
Orders appealable by assessing officer |
|
Time limit for appeal |
|
Time limit within which memorandum of cross objection be filed |
|
Appeal fees |
|
Prescribed fees |
|
Computation of appeal fee |
|
Deposit of appeal fee |
|
Instructions regarding e-payment of ITAT Fees |
|
Memorandum of appeal |
|
Procedure as to memorandum of appeals |
|
Dress regulations [Rule 17A] |
|
Signing of appeal form |
|
Where appeal be filed |
|
Procedure for filing paper book |
|
Precautions to be taken in preparing paper book |
|
Procedure for filing additional ground of appeal before Tribunal [Rule 11, ITAT Rules] |
|
Procedure for producing additional evidence before Tribunal [Rule 29, ITAT Rules] |
|
Procedure for filing application for rectification of order passed by Tribunal [Section 254] |
|
Procedure for filing application for stay of demand pending disposal of appeal by Tribunal [Rule 35A, ITAT Rules] |
|
Procedure for applying for certified copies of any order of the Appellate Tribunal [Rule 49, ITAT Rules] |
|
Procedure for obtaining inspection of records and registers of the Appellate Tribunal [Rule 50, ITAT Rules] |
|
Regulations regarding hearing of appeals by video conference |
28. |
Procedures and Precautions in Relation to Appeal to High Court |
290 |
Procedure Relevant to Revision under Section 263 |
|
Requisite conditions for exercise of revisional power |
|
Procedure as to revision |
|
Definition of record--Explanation (b) to section 263(1) |
|
Opportunity of being heard by Principal Commissioner or Commissioner acting under section 263 |
|
Time-limit for exercise of power of revision |
|
Order revisable |
30. |
Procedures and Precautions in Relation to Revision under Section 264 |
31. |
Procedures and Precautions in Relation to Section 270AA, 273A, 273AA |
|
Possibility of immunity from penalty to be levied under section 270A and from prosecution under section 276C or 276CC [Section 270AA] |
|
Procedure for applying to Principal Commissioner or Commissioner for reducing or waiving penalty [Section 273A(1)] |
|
Procedure for applying to Principal Commissioner or Commissioner of Income Tax for waiver of penalty on the ground of genuine hardship [Section 273A(4)] |
|
Procedure for granting immunity from penalty [Section 273AA] |
32. |
Procedures and Precautions in Relation to Prosecution |
33. |
Procedures in Relation to Statement of Financial Transaction or Reportable Account |
|
Who is liable to file statement of financial transaction or reportable account |
|
Period for which statement to be furnished |
|
Specified financial transactions--Meaning of |
|
Defective statement |
|
Notice to furnish statement |
|
Correction statement |
|
Central Government empowered to make rules |
|
From in which statement of financial transaction be furnished |
|
Who shall furnish statement and in respect which transaction it shall be furnished |
|
Aggregation of transactions |
|
Manner of furnishing return in Form No. 61A |
|
Time limit for furnishing of statement of financial transaction |
|
Duty of reporting person |
|
Verification statement |
|
Penalty for failure to furnish statement of financial transaction or reportable account [Section 271FA] |
|
Penalty for furnishing inaccurate statement of financial transaction or reportable account [Section 271FAA] |
34. |
Procedures and Precautions in Relation to Miscellaneous Proceedings |
|
Procedure for delivering statement containing particulars of all payments over Rs. 50,000 made to any person engaged in production of cinematograph film [Section 285B] |
|
Procedure for appearing before any income-tax authority on behalf of any other person [Section 288] |
|
Meaning of accountant |
|
Procedure for applying for registration as an Income Tax Practitioner [Rules 53 to 57] |
35. |
Procedures and Precautions in Relation to Provident/Superannuation/ Gratuity Fund |
|
Procedure for applying for recognition of provident fund [Part A, Schedule IV and Rule 77 and 78, Income Tax Rules] |
|
Procedure for replying to show cause notice as to why recognition should not be withdrawn [Rule 79] |
|
Procedure for filing appeal against order of Chief Commissioner or Commissioner of Income Tax refusing or withdrawing recognition to a provident fund [Rule 81] |
|
Procedure for applying for approval of superannuation fund [Part B of Schedule IV and Rule 95] |
|
Procedure for showing cause as to why recognition granted to superannuation fund should not be withdrawn |
|
Procedure for filing appeal against order of Chief Commissioner or Commissioner refusing to approve superannuation fund or withdrawing approval granted to fund [Rule 97 and Rule 8 of Part B Schedule IV] |
|
Procedure for applying for recognition of gratuity fund [Part C of Schedule IV and Rule 109] |
|
Procedure for replying to show cause notice as to why approval should not be withdrawn |
|
Procedure for filing appeal against order of Chief Commissioner or Commissioner of Income Tax refusing or withdrawing recognition of gratuity fund [Rule 111] |
|
Section F--Important Circulars, Notifications, etc. |
|
INCOME TAX ACT, 1961 |
|
Section 1 : Short Title, Extent and Commencement |
|
Section 2(1A) Read With Rule 7 : Definition of Agricultural Income |
|
Section 2(14) : Definition of Capital Asset |
|
Section 2(15) : Definition of Charitable Purpose |
|
Section 2(19AA) : Definition of Demerger |
|
Section 2(22) : Deemed Dividend |
|
Section 2(22AAA) : Electoral Trust |
|
Section 2(24) : Definition of Income |
|
Section 2(28A) : Definition of Interest |
|
Section 2(38) : Definition of Recognised Provident Fund |
|
Section 2(42A) : Definition of Short-Term Capital Asset |
|
Section 2(47) : Definition of Transfer |
|
Section 4 : Charge of Income Tax |
|
Section 5 : Scope of Total Income |
|
Section 6 : Residence in India |
|
Section 9 : Income Deemed to Accrue or Arise in India |
|
Section 9A : Certain activities Not to Constitute business Income in India |
|
Section 10(2A) : Share of Partner in a Firm |
|
Section 10(4) : Interest Received by Non-Residents on Notified Securities |
|
Section 10(4B) : Interest Received by Non-Residents from Notified Savings Certificates |
|
Section 10(5) : Leave Travel Concession |
|
Section 10(5B) : Exemption in Respect of Remuneration Received by Specified Technicians |
|
Section 10(6A) : Royalties and Fees for Technical Services Received by a Foreign Company |
|
Section 10(6C) : Fees for Technical Services Received by Foreign Company in Connection with Security of India |
|
Section 10(10) : Death-Cum-Retirement Gratuity |
|
Section 10(10A) : Payment in Commutation of Pension |
|
Section 10(10AA) : Leave Encashment |
|
Section 10(10B) : Retrenchment Compensation Received by Workman |
|
Section 10(10C) : Compensation on Voluntary Retirement |
|
Section 10(11) : Payments from Public Provident Fund |
|
Section 10(13A) : House Rent Allowance |
|
Section 10(14) : Special Allowances or Benefits |
|
Section 10(15) : Interest Income |
|
Section 10(16) : Scholarships for Education |
|
Section 10(17) : Allowances to Legislators |
|
Section 10(17A) : Literary or Scientific Awards, Etc. |
|
Section 10(18) : Gallantry Awards |
|
Section 10(21) : Income of Approved Scientific Research Associations |
|
Section 10(22)/10(22A) : Income of Educational Institutions/Philanthropic Institutions |
|
Section 10(22B) : Notified News Agencies |
|
Section 10(23) : Income of Sports Associations or Institutions |
|
Section 10(23A) : Income of Professional Associations |
|
Section 10(23AAA) : Exemption of Income of Funds Established for Welfare of Employees of Which Such Employees are Members |
|
Section 10(23BBB) : Incomes of European Economic Community |
|
Section 10(23C) : Income of Prime Minister's Funds and Other Notified Charitable or Religious Institutions |
|
Section 10(23D) : Income of Mutual Funds |
|
Section 10(23E) : Income of Exchange Risk Administration Fund |
|
Section 10(23EA) : Income of investor protection fund |
|
Section 10(23F) : Exemption of Income by Way of Dividends and Long-Term Capital Gains of Venture Capital Funds and Venture Capital Companies |
|
Section 10(23FB) : Incentives to Venture Capital Company/Fund |
|
Section 10(26BB) : Exemption of Income of National Minorities Development and Financial Corporation and Such Other State Level Corporation |
|
Section 10(30) : Subsidy from Tea Board |
|
Section 10(38) : Exemption to Long Term Capital Gains |
|
Section 10(39) : Specified incomes from international sporting event in India |
|
Section 10(45) : Exemption to Certain Allowances or Perquisites of Chairman/Member or Retired Chairman/Member of UPSC |
|
Section 10(46) : Exemption to specified Income of certain Body/Authority/ Board/Trust/Commission |
|
Section 10(48) : Exemption to Income Received in India in Indian Currency by a Foreign Company on Account of Sale of Crude Oil in India in Certain Cases |
|
Sections 10(48A) : Exemption to income accruing to foreign company on account of storate of crude oil |
|
Sections 10A, 10AA and 10B : Exemption to Newly Established Undertakings in Free Trade Zone, etc., Newly Established Units in Special Economic Zones aND Newly Established 100% EOUs |
|
Section 11 : Income from Property Held for Charitable and Religious Purposes |
|
Section 12 : Income of Trusts or Institutions from Contributions |
|
Section 12A/12AA : Conditions as to Registration of Trusts, Etc. |
|
Section 13 : Property Held for Charitable or Religious Purposes--Bar to Exemption Under Sections 11 & 12 |
|
Section 13A : Special Provisions Relating to Income of Political Parties |
|
Section 14A : Expenditure Incurred in Relation to Income Not Includible in Total Income |
|
Section 15 : Salary Income |
|
Section 16 : Deductions from Salary |
|
Section 17 : Perquisites |
|
Section 24 : Deductions from Income From House Property |
|
Section 26 : Property Owned by Co-Owners |
|
Section 27 : Meaning of "Owner of House Property", "Annual Charges", Etc. |
|
Section 28 : Profits and Gains of Business or Profession |
|
Section 32 : Depreciation |
|
Section 33ABA : Site Restoration Fund |
|
Section 35 : Expenditure on Scientific Research |
|
Section 35AD : Deduction in respect of expenditure on specified business |
|
Section 35CCA : Payment to Associations and Institutions for Carrying out Rural Development Programmes |
|
Section 35CCC : Expenditure on Agricultural Extension Project |
|
Section 35D : Amortisation of Certain Preliminary Expenses |
|
Section 36(1)(iv) : Employer's Contribution to Approved Funds |
|
Section 36(1)(v) : Employer's Contribution to an Approved Gratuity Fund |
|
Section 36(1)(vii) : Bad Debts |
|
Section 36(1)(viii) : Special Reserves of Financial Corporations |
|
Section 36(1)(xii) : Expenditure by a Corporation or body Corporate |
|
Section 36(1)(xiv) : Contribution to Credit Guarantee Fund Trust |
|
Section 37(1) : Business Expenditure |
|
Section 40(a)(i) : Disallowance of Payments to Non-residents without Deduction of Tax at Source |
|
Section 40(a)(ia) : Disallowance of Payments to Residents without Deduction of Tax at Source |
|
Section 40(a)(ii) : Disallowance of Rate or Tax Levied on Profits |
|
Section 40(b) : Disallowance of Salary, Bonus, Commission or Remuneration or Interest to any Partner by a Firm |
|
Section 40A(3) : Disallowance of Cash Payments Exceeding Prescribed Limit |
|
Section 40A(7) : Disallowance of Provision for Gratuity |
|
Section 42 : Special provision for deductions in the case of business for prospecting, etc., for mineral oil |
|
Section 43(5) : Definition of 'Speculative Transaction' |
|
Section 43A : Special Provisions Consequential to Exchange Rate Fluctuation |
|
Section 43B : Certain Deductions to be Only on Actual Payment |
|
Section 44 : Insurance Business |
|
Section 44AA : Maintenance of Accounts by Certain Persons Carrying on Profession or Business |
|
Section 44AB : Tax Audit |
|
Section 44AD and 44AE : Special Provisions for Computing Profits and Gains from Business of Civil Construction, Etc. |
|
Section 44BBB : Computation of Profits and Gains of Foreign Companies Engaged in the Business of Civil Construction, Etc. |
|
Section 44C : Ceiling Limit in Respect of Non-Resident's Head Office Expenditure |
|
Section 44D : Computation of Income by Way of Royalties, Etc., in the Case of Foreign Companies |
|
Section 44DA : Special provision for computing income by way of royalties, etc., in case of non‑residents |
|
Section 45 : Chargeability of Capital Gains |
|
Section 46A : Capital gains on purchase by company of its own shares or other specified securities |
|
Section 47 : Certain Transactions not Regarded as Transfer |
|
Section 48 : Mode of Computation of Capital Gains |
|
Section 54 : Exemption of Profit on Sale of Property Used for Residence |
|
Section 54EC : Exemption from Long-term capital gains in respect of investment in specified bonds |
|
Section 54G : Exemption of Capital Gains on Shifting of Industrial Undertakings From Urban Areas |
|
Section 55(2) : Cost of Acquisition |
|
Section 56 : Income From Other Sources |
|
Section 56(2)(viib) : Receipt of Consideration for Shares Exceeding Fair Market Value |
|
Section 57 : Deductions from Income from Other Sources |
|
Section 68 : Cash Credits |
|
Section 69D : Amounts Borrowed or Repaid on Hundi |
|
Section 71 : Set Off of Loss from One Head Against Income from Another |
|
Section 72A : Carry Forward and Set Off of Business Losses |
|
Section 73 : Losses in Speculation Business |
|
Section 75 : Losses in the Case of Firm |
|
Section 79 : Set Off of Accumulated Losses of Closely held Companies |
|
Section 80C : Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contributions to Provident Fund, Subscription to Certain Equity Shares or Debentures, Etc. |
|
Section 80CCD : Deduction in respect of Contribution to Pension Scheme of Central Government |
|
Section 80CCF : Deduction in respect of Subscription to Long-Term Infrastructure Bonds |
|
Section 80D : Deduction in respect of Medical Insurance Premia |
|
Section 80DD : Deduction in respect of Medical Treatment, etc., of Handicapped Dependents |
|
Section 80E : Deduction in respect of Repayment of Loan taken for Higher Education |
|
Section 80G : Deduction in respect of Donations to Certain Funds, Charitable Institutions, etc. |
|
Section 80GG : Deduction in respect of Rents Paid |
|
Section 80-IA : Deduction in Respect of Profits and Gains from Industrial Undertaking Engaged in Infrastructure Development, etc. |
|
Section 80-IB : Deduction in respect of Profits and Gains from Certain Industrial Undertakings Other than Infrastructure Development Undertakings |
|
Section 80-IC : Special Provisions in Respect of Certain Undertakings or Enterprises in Certain Special Category States |
|
Section 80P : Deduction in respect ofIncome of Co-operative Societies |
|
Section 89 : Relief When Salary, Etc., is Paid in Arrears or in Advance |
|
Section 90 : Double Taxation Avoidance Agreements |
|
Section 90A : DTAA between specified Associations |
|
Section 91 : Double Taxation Avoidance Agreement--Countries with Which no Agreement Exists |
|
Sections 92A to 92F : Transfer Pricing |
|
Section 92CC : Advance Pricing Agreement |
|
Section 92CA : Reference to Transfer Pricing Officer |
|
Section 94A : Special measures in respect of transactions with persons located in notified jurisdictional area |
|
Sections 95 to 102 : General Anti-Avoidance Rules |
|
Section 112 : Tax on Long Term Capital Gains |
|
Section 112A : Tax on Long-Term Capital Gains in Certain Cases |
|
Section 115A : Tax on Dividends, Royalty and Technical Service Fees in the case of Foreign Companies |
|
Section 115AC : Tax on Income from Bonds or Shares Purchased in Foreign Currency or Capital Gains Arising from their Transfer |
|
Section 115ACA : Tax on Income from Global Depository Receipts Purchased in Foreign Currency or Capital Gains arising from their Transfer |
|
Section 115AD : Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer |
|
Section 115B : Tax on Profits and Gains of Life Insurance Business |
|
Section 115BBE : Tax on Income Referred to in Section 68 or Section 69 or Section 69A or Section 69B or Section 69C or Section 69D |
|
Section 115J/115JB : Special Provisions Relating to Certain Companies/Special Provision for Payment of Tax by Certain Companies |
|
Section 115JG : Conversion of an Indian branch of Foreign Company into Subsidiary Indian company |
|
Section 115JH : Foreign Company said to be Resident in India |
|
Section 115R : Tax on Distributed Income to Unit Holders |
|
Section 115U : Tax on Income in Certain Cases |
|
Section 115UB : Tax on Income of Investment Fund and its Unit Holders |
|
section 115VU : Shipping Companies--Minimum Training Requirement for Tonnage Tax Scheme |
|
Section 119 : Instructions to Subordinate Authorities |
|
Section 120 : Jurisdiction of Income Tax Authorities |
|
Section 131 : Power Regarding Discovery, Production of Evidence, Etc. |
|
Section 132 : Search and Seizure |
|
Section 132B : Application and Release of Assets Seized under Section 132 or Requisitioned under Section 132A |
|
Section 133 : Power to Call for Information |
|
Section 133A : Power of Survey |
|
Section 138 : Disclosure of Information Respecting Assessees |
|
Section 139 : Return of Income |
|
Section 139(1B) : Electronic Furnishing of Return |
|
Section 139(1C) : Exemption to Certain Class of Persons from Filing Return under Section 139(1) |
|
Section 139A : Permanent Account Number |
|
Section 139AA : Quoting of Aadhaar number |
|
Section 139B : Tax Return Preparers |
|
Section 140A : Self Assessment |
|
Section 143 : Assessment |
|
Section 145 : Method of Accounting |
|
section 147 : Income Escaping Assessment |
|
Section 153C : Assessment of Income of Any Other Person |
|
Section 154 : Rectification of Mistake |
|
Section 156 : notice of demand |
|
Section 164 : Charge of Tax Where Share of Beneficiaries Unknown |
|
Section 166 : Direct Assessment or Recovery not Barred |
|
Section 167B : Charge of Tax Where Shares of Members in AOP or BOI Unknown |
|
Section 172 : Shipping Business of Non-Residents |
|
Section 176 : Discontinued Business |
|
Section 190 : Deduction of Tax at Source and Advance Payment |
|
Section 191 : Direct Payment of Tax |
|
Section 192 : Salary |
|
Section 193 : Deduction of Tax at Source from Interest on Securities |
|
Section 194 : Deduction of Tax at Source from Dividends |
|
Section 194A : Deduction of Tax at Source from Interest Other than Interest on Securities |
|
Section 194B : Deduction of Tax at Source from Winnings from Lottery or Cross Word Puzzle |
|
Section 194C : Deduction of Tax at Source from Payment to Contractors and Sub-Contractors |
|
Section 194H : Commission or Brokerage |
|
Section 194-I : Deduction of Tax at Source from Rent |
|
Section 194J : Deduction of Tax at Source from Fees for Professional or Technical Services |
|
Section 194K : Deduction of Tax at Source from Income in Respect of Units |
|
Section 194LC : Income by Way of Interest from Indian Company |
|
Section 194LD : Income by Way of Interest on Certain Bonds and Government Securities |
|
Section 194N : TDS on cash Withdrawals |
|
Section 195 : Deduction of Tax at Source from Payment Made to Non-Residents |
|
Section 195A : Income Payable "Net of Tax" |
|
Section 197 : Certificate for Deduction of Tax at Lower Rate |
|
Section 197A : Deduction of Tax at Source not to be Made in Certain Cases |
|
Section 199 : Credit for Tax Deducted at Source |
|
Section 200 : Duty of Person Deducting Tax |
|
Section 200A : Processing of Statements of Tax Deducted at Source |
|
Section 201 : Consequences of Failure to Deduct or Pay |
|
Section 203 : Certificate for Tax Deducted at Source |
|
Section 206C : Collection of Tax at Source from Business of Trading in Alcoholic Liquor, Forest Produce, Scrap, Etc. |
|
Section 211 : Instalments of Advance Tax and Due Dates |
|
Section 220 : When Tax Payable and When Assessee Deemed in Default |
|
Section 221 : Penalty Payable When Tax in Default |
|
Section 222 : Certificate to Tax Recovery Officer |
|
Section 230 : Tax Clearance Certificate |
|
Sections 234A, 234B and 234C : Interest for Defaults in Furnishing Return of Income, Interest for Defaults in Payment of Advance Tax, Interest for Deferment of Advance Tax |
|
Section 237 : Refunds |
|
Section 238 : Person Entitled to Claim Refund in Certain Special Cases |
|
Section 244A : Interest on Refund |
|
Section 245 : Set Off of Refunds Against Tax Remaining Payable |
|
Section 245A : Definitions of Terms Related to Settlement of Cases |
|
Section 245BA : Jurisdiction and Powers of Settlement Commission |
|
Section 245H : Power of Settlement Commission to Grant Immunity from Prosecution and Penalty |
|
Section 245N : Definitions for Advance Ruling |
|
Section 245-O : Authority for Advance Ruling |
|
Section 245R : Procedure on receipt of application |
|
Section 246A : Application by the Assessee in Certain Cases |
|
Section 249 : Form of Appeal and Limitation |
|
Section 250 : Procedure in Appeal before Commissioner (Appeals) |
|
Section 251 : Powers of Commissioner (Appeals) |
|
Section 252 : Appellate Tribunal |
|
Section 253 : Appeals to the Tribunal |
|
Section 255 : Procedure of Appellate Tribunal |
|
Section 260A : Appeal to High Court |
|
Section 264 : Revision of Other Orders |
|
Section 268A : Monetary limits for Filing Appeal before Various Fora |
|
Section 269SS : Mode of Accepting or Taking Certain Deposits and Loans |
|
Section 269ST : Mode of Undertaking Transactions |
|
Section 269T : Mode of Repayment of Certain Deposits |
|
Section 269UE : Vesting of Property in Central Government |
|
Section 270AA : Immunity from Imposition of Penalty, etc. |
|
Section 271(1)(c) : Penalties Imposable for Concealment of Income |
|
Section 271D/271E : Penalty for Failure to Comply with the Provisions of Section 269SS/Section 269T |
|
Section 273A : Reduction or Waiver of Penalty, in Certain Cases |
|
Section 279 : Prosecution for Offences to be at the Instance of Chief Commissioner or Commissioner |
|
Section 281 : Certain Transfers to be Void |
|
Section 281B : Provisional Attachment of Property in Certain Cases |
|
Section 282 : Service of Notice Generally |
|
Section 285BA : Statement of Financial Transaction or Reportable Account |
|
Section 288 : Appearance by Authorised Representative of Assessee |
|
Section 288B : Rounding Off of Tax, Etc. |
|
Section 293A : Power to Make Exemption, etc., in Relation to Participation in the Business of Prospecting for, Extraction, etc., of Mineral Oils |
|
Second Schedule to Income Tax Act, 1961 : Procedure for Recovery of Tax |
|
Fourth Schedule to Income Tax Act, 1961 : Recognised Provident Funds |
|
WEALTH TAX ACT, 1957 |
|
FINANCE ACT, 2016 |
|
Income Declaration Scheme |
|
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 |
|
Equalisation Levy |
|
Prohibition of Benami Property Transactions Act, 1988 |
|
Section G--Investment Planner |
1. |
Tax Provisions |
|
Dividends, Income from Units of Mutual Funds |
|
Direct deduction out of gross total income in respect of investment in specified media [Section 80C] |
|
Deduction in respect of contribution to certain pension funds [Section 80CCC] |
|
Deduction in respect of contribution to new pension scheme [Section 80CCD] |
|
Total deduction under sections 80C, 80CCC and 80CCD(1) not to exceed Rs. 1,50,000 [Section 80CCE] |
|
Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability [Section 80DD] |
|
Deduction in respect of interest on deposits in a saving account of bank, post office, etc. [Section 80-TTA] |
|
Deduction in respect of interest on deposits in case resident senior citizens [Section 80TTB, from assessment year 2019-20] |
|
Tax treatment of short-term capital gains on sale of equity share in a company or unit of an equity oriented fund [Section 111A] |
|
Tax on long-term capital gains [Section 112] |
|
Tax on long-term capital gains in excess of Rs. 1,00,000 arising from transfer of equity share in a company, unit of an equity oriented mutual fund or unit of business trust [Section 112A] |
2. |
Post Office Schemes |
|
Post Office Monthly Income Scheme |
|
National Savings Certificates VIII Issue (NSCs) |
|
Post Office Recurring Deposit Scheme |
|
Post Office Savings Bank Account |
|
Time Deposits : 1 year, 2 years, 3 years and 5 years |
3. |
Kisan Vikas Patra |
|
Denomination of Certificates |
|
Purchase of Certificate |
|
Type of Certificates and issue thereof |
|
Identification of account holder |
|
Procedure for purchase of Certificate |
|
Pledging of Certificates |
|
Nomination |
|
Post maturity interest |
|
Place of encashment |
|
Encashment on maturity |
|
Premature encashment |
|
Rate of interest |
4. |
Public Provident Fund Account |
|
Duration |
|
Who can open the account |
|
NRIs cannot open a PPF account |
|
Procedure to open and operate an account |
|
Where account can be opened |
|
Amount of investment in a financial year |
|
Rate of interest |
|
Instalments in a year |
|
Case of deposits in excess of Rs. 1,50,000 |
|
Nomination facility |
|
Withdrawals |
|
Loan facility |
|
Consequences of default in deposit of money |
|
Payment by cheque--Date of deposit |
|
Opening of account for as minor |
|
Tax effect |
|
Other benefits |
5. |
Sukanya Samriddhi Account, 2016 |
|
Opening of account |
|
Deposits |
|
Mode of Deposit |
|
Interest on deposit |
|
Operation of account |
|
Premature closure of account |
|
Transfer of account |
|
Withdrawal |
|
Closure on maturity |
|
Tax benefit |
6. |
Bank Deposits [Eligible for Tax Benefits Under Section 80C] |
|
Who can invest |
|
Period of investment |
|
Amount of investment |
|
Types of deposit |
|
Nomination facility |
|
No loan against the term deposit |
|
Rate of interest |
|
Premature encashment |
|
Tax issues |
7. |
Senior Citizens Savings Scheme |
|
Duration |
|
Who can invest |
|
Type of account that can be opened |
|
Amount of investment |
|
Rate of interest |
|
Premature withdrawal |
|
Premature withdrawal in case of death of depositor and rate of interest |
|
Non-transferable clause |
|
Nomination |
|
NRIs and HUFs barred from investment |
|
Tax effect |
8. |
7.75% Savings (Taxable) Bonds |
|
Who can invest |
|
Limit of investment |
|
Tax treatment |
|
Issue price |
|
Subscription |
|
Date of issue |
|
Nomination |
|
Transferability |
|
Interest |
|
Tax Deduction at Source |
|
Advances/Tradability against Bonds |
|
Repayment |
9. |
Tax Saving Scheme of Mutual Funds |
|
What is bought |
|
Some of tax saving schemes [ELSS schemes] of various mutual funds |
|
Who can invest |
|
Amount of investment |
|
Lock-in-period |
|
Tax benefits |
10. |
Immovable Property |
|
Duration |
|
Who can invest |
|
Amount of investment |
|
Rate of return |
|
Liquidity |
|
Tax benefits |
11. |
Jewellery |
|
Duration |
|
Who can invest |
|
Amount of investment |
|
Liquidity |
|
Investment method |
|
Growth in investment over a period of time |
|
Risk considerations |
|
Tax benefits |
12. |
Shares |
|
Duration |
|
Who can invest |
|
Amount of investment |
|
Rate of return |
|
Tax benefits |
|
Liquidity |
13. |
Insurance Policies |
|
Tax benefits vis-a-vis insurance policies |
|
Section H--Latest and Important Case Laws Digests |
|
Income Tax Act, 1961 |
|
Section 2(1A) |
|
Section 2(14) |
|
Section 2(22)(e) |
|
Section 2(24)(iv) |
|
Section 2(42A) |
|
Section 2(42C) |
|
Section 2(47) |
|
Section 4 |
|
Section 5 |
|
Section 5(2) |
|
Section 9 |
|
Section 9(1)(i) |
|
Section 9(1)(vi) |
|
Section 10(1) |
|
Section 10(2A) |
|
Section 10(10C) |
|
Section 10(23C)(iiiab) |
|
Section 10(23C)(vi) |
|
Section 10(23C)(via) |
|
Section 10(37) |
|
Section 10(38) |
|
Section 10AA |
|
Section 11 |
|
Section 11(4A) |
|
Section 12A |
|
Section 12AA |
|
Section 13(3) |
|
Section 14 |
|
Section 14A |
|
Section 17(2)(iii) |
|
Section 17(2)(iv) |
|
Section 23 |
|
Section 24(b) |
|
Section 27(iiib) |
|
Section 28(i) |
|
Section 28(iv) |
|
Section 32 |
|
Section 32(1)(iia) |
|
Section 32(2) |
|
Section 35 |
|
Section 35(2AB) |
|
Section 35AD |
|
Section 35D |
|
Section 35DDA |
|
Section 36(1)(ii) |
|
Section 36(1)(iii) |
|
Section 36(1)(iii), Proviso |
|
Section 36(1)(iv) |
|
Section 36(1)(va) |
|
Section 36(1)(vi) |
|
Section 36(1)(vii) |
|
Section 36(1)(viii) |
|
Section 37(1) |
|
Section 40(a)(i) |
|
Section 40(a)(ia) |
|
Section 40(b) |
|
Section 40A(2) |
|
Section 40A(3) |
|
Section 41(1) |
|
Section 43(1) Explanation 10 |
|
Section 43(5) |
|
Section 43A |
|
Section 43B |
|
Section 43D |
|
Section 44AD |
|
Section 44BB |
|
Section 45 |
|
Section 45(1A) |
|
Section 45(2) |
|
Section 45(4) |
|
Section 45(5) |
|
Section 47(iii) |
|
Section 48 |
|
Section 50 |
|
Section 50B |
|
Section 50C |
|
Section 54 |
|
Section 54B |
|
Section 54EC |
|
Section 54F |
|
Section 55 |
|
Section 55A |
|
Section 56 |
|
Section 56(1) |
|
Section 56(2) |
|
Section 56(2)(vi) |
|
Section 56(2)(vii) |
|
Section 56(2)(viia) |
|
Section 56(2)(viib) |
|
Section 56(2)(viii) |
|
Section 57(iii) |
|
Section 68 |
|
Section 68 & 69 |
|
Section 68 & 69A |
|
Section 69 |
|
Section 69A |
|
Section 69B |
|
Section 69C |
|
Section 70 |
|
Section 70(2) |
|
Section 71 |
|
Section 72 |
|
Section 72A(4) |
|
Section 73 |
|
Section 74 |
|
Section 74 r/w 50 & 72 |
|
Section 79 |
|
Section 80C |
|
Section 80E |
|
Section 80G |
|
Section 80-IAB |
|
Section 80-IC |
|
Section 80P |
|
Section 89(1) |
|
Section 90 |
|
Section 90(2) |
|
Section 92B |
|
Section 112(1), Proviso |
|
Section 115BBC |
|
Section 115BBE |
|
Section 115JAA |
|
Section 115JB |
|
Section 119 |
|
Section 132(4) |
|
Section 132A |
|
Section 132B |
|
Section 133A |
|
Section 139 |
|
Section 139(5) |
|
Section 139(9) |
|
Section 142 |
|
Section 142(2A) |
|
Section 143 |
|
Section 143(1)(a) |
|
Section 143(2) |
|
Section 143(3) |
|
Section 144 |
|
Section 145 |
|
Section 145A |
|
Section 147 |
|
Section 148 |
|
Section 151 |
|
Section 153A |
|
Section 153C |
|
Section 153D |
|
Section 154 |
|
Section 160(1)(ii) |
|
Section 167B |
|
Section 170 |
|
Section 172(8) |
|
Section 179 |
|
Section 185 |
|
Section 192 |
|
Section 194A |
|
Section 194C |
|
Section 194C & 194I |
|
Section 194C/194J |
|
Section 194D |
|
Section 194H |
|
Section 194-I |
|
Section 194-IA |
|
Section 194J |
|
Section 195 |
|
Section 199 |
|
Section 201(1) |
|
Section 206AA |
|
Section 206C |
|
Section 220 |
|
Section 220(6) |
|
Section 234A |
|
Section 234B |
|
Section 234C |
|
Section 234E |
|
Section 244A |
|
Section 245 |
|
Section 249 |
|
Section 250 |
|
Section 251(1)(a) |
|
Section 251(1)(c) |
|
Section 253 |
|
Section 254 |
|
Section 254(2) |
|
Section 254(2A) |
|
Section 260A |
|
Section 263 |
|
Section 264 |
|
Section 271(1)(b) |
|
Section 271A |
|
Section 271AA |
|
Section 271AAA |
|
Section 271AAB |
|
Section 271B |
|
Section 271C |
|
Section 271D |
|
Section 271D and 271E |
|
Section 271E |
|
Section 271G |
|
Section 272A(2)(c) |
|
Section 272A(2)(k) |
|
Section 276B |
|
Section 276C |
|
Section 276CC |
|
Section 292BB |
|
Section I--Income Computation and Disclosure Standards |
1. |
An Overview of Income Computation and Disclosure Standards (ICDSs) |
|
Statutory background |
|
Issuance of Tax Accounting Standards (TAS) |
|
Substitution of ICDS for TAS |
|
Applicability of ICDSs |
|
Assessees required to follow ICDSs |
|
Provisions of Act would prevail over ICDSs |
|
Opinion as to nullification of judicial rulings |
2. |
Income Computation and Disclosure Standard-I : Accounting Policies |
|
Introduction |
|
Fundamental accounting assumptions |
|
Accounting policies |
|
Consideration in selection and change of accounting policies |
|
Change in accounting policy |
|
Disclosure of accounting policies |
|
Transitional provisions |
3. |
Income Computation and Disclosure Standard-II : Inventories |
|
Introduction |
|
Applicability/non-applicability of ICDS II |
|
Meaning of inventories |
|
Measurement of inventories |
|
Determination of cost of inventories |
|
Allocation of fixed production overheads |
|
Exclusions from the cost of inventories |
|
Cost formulae |
|
Techniques for measurement of cost |
|
Net realisable value |
|
Value of opening inventory |
|
Change of method of valuation of inventory |
|
Valuation of inventory in case of certain dissolutions |
|
Disclosure in regard to inventories |
4. |
Income Computation and Disclosure Standard-III : Construction Contracts |
|
Introduction |
|
Effective date |
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Section 145(2) vis-a-vis section 44AD |
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Construction contract--Defined |
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Nature of a construction contract |
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Types of construction contracts |
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Combining and segmenting construction contracts |
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Contract covering number of assets |
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When is a group of contract treated as a single contract? |
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Contract providing for construction of additional asset |
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Contract revenue |
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Meaning of retentions and its taxability |
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Contract costs |
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Costs not attributed to any contract activity |
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Allowability of future and anticipated losses |
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Recognition of contract revenue and expenses |
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Changes in estimates |
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Disclosure requirements |
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Transitional provisions |
5. |
Income Computation and Disclsoure Standard-IV : Revenue Recognition |
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Introduction |
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Non-applicability of ICDS IV |
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Meaning of revenue |
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Recognition of revenue from sale of goods |
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Recognition of revenue from rendering of services |
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Use of resources by other yielding interest, royalties or dividends |
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Recognition of revenue in respect of contracts pending as on 31-3-2016 |
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Disclosure requirements |
|
Transitional provisions |
6. |
Income Computation and Disclosure Standard-V : Tangible Fixed Assets |
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Introduction |
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Assessees required to follow ICDS |
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Effective date of applicability of ICDS V |
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Scope of ICDS V |
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Applicability/non-applicability of ICDS V |
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Measurement of stand-by equipment/servicing equipment and machinery spares |
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Determination of actual cost of tangible fixed assets |
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Expenditure forming part of cost |
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Expenses not forming part of cost |
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Borrowing costs |
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Self-constructed tangible fixed assets |
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Treatment of non-monetary consideration |
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Improvements and repairs |
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Addition or extension to an existing tangible fixed asset |
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Valuation of tangible fixed assets in special cases |
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Allowability of depreciation |
|
Treatment of transfers |
|
Disclosure requirements |
7. |
Income Computation and Disclosure Standard-VI : Effects of Changes in Foreign Exchange Rates |
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Introduction |
|
Applicability of ICDS VI |
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Specified terms defined |
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Initial recognition of a foreign currency transaction |
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Conversion at last date of previous year |
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Recognition of exchange differences |
|
Classification of foreign operations |
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Integral foreign operation |
|
Non-integral foreign operation |
|
Change in classification of a foreign operation |
|
Treatment of forward exchange contracts |
8. |
Income Computation and Disclosure Standard-VII : Government Grant |
|
Applicability/non-applicability of ICDS VII |
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Meaning of Government and Government grant |
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Recognition of Government Grants |
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No postponement of recognition beyond actual receipt |
|
Treatment of Government Grants |
|
Refund of Government Grants |
|
Refund of Government grant related to depreciable fixed assets or assets |
|
Disclosure requirements |
9. |
Income Computation and Disclosure Standard-VIII : Securities |
|
Introduction |
|
Securities defined |
|
Recognition and initial measurement of securities |
|
Subsequent measurement of securities |
|
Securities not listed on a recognised stock exchange |
|
Measurement of cost on First-in-First-out method |
|
Classification, recognition and measurement of securities held by a scheduled bank or public financial institutions |
10. |
Income Computation and Disclosure Standard-IX : Borrowing Costs |
|
Introduction |
|
Applicability of ICDS IX |
|
Effective dte of ICDS IX |
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Meaning of borrowing costs |
|
Recognition of borrowing costs |
|
Borrowing costs eligible for capitalisation |
|
Commencement of capitalisation |
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Cessation of capitalisation |
|
Construction of qualifying asset having completed in part--Capitalisation of borrowing costs |
|
Disclosure requirements |
11. |
Income Computation and Disclosure Standard-X : Provisions, Contingent Liabilities and Contingent Assets |
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Introduction |
|
Meanings of specified terms |
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Recognition of provisions |
|
Recognition of contingent liabilities |
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Use of best estimate in measurement of provision |
|
Recognition of reimbursements |
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No liability to pay cost where third party fails to pay |
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Obligation is a contingent liability to certain extent |
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Review of provisions |
|
Use of provisions |
|
Transitional provisions |
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Disclosure required vis-a-vis provisions |
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Meaning of contingent assets |
|
Recognition of contingent assets |
|
Measurement of assets and related income |
|
Review of an asset and related income |
|
Transitional provisions |
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Disclosure required vis-a-vis contingent asset and related income |