Part I--Amendments by the Finance Act, 2020, Ordinance, 2020 and Commentary Thereon

Section A--Amendments by the Finance Act, 2020--At a Glance

Income Tax Act, 1961

Finance Act, 2013 : Commodities Transaction Tax

Finance Act, 2016 : Equalisation Levy

Section B--Commentary on 1. Finance Act, 2020 2. Direct Tax Vivad Se Vishwas Act, 2020 3. Taxation Laws (Amendment) Ordinance, 2020 4. Recent Notifications

1.

Tax Rates for Assessment Year 2021-22

Personal income-tax rates [Where individual or HUF not opting for section 115BAC]

Personal tax rates [Individual/HUF opting for section 115BAC]

Tax rate for firms and LLP

Tax rates for resident co-operative societies

Tax rates for company

All other entities

Effective tax rates

Alternate Minimum Tax on all assessees other than company

Rate of tax where charged under section 92CE(2A), 115BBE, 115QA, 115TA, 115TD

TDS rates and threshold limit

Surcharge on income-tax

Health and education cess

Surcharge and health and education cess on tax deducted/collected at source

Surcharge on MAT

Surcharge on secondary adjustment/tax on buy back/tax on accreted income

Surcharge and cess on advance rates of tax, where tax is computed under specified section or section 192

Tax computation, where net agricultural income exceeds Rs. 5,000

2.

Residential Status

I. New Rules of Residence for Citizen of India or Person of Indian Origin

Current position

The amendment

Why this amendment

History of related provision and changing mindset of legislature

Applicability of new rules of residence--Conditions precedent

Provisions summarised

Different situations

Provisions illustrated

Person of Indian Origin--Who is?

Income from foreign sources--Scope of

Not ordinarily resident treated as non-resident for limited purposes

Effect of being not ordinarily resident in India

Exemptions lost due to amendment

Exemptions which are still available

Lower tax rate on interest, dividends, royalty and technical service fees in case of non-residents or foreign companies--Benefit lost

Taxability impact in different situations

Dividend income--Treaty situations

Capital gains from transfer of shares--Benefit lost

TDS implications

Tie-braker situations--Base case India-UAE DTAA

Total income--Computation

Whether exempt income to be considered for arriving at limit of Rs. 15 lakhs

Benefits lost due to treatment being not ordinarily resident

How to avoid rigour of amendment

II. Deeming Certain Persons as Resident in India [Stateless Person]

Reason for insertion of section 6(1A)

When an individual will be in the net of section 6(1A)

Effect of being not ordinarily resident in India

Impact of amendment

Not liable to tax--Scope of

Stateless versus physical presence

TDS implications

How to escape

3.

Income Deemed to Accrue or Arise in India

Restricting scope of Explanation 1(a) to any business other than the business having business connection in India on account of significant economic presence

Business connection on account of significant economic presence

Extending source rule in case of income from advertisements, income from sale of data or income from sale of goods or services in certain cases

Aligning exemption from taxability of Foreign Portfolio Investors (FPIs), on account of indirect transfer of assets, with amended scheme of SEBI

Consideration for the sale, distribution or exhibition of cinematographic films to be treated as royalty

Modification in conditions for offshore funds'

4.

Exempt Incomes

I. New Rules Regarding Approval to Fund or Trust or Institution or University or Other Educational Institution or Hospital or Other Medical Institution Referred to in Section 10(23C)(iv)/(v)/(vi)/(via)

Current legal position

Fund or trust or institution, etc. to make application for re-approval--New procedure

Corpus donation to fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in section 10(23C)(iv)/(v)/(vi)/(via) and rules regarding application or accumulation of such income

Filing of audit report

Corpus donation to fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in section 10(23C)(iv)/(v)/(vi)/(via) or trust registered under section 12AA not to be treated as application of income

II. Other Exemptions

PM CARES Fund included in scope of section 10(23C)(i)

Reference of sub-clause (a) of clause (23FC) of section 10 omitted from section 10(23FD)

Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund

Exemption to chairman, etc. of UPSC done away with

Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited

5.

Dividend Taxation

Current legal position

The amendment

Change in tax policy

Effect of amendment

Rate of tax

Dividend income--Treaty situations

Position as to taxability of dividends summarised

Dividend--What it includes

Current versus new tax incidence

Expenses against dividend income [Section 57(i)]

Case of domestic company receiving dividends

Chargeability of deemed dividend under section 2(22)(e)

No tax to be levied under section 115BBDA on dividends declared, distributed or paid after 31-3-2020

TDS on dividends to residents

No TDS where payment to non-shareholders

TDS from dividends to non-residents

Consequential amendments

6.

Mutual Funds

Incomes exempt under section 10(35)

Liability to pay Income Distribution Tax [IDT]

The amendments

Expenses against dividend income [Section 57(i)]

TDS on income from units paid to residents

TDS on income from units in case of non-residents [Section 196A]

7.

Charitable Institutions/Trusts

I. Corpus Donations

Upto assessment year 2002-03 donation to other charitable trust was treated as application of income

Corpus donation out of accumulated funds barrd for first time by Finance Act, 2002

Donation to another charitable trust out of current years income is still treated as application of income

Donation to other trust to be treated as income of donor trust

Relaxation provided in sub-section (3A) is not available in respect of inter trust donation

Inter-trust donations where trust or institution is being dissolved

Donation to another trust out of accumulation of 15 per cent is permitted in section 11(1)(a)

Corpus donation to any other trust not to be treated as application of income--Position from assessment year 2018-19

Corpus donation out of current income to any other trust or institution referred to in section 10(23C)(iv)/(v)/(vi)/(via) shall not to be treated as application of income--Amendment by Finance Act, 2020

II. Trusts can Claim Either Exemption Under Section 10(23C) or Section 10(46) or Under Section 11 and Not Both

Current legal position

Assessee failed to file notification under section 10(23C)(vi)

Exemption not to be denied on basis of rejection of application filed under section 10(23C)(vi)

Reason for amendment

Extending scope of section 11(7) to entities registered in clause (46) of section 10--Effective from 1-6-2020

Trust approved under section 10(23C) or notified under section 10(46) can claim benefit of only one section either section 10(23C) or section 10(46) or section 11

Provisions illustrated

III. New Provisions as to Registration and Compulsory Re-registration

Current legal position

The amendment

New conditions for registration

Compulsory re-registration of all trusts, etc.

Where the trust or institution is registered under newly inserted section 12AB

Where registration has been granted provisionally

Where registration has become inoperative

Where objects of the trust has been modified

Any other case

Fate of pending applications

Provisions illustrated

Cancellation of registration

Effect of cancellation

Deferrment of new procedure

IV. Other Amendments

Reference of section 12AB inserted in sub-section (2) of section 12A

Report of audit to be obtained before due date specified in section 44AB and report be furnished by that date

Reference to section 12AB inserted in section 56(2)(x)

Reference to section 12AB inserted in section 115TD

Reference to section 12AB inserted in section 253

8.

Salary Income

I. Contribution to Approved Superannuation Fund Taxed as Perquisite in Certain Cases

Contribution to superannuation fund--Current tax treatment

Contribution to recognised provident fund and NPS by employer--Current tax treatment

Reason for amendment

Position of contribution to different funds (Existing)

The amendment

Tax treatment post amendment

Double taxation of same amount

II. Deferred Taxation of ESOPs in case of Employees of Eligible Start-ups

Taxation of value of specified security or sweat equity shares as perquisite

When section 17(2)(vi) would get triggered

Amount that is taxed as perquisite

Deferred taxation of ESOPs in case of eligible start-ups

Applicability of deferred taxation rules

Specified security and sweat equity shares--Meaning of

Eligible start-up referred to under section 80-IAC

Tax to be paid on self–assessment basis

Tax payable by employee

TDS by employer

Taxable event

Taxable event and year of taxability [Only as regards perquisite on stock options]

Provisions illustrated

Different situations identified

9.

Property Transactions

Tolerance band under section 43CA/50C raised to 10 per cent

The amendment

Fair value of land or building as on 1-4-2001 not to exceed stamp duty value

Difference between sale consideration and stamp value to be ignored in certain cases

10.

Tax Audit

Filing date of audit report delinked with due date for furnishing of return of income

Raising tax audit limit in certain cases where assessees carrying on business

Date of furnishing of tax audit report to be one month prior to due date for furnishing of returns

11.

Business Deduction

Deduction for any sum paid to a company for carrying out scientific research not to be denied merely because of withdrawal of approval to company

Approved scientific research association, etc. to apply for fresh approval and restriction on period of approval

Deduction under section 35 to be based on certificate

Providing an option to the assessee for not availing of deduction under section 35AD

Mandating audit report to be obtained before due date referred to in section 44AB and be furnished by that date where assessee claim deduction under section 35D/35E

Reference to recognised association in section 43(5) substituted by reference to recognised stock exchange

12.

Carry Forward and Set Off of Accumulated Loss and Unabsorbed Depreciation Allowance in case of Amalgamation of Banking Companies or Insurance Companies

Existing position

The substitution

Applicability of new section 72AA

Nature of section 72AA

Conditions of section 2(1B)

Conditions of section 72A not to be satisfied

Carry forward and set-off of losses and unabsorbed depreciation of banking company in the hands of banking institution or banks or insurance companies

Accumulated loss--Meaning of

Meaning of Banking Company

Meaning of Banking Institution

Corresponding new bank

General insurance business

Government company

Unabsorbed depreciation

13.

Deduction under Chapter VI-A

Relaxation in conditions for availing of benefit of section 80EEA

Donation to PM CARES Fund eligible for 100 percent deduction

Principal CIT empowered to approve trust or institution for the purposes of section 80G

Trust or institution approved for purposes of section 80G to provide statement of donations

All institution or fund approved for purposes of section 80G(5)(iv) to apply afresh for approval

No deduction towards donation until the donee institution or fund files statement

Restricting cash donation under section 80GGA to Rs. 2,000

Deduction under section 80GGA to be allowed only on basis of statement filed by donee institution

Mandating audit report to be obtained before due date referred to in section 44AB and be furnished by that date to claim deduction under section 80-IA/80-IB

Rationalization of provisions as to start-ups

Extending time limit for approval of affordable housing project for availing of deduction under section 80-IBA of the Act

Deduction for inter-corporate dividends

14.

International Taxation

Aligning purpose of entering into Double Taxation Avoidance Agreements (DTAA) with Multilateral Instrument (MLI)

Income from business connection referred to in section 9(1)(i) made subject to safe harbour rules

Due date for transfer pricing audit pre-poned to one month prior to due date for filing return of income

Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose of disallowance of interest under section 94B

Reference to section 115-O omitted from section 115A, 115AC, 115ACA and 115AD

Exempting non-residents from filing of Income-tax return in certain cases

Rationalisation of tax rates in respect of certain incomes

CBDT empowered to make rules for certain transaction of non-residents

15.

New Taxation Regime for Individual/HUF

Nature of section 115BAC

Rate of tax on incomes specified under sections 110 to 115BBG

To whom provisions of section 115BAC apply

Residential status irrelevant

Rate of tax applicable

Surcharge and marginal relief

Availability of rebate under section 87A

Income on which special tax rate applicable

Conditions precedent for special tax rate

House property and new taxation regime

When option as to applicability of section 115BAC be exercised

Unabsorbed depreciation to be adjusted once option is exercised under section 115BAC

Non-applicability of section 115JC to assessees opting for section 115BAC/115BAD

Non-applicability of section 115JD to assessees opting for section 115BAC/115BAD

Illustration 1

Illustration 2

Illustration 3

Illustration 4

16.

New Taxation Regime for Resident Co-operative Societies

Nature of section 115BAD

Rate of tax on incomes specified under sections 110 to 115BBG

To whom provisions of section 115BAD apply

Rate of tax applicable

Surcharge and marginal relief

Income on which special tax rate applicable

Conditions precedent for special tax rate

Effect of failure to satisfy above conditions

When option as to applicability of section 115BAD be exercised

Unabsorbed depreciation to be adjusted once option is exercised under section 115BAD

Co-operative societies eligible for deduction under section 80P

Illustration

17.

Tax Deduction at Source

TDS on dividends [Amendment of section 194]

Co-operative societies made liable to deduct tax in certain cases

Tax deduction at lower rate or no tax deduction

Amending definition of "work" in section 194C of the Act

Rate of tax deduction reduced to 2 per cent in case of payment towards fee for technical services or royalty in certain cases

Liability to deduct tax by individual/HUF in various TDS provisions linked to turnover

TDS on income from units paid to residents

TDS on certain income from units of a business trust

TDS on interest income on monies borrowed by the specified company or business trust in certain cases

Amendment of section 194LD of the Act to extend the period of concessional rate of withholding tax and also to extend this concessional rate to municipal debt securities

TDS on cash withdrawals

TDS on payments by E-Commerce operator to e-commerce participant being a resident

Reference to section 115-O omitted from section 195

TDS from income from units in case of non-residents

Power of Central Government to specify institutions, etc. no TDS to be made in respect of payments to them

Omission of section 203AA--Effective from 1-6-2020

Who is person responsible for paying in case of non-resident

18.

Tax Collection at Source

I. Tax Collection at Source by Authorised Dealer Receiving Sum Under the Liberalised Remittance Scheme of RBI

Who is liable collect tax

When tax is to be collected

From whom tax is to be collected

Rate of tax collection

Credit for tax collected

No tax collection in certain cases

Authorised dealer--Meaning of

Payments permitted under Liberalised Remittance Scheme

Facility to grant loan in rupees to NRI/PIO close relative under the Scheme

Payment to NRO accounts

Provisions illustrated

Payee making payment of tax--Effect of

II. Tax Collection at Source by Seller of Overseas Tour Package

Who is to collect tax

When tax is to be collected

From whom tax is to be collected

Rate of tax collection

Overseas tour programme package

Payee making payment of tax--Effect of

No tax collection in certain cases

Who is seller

Credit for tax collected

Provisions illustrated

III. Tax Collection by Seller of Goods in Certain Cases

Who is liable to collect tax

No tax to be collected in certain cases

Liability of seller to collect tax under different sections

When tax is to be collected

Cancellation of transaction

26AS nuisances

Rate of tax collection

Who is buyer

Meaning of seller

Payee making payment of tax--Effect of

Provisions illustrated

What is meaning of the term goods

Sale of immovable properties--Whether liable to TCS

Power to remove difficulties

IV. Other Amendments

Reference to section 206C(1) and 206C(1C) in section 206C(2) and 206C(3) replaced by reference to section 206C

Person liable to collect tax not to be deemed in default if the buyer, licencee or lessee pays up the tax

Amendment in definition of seller

19.

Survey, Return and Assessment

Strengthening of survey mechanism

Due date for return in case of assessees subject to audit extended

Empowering specified persons to verify return of income in case of company/LLP

Tax on ESOPs of eligible start-ups to be paid before furnishing of return of income

Modification of e-assessment scheme

Restriction on scope of dispute resolution panel removed

Expanding scope of dispute resolution panel

20.

Appeals

I. E-Appeals

Providing mechanism for E-Appeals

II. Restriction on Power of Stay by the Income Tax Appellate Tribunal (ITAT)

Existing provisions

The amendment

Legislative intervention in power of Tribunal to grant stay

Conditions put on ITAT's power to grant stay earlier

Effect of third proviso to section 254(2A) inserted by Finance Act, 2007

Power of ITAT to grant stay beyond statutory period of 365 days--The Controversy regarding

Whether Tribunal is empowered to extend the stay beyond statutory period of 365 days post-amendment by the Finance Act, 2008

Conclusions drawn by the Delhi High Court in the case of CIT & Ors. v. Maruti Suzuki (India) Ltd. & Ors. 2014 TaxPub (DT) 2216 (Del-HC)

Bombay High Court decision in the case of Jethmal Faujimal Soni v. Income Tax Appellate Tribunal 2011 TaxPub(DT) 222 (Bom-HC) : (2011) 333 ITR 96 (Bom)

Judgment in the case of DCIT v. Vodafone Essar Gujarat Limited (2015) Taxpub (DT) 2669 (Guj-HC)

Tribunal has inherent power to grant stay

Condition as to pre-deposit under indirect tax

Power of authorities to grant stay versus power of ITAT

Critique

21.

Penalty

I. Penalty for False Entry, etc. in Books of Accounts

Introduction

Why section 271AAD

When penalty under section 271AAD leviable

Person--Meaning of

Nature of section 271AAD

Who can levy penalty

Amount of penalty

Penalty on any other person

False entry

Omission of entry

Issues on amount of penalty

Provisions illustrated

Without prejudice to any other provisions of this Act--Meaning of

Simultaneous penalty under section 270A and section 271AAD

Date effective from

Can penalty be imposed with retrospective effect

Doctrine of double jeopardy

Penalty and prosecutions both are leviable simultaneously

Any proceeding under the Act

Proceedings against any other person or of any other year

Scope of explanation to section 271AAD which seeks to explain 'false entry' is limited to fake invoice or not

Omission of entry which is relevant for computation of total income of such person to evade tax liability--Scope of

The persons covered in section 271AAD(2)

Who is assessing officer

Maintenance of books of accounts--Whether pre-condition

Rejection of books

Whether levy of penalty under section 271AAD discretionary

Burden of proof

Quantum of penalty

No reasonable cause

Procedure

Section extending its stated objective

Appealability of order under section 271AAD

Summing up

II. Other Penalties

Fees and penalty for failure to furnish statement of donation

E-Penalty proceedings

22.

Miscellaneous Amendments

Amendment in definition of business trusts

Principal Director General of Income-tax and Director General of Income-tax to be treated as Chief Commissioner

Period of holding of units in segregated portfolio and cost of acquisition thereof

Corporates opting for benefit of section 115BAA/115BAB to get deduction under section 80M

Amendment of section 115BAB to include generation of electricity as manufacturing activity

Scope of section 115UA extended to entire clause (23FC) of section 10

Taxpayers Charter

Enlarging definition of authorised representative

New rules regarding annual information statement

Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis

23.

Finance Act, 2013 : Commodities Transaction Tax

Option in goods to be a taxable Commodities Transaction

Reference to Forward Contracts (Regulation) Act, 1952 replaced by reference to Securities Contracts (Regulation) Act, 1956

New rates of commodities transaction tax

Value of taxable commodities transaction tax

Reference of recognised association substituted by reference to recognised stock exchange [Amendment of section 119, 120, 132A]--Effective from the 1-4-2020

24.

Finance Act, 2016 : Equalisation Levy

Introduction

Amendments by the Finance Act, 2020

Equalisation levy on consideration received or receivable for e-commerce supply or services

Terminologies defined from 1-4-2020

Charge of equalisation levy on e-commerce supply or services

Impact of new equalisation levy

Parallel taxation under two laws

Treaty situations

Situation of company having PE and that not having PE

Double taxation

Credit of EL where assessing officer concludes that assessee was having PE

Illustrations

Collection and recovery of equalisation levy on e-commerce supply or services

Furnishing of statement

Processing of statement

Rectification of mistake

Interest on delayed payment of equalisation levy

Penalty for failure to deduct or pay equalisation levy

Penalty for failure to furnish statement

No penalty in certain cases

Punishment for false statement

No prosecution in certain cases

Appellate mechanism

Application of certain provisions of Income-tax Act

Power to remove difficulties

Exemption to income arising from any e-commerce supply or services made or provided in certain cases

Unresolved issues

25.

Extension of Time Limits and Due Date for Payment of Tax--Recent Developments

Specified Act

Extension of time limits for filing of applications, appeals, returns, reports

Extension of time limit for making of investments etc.

Time limit for beginning of manufacture, etc.

Extension of payment of tax or levy

Extension of date for making payment of self-assessment tax in certain cases

Extension of date under Direct Tax Vivad se Vishwas Act, 2020

Extended time limits

Interest payable by assessee

26.

Direct Tax Vivad se Vishwas Act, 2020--Salient Features

Who can file a declaration under the Direct Tax Vivad se Vishwas Act, 2020

No declaration allowed in certain cases

Important terminologies

Disputed tax

Amount payable by declarant

Effects of declaration under DTVV and duties of declarant

Effects of false declaration

Time and manner of payment

Immunity from prosecution

Non-refundability of sum paid

Part II--Master Guide to Income Tax Act

Section C--Ready Referencer

A. TAX RATES FOR CURRENT ASSESSMENT YEARS
[Assessment Years 2020-21 and 2021-22]

INCOME TAX

Personal Taxation [Where individual/HUF not opting for section 115BAC]

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 2020-21 and 2021-22]

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 2020-21 and 2021-22]

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 2020-21 and 2021-22]

Tax rates for individual/HUF opting for section 115BAC [Assessment Year 2021-22]

Tax rates for companies [Assessment years 2020-21 and 2021-22]

Tax rates for co-operative societies [Other than those opting for section 115BAD] [Assessment years 2020-21 and 2021-22]

Tax rates for resident co-operative societies [Opting for section 115BAD] [Assessment year 2021-22]

Tax rates for firm and LLP [Assessment years 2020-21 and 2021-22]

Tax rates for local authority [Assessment years 2020-21 and 2021-22]

B. SPECIFIED TAX RATES UNDER INCOME TAX ACT

C. TDS RATES [FOR FINANCIAL YEAR 2020-21]

Recipient other than a company being a resident

Payment to non-resident indian and non-resident non-corporate assessees

Payments to Domestic Company

Payments to a Non-Domestic Company

D. RATES FOR TAX COLLECTION AT SOURCE
[FOR FINANCIAL YEAR 2020-21]

Where Collected by Seller of Goods

Where Collection Made by Lessor or Licensor

Where Collection Made by Authorised Dealer or Seller of Overseas Tour Pacakge [From 1-10-2020]

E. RATES FOR MINIMUM ALTERNATE TAX [For Financial Year 2020-21]

F. TAX RATES FOR LAST TEN ASSESSMENT YEARS

Income tax rates for Individuals, HUFs, Firms, Body of Individuals and Association of Persons [For assessment years 2010-11 to 2019-20]

Income tax rates for specified HUFs [For assessment years 1986-87 to 1996-97]

Rates of income-tax for firms [For assessment years 2010-11 to 2019-20]

Income-tax rates for companies

Income-tax rates for co-operative societies

G. RATES FOR DIVIDEND DISTRIBUTION TAX UNDER SECTION 115-O
[From 1-4-2013 and Upto 31-3-2020]

H. RATES FOR INCOME DISTRIBUTION TAX UNDER SECTION 115R
[For Financial Year 2019-20]

I. RATES OF WEALTH TAX [Upto Assessment Year 1992-93]

Specified Hindu Undivided Family [Upto the assessment year 1992-93]

Individuals and Non-specified HUFs [Upto the assessment year 1992-93]

Individuals, HUFs and Companies

J. MARKET RATES OF GOLD AND SILVER FOR LAST TWELVE ASSESSMENT YEARS, AS ON 31-3-2020 AND 1-4-1981

Adjustment to be made in value of 24 carat gold to arrive at value of gold ornaments

Conversion factors

K. TDS CHART [Financial Year 2020-21]

L. FEE STRUCTURE FOR APPEALS

M. TAX SAVING SCHEMES

N. ACCRUED INTEREST ON NSC (VIII ISSUE)

O. TAX CALENDAR FOR RECURRING WORK [For Financial Year 2020-21]

P. AUDIT REPORTS UNDER INCOME TAX ACT, 1961

Q. PERIOD OF LIMITATION UNDER INCOME TAX

R. WITHHOLDING TAX RATES UNDER DTAA

S. LIST OF BONUS ISSUE OF SHARES DURING 1-4-2019 TO 31-3-2020

Section D--Special Charts and Tables

I. EXEMPT INCOMES

Scope of Exemption in respect of Leave Travel Concession [Section 10(5) read with Rule 2B]

List of Incomes Exempt From Tax

II. SALARY INCOME

Receipt whether chargeable as salary or not--At a glance

Taxability of various types of receipts and allowances

Bird's eye-view of taxability of perquisites [Section 17(2)]

Scheme of Exemption under Section 10(10) in Respect of Gratuity

Scheme of Exemption under Section 10(10AA) in Respect of Leave Encashment

SBI Lending Rates [For Purposes of Computation of Perquisite under section 17 read with Rule 3(7)(i)]

III. PROPERTY INCOME

Deduction under Sections 23 and 24 at a Glance

IV. INCOME FROM BUSINESS OR PROFESSION

Deductions allowable in computation of income from business or profession

Sums Disallowable In Computation of Income from Business or Profession

Point of Time when Payments to be made to Comply with the Provisions of Section 43B

Maintenance of Books of Account by Non-Specified Professionals and Persons Carrying on Business

Maintenance of Books of Accounts by Specified Professionals

Tax Audit requirement

V. CAPITAL GAINS

Determination of holding period in certain cases [Explanation 1 to section 2(42A) and rule 8AA]

Period of holding for classification as long-term capital asset, short term capital asset and the tax rate

Cost Inflation Index Table

Rate of Exchange and Relevant Dates to Determine Capital Gain under the Proviso to Section 48

Provisions of Sections 45, 46, 50C, 50CA and 50D in a Tabular Form

Cost of Acquisition with Reference to Certain Modes of Acquisition [Section 49]

Provisions Relating to Cost of Acquisition Presented in a Summary Manner [Section 55]

Cost of Improvement

General Deductions in computation of Capital Gains

Deductions from Capital Gains at a Glance

VI. INCOME FROM OTHER SOURCES

Deductions Admissible Against Income from Other Sources [Section 57]

Amounts Not Deductible [Section 58]

VII. LOSSES

Set Off and Carry Forward Provisions at a Glance

VIII. DEDUCTIONS UNDER CHAPTER VI-A

Deduction in Respect of Certain Payments

Deduction under Section 80C in Respect of Certain Investments

Deduction in Respect of Certain Incomes

IX. REBATE AND RELIEFS

Rebate under Section 86

Rebate Under Section 87A

Double Taxation Avoidance Agreement at a Glance

Tax Information Exchange Agreements

X. ADVANCE TAX AND TDS

TDS Chart [For Financial Year 2020-21]

Advance Tax Instalments [Sections 211, 218 and 219]

XI. ASSESSMENT AND REASSESSMENT

Return Forms

Time Limits for Reopening the Assessment [Section 149]

Sanction for Issuance of Notice

Time Limit for Completion of Assessment and Reassessment [Section 153]

XII. INTEREST PROVISIONS

Table as to Interest under Income Tax

XIII. PENALTIES AND PROSECUTION

List of Penalties

Offences and Prosecution

XIV. SETTLEMENT OF CASES

Determination of Additional Tax Payable in Case of Settlement Petition

XV. SECURITIES TRANSACTION TAX

Securities transaction tax and income tax treatment of gains from sale of equity shares, etc., at a glance

Section E--Income Tax Procedure Guide

1.

Procedure Relevant to Surveys [S. 133A]

Authorities eligible to conduct survey under section 133A

Places of survey

Restriction on place of survey under section 133A and exceptions thereto

Survey on charitable trusts

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

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)]

Class or classes of person to whom provisions of section 139A shall not apply.

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)

Manner of making PAN inoperative

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

Tax to be paid electronically [Rule 125]

When liability to pay self-assessment tax arises

Consequences of non-payment of self-assessment tax

Calculation of interest payable under section 234A [Section 140A(1A)]

Computation of interest payable under section 234B [Section 140A(1B)]

Tax paid under section 140A to deemed to have been paid towards regular assessment [Section 140A(2)]

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

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)]

Quoting of Adhaar number

Quoting of Aadhaar Number--Non-applicability of provisions--Provisions not to apply to certain individuals

Procedure to file a return of income where assessee is a person required to file return under section 139(4A) or section 139(4D)

Political parties and return of income [Section 139(4B)]

Procedure to file return under section 139(4C)

Requirement of furnishing return under section 139(4E) and 139(4F)

Procedure to file a belated return [Section 139(4)]

Procedure to revise return of income already filed by assessee [Section 139(5)]

Defective return [Section 139(9)]

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

Applicable form of return of income and mode of furnishing of return

Due date for filing the return of income [From assessment year 2020-21]

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 Faceless 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]

16.

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

E-Appeal

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]

28.

Procedures and Precautions in Relation to Appeal to High Court

29.

Procedure Relevant to Revision under Section 263

Regulations regarding hearing of appeals by video conference

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 Miscellaneous Proceedings

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(23FE) : Exemption of Certain Incomes of Specified Person

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 115AD--Foreign Institutional Investor--Notified

Section 115B : Tax on Profits and Gains of Life Insurance Business

Section 115BAA : Special tax regime

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 194M : Deduction of Tax at Source from Fees for Professional or Technical Services

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.