Section A -- Amendments by the Finance Act, 2022 |
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| 1. Tax rates for assessment year 2023-24 -- Personal income-tax rates [Where individual or HUF not opting for section 115BAC] |
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| 2. Personal tax rates [Individual/HUF opting for section 115BAC] |
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| 3. Tax rate for firms and LLP |
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| 4. Tax rates for resident co-operative societies |
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| 5. Tax rates for company |
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| 6. All other entities |
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| 7. Rate of tax where charged under section 92CE(2A), 115BBE, 115QA, 115TA, 115TD |
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| 8. TDS rates and threshold limit |
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| 9. TDS on salary for the financial year 2022-23 |
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| 10. Surcharge on income-tax |
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| 11. Health and education cess |
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| 12. Surcharge and health and education cess on tax deducted/collected at source |
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| 13. Surcharge on MAT |
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| 14. Surcharge on secondary adjustment/tax on buy back/tax on accreted income |
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| 15. Tax computation, where net agricultural income exceeds Rs. 5,000 |
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| 16. Books of account includes books in electronic or digital form [Amendment of clause (12A) of section 2] -- Effective from 1-4-2022 |
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| 17. Correcting anomaly in definition of slump sale [Amendment of clause (42C) of section 2] -- Effective retrospectively from the assessment year 2021-22 |
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| 18. Taxing income from transfer of virtual digital assets [Insertion of clause (47A) in section 2, Substitution of Explanation to section 56(2)(x), Insertion of section 115BBH and Insertion of section 194S] -- Effective from 1-4-2022/assessm |
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| 19. Exemption under section 10(4D) not to be allowed in certain cases [Amendment of Explanation to clause (4D) in section 10] -- Effective from the assessment year 2023-24 |
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| 20. Tax Incentives to International Financial Services Centre (IFSC) [Amendment of clause (4E) of section 10, clause (4F) of section 10, insertion of clause (4G) in section 10, Amendment of Explanation (aa) to clause (viib) of sub-section (2 |
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| 21. No exemption to remuneration of individual concerned with co-operative assistance programme [Insertion of proviso to clause (8) of section 10] -- Effective from the assessment year 2023-24 |
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| 22. No exemption to remuneration or fee or other income of non-resident/not ordinarily resident/ non-citizen consultants [Insertion of proviso to clause (8A) of section 10] -- Effective from the assessment year 2023-24 |
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| 23. No exemption to remuneration or fee of an employee of a consultant referred to in section 10(8A) [Insertion of proviso to clause (8B) of section 10] -- Effective from the assessment year 2023-24 |
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| 24. No exemption to income of member of family of individual referred to in section 10(8), 10(8A) or 10(8B) [Insertion of proviso to clause (9) of section 10] -- Effective from the assessment year 2023-24 |
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| 25. Principal Commissioner or Commissioner prescribed as approving authority for the purposes of section 10(23C)(iv)/(v)/(vi)(via) [Amendment of sub-clauses (iv)/(v)/(vi) and (via) of clause 23C of section 10 and nineteenth proviso thereof] |
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| 26. Option provided to temples, gurudwara, mosques to treat voluntary contribution as corpus donation subject to certain conditions [Insertion of Explanation 1A and 1B to third proviso to clause (23C) of section 10 and insertion of Explanati |
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| 27. Accumulation rules extended to trusts or institutions referred to in section 10(23C)(iv)/(v)/(vi)/(via) [Insertion of Explanations 3 to 5 to third proviso to section 10(23C)] -- Effective from the assessment year 2023-24 |
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| 28. Providing for maintenance of books of accounts and audit thereof by trusts and exempt institutions [Substitution of tenth proviso to section 10(23C) and clause (b) of sub-section (1) of section 12A] -- Effective from the assessment year |
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| 29. New rules regarding cancellation of registration of trusts or institutions referred to in section 10(23C)(iv)/(v)/(vi)/(via) or trusts registered under section 12A/12AA/12AB [Substitution of fifteenth proviso to section 10(23C) and subst |
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| 30. Reference to prescribed authority substituted by Principal Commissioner or Commissioner [Substitution of nineteenth proviso to section 10(23C)] -- Effective from 1-4-2022 |
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| 31. Once a fund/trust approved for the purposes of section 10(46) its approval under section 10(23C) shall go [Explanation to nineteenth proviso to clause (23C) of section 10] -- Effective from 1-4-2022 |
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| 32. Furnishing of return by due date mandatory to claim exemption under section 10(23C)(iv)/ (v)/(vi)/(via) [Insertion of twentieth proviso to section 10(23C)] -- Effective from the assessment year 2023-24 |
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| 33. Application of income for benefit of persons referred to in section 13(3) and effect thereof [Insertion of twenty first proviso to section 10(23C)])] -- Effective from the assessment year 2023-24 |
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| 34. Special provisions for computation of income in case of certain violations [Insertion of twenty second proviso to section 10(23C)] -- Effective from the assessment year 2023-24 |
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| 35. Clarification that expenses payable at year end shall not be allowed as application of income [Insertion of Explanation 3 to section 10(23C) and insertion of Explanation to section 11] -- Effective from 1-4-2022 |
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| 36. Option provided to temples, gurudwara, mosques to treat voluntary contribution as corpus subject to certain conditions [Insertion of Explanations 3A and 3B in sub-section (1) of section 11] -- Effective retrospectively from the assessmen |
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| 37. Accumulated income and chargeability to tax [Amendment of sub-section (3) of section 11] -- Effective from the assessment year 2023-24 |
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| 38. Expenses payable not to be treated as application of income [Insertion of Explanation to section 11] -- Effective from 1-4-2022 |
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| 39. Trusts to maintain books in specified manner and to get them audited [Substitution of clause (b) of sub-section (1) of section 12A] -- Effective from the assessment year 2023-24 |
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| 40. More powers to authorities to cancel registration [Substitution of sub-section (4) and (5) of section 12AB] -- Effective from 1-4-2022 |
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| 41. Restricting addition under section 13(1)(c) to the extent violation is made [Amendment of clause (c) of sub-section (1) of section 13] -- Effective from the assessment year 2023-24 |
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| 42. Restricting addition under section 13(1)(d) to the extent violation is made [Amendment of clause (d) of sub-section (1) of section 13] -- Effective from the assessment year 2023-24 |
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| 43. Special mode of computation of income of trusts post certain violations [Insertion of sub-section (10) and (11) in section 13] -- Effective from the assessment year 2023-24 |
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| 44. Taxing specified income of trusts or exempt institutions at a flat rate of 30% [Insertion of section 115BBI] -- Effective from the assessment year 2023-24 |
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| 45. Extension of rules regarding tax on accreted income to trust or institutions approved under section 10(23C)(iv)/(v)/(vi)/(via) [Substitution of sub-sections (1) to (3) of section 115TD, amendment of sub-sections (4) to (7) of section 115 |
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| 46. Penalty on trusts and exempt institutions for certain violations [Insertion of section 271AAE] -- Effective from the assessment year 2023-24 |
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| 47. Disallowance under section 14A to trigger even if no exempt income is earned during the year [Amendment of sub-section (1) of section 14A and insertion of Explanation to section 14A] -- Effective from 1-4-2022 |
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| 48. Covid related relief [Insertion of sub-clause (c) in clause (ii) of first proviso to clause (2) of section 17 and insertion of two new clauses in the Proviso to section 56(2)(x)] -- Effective retrospectively from the assessment year 2020 |
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| 49. Removing anomaly in section 35(1A) [Amendment of sub-section (1A) of section 35] -- Effective retrospectively from assessment year 2021-22 |
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| 50. Enhancing scope of non-allowable expenditure under section 37(1) [Insertion of Explanation 3 to section 37(1)] -- Effective from 1-4-2022 |
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| 51. Tax for the purposes of section 40(a)(ii) includes surcharge or cess [Insertion of Explanation 3 to sub-clause (ii) of clause (a) of section 40 and insertion of sub-section (18) in section 155] -- Effective retrospectively from the asses |
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| 52. Conversion of interest payable into debenture or any other instrument by which the liability to pay is deferred to a future date not to be allowed as deduction [Amendment of Explanation 3, 3CA and 3D of section 43B] -- Effective from the |
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| 53. Reduction of goodwill from block of assets to be considered as ‘transfer’ [Insertion of Explanation to section 50] -- Effective retrospectively from the assessment year 2021-22 |
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| 54. Enhancing scope of exemption from rigors of section 56(2)(viib) [Amendment of clause (aa) of Explanation to clause (viib) of sub-section (2) of section 56] |
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| 55. Covid relief to aid received in certain cases [Amendment of proviso to section 56(2)(x)] |
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| 56. Expanding scope of property for purposes of section 56(2)(x) so as to include virtual digital assets [Substitution of Explanation to section 56(2)(x)] -- Effective from assessment year 2023-24 |
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| 57. No exemption where sum of money or property received by specified person from trust or by trust from specified person [Amendment of proviso to section 56(2)(x)] -- Effective from the assessment year 2023-24 |
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| 58. Putting onus on assessee to prove source of source in case of loan or borrowing or similar amount [Amendment of first and second proviso to section 68] -- Effective from the assessment year 2023-24 |
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| 59. Tax benefits for strategic disinvestment [Insertion of clause (f) in sub-section (2) in section 79, insertion of sub-section (3) in section 79 and amendment of Explanation to section 79] -- Effective from 1-4-2022 |
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| 60. No set off of losses consequent to search, requisition and survey [Insertion of section 79A] -- Effective retrospectively from the assessment year 2022-23 |
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| 61. Raising the limit of contribution by State Government to 14% [Amendment of sub-section (2) of section 80CCD] -- Effective retrospectively from the assessment year 2020-21 |
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| 62. Providing for annuity during lifetime of dependant [Substitution of clause (a) of sub-section (2) of section 80DD and insertion of sub-section (3A) in section 80DD] -- Effective from the assessment year 2023-24 |
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| 63. Rationalization of provisions as to start-ups [Amendment of section 80-IAC] -- Effective retrospectively from the assessment year 2022-23 |
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| 64. Amendment of section 80LA |
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| 65. Time limit for notification regarding faceless transfer pricing extended to 31-3-2024 [Amendment of sub-section (9) of section 92CA] -- Effective from 1-4-2022 |
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| 66. Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units [Amendment of sub-section (8) and Explanation to section 94] -- Effective from the assessment year 2023-24 |
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| 67. Rationalisation of provisions of section 115BAB [Amendment of sub-section (2) of section 115BAB] -- Effective from 1-4-2022 |
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| 68. Withdrawal of concessional rate of taxation on dividend income under section 115BBD [Insertion of sub-section (4) in section 115BBD] -- Effective from the assessment year 2023-24 |
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| 69. Tax on income from transfer of virtual digital assets [Insertion of section 115BBH] |
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| 70. Special regime of taxation for trusts [Insertion of section 115BBI] |
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| 71. Reduction in alternate minimum tax rate for co-operative society [Substitution of sub-section (4) in section 115JC and substitution of sub-clause (i) of clause (b) in section 115JF] -- Effective from the assessment year 2023-24 |
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| 72. Extension of rules regarding tax on accreted income to trust or institutions approved under section 10(23C)(iv)/(v)/(vi)/(via) [Substitution of sub-sections (1) to (3) of section 115TD, amendment of sub-sections (4) to (7) of section 115 |
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| 73. CBDT empowered to relax late fees under section 234F [Amendment of clause (a) of sub-section (2) of section 119] -- Effective from 1-4-2022 |
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| 74. Period of retention of books of accounts [Amendment of sub-section (8) of section 132] -- Effective from 1-4-2022 |
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| 75. Use of retained assets for recovering any existing liability under direct tax laws [Amendment of clause (i) of sub-item (1) of section 132B] -- Effective from 1-4-2022 |
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| 76. Payment of interest on money seized or requisitioned [Amendment of clause (b) of sub-section (4) of section 132B] -- Effective from 1-4-2022 |
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| 77. Power of authority to carry out survey [Amendment of clause (a) of Explanation to section 133A] -- Effective from 1-4-2022 |
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| 78. Furnishing of updated return [Insertion of sub-section (8A) in section 139, insertion of clause (ca) in Explanation to section 139, insertion of section 140B, amendment of sub-section (1) of section 144, Insertion of sub-section (1A) in |
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| 79. Restricting scope of first proviso to section 143(3) to certain associations and inserting new second proviso to take on trusts etc. [Substitution of first proviso to sub-section (3) of section 143 and insertion of second proviso therein |
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| 80. Best judgment assessment can be made where assessee fails to file updated return [Amendment of sub-section (1) of section 144] -- Effective from 1-4-2022 |
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| 81. Faceless assessment revamped once again [Substitution of sub-sections (1) to (8) of section 144B, Omission of sub-section (9) and (10) and Amendment of Explanation to section 144B] -- Effective from 1-4-2021/1-4-2022 |
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| 82. Faceless direction by DRP [Amendment of proviso to sub-section (14C) of section 144C] -- Effective from 1-4-2022 |
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| 83. Reassessment fine tuned |
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| 84. Time limit for completion of assessment where updated return is furnished [Insertion of sub-section (1A) in section 153] -- Effective from 1-4-2022 |
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| 85. Extension of time limit for completion of assessment or reassessment [Substitution of second proviso to sub-section (1) of section 153] -- Effective retrospectively from the assessment year 2021-22 |
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| 86. Time limit for assessment in transfer pricing cases [Amendment of sub-section (3), sub-section (5) and sub-section (6) of section 153 and insertion of sub-section (5A) in section 153] -- Effective from 1-4-2022 |
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| 87. Periods to be excluded while making assessment or reassessment [Amendment of Explanation 1 to section 153] -- Effective from 1-4-2022 |
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| 88. Time limit for completion of search assessments extended [Insertion of sixth proviso to sub-section (1) of section 153B] -- Effective retrospectively from the assessment year 2021-22 |
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| 89. Section 153B not to apply to any search initiated under section 132 or requisition made under section 132A on or after the 1st day of April, 2021 [Insertion of sub-section (4) in section 153B] -- Effective from 1-4-2022 |
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| 90. Periods to be excluded in computing period of limitation [Amendment of Explanation to section 153B] -- Effective from 1-4-2021 |
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| 91 Rectification of assessment where deduction for cess or surcharge claimed [Insertion of sub-section (18) in section 155] -- Effective from 1-4-2022 |
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| 92. Modification or reduction of demand in cases covered by Insolvency Code [Insertion of section 156A] -- Effective from 1-4-2022 |
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| 93. Procedure where an identical question of law is pending before High Courts or Supreme Court [Amendment of section 158AA and insertion of section 158AB] -- Effective from 1-4-2022 |
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| 94. Assessment or reassessment or any proceeding made or initiated on predecessor to be deemed to have been made on successor [Insertion of sub-section (2A) in section 170] -- Effective from 1-4-2022 |
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| 95. Successor to file updated return [Insertion of section 170A] -- Effective from 1-4-2022 |
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| 96. Directors liability under section 179 towards tax dues of private company to include fees also and change in marginal heading of section 179 [Amendment of section 179] -- Effective from 1-4-2022 |
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| 97. Mandating TDS under section 194-IA on stamp value of property if the same is higher than the actual consideration [Amendment of sub-section (1) and (2) of section 194-IA and insertion of clause (c) in Explanation to section 194-IA] -- Ef |
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| 98. No need to follow mandate of section 206AB by person deducting tax under section 194-IB [Amendment of sub-section (4) of section 194-IB] -- Effective from 1-4-2022 |
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| 99. Deduction of tax on benefit or perquisite in respect of business or profession [Insertion of section 194R] -- Effective from 1-7-2022 |
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| 100. TDS on payment on transfer virtual digital assets [Insertion of section 194S] -- Effective from 1-7-2022 |
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| 101. Interest for defaults in TDS payments to be paid on basis of order of assessing officer [Insertion of second proviso to sub-section (1A) of section 201] -- Effective from 1-4-2022 |
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| 102. Section 206AB not to apply on payments referred to in section 194-IA and 194-IB [Amendment of sub-section (1) of section 206AB] -- Effective from 1-4-2022 |
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| 103. Rationalisation of provisions of section 206AB and 206CCA [Amendment of sub-section (3) of section 206AB and sub-section (3) of section 206CCA] -- Effective from 1-4-2022 |
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| 104. Interest under section 206C to be charged on basis of order of assessing officer [Insertion of second proviso to sub-section (7) of section 206C] -- Effective from 1-4-2022 |
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| 105. Rationalisation of provisions of section 206CCA [Amendment of sub-section (3) of section 206CCA] -- Effective from 1-4-2022 |
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| 106. Interest payable on updated return [Amendment of sub-section (1) of section 234A] -- Effective from 1-4-2022 |
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| 107. Tax on total income not to include additional tax payable under section 140B [Substitution of Explanation 2 to section 234A] -- Effective from 1-4-2022 |
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| 108. Amendment of section 234B [Substitution of Explanation 3 to section 234B] |
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| 109. Refund for denying liability to deduct tax in certain cases [Insertion of section 239A, Amendment of sub-section (1) of section 246A and insertion of proviso to section 248] -- Effective from 1-4-2022 |
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| 110. Dispute resolution and DRP cases [Insertion of sub-section (2A) in section 245MA] -- Effective from 1-4-2022 |
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| 111. Faceless appeals before ITAT [Amendment of sub-section (9) of section 253 and amendment of sub-section (8) of section 255] -- Effective from 1-4-2022 |
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| 112. Extending revisionary jurisdiction to order passed by transfer pricing officer [Amendment of section 263] -- Effective from 1-4-2022 |
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| 113. Empowering Commissioner (Appeals) to levy penalty under section 271AAB, 271AAA and 271AAD [Amendment of sub-sections (1) and (1A) of section 271AAB and Explanation to section 271AAB, Amendment of sub-section (1) of section 271AAC and Am |
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| 114. Reference to second proviso to section 194B omitted from section 271C(1) and 276B [Amendment of sub-section (1) of section 271C and amendment of section 276B] -- Effective from 1-4-2022 |
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| 115. Levying higher penalty for certain defaults in section 272A(2) [Amendment of sub-section (2) of section 272A] -- Effective from 1-4-2022 |
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| 116. Prosecution for failure to comply with the provisions of sections 269UC, 269UE and 269UL [Insertion of second proviso to section 276AB] -- Effective from 1-4-2022 |
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| 117. No prosecution where updated return is furnished [Amendment of proviso to section 276CC] -- Effective from 1-4-2022 |
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| 118. Punishment for second and subsequent offences [Amendment of section 278A and section 278AA] -- Effective from 1-4-2022 |
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| 119. Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities [Substitution of section 285B] -- Effective from 1-4-2022 |
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Section B--Ready Referencer |
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| A. Tax Rates for Current Assessment Years [Assessment Years 2022-23 and 2023-24] |
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| B. Specified Tax Rates under Income Tax Act |
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| C. TDS Rates [for Financial Year 2022-23] |
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| D. Rates for Tax Collection at Source [For Financial Year 2022-23] |
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| E. Rates for Minimum Alternate Tax [For Financial Year 2022-23] |
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| F. Tax Rates for Last Ten Assessment Years |
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| G. Rates for Dividend Distribution Tax under Section 115-O [From 1-4-2013 and upto 31-3-2020] |
169
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| H. Rates of Wealth Tax [Upto Assessment Year 1992-93] |
170
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| I. Market Rates of Gold and Silver from 31-3-2008 as on 31-3-2022 and 1-4-1981 |
170
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| J. TDS Chart [Financial Year 2022-23] |
171
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| K. Fee Structure for Appeals |
182
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| L. Tax Saving Schemes |
183
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| M. Accrued Interest on NSC (VIII Issue) |
188
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| N. Tax Calendar for Recurring Work |
189
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| O. Audit Reports under Income Tax Act, 1961 |
199
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| P. Period of Limitation under Income Tax |
203
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| Q. Withholding Tax Rates under DTAA |
238
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| R. List of Bonus Issue of Shares during 1-4-2021 to 31-3-2022 |
249
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Section C -- Basic Concepts |
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| 1 Definition of Assessee, Assessment Year, Books of Accounts, Income, Interest, liable to tax, Manufacture, Maximum Marginal Rate, Person, Tax And Previous Year [Sections 2(7), 2(9), 2(12A), 2(24), 2(28A), 2(29A), 2(29BA), 2(29C), 2(31), 2(4 |
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| 2 Chargeability of Income, Scope of Total Income and Income deemed to be received [Sections 2(45), 4, 5 and 7] |
256
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| 3 Residential Status [Section 6] |
257
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| 4 Income Deemed to Accrue or Arise in India [Section 9] |
268
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| 5 Income on Receipt of Capital Asset or Stock-in-Trade by Specified Person from Specified Entity [Section 9B Inserted by Finance Act, 2021 from Assessment Year 2021-22] |
286
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| 6 New Taxation Regime for Individual/HUF [Section 115BAC] |
287
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Section D -- Exempt Incomes |
295
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| 7 Generally Exempt Incomes [Section 10] |
295
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| 8 Taxation of ULIPs [Sections 2(14), 10(10D), 45(1B), 111A & 112A] |
315
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| 9 Agricultural Income [Section 2(1A)] |
327
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| 10 Exemption to Units Located in Special Economic Zone [Section 10AA] |
332
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Section E -- Taxation of Salary Income |
339
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| 11 Salary -- Meaning and Chargeability [Sections 5A, 15 and 17] |
339
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| 12 Special Receipts Taxable as Salary |
344
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| 13 Taxability Issues Regarding Various Funds |
356
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| 14 Tax on Interest from Provident Funds [Section 10(11) and 10(12)] |
358
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| 15 Tax Treatment of Allowances |
362
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| 16 Perquisites : General [Sections 10(10CC) and 17] |
366
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| 17 Valuation of Perquisites [Section 17] |
372
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| 18 Perquisite and Stock Options [Section 17] |
394
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| 19 Deductions from Salary Income [Section 16] |
403
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| 20 Profits in Lieu of Salary [Section 17(3)] |
404
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| 21 Individuals Opting for Special Taxation Regime under Section 115BAC and Salary Income |
405
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| 22 Relief under Section 89 [Section 89] |
405
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| 23 Tax Planning and Salary Income |
408
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| 24 General Illustrations Applicable for Assessment Year 2022-23 |
410
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Section F -- Income from House Property |
414
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| 25 Chargeability [Sections 22 and 27] |
414
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| 26 Annual Value of a Let Out Property [Section 23] |
418
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| 27 Deductions from Annual Value [Section 24] |
429
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| 28 Other Issues [Sections 25, 25A and 26] |
434
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| 29 Planning in respect of Property Income |
435
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| 30 Illustrations of Income from House Property |
437
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Section G -- Profits and Gains of Business or Profession |
445
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| 31 Business and Business Income [Section 2(13), 2(36) and Section 28] |
445
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| 32 Rent, Rates, Taxes, Repairs and Insurance for Premises [Section 30] |
449
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| 33 Repairs and Insurance of Machinery, Plant and Furniture [Section 31] |
449
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| 34 Depreciation Allowance and Investment Allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C] |
449
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| 35 Business Deductions in respect of Specified Businesses/Activities [Sections 33AB to 35E] |
476
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| 36 Specific Business Deductions [Section 36 and 94B] |
499
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| 37 Disallowance of Expenditure Against Exempt Income [Section 14A] |
509
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| 38 Business Expenditure [Section 37(1) and 37(2B)] |
510
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| 39 CBDT’s Clarifications as to Allowability of Particular Business Expenses [Section 37(1)] |
511
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| 40 Expenses under Sections 30, 31 and 32, Where Assets Used Partly for Business and Partly for Personal Purposes [Section 38] |
514
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| 41 Special Deductions for Agents of Insurance, Mutual Funds, etc. |
515
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| 42 Amounts not Deductible [Sections 40(a) and 40(b)] |
516
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| 43 Expenditures not Deductible [Sections 40A and 43B] |
525
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| 44 Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB] |
536
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| 45 Accounts and Audit [Sections 44AA and 44AB] |
548
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| 46 Presumptive Incomes [Sections 44AD to 44BBB] |
556
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Section H -- Capital Gains |
566
| >> |
| 47 Chargeability and Capital Asset [Sections 2(14) and 45(1)] |
566
| >> |
| 48 Transfer, Transactions not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47A] |
569
| >> |
| 49 Types of Capital Assets, Gain and Determination of Period of Holding [Sections 2(29A), 2(29B), 2(42A) and 2(42B)] |
576
| >> |
| 50 Computation of Capital Gains [Sections 48, 49, 50A, 50D, 51 and 55] |
580
| >> |
| 51 Special Provisions for Computation of Capital Gains Arising from Shares, Units and Zero Coupon Bonds, etc. [Sections 2(48), 10(33), 10(36), 10(38), 48, 111A, 112 and 112A] |
597
| >> |
| 52 Exemption from Capital Gain on Compulsory Acquisition of Agricultural Land [Section 10(37)] |
607
| >> |
| 53 Exemption to Capital Gains Arising from Transfer of Specified Capital Asset in Certain Cases [Section 10(37A)] [From Assessment Year 2015-16] |
608
| >> |
| 54 Taxation of Capital Gain in Certain Specific Instances [Sections 2(19AA), 45, 46, 46A, 49(2C), 49(2D), 50, 50B, 50C, 50CA and 51] |
610
| >> |
| 55 Deep Discount Bonds and Strips [Section 45] |
648
| >> |
| 56 Employees Stock Options -- Tax Implications [Sections 47(iii), 49(2AA) and 49(2AB)] |
650
| >> |
| 57 Conversion of Private Company/Unlisted Public Company into LLP and Tax Consequences [Section 47(xiiib), 47A(4), 49(1)(iii)(e) and 49(2AAA)] |
650
| >> |
| 58 Deductions from Capital Gains [Sections 54 to 54H] |
652
| >> |
| 59 Reference to Valuation Officer [Section 55A and 2(22B)] |
673
| >> |
| 60 Rates of Capital Gains Tax [Assessment Years 2022-23 and 2023-24] |
674
| >> |
Section I -- Income from Other Sources, Clubbing, Undisclosed Sources and Set Off and Carry Forward of Losses |
683
| >> |
| 61 Income from Other Sources [Sections 56 to 58] |
683
| >> |
| 62 Start-up Taxation [Section 56(2)(viib)] |
712
| >> |
| 63 Clubbing of Income [Sections 60 to 64] |
717
| >> |
| 64 Income from Undisclosed Sources [Sections 68 to 69D] |
726
| >> |
| 65 Set Off and Carry Forward of Losses [Sections 70 to 80 , Section 157 and Section 157A] |
729
| >> |
Section J -- Deductions Under Chapter VI-A |
764
| >> |
| 66 General Provisions as to Deduction from Total Income [Sections 80A to 80B] |
764
| >> |
| 67 Extension of Time Limit for Investment/Payment [Section 80C to 80GGC] |
766
| >> |
| 68 Deduction from Total Income Concerning Payments-I Deduction in respect of Life Insurance Premia, Deferred Annuity, Contribution to PF, PPF, Subscription to Certain Equity Shares or Debentures, etc. [Section 80C] |
767
| >> |
| 69 Deduction from Total Income Concerning Payments-II [Sections 80CCA, 80CCB, 80CCC, 80CCD, 80CCE, 80CCF, 80CCG, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB and 80GGC] |
775
| >> |
| 70 Deduction in Respect of Certain Incomes [Sections 80JJA, 80JJAA, 80LA, 80M, 80QQB, 80RRB, 80TTA, 80TTB and 80U] |
810
| >> |
| 71 Deductions in Respect of Income from New Industries, New Hotels and New Convention Centres [Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID and 80-IE] |
818
| >> |
Section K -- Specific Tax Entities |
843
| >> |
| 72 Individuals |
843
| >> |
| 73 Hindu Undivided Family [Section 171] |
848
| >> |
| 74 Assessment of Partnership Firms and Limited Liability Partnership [Sections 2(23), 10(2A), 28(v), 40(b), 115JC to 115JF, 167C, 184, 185, 188 and 189] |
850
| >> |
| 75 Taxation of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A] |
865
| >> |
| 76 Alternate Minimum Tax (AMT) on Certain Assessees Other than Company [Sections 115JC to 115JF] |
871
| >> |
| 77 Taxation of Companies, MAT and Dividend Distribution Tax [Sections 2(17), 2(18), 2(19AA), 2(22A), 2(23A), 2(26), 2(32), 2(35), 2(36A), 2(41A), 115BBD, 115JAA, 115JB, 115JG, 115JH, 115-O to 115Q and 115QA to 115QC] |
875
| >> |
| 78 Taxation of Mutual Funds, New Pension System Trust and Securitisation Trust [Sections 10(23D), 10(23DA), 10(33), 10(35), 10(35A), 10(44), 115R to 115T, 115TA to 115TC and 197A(1E)] |
900
| >> |
| 79 Taxation of Charitable Trusts and Exempt Institutions [Sections 2(15), 2(22AAA), 10(23C), 11 to 13, 13B, 115BBC, 115TD to 115TE and 164] |
901
| >> |
| 80 Private Trusts, Oral Trusts & Wakfs [Sections 161(1), 161(1A), 164(1), 164(A), 165, 166, 167] |
959
| >> |
| 81 Taxation of Co-operative Societies and Producer Companies [Sections 2(19), 2(24)(viia), 80P, 80PA and 115BAD] |
963
| >> |
| 82 Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG] |
969
| >> |
| 83 Tax on Income from Virtual Digital Assets and Tax on Specified Income of Trusts [Section 115BBH and 115BBI] |
971
| >> |
| 84 Taxation of Political Parties [Sections 13A and 139(4B)] |
971
| >> |
| 85 Taxation of Non-Residents |
973
| >> |
| 86 Foreign Tax Credit [Section 90, 91 and Rule 128] |
984
| >> |
| 87 Tonnage Tax on Shipping Companies [Sections 115V to 115VZC] |
987
| >> |
Section L -- General Illustrations |
990
| >> |
| 88 Partnership Firm Assessed as Such and Partners |
990
| >> |
| 89 Personal Taxation |
991
| >> |
| 90 Company Taxation |
1001
| >> |
| 91 All Assessees : Capital Gains |
1006
| >> |
Section M -- Tax Deduction at Source and Tax Collection at Source |
1008
| >> |
| 92 Tax Deduction from Salaries [Section 192] |
1008
| >> |
| 93 Tax Deduction from Payment of Accumulated Balance of Employees’ Provident Fund Due to an Employee [Section 192A] |
1017
| >> |
| 94 TDS from Interest on Securities [Section 193] |
1018
| >> |
| 95 TDS from Dividends in Case of Residents [Section 194, 196 and Section 2(35)] |
1020
| >> |
| 96 TDS on Interest (including Recurring Deposit) Other than Interest on Securities [Section 194A and Section 2(28A)] |
1021
| >> |
| 97 TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B] |
1027
| >> |
| 98 TDS on Winnings from Horse Races [Section 194BB] |
1027
| >> |
| 99 TDS on Payment to Contractors/Sub-Contractors [Section 194C] |
1027
| >> |
| 100 TDS on Insurance Commission [Section 194D] |
1037
| >> |
| 101 TDS on Payments under Life Insurance Policy [Section 194DA] |
1038
| >> |
| 102 TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E] |
1040
| >> |
| 103 TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE] |
1041
| >> |
| 104 TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F] |
1042
| >> |
| 105 TDS from Commission on Sale of Lottery Tickets [Section 194G] |
1042
| >> |
| 106 TDS on Commission or Brokerage [Section 194H] |
1042
| >> |
| 107 TDS on Rent Payments [Section 194-I] |
1044
| >> |
| 108 TDS on Payment on Transfer of Certain Immovable Property Other than Agricultural Land [Section 194-IA] |
1048
| >> |
| 109 TDS on Rent Payment by Individual/HUF in Certain Cases [Section 194-IB] |
1050
| >> |
| 110 TDS on Payment under Specified Agreement [Section 194-IC] |
1051
| >> |
| 111 TDS on Payment of Fees for Professional or Technical Services [Section 194-J] |
1052
| >> |
| 112 TDS in Respect of Income in Respect of Units [Section 194K, from 1-4-2020] |
1057
| >> |
| 113 TDS from Payment of Compensation on Compulsory Acquisition of Immovable Property [Section 194LA] |
1058
| >> |
| 114 TDS on Income by Way of Interest from Infrastructure Debt Fund [Section 194LB] [From 1-6-2011] |
1059
| >> |
| 115 TDS on Certain Income from Units of a Business Trust [Section 194LBA] |
1059
| >> |
| 116 TDS on Income in Respect of Units of Investment Fund [Section 194LBB] |
1060
| >> |
| 117 TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC] |
1061
| >> |
| 118 TDS on Income by Way of Interest from Indian Company or Business Trust [Section 194LC] |
1061
| >> |
| 119 TDS on Income by Way of Interest on Certain Bonds and Government Securities [Section 194LD] |
1063
| >> |
| 120 Tax Deduction at Source on Payment Towards Contract, Commission or Brokerage or Fees for Professional Services Where Paid to a Resident by Certain Individual/HUF [Section 194M] |
1064
| >> |
| 121 TDS on Cash Withdrawals [Section 194N] |
1067
| >> |
| 122 TDS on Payment of Certain Sums by e-Commerce Operator to e-Commerce Participant [Section 194-O, from 1-10-2020] |
1069
| >> |
| 123 Tax Deduction in Case of Specified Senior Citizens by Banking Companies [Section 194P] |
1072
| >> |
| 124 Tax Deduction by Buyer of Goods in Certain Cases [Section 194Q] |
1073
| >> |
| 125 TDS on Payment on Transfer of Virtual Digital Assets [Section 194S from 1-7-2022] |
1086
| >> |
| 126 TDS on Benefit or Perquisite [Section 194R from 1-7-2022] |
1086
| >> |
| 127 TDS from Payments to Non-Residents [Section 195] |
1086
| >> |
| 128 Interest or Dividend Payable to Government or RBI or Certain Corporations [Section 196] |
1091
| >> |
| 129 TDS on Income from Units in Case of Non-Residents [Section 196A] |
1091
| >> |
| 130 TDS from Payment to Offshore Fund [Section 196B] |
1092
| >> |
| 131 TDS on Income from FCCB, GDRS [Section 196C] |
1092
| >> |
| 132 TDS on Income of Foreign Institutional Investor from Securities [Section 196D] |
1092
| >> |
| 133 Residuary Provisions Related to TDS and Procedural Aspects |
1093
| >> |
| 134 Furnishing of Quarterly Return in Respect of Payment of Interest to Residents Without Deduction of Tax [Section 206A] |
1116
| >> |
| 135 Collection of Tax at Source [Sections 206C, 206CA, 206CB, 206CC and 271CA] |
1117
| >> |
| 136 Higher Rate of Tax Deduction/Collection in Case of Non-filers of Return [Sections 206AB and 206CCA] |
1138
| >> |
| 137 Fee for Defaults in Furnishing TDS/TCS Statements [Section 234E] |
1143
| >> |
Section N -- Advance Income Tax |
1144
| >> |
| 138 Advance Tax Liability [Sections 207 to 210] |
1144
| >> |
| 139 Advance Tax Instalments [Sections 211, 218 and 219] |
1150
| >> |
Section O -- Interest and Fee |
1152
| >> |
| 140 Interest Related Provision at a Glance [Sections 115P, 115-S, 115WK, 201(1A), 206C(7), 220(2), 234A to 234D and 244A] |
1152
| >> |
| 141 Interest under Section 220 [Section 220] |
1154
| >> |
| 142 Interest for Defaults in Furnishing Return of Income [Section 234A] |
1155
| >> |
| 143 Interest for Default in Payment of Advance Tax [Section 234B] |
1159
| >> |
| 144 Interest for Deferment of Advance Tax [Section 234C] |
1161
| >> |
| 145 Interest on Refund Granted under Section 143(1) [Section 234D] |
1163
| >> |
| 146 Common Issues |
1164
| >> |
| 147 Fee Payable under Income Tax Act [Sections 234E to 234H] |
1165
| >> |
| 148 Interest on Refunds [Section 244A] |
1166
| >> |
| 149 Tax Clearance Certificate [Section 230] |
1168
| >> |
Section P -- Penalties |
1171
| >> |
| 150 Penalties Imposable [Section 140A(3), 221, 271(1)(b), Sections 271A to 272BB] |
1171
| >> |
| 151 Penalty for under Reporting or Mis-Reporting of Income [Sections 270A and 270AA] [From Assessment Year 2017-18] |
1179
| >> |
| 152 Penalty in Search Cases [Section 271AAB and Section 271AAC] |
1188
| >> |
| 153 Penalty for False Entry, etc. in Books of Accounts [Section 271AAD] |
1192
| >> |
| 154 Common Issues [Sections 273AA, 273B, 274 and 275] |
1196
| >> |
| 155 Offences and Prosecution [Sections 275A to 280D] |
1198
| >> |
Section Q -- Assessment and reassessment |
1202
| >> |
| 156 Return of Income [Sections 139, 139C, 139D, 140 and 234F] |
1202
| >> |
| 157 Permanent Account Number [PAN] [Section 139A] |
1213
| >> |
| 158 Self-Assessment and Tax on Updated Return [Sections 140A and 140B] |
1222
| >> |
| 159 Summary Assessment [Section 143(1)] |
1224
| >> |
| 160 Reassessment [Sections 147 to 151] |
1226
| >> |
| 161 Method of Accounting and Income Computation and Disclosure Standards [Section 145, 145A and 145B] |
1232
| >> |
Section R -- Rectification |
1253
| >> |
| 162 Rectification of Mistakes [Section 154] |
1253
| >> |
| 163 Rectification in Certain Specific Cases [Section 155] |
1254
| >> |
Section S -- Miscellaneous |
1255
| >> |
| 164 Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA and 285BA] |
1255
| >> |
| 165 Statement by Non-residents [Sections 285 and 285A] |
1258
| >> |
| 166 Annual Statement [Section 285BB from 1-6-2020 as per Finance Act, 2020] |
1259
| >> |
| 167 Cash Transactions [Sections 269SS to 269T and Section 271D to 271E] |
1259
| >> |
Section T -- Other Direct Taxes |
1266
| >> |
| 168 Securities Transaction Tax and Income Tax Treatment of Gains from Sale of Equity Shares, etc., At a Glance |
1266
| >> |
| 169 Equalisation Levy |
1268
| >> |
| Notes on Tax Tables |
1276
| >> |
Income Tax & Advance Tax Calculation Tables |
1284
| >> |
| Income Tax & Advance Tax Tables |
1284
| >> |
| Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Ys. 2022-23 & 2023-24] |
1284
| >> |
| Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Ys. 2022-23 & 2023-24] |
1295
| >> |
| Resident Individual Equal to or Above 80 Years [For A.Ys. 2022-23 & 2023-24] |
1306
| >> |
| Individual/HUF [Opting for Section 115BAC] [For A.Ys. 2022-23 & 2023-24] |
1315
| >> |
| Firm & Domestic Co. [For A.Ys. 2022-23 & 2023-24] |
1328
| >> |
| Firm [For A.Ys. 2022-23 & 2023-24] |
1330
| >> |
| Domestic Co. [For A.Ys. 2022-23 & 2023-24] |
1333
| >> |
| Special Domestic Co. [For A.Ys. 2022-23 & 2023-24] |
1339
| >> |
| Co-operative Society [For A.Ys. 2022-23 & 2023-24] |
1346
| >> |
| Foreign Companies [For A.Ys. 2022-23 & 2023-24] |
1349
| >> |