Contents
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Part I--Amendments by Finance Act, 2018 |
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Section A--Amendments by the Finance Act, 2018--At a Glance |
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I. Income Tax Act |
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1. |
Tax Rates |
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Tax rates for different assessees for the assessment year 2019-20 |
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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 [From assessment year 2019-20] |
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Surcharge and cess on tax deducted/collected at source |
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Surcharge on MAT |
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Surcharge on dividend distribution tax/Income distribution tax |
2. |
Deemed Dividends |
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What is deemed dividend? |
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Accumulated profits of amalgamated company to include accumulated profits of amalgamating company--Amendment by the Finance Act, 2018 |
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Judicial opinion |
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Applicability of amendment |
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Date of application of amendment |
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Amalgamated and amalgamating company--Meaning of |
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Accumulated profits |
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Where amalgamated company has accumulated losses |
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Accumulated profits--Whether capitalised or not--Meaning of |
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Scope of capitalised profits |
3. |
Business Connection |
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Amendment in definition of business connection |
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Business connection to include signification economic presence |
4. |
Exempt Incomes |
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Exemption to royalty/fees for technical services from National Technical Research Organisation |
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Scope of exemption under section 10(12A) extended to self employed individuals also |
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Extension of provisions of section 40(a)(ia), 40A(3), 40A(3A) to entities referred to in section 10(23C) |
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Withdrawal of exemption to long-term capital gains from equity shares/units of equity oriented funds/units of business trust |
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Exemption to specified income of class of body, authority, Board, Trust or Commission in certain cases |
5. |
Charitable Trusts and Disallowance Under sections 40(a)(ia), 40A(3), 40A(3A) |
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The provisions |
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The amendment |
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Provisions of section 40(a)(ia) |
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Provisions of section 40A(3)/40A(3A) |
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Impact of amendment |
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Steps to apply newly inserted Explanation 3 |
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Applicability only if disallowance could be made under section 40(a)(ia)/ 40A(3)/40A(3A) |
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Applicability of section 40(a)(ia) to charitable trust, etc. |
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Application of section 40A(3) to charitable trust |
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Different situations and application of income vis-a-vis section 40(a)(ia) |
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Provisions illustrated vis-a-vis application of section 40(a)(ia) and section 40A(3) |
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Provisions illustrated vis-a-vis section 40A(3)/40A(3A) |
6. |
Salary Income |
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Standard deduction against salary income |
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Withdrawal of exemption to medical reimbursement |
7. |
Business Income |
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Taxability of compensation in connection to business or employment |
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Conversion of inventory into capital asset to be taxed as business income |
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Allowability of market to market losses |
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Trading in agricultural commodity derivatives not to be treated as speculative transaction even though no CTT is paid thereon |
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Tax treatment of foreign exchange fluctuation gains |
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Where stamp value does not exceed 105 per cent of consideration the same shall be ignored for the purposes of section 43CA |
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Mode of payment specified in section 43CA |
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Computation of income from construction and service contracts |
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Higher presumptive income in case of heavy goods carriage under section 44AE |
8. |
Income Computation and Disclosure Standards |
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Amendments by Finance Act, 2018 in relation to Income Computation and Disclosure Standards |
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Brief about ICDS |
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Challenge to ICDS before, Delhi High Court |
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ICDS-I : Accounting polices |
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ICDS-II : Valuation of inventories |
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ICDS-III : Construction contracts |
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ICDS-IV : Revenue recognition |
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ICDS-V : Revenue recognition |
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ICDS-VI : Effects of changes in Foreign Exchange Assets |
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ICDS-VII : Government Grants |
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ICDS-VIII : Valuation of securities |
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Concluding remarks |
9. |
Capital Gains |
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Withdrawal of exemption under section 10(38) |
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Exemption to transfer of certain accounts by a non-resident on a recognised stock exchange located in any International Financial Services Centre |
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No benefit under first and second proviso to section 48 in case capital gain arise under section 112A |
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Determination of cost of acquisition of capital asset converted firm inventory |
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Where stamp value does not exceed 105 per cent of consideration the same shall be ignored for the purposes of section 50C |
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Deduction under section 54EC restricted to land or building or both |
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Bonds referred to in section 54EC not to be encashed within a period of five years |
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New definition of long-term specified asset in section 54EC |
10. |
New Taxation Regime for Long Term Capital Gains on Equity Shares, Unit of Mutual Fund and Unit of Business Trust |
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Exemption provisions as to long-term capital gains--Prior to amendment |
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Withdrawal of exemption to long-term capital gain in certain cases |
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Reason for withdrawal of exemption |
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Levy of tax on long-term capital gains |
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Assets specified |
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Overriding nature of section 112A |
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Meaning of long-term capital gain for purposes of section 112A |
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Point of chargeability of tax |
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Nature of asset to be long-term |
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Conditions precedent for applicability of section 112A |
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Condition as to securities transaction tax, when not to apply |
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Rate of tax on long-term capital gain |
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Case of company and assessees liable to AMT |
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Special provisions for resident individual/HUF |
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Determination of cost of acquisition of asset referred to in section 112A acquired before 1-2-2018 |
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Determination of fair value of asset |
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Computation of long-term capital gains referred to in section 112A |
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Determination of cost of acquisition of asset referred to in section 112A acquired after 31-1-2018 |
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No deduction under Chapter VI-A |
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No rebate under section 87A |
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No benefit to NRIs |
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No indexation benefit |
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New definition of equity oriented fund |
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Loss to be carried forward |
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Case of bonus shares/right shares |
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Exemption under section 54EE/54F |
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Set of losses |
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Buy-back of equity shares |
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Shares received pursuant to amalgamation |
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Shares received pursuant to demerger |
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Non-residents and section 112A |
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Taxation of minor |
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Illustration clarifying impact of amendment |
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Illustration clarifying impact of amendment on individuals having other income above/below maximum amount not chargeable to tax |
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Illustration clarifying impact of amendment where assessee eligible for deduction under Chapter VI-A |
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Rate of tax on long-term capital gain arising from equity shares/units of equity oriented fund/units of business trust in case of FIIs |
11. |
Income from Other Sources |
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Difference between sale consideration and stamp value to be ignored in certain cases |
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Exemption from scope of section 56(2)(x) extended |
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Taxability of compensation in connection to employment |
12. |
Losses |
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Change in shareholding pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 not to result in applicability of section 79 |
13. |
Deduction Under Chapter VI-A |
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Deduction under sections 80H to 80TT not to be allowed unless return furnished by due date |
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Limit of deduction in section 80D raised in case of senior citizen and in respect of medical expenditure incurred on health of the assessee being a senior citizen |
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Fractional deduction to be allowed in case of single insurance premium policies |
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Concept of very senior citizen removed |
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Raising the limit of deduction under section 80DDB and removing of concept of very senior citizen |
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Amendment in section 80-IAC |
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Reduction in condition for days of employment to footwear and leather products industry |
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Tax incentives where employee employed for less than specified limit during the year |
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Deduction in respect of certain income of producer companies |
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Higher deduction for interest on deposits to senior citizens |
14. |
Corporate Taxation |
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Special tax rate for companies restricted to certain incomes |
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Special provision for computation of book profits in case of company under corporate insolvency resolution process |
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Non-applicability of MAT provisions to companies covered by sections 44B/44BB/44BBA/44BBB |
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Accumulated profits of amalgamated company to include accumulated profits of amalgamating company |
15. |
Return and Assessment |
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Requirement to obtain PAN in certain cases |
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PAN card not to be a laminated card |
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Verification of return of company under corporate insolvency process |
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No adjustment to return be made on basis of entry in Form No. 26AS |
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New scheme for assessment |
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Method of accounting in certain cases |
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Taxability of certain incomes |
16. |
Tax Deduction at Source |
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TDS on interest payable on 7.75% Savings (Taxable) Bonds, 2018 |
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Raising limit for tax deduction in case of senior citizens |
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No TDS under section 195 on royalty and FTS payment by National Technical Research Organization (NTRO) to non-resident |
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Disallowance in case of non-compliance of TDS provision by exempt trusts and institutions |
17. |
Advance Ruling |
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Advance ruling authority not to function for Customs Act |
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Composition of authority for advance rulings |
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No application before AAR in case of Customs Act |
18. |
Penalty and Prosecution |
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Order under section 271J appealable before ITAT |
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Penalty leviable under section 271FA for failure to furnish statement of financial transactions or reportable account as per section 285BA(1) |
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Companies no more eligible to get relief from prosecution for failure to furnish return |
19. |
Securities Transaction Tax and Commodities Transaction Tax |
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New definition of equity oriented fund |
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Tax to be charged on option on commodity derivative |
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New rate of commodities transaction tax |
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Determination of value of taxable commodities transaction |
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Provision of section 119 of Income Tax Act, 1961 to apply to Finance Act, 2013 |
20. |
Miscellaneous |
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Definition of equity oriented fund in section 2(42A) amended |
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No deduction in respect of expenditure etc., against income deemed under sections 68 to 69D |
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Reduction in alternate minimum tax rate for unit located in International Financial Service Centre |
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Income distribution tax to be levied on income distributed by equity oriented mutual funds |
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New definition of equity oriented fund |
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Country by country reporting |
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Part II--Master Guide to Income Tax Act |
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Section C--Ready Referencer |
A. |
Tax Rates For Current Assessment Years [Assessment Years 2018-19 and 2019-20] |
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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 2018-19 and 2019-20] |
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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 2018-19 and 2019-20] |
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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 2018-19 and 2019-20] |
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Tax rates for companies [Assessment years 2018-19 and 2019-20] |
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Tax rates for co-operative societies [Assessment years 2018-19 and 2019-20] |
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Tax rates for firm and LLP [Assessment years 2018-19 and 2019-20] |
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Tax rates for local authority [Assessment years 2018-19 and 2019-20] |
B. |
Specified Tax Rates Under Income Tax Act |
C. |
TDS Rates [For Financial Year 2018-19] |
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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 |
D. |
Rates For Tax Collection At Source [For Financial Year 2018-19] |
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Where collected by seller of goods |
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Where collection made by lessor or licensor |
E. |
Rates for Dividend Distribution tax under Section 115-O [For Financial Year 2018-19] |
F. |
Rates for Tax on Income Distributed by UTI or Mutual Funds For Financial Year 2018-19] |
G. |
Rates for Minimum Alternate Tax [For Financial Year 2018-19] |
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--For assessment years 2008-09 to 2017-18 |
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Income tax rates for specified HUFs--For assessment years 1986-87 to 1996-97 |
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Rates of income-tax for firms--For assessment years 2008-09 to 2017-18 |
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Income-tax rates for companies--For assessment years
2008-09 to |
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Income-tax rates for co-operative societies--For assessment years 2008-09 to 2017-18 |
I. |
Rates for Dividend/Distribution Tax under Section 115-O [From 1-6-1997 and Upto 31-3-2018] |
J. |
Rates of Wealth Tax [For Last Ten Assessment Years and 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 |
K. |
Market Rates of Gold and Silver for Last Ten Assessment Years, as on 31-3-2018 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 |
L. |
Fee Structure for Appeals |
M. |
Tax Saving Schemes |
N. |
Tax Calendar For Recurring Work |
O. |
Audit Reports under Income Tax Act, 1961 |
P. |
Period of Limitation under Income Tax |
Q. |
Withholding Tax Rates under DTAA |
R. |
List of Bonus Issue of Shares During 1-4-2017 to 31-3-2018 |
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Section D--Special Charts and Tables |
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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Mutual Funds Notified under Section 10(23D) |
II. |
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Deductions Allowable from Salary Income |
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--Entertainment allowance |
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--Professional tax |
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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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Allowances Exempt under Section 10(14)(ii) read with Rule 2BB(2), of the Income Tax Rules, 1962 |
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SBI Lending Rates [For Purposes of Computation of Perquisite under section 17 read with Rule 3(7)(i)] |
Property Income |
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Deduction under Sections 23 and 24 at a Glance |
Income from Business or Profession |
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Depreciation Rates Under Income Tax Act |
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--Rates of depreciation : Appendix I to Income Tax Rules, 1962 |
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--Furniture and Fittings including electrical fittings [See Note 5 below the table] |
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--Machinery and Plant |
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--Ships |
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--Depreciation rates for units engaged in power generation |
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Ceiling on Qualifying Expenditure for the Purposes of Section 35D |
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Sums Disallowable under Section 40(a) |
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Point of Time when Payments to be made to Comply with the Provisions of Section 43B |
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--Point of time when payments to be made |
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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 Account by Specified Professionals |
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--Specified professions under section 44AA(1) |
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--Professions specified under section 44AA(1) by CBDT |
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--Books to be maintained |
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--Place of maintenance |
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--Period of maintenance |
Capital Gains |
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Period of Holding so that an Asset can be Termed as Long Term Capital Asset |
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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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Deductions from Capital Gains at a Glance |
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] |
Losses |
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Set Off and Carry Forward Provisions at a Glance |
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--Provisions of sections 71 to 74 |
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--Carry forward and set-off of losses and depreciation in case of amalgamation [Section 72A] |
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--Tax incentive for amalgamation of banking company with banking institution [Section 72AA] |
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--Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in case of business reorganisation of co-operative banks [Section 72AB] |
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--Order of preference |
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--Filing of return before due date--A pre-condition to claim carry forward and set off of loss |
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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--To whom deduction allowable |
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--Amount of deduction |
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--Maximum amount that can be deducted out of gross total income |
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--Payment need not to be made out of income chargeable to tax |
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--Specified investment and deposit for the purposes of new section 80C |
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--Deduction under section 80C in respect of life insurance premium to be restricted to the extent of 20 per cent of the actual capital sum assured [Section 80C(3)] |
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--Deduction under section 80C not to be allowed in respect of premium paid on life insurance policy in excess of specified percentage of actual capital sum assured [Section 80C(3A)] |
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--Persons in whose name investment can be made |
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--Consequences of termination of contract of insurance/participation in ULIP/transfer of residential house |
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--Consequences of transfer of equity shares or debentures |
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--Consequence of withdrawal from Senior Citizens Savings Scheme and Post Office Time deposits [Section 80C(6A)] |
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--Tax deduction under section 80C not available against long-term capital gains |
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--No deduction under section 80C against short-term capital gains referred to in section 111A |
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--Deductibility of accrued interest on NSC |
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--Maximum deductible amount under section 80C, 80CCC and 80CCD [Section 80CCE] |
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Deduction in Respect of Certain Incomes |
Rebate and Reliefs |
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Rebate under Section 86 |
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--Eligibility |
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--Steps to calculate amount of rebate |
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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 |
Advance Tax and TDS |
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TDS Chart [For Financial Year 2018-19] |
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Advance Tax Instalments [Sections 211, 218 and 219] |
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--Instalments of advance tax and due dates [Section 211] [From 1-6-2016] |
Assessment |
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Return Forms |
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--Form of return for assessment year 2018-19 |
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Time Limit for Completion of Assessment and Reassessment [Section 153] |
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--Time limits for completion of assessment |
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--Applicability of provisions to old proceedings |
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--Exclusions |
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--Other income |
Interest Provisions |
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Table as to Interest under Income Tax |
--Table 1 : Non-Corporate Assessee [Relevant for Section 234C] |
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--Table 2 : Corporate Assessee [Relevant for Section 234C] |
Penalties and Prosecution |
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List of Penalties |
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Offences and Prosecutions |
XIV. |
Settlement of Cases |
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Determination of Additional Tax Payable in Case of Settlement Petition |
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--For Settlement petition on or after 1-6-2007 |
Securities Transaction Tax |
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Ready Referencer of Provisions as to Securities Transaction Tax and Consequential Treatment under Income Tax Act |
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--No securities transaction tax in certain cases |
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Section E--Income Tax Procedure Guide |
1. |
Procedure Relevant to Surveys [Section 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 |
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Whether office of the auditor of the assessee also covered by the term 'premises'? |
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Powers of income-tax authorities vis-a-vis survey |
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Power of survey extended to TDS TCS related matter |
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Is any statutory form to be served at the time of survey |
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Timing of survey |
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Power to impound cash, stock and other valuable articles |
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Powers of authorities where survey conducted at the time of functions and ceremonies |
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Power to collect tax during survey |
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Power to take copies of documents or books, etc. at the time of survey |
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Evidentiary value of statement taken on oath |
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Affidavit retracting admission--Impact of |
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Rights of person surveyed |
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Presumption available under section 292C applicable to survey proceedings also |
2. |
Procedure Relevant to Search Cases |
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Authorities empowered to authorise search |
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Contents of warrant of authorisation |
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Who can be authorised by authorising officer? |
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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 [Fourth proviso to section 132(1)] |
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When a search can be ordered |
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Power to issue search notices under section 131(1A) |
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Authorisation and assessment in case of search of more than one person |
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Powers under section 132(1) |
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Recording of statement under section 132(4) |
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Rights of the person searched |
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Duties of the persons searched |
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Formalities to be observed after entering the premises |
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When entry is not freely available |
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When premises found locked |
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Procedure for seizure |
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Preparation of Panchnama |
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Assessees not to be coerced for admission of undisclosed income |
3. |
Procedural Aspects As to PAN |
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Obligation to obtain PAN |
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Persons required to obtain PAN [Sections 139A(1), 139A(1B), 139A(2) and 139A(3)] |
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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)] |
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Central Government empowered to specify class of persons who shall apply for allotment of PAN [Section 139A(1B)] |
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Quoting PAN [Section 139A(5)] |
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Intimation of PAN by a person receiving income subject to tax deduction [Section 139A(5A)] |
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Duty of tax deductor to quote PAN [Section 139A(5B)] |
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Sections 139A(5A) and 139(5B) not to apply to certain persons |
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Buyer, lessee or licensee referred to in section 206C to intimate PAN [Section 139A(5C)] |
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Person collecting tax to quote PAN of every buyer, licensee or lessee [Section 139A(5D)] |
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Ensuring compliance of section 139A [Sections 139A(6) and 139A(7)] |
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CBDT's power to make rules relating to PAN |
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Procedure for applying for Permanent Account Number |
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Documents pertaining to transactions in respect of which PAN must be quoted |
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Duty of certain persons to ensure that correct PAN is quoted [Rule 114C] |
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Time and manner in which persons referred to in sub-rule (2) of rule 114C shall intimate details of transaction to department [Rule 114D] |
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Class of persons who shall apply for allotment of Permanent Account Number |
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Penalty for failure to comply with provisions of section 139A [Section 272B] |
4. |
Procedure for Filing of Tax Return through Tax Return Preparers [Section 139B] |
5. |
Procedure to Pay income-tax on Self-Assessment [Section 140A] |
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Computation of tax payable |
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Paying the tax |
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Failure consequences |
6. |
Procedures and Precautions in Relation to Advance Income Tax |
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Procedure for paying advance tax suo motu [Sections 210 and 211] |
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Payment of tax before 31st March |
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Paying advance tax |
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Failure consequences |
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Procedure for paying advance tax in pursuance of order of assessing officer under section 210 of Income Tax Act |
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Procedure for claiming credit for advance tax paid |
7. |
Procedures and Precautions in Relation to Return |
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CBDT empowered to exempt to a class or classes of persons from furnishing return of income [Section 139(1C)] |
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CBDT empowered to dispense with furnishing documents, etc., with the return [Section 139C] |
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CBDT empowered to provide for electronic furnishing of return by certain classes of persons [Section 139D] |
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Who is required to verify the return |
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Penal interest for delay in furnishing return of income |
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Consequences of failure to file return |
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Applicable form of return of income |
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Procedure to file a return of income where assessee is a person required to file return under section 139(4A) or section 139(4D) |
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Procedure to file Return by Political Parties under section 139(4B) |
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Procedure to file return under section 139(4C) |
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Procedure to file a belated return [Section 139(4)] |
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Procedure to revise return of income already filed by assessee [Section 139(5)] |
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Procedure to remove defects in the return of income [Section 139(9)] |
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Quoting of Adhaar number |
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Fee for delay in delay in furnishing of return of income |
8. |
Procedures and Precautions in Relation to Assessment |
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Response to notice issued under section 142(1) [Section 142(1) and Rule 14] |
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Compliance with direction to get accounts audited [Section 142(2A) and Rule 14A] |
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Summary assessment |
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Facing scrutiny assessment |
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Necessity of processing of returns where notice under section 143(2) has been issued |
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Applying to Joint Commissioner for issue of direction to assessing officer while completing the assessment [Section 144A] |
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Tax practioner's obligation in respect of scrutiny assessment |
9. |
Procedure for Reference to Dispute Resolution Panel |
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Introduction of dispute resolution mechanism |
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Procedure for dispute resolution |
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Rules regarding Dispute Resolution Panel |
10. |
Procedure for Invoking GAAR |
11. |
Procedure Related to Reassessment |
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Reassessment not permissible unless reason to believe exist |
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Reassessment pursuant to assessment completed under section 143(3) or section 147--When permissible |
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Reassessment in case of assets located outside India |
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What would not amount to full and true disclosure |
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Income--When deemed to have escaped |
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Assessing officer can take up issues on reopening which are not included in notice for reassessment [Explanation 3 in section 147] |
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Notice under section 148 |
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Time limits for reopening the assessment [Section 149] |
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Time limit for issuance of notice under section 148 in certain cases |
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Sanction for issue of notice under section 148 [Section 151] |
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Obligation in respect of reassessment |
12. |
Procedure for Assessment in Search Cases [Sections 153A, 153B, 153C and 153D] |
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Procedure for assessment in search cases |
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Time limit for completion of assessment in search cases |
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Assessment of income of any other person |
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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 |
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Authority empowered to pass order |
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Miscellaneous issues |
13. |
Procedures and Precautions in Relation to Rectification |
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Power of rectification |
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Income-tax authorities empowered to make rectification |
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Scope of rectification |
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Time limit for rectification |
14. |
Procedure for Avoiding Repetitive Appeals |
|
A. When Assessee Claims Identical Question of Law is Pending Before High Court or Supreme Court [Section 158A] |
|
Declaration by assessee |
|
Declaration where to be furnished |
|
Procedure after declaration |
|
B. When in an Appeal by Revenue an Identical Question of Law is Pending Before Supreme Court [Section 158AA, effective from 1-6-2015] |
|
Direction by Principal Commissioner or Commissioner to assessing officer for filing an application where identical question of law is pending before Supreme Court |
|
Acceptance from assessee necessary for making application as per sub-section (1) |
|
Appeal to be filed before Tribunal where impugned order is not in conformity with the final decision on question of law |
|
Time limit for filing appeal under sub-section (3) before ITAT |
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] |
|
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 interest under section 234A(1) |
|
Meaning of 'due date' |
|
Defaults attracting charge of interest under section 234A(3) |
|
Period for which interest is to be charged |
|
Amount of tax on which interest is to be paid under section 234A |
|
Rate of interest under section 234A |
|
Meaning of the expression 'month or part of a month' used in section 234A |
|
Procedure to be followed in calculation of interest [Rule 119A] |
|
Reduction of interest paid under section 140A |
|
Regular assessment to include reassessment under section 147 |
|
Waiver/reduction of interest |
|
Proportionate reduction or increase in amount of interest |
18. |
Procedure Relevant to Interest under Section 234B |
|
Defaults attracting interest under section 234B(1) |
|
Period for which interest payable |
|
Period of default in case of assessment made for first time under section 147 |
|
Amount on which interest payable |
|
Assessed tax--Meaning of |
|
Rate of interest |
|
Adjustment of interest when tax paid under section 140A before regular assessment |
|
Computation of interest where additional income is disclosed before the Settlement Commission under section 245C |
|
Circumstances leading to increase in amount of interest |
|
Period for which increased amount of interest payable |
|
Amount on which increased amount of interest payable |
|
Proportionate reduction or increase in amount of interest |
|
Waiver or reduction of interest under section 234B |
19. |
Procedure Relevant to Interest Under Section 234C |
|
Liability of corporate assessee to pay interest |
|
No interest chargeable in certain cases |
|
Liability of non-corporate assessee to pay interest |
|
Liability of assessee eligible for benefit under section 44AD or section 44ADA to pay interest |
|
No interest payable by all assessees 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 [Section 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] |
|
Procedure for making belated claim for refund [Section 239] |
|
Assessing officer empowered to withheld refund in certain cases [Insertion of section 241A]--Effective from 1-4-2017 |
|
Procedure for claiming interest on delayed refunds [Section 244A] |
|
Procedure for charging interest on excess refund |
|
Procedure for adjustment of refunds against outstanding demands--Instruction dt. 27-11-2012 |
|
Procedure for response to arrear demand by taxpayer and verification and correction of demand by Aos--Circular No. 8/2015, dt. 14-5-2015 |
|
Action to be performed by Taxpayers |
|
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 |
|
Procedure for filing appeal to Commissioner (Appeals) [Section 246A] |
|
Procedure for filing additional grounds of appeal |
|
Procedure for producing additional evidence |
27. |
Procedures and Precautions in Relation to Second Appeal |
|
Appealable orders before Income Tax Appellate Tribunal [Section 253] |
|
Time limit for appeal |
|
Memorandum of appeal |
|
Procedure as to memorandum of appeals |
|
Dress regulations [Rule 17A] |
|
Procedure for filling up form of appeal |
|
Appeal fee payable |
|
Instructions regarding e-payment of ITAT Fees |
|
Signing of appeal form |
|
Where appeal be filed |
|
Procedure for filing paper book |
|
Precautions to be taken in preparing paper book |
|
Procedure for filing memorandum of cross objections to Appellate Tribunal [Rule 22 of Income Tax (Appellate Tribunal) Rules, 1963] |
|
Procedure for filling up form of cross objections |
|
Procedure as to affidavit before Income Tax Appellate Tribunal |
|
Procedure for responding to notice of hearing of case |
|
Procedure for applying to Tribunal for early hearing of appeal |
|
Procedure for approaching Appellate Tribunal for blocking hearing of appeals |
|
Procedure for getting recalled ex-parte order of Tribunal |
|
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 authorising any person for appearing before Tribunal |
|
Procedure as to constitution of Tribunal Benches |
|
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--Circular [No. F.1-AD (E-Bench)/AT/2012], dt. 9-11-2012 |
28. |
Procedures and Precautions in Relation to Appeal to High Court |
29. |
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 273A, 273AA |
|
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 |
|
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 |
|
Penalty for failure to furnish statement of financial transaction or reportable account [Section 271FA] |
34. |
Procedures and Precautions in Relation to Miscellaneous Proceedings |
|
Procedure for delivering statement containing particulars of all payments over ` 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 2(48) : Zero Coupon Bonds |
|
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 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 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 115J/115JB : Special Provisions Relating to Certain Companies/Special Provision for Payment of Tax by Certain Companies |
|
Section 115R : Tax on Distributed Income to Unit Holders |
|
Section 115U : Tax on Income in Certain Cases |
|
Section 115VU : Shipping Companies--Minimum Training Requirement for Tonnage Tax Scheme |
|
Section 118 : Control of Income Tax Authorities |
|
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 144C : Reference to Dispute Resolution Panel |
|
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 194-IA : Payment on Transfer of Certain Immovable Property Other Than Agricultural Land |
|
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 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 206 : Persons Deducting Tax to Furnish Prescribed Returns |
|
Section 206A : Furnishing of Quarterly Return in Respect of Payment of Interest to Residents Without Deduction of Tax |
|
Section 206AA : Requirement to Furnish Permanent Account Number |
|
Section 206C : Collection of Tax at Source from Business of Trading in Alcoholic Liquor, Forest Produce, Scrap, Etc. |
|
Section 208 : Conditions of Liability to Pay Advance Tax |
|
Section 209 : Computation of Advance Tax |
|
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 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 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 |
|
Sections 276B, 276DD, 276E, 276CC, 276C : Offences Under Sections 276B, 276DD, 276E, 276CC, 276C |
|
Section 276C : Wilful Attempt To Evade Tax, etc. |
|
Section 276CC : Failure to Furnish Returns of Income |
|
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 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 |
|
National Tax Tribunal Act, 2005 |
|
Miscellaneous |
|
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 |
|
Equalisation Levy |
|
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 ` 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 benefits in respect of long-term capital gains arising for sale of equity shares or units [Section 10(38)] [Exemption upto Assessment Year 2018-19] |
|
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 ` 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 |
|
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 ` 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 |
|
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(14) |
|
Section 2(15) |
|
Section 2(22)(e) |
|
Section 2(42A) |
|
Section 2(47) |
|
Section 4 |
|
Section 5 |
|
Section 9(1)(i) |
|
Section 9(1)(vi) |
|
Section 9(1)(vii) |
|
Section 10(1) |
|
Section 10(5) |
|
Section 10(10C) |
|
Section 10(12) |
|
Section 10(36) |
|
Section 10(37) |
|
Section 10(38) |
|
Section 10A |
|
Section 10AA |
|
Section 10B |
|
Section 11 |
|
Section 11(2) |
|
Section 12 |
|
Section 12A |
|
Section 12A(2), Proviso |
|
Section 12A(3) |
|
Section 12AA |
|
Section 14 |
|
Section 14A |
|
Section 16 |
|
Section 17(2)(iii) |
|
Section 22 |
|
Section 23 |
|
Section 23(1)(a) |
|
Section 23(1)(a) & 23(1)(c) |
|
Section 23(1)(b) |
|
Section 23(1)(c) |
|
Section 24(a) |
|
Section 24(b) |
|
Section 28(i) |
|
Section 28(iv) |
|
Section 32 |
|
Section 32(1)(iia) |
|
Section 32(2) |
|
Section 35(1)(iv) |
|
Section 35AC(7) |
|
Section 36(1)(iii) |
|
Section 36(1)(va) |
|
Section 36(1)(vii) |
|
Section 37(1) |
|
Section 40(a)(i) |
|
Section 40(a)(ia) |
|
Section 40(a)(ii) |
|
Section 40(b) |
|
Section 40A(2)(b) |
|
Section 40A(3) |
|
Section 41(1) |
|
Section 43(1) |
|
Section 43(5) |
|
Section 43(6) |
|
Section 43B |
|
Section 44AB |
|
Section 44BB |
|
Section 45 |
|
Section 45(1) |
|
Section 45(2) |
|
Section 45(3) |
|
Section 45(4) |
|
Section 48 |
|
Section 50 |
|
Section 50B |
|
Section 50C |
|
Section 51 |
|
Section 54 |
|
Section 54B |
|
Section 54EC |
|
Section 54F |
|
Section 54G |
|
Section 56 |
|
Section 56(2)(v) |
|
Section 56(2)(vii) |
|
Section 56(2)(viii) |
|
Section 68 |
|
Section 69 |
|
Section 69A |
|
Section 69B |
|
Section 69C |
|
Section 70 |
|
Section 70(2) |
|
Section 71 |
|
Section 72 |
|
Section 72A |
|
Section 73 |
|
Section 73, Explanation. |
|
Section 80C |
|
Section 80G(5) |
|
Section 80G(5)(vi) |
|
Section 80-IA |
|
Section 80-IA(4)(iii) |
|
Section 80-IAB |
|
Section 80-IB |
|
Section 80-IB(10) |
|
Section 80-IC |
|
Section 80JJA |
|
Section 80JJAA |
|
Section 80P(2) |
|
Section 90 |
|
Section 90(2) |
|
Section 92A |
|
Section 92A(2)(j) |
|
Section 92C |
|
Section 92CA |
|
Section 112 |
|
Section 115BBC |
|
Section 115BBE |
|
Section 115JB |
|
Section 115JB, Explanation 3 |
|
Section 115-O |
|
Section 132 |
|
Section 132(1) |
|
Section 132(4) |
|
Section 133(6) |
|
Section 133A |
|
Section 139(5) |
|
Section 142(2A) |
|
Section 143 |
|
Section 143(1) |
|
Section 143(2) |
|
Section 143(3) |
|
Section 144 |
|
Section 145 |
|
Section 145(1) |
|
Section 145(3) |
|
Section 145A |
|
Section 147 |
|
Section 148 |
|
Section 151 |
|
Section 153(2A) |
|
Section 153(3) |
|
Section 153A |
|
Section 153C |
|
Section 179 |
|
Section 192 |
|
Section 194A |
|
Section 194C |
|
Section 194C & 194J |
|
Section 194H |
|
Section 194-I |
|
Section 194J |
|
Section 195 |
|
Section 199 |
|
Section 201(1) |
|
Section 206AA |
|
Section 206C |
|
Section 220(6) |
|
Section 221(1) |
|
Section 222, Schedule II |
|
Section 226 |
|
Section 234A |
|
Section 234A, 234B & 234C |
|
Section 234B |
|
Section 234E |
|
Section 237 |
|
Section 244A |
|
Section 245D |
|
Section 246A |
|
Section 250 |
|
Section 254 |
|
Section 263 |
|
Section 264 |
|
Section 268A |
|
Section 271(1)(b) |
|
Section 271(1)(c) |
|
Section 271AAA |
|
Section 271AAB |
|
Section 271B |
|
Section 271BA |
|
Section 271C |
|
Section 271D |
|
Section 271E |
|
Section 272A(2)(c) |
|
Section 272A(2)(k) |
|
Section 292B |
|
Section 292C |
|
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 |
|
Section 145(2) vis-a-vis section 44AD |
|
Construction contract--Defined |
|
Nature of a construction contract |
|
Types of construction contracts |
|
Combining and segmenting construction contracts |
|
Contract covering number of assets |
|
When is a group of contract treated as a single contract? |
|
Contract providing for construction of additional asset |
|
Contract revenue |
|
Meaning of retentions and its taxability |
|
Contract costs |
|
Costs not attributed to any contract activity |
|
Allowability of future and anticipated losses |
|
Recognition of contract revenue and expenses |
|
Changes in estimates |
|
Disclosure requirements |
|
Transitional provisions |
5. |
Income Computation and Disclsoure Standard-IV : Revenue Recognition |
|
Introduction |
|
Non-applicability of ICDS IV |
|
Meaning of revenue |
|
Recognition of revenue from sale of goods |
|
Recognition of revenue from rendering of services |
|
Use of resources by other yielding interest, royalties or dividends |
|
Recognition of revenue in respect of contracts pending as on 31-3-2016 |
|
Disclosure requirements |
|
Transitional provisions |
6. |
Income Computation and Disclosure Standard-V : Tangible Fixed Assets |
|
Introduction |
|
Assessees required to follow ICDS |
|
Effective date of applicability of ICDS V |
|
Scope of ICDS V |
|
Applicability/non-applicability of ICDS V |
|
Measurement of stand-by equipment/servicing equipment and machinery spares |
|
Determination of actual cost of tangible fixed assets |
|
Expenditure forming part of cost |
|
Expenses not forming part of cost |
|
Borrowing costs |
|
Self-constructed tangible fixed assets |
|
Treatment of non-monetary consideration |
|
Improvements and repairs |
|
Addition or extension to an existing tangible fixed asset |
|
Valuation of tangible fixed assets in special cases |
|
Allowability of depreciation |
|
Treatment of transfers |
|
Disclosure requirements |
7. |
Income Computation and Disclosure Standard-VI : Effects of Changes in Foreign Exchange Rates |
|
Introduction |
|
Applicability of ICDS VI |
|
Specified terms defined |
|
Initial recognition of a foreign currency transaction |
|
Conversion at last date of previous year |
|
Recognition of exchange differences |
|
Classification of foreign operations |
|
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 |
|
Meaning of Government and Government grant |
|
Recognition of Government Grants |
|
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 |
|
Meaning of borrowing costs |
|
Recognition of borrowing costs |
|
Borrowing costs eligible for capitalisation |
|
Commencement of capitalisation |
|
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 |
|
Introduction |
|
I. Provisions |
|
Meanings of specified terms |
|
Recognition of provisions |
|
Recognition of contingent liabilities |
|
Use of best estimate in measurement of provision |
|
Recognition of reimbursements |
|
No liability to pay cost where third party fails to pay |
|
Obligation is a contingent liability to certain extent |
|
Review of provisions |
|
Use of provisions |
|
Transitional provisions |
|
Disclosure required vis-a-vis provisions |
|
II. Contingent Assets |
|
Meaning of contingent assets |
|
Recognition of contingent assets |
|
Measurement of assets and related income |
|
Review of an asset and related income |
|
Transitional provisions |
|
Disclosure required vis-a-vis contingent asset and related income |