Section A -- Amendments by the Finance Act, 2023 |
1
| >> |
| Income Tax Act, 1961 |
1
| >> |
| The Prohibition of Benami Property Transactions Act, 1988 |
158
| >> |
| Finance (No. 2) Act, 2004 (Securities Transaction Tax) |
159
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Section B -- Ready Referencer |
160
| >> |
| A. Tax Rates for Current Assessment Years [Assessment Years 2023-24 and 2024-25] |
161
| >> |
| B. Specified Tax Rates under Income Tax Act |
166
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| C. TDS Rates [for Financial Year 2023-24] |
173
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| D. Rates for Tax Collection at Source [for Financial Year 2023-24] |
187
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| E. Rates for Minimum Alternate Tax [for Financial Year 2023-24] |
191
| >> |
| F. Tax Rates for Last Ten Assessment Years |
191
| >> |
| G. Market Rates of Gold and Silver from 31-3-2008 as on 31-3-2023 and 1-4-1981 |
195
| >> |
| H. TDS Chart [Financial Year 2023-24] |
196
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| I. Fee Structure for Appeals |
209
| >> |
| J. Tax Saving Schemes |
210
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| K. Accrued Interest on NSC (VIII Issue) |
215
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| L. Tax Calendar for Recurring Work |
215
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| M. Audit Reports under Income Tax Act, 1961 |
227
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| N. Period of Limitation under Income Tax |
230
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| O. Withholding Tax Rates under DTAA |
270
| >> |
| P. List of Bonus Issue of Shares during 1-4-2022 to 31-3-2023 |
280
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Section C -- Basic Concepts |
281
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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) |
281
| >> |
| 2 Chargeability of Income, Scope of Total Income and Income Deemed to be Received [Sections 2(45), 4, 5 and 7] |
285
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| 3 Residential Status [Section 6] |
286
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| 4 Income Deemed to Accrue or Arise in India [Section 9] |
296
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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] |
311
| >> |
| 6 Heads of Income [Section 14] |
312
| >> |
| 7 New Taxation Regime for Individual or HUF [Section 115BAC] |
312
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Section D -- Exempt Incomes |
320
| >> |
| 8 Generally Exempt Incomes [Section 10] |
320
| >> |
| 9 Taxation of ULIPs and Other Insurance Policies [Sections 2(14), 10(10D), 45(1B), 111A & 112A] |
331
| >> |
| 10 Agricultural Income [Section 2(1A)] |
338
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| 11 Exemption to Units Located in Special Economic Zone [Section 10AA] |
343
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Section E -- Taxation of Salary Income |
348
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| 12 Salary -- Meaning and Chargeability [Sections 5A, 15 and 17] |
348
| >> |
| 13 Special Receipts Taxable as Salary |
353
| >> |
| 14 Taxability issues Regarding Various Funds |
363
| >> |
| 15 Tax on Interest from Provident Funds [Section 10(11) and 10(12)] |
365
| >> |
| 16 Tax Treatment of Allowances |
367
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| 17 Perquisites : General [Sections 10(10CC) and 17] |
371
| >> |
| 18 Valuation of Perquisites [Section 17] |
377
| >> |
| 19 Perquisite and Stock Options [Section 17(2)(vi)] |
397
| >> |
| 20 Deductions from Salary Income [Section 16] |
406
| >> |
| 21 Profits in Lieu of Salary [Section 17(3)] |
407
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| 22 Individuals Opting for Special Taxation Regime under Section 115BAC and Salary Income |
408
| >> |
| 23 Relief under Section 89 [Section 89] |
408
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| 24 Tax Planning and Salary Income |
411
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| 25 General Illustrations Applicable for Assessment Year 2023-24 |
413
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Section F -- Income from House Property |
418
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| 26 Chargeability [Sections 22 and 27] |
418
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| 27 Annual Value of a Let Out Property [Section 23] |
421
| >> |
| 28 Deductions from Annual Value [Section 24] |
431
| >> |
| 29 Other Issues [Sections 25, 25A and 26] |
436
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| 30 Planning in Respect of Property Income |
437
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| 31 Illustrations of Income from House Property |
438
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Section G -- Profits and Gains of Business or Profession |
448
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| 32 Business and Business Income [Section 2(13), 2(36), Section 28 and 29] |
448
| >> |
| 33 Rent, Rates, Taxes, Repairs and Insurance for premises [Section 30] |
451
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| 34 Repairs and Insurance of Machinery, Plant and Furniture [Section 31] |
452
| >> |
| 35 Depreciation Allowance and Investment Allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C] |
452
| >> |
| 36 Business Deductions in Respect of Specified Businesses/Activities [Sections 33AB to 35E] |
476
| >> |
| 37 Specific Business Deductions [Section 36 and 94B] |
495
| >> |
| 38 Disallowance of Expenditure Against Exempt Income [Section 14A] |
505
| >> |
| 39 Business Expenditure [Section 37(1) and 37(2B)] |
506
| >> |
| 40 CBDT’s Clarifications as to Allowability of Particular Business Expenses [Section 37(1)] |
507
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| 41 Expenses under Sections 30, 31 and 32, Where Assets Used Partly for Business and Partly for Personal Purposes [Section 38] |
510
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| 42 Special Deductions for Agents of Insurance, Mutual Funds, etc. |
511
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| 43 Amounts not Deductible [Sections 40(a) and 40(b)] |
512
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| 44 Expenditures not Deductible [Sections 40A and 43B] |
520
| >> |
| 45 Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB] |
530
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| 46 Accounts and Audit [Sections 44AA and 44AB] |
542
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| 47 Presumptive Incomes [Sections 44AD to 44BBB] |
549
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Section H -- Capital Gains |
560
| >> |
| 48 Chargeability and Capital Asset [Sections 2(14) and 45(1)] |
560
| >> |
| 49 Transfer, Transactions not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47A] |
563
| >> |
| 50 Types of Capital Assets, Gain and Determination of Period of Holding [Sections 2(29A), 2(29B), 2(42A) and 2(42B)] |
570
| >> |
| 51 Computation of Capital Gains [Sections 48, 49, 50A, 50D, 51 and 55] |
574
| >> |
| 52 Special Provisions for Computation of Capital Gains Arising from Shares, Units, Zero Coupon Bonds and Market Linked Debentures, Etc. [Sections 2(48), 10(33), 10(36), 10(38), 48, 50AA, 111A, 112 and 112A] |
590
| >> |
| 53 Exemption from Capital Gain on Compulsory Acquisition of Agricultural Land [Section 10(37)] |
601
| >> |
| 54 Exemption to Capital Gains Arising from Transfer of Specified Capital Asset in Certain Cases [Section 10(37A)] [From Assessment Year 2015-16] |
602
| >> |
| 55 Taxation of Capital Gain in Certain Specific Instances [Sections 2(19AA), 45, 46, 46A, 49(2C), 49(2D), 50, 50B, 50C, 50CA and 51] |
603
| >> |
| 56 Deep Discount Bonds and Strips [Section 45] |
632
| >> |
| 57 Employees Stock Options -- Capital Gain Tax Implications [Sections 47(iii), 49(2AA) and 49(2AB)] |
633
| >> |
| 58 Conversion of Private Company/Unlisted Public Company into LLP and Tax Consequences [Section 47(xiiib), 47A(4), 49(1)(iii)(e) and 49(2AAA)] |
633
| >> |
| 59 Deductions from Capital Gains [Sections 54 to 54H] |
635
| >> |
| 60 Extension of Dates of Compliances for the Purposes of Sections 54 to 54GB |
656
| >> |
| 61 Reference to Valuation Officer [Section 55A and 2(22B)] |
657
| >> |
| 62 Rates of Capital Gains Tax [Assessment Years 2023-24 and 2024-25] |
657
| >> |
Section I -- Income from Other Sources, Clubbing, Undisclosed Sources and Set Off and Carry Forward of Losses |
666
| >> |
| 63 Income from Other Sources [Sections 56 to 58] |
666
| >> |
| 64 Start-up Taxation [Section 56(2)(viib)] |
694
| >> |
| 65 Clubbing of Income [Sections 60 to 64] |
700
| >> |
| 66 Income from Undisclosed Sources [Sections 68 to 69D] |
709
| >> |
| 67 Set Off and Carry Forward of Losses [Sections 70 to 80 and Section 157] |
712
| >> |
Section J -- Deductions Under Chapter VI-A |
746
| >> |
| 68 General Provisions as to Deduction From Total Income [Sections 80A to 80B] |
746
| >> |
| 69 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] |
748
| >> |
| 70 Deduction from Total Income Concerning Payments-II [Sections 80CCA, 80CCB, 80CCC, 80CCD, 80CCE, 80CCF, 80CCG, 80CCH, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB and 80GGC] |
756
| >> |
| 71 Deduction in Respect of Certain Incomes [Sections 80JJA, 80JJAA, 80LA, 80M, 80QQB, 80RRB, 80TTA, 80TTB and 80U] |
784
| >> |
| 72 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] |
792
| >> |
Section K -- Specific Tax Entities |
815
| >> |
| 73 Individuals |
815
| >> |
| 74 Hindu Undivided Family [Section 171] |
820
| >> |
| 75 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] |
822
| >> |
| 76 Taxation of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A] |
837
| >> |
| 77 Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company [Sections 115JC to 115JF] |
843
| >> |
| 78 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] |
847
| >> |
| 79 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)] |
870
| >> |
| 80 Taxation of Charitable Trusts and Exempt Institutions [Sections 2(15), 2(22AAA), 10(23C), 11 to 13, 13B, 115BBC, 115TD to 115TE and 164] |
871
| >> |
| 81 Private Trusts, Oral Trusts & Wakfs [Sections 161(1), 161(1A), 164(1), 164(A), 165, 166, 167] |
916
| >> |
| 82 Taxation of Co-operative Societies and Producer Companies [Sections 2(19), 2(24)(viia), 80P, 80PA, 115BAD and 115BAE] |
919
| >> |
| 83 Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG] |
925
| >> |
| 84 Tax on Income from Transfer of Virtual Digital Assets [Section 2(47A), Section 56(2)(x) and Section 115BBH] |
926
| >> |
| 85 Tax on Winnings from Online Games [Section 115BBJ from Assessment Year 2024-25, Inserted by the Finance Act, 2023] |
930
| >> |
| 86 Taxation of Political Parties [Sections 13A and 139(4B)] |
930
| >> |
| 87 Taxation of Non-Residents |
931
| >> |
| 88 Foreign Tax Credit [Section 90, 91 and Rule 128] |
942
| >> |
| 89 Relief from Taxation on Income from Retirement Benefit Account Maintained in a Notified Country [Section 89A] |
945
| >> |
| 90 Tonnage Tax on Shipping Companies [Sections 115V to 115VZC] |
945
| >> |
Section L -- General Illustrations |
949
| >> |
| 91 Partnership Firm Assessed as Such and Partners |
949
| >> |
| 92 Personal Taxation |
950
| >> |
| 93 Company Taxation |
961
| >> |
| 94 All Assessees : Capital Gains |
966
| >> |
Section M -- Tax Deduction at Source and Tax Collection at Source |
968
| >> |
| 95 Tax Deduction from Salaries [Section 192] |
968
| >> |
| 96 Tax Deduction from Payment of Accumulated Balance of Employees’ Provident Fund Due to an Employee [Section 192A] |
977
| >> |
| 97 TDS from Interest on Securities [Section 193] |
978
| >> |
| 98 TDS from Dividends in case of Residents [Section 194, 196 and Section 2(35)] |
979
| >> |
| 99 TDS on Interest (including Recurring Deposit) Other than Interest on Securities [Section 194A and section 2(28A)] |
980
| >> |
| 100 TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B] |
986
| >> |
| 101 TDS on Winnings from Online Games [Section 194BA] |
987
| >> |
| 102 TDS on Winnings from Horse Races [Section 194BB] |
987
| >> |
| 103 TDS on Payment to Contractors/Sub-Contractors [Section 194C] |
987
| >> |
| 104 TDS on Insurance Commission [Section 194D] |
996
| >> |
| 105 TDS on Payments under Life Insurance Policy [Section 194DA] |
997
| >> |
| 106 TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E] |
999
| >> |
| 107 TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE] |
1000
| >> |
| 108 TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F] |
1000
| >> |
| 109 TDS from Commission on Sale of Lottery Tickets [Section 194G] |
1000
| >> |
| 110 TDS on Commission or Brokerage [Section 194H] |
1001
| >> |
| 111 TDS on Rent Payments [Section 194-I] |
1002
| >> |
| 112 TDS on Payment on Transfer of Certain Immovable Property other than Agricultural Land [Section 194-IA] |
1005
| >> |
| 113 TDS on Rent Payment by Individual/HUF in Certain Cases [Section 194-IB] |
1007
| >> |
| 114 TDS on Payment under Specified Agreement [Section 194-IC] |
1009
| >> |
| 115 TDS on Payment of Fees for Professional or Technical Services [Section 194-J] |
1009
| >> |
| 116 TDS in Respect of Income in Respect of Units [Section 194K] |
1013
| >> |
| 117 TDS from Payment of Compensation on Compulsory Acquisition of Immovable Property [Section 194LA] |
1014
| >> |
| 118 TDS on Income by Way of Interest from Infrastructure Debt Fund [Section 194LB] |
1015
| >> |
| 119 TDS on Certain Income from Units of a Business Trust [Section 194LBA] |
1015
| >> |
| 120 TDS on Income in Respect of Units of Investment Fund [Section 194LBB] |
1016
| >> |
| 121 TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC] |
1017
| >> |
| 122 TDS on Income by Way of Interest from Indian Company or Business Trust [Section 194LC] |
1017
| >> |
| 123 TDS on Income by Way of Interest on Certain Bonds and Government Securities [Section 194LD] |
1019
| >> |
| 124 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] |
1020
| >> |
| 125 TDS on Cash Withdrawals [Section 194N] |
1022
| >> |
| 126 TDS on Payment of Certain Sums by e-Commerce Operator to e-Commerce Participant [Section 194-O] |
1025
| >> |
| 127 Tax Deduction in Case of Specified Senior Citizens by Banking Companies [Section 194P] |
1026
| >> |
| 128 Tax Deduction by Buyer of Goods in Certain Cases [Section 194Q] |
1027
| >> |
| 129 TDS on Benefit or Perquisite in Respect of Business or Profession [Section 194R] |
1040
| >> |
| 130 TDS on Transfer of Virtual Digital Assets [Section 194S] |
1043
| >> |
| 131 TDS from Payments to Non-residents [Section 195] |
1046
| >> |
| 132 Interest or Dividend Payable to Government or RBI or Certain Corporations [Section 196] |
1050
| >> |
| 133 TDS on Income from Units in Case of Non-Residents [Section 196A] |
1050
| >> |
| 134 TDS from Payment to Offshore Fund [Section 196B] |
1051
| >> |
| 135 TDS on Income from FCCB, GDRS [Section 196C] |
1051
| >> |
| 136 TDS on Income of Foreign Institutional Investor from Securities [Section 196D] |
1052
| >> |
| 137 Residuary Provisions Related to TDS and Procedural Aspects |
1052
| >> |
| 138 Furnishing of Quarterly Return in Respect of Payment of Interest to Residents without Deduction of Tax [Section 206A] |
1073
| >> |
| 139 Collection of Tax at Source [Sections 206C, 206CA, 206CB, 206CC and 271CA] |
1074
| >> |
| 140 Higher Rate of Tax Deduction/Collection in Case of Non-filers of Return [Sections 206AB and 206CCA] |
1093
| >> |
| 141 Fee for Defaults in Furnishing TDS/TCS Statements [Section 234E] |
1096
| >> |
Section N -- Advance Income Tax |
1097
| >> |
| 142 Advance Tax Liability [Sections 207 to 210] |
1097
| >> |
| 143 Advance Tax Instalments [Sections 211, 218 and 219] |
1103
| >> |
Section O -- Interest and Fee |
1104
| >> |
| 144 Interest Related Provision at a Glance [Sections 115QB, 115TB, 115TE, 201(1A), 206C(7), 220(2), 234A to 234D and 244A] |
1104
| >> |
| 145 Interest under Section 220 [Section 220] |
1105
| >> |
| 146 Interest for Defaults in Furnishing Return of Income [Section 234A] |
1107
| >> |
| 147 Interest for Default in Payment of Advance Tax [Section 234B] |
1110
| >> |
| 148 Interest for Deferment of Advance Tax [Section 234C] |
1112
| >> |
| 149 Interest on Refund Granted under Section 143(1) [Section 234D] |
1115
| >> |
| 150 Common Issues |
1115
| >> |
| 151 Fee Payable under Income Tax Act [Sections 234E to 234H] |
1116
| >> |
| 152 Interest on Refunds [Section 244A] |
1116
| >> |
| 153 Refund for Denying Liability to Deduct Tax in Certain Cases [Section 239A] |
1118
| >> |
| 154 Tax Clearance Certificate [Section 230] |
1119
| >> |
Section P -- Penalties |
1123
| >> |
| 155 Penalties Imposable [Section 140A(3), 221, 271(1)(b), Sections 271A to 272BB] |
1123
| >> |
| 156 Penalty for Under-Reporting or Mis-Reporting of Income [Sections 270A and 270AA] |
1132
| >> |
| 157 Penalty in Search Cases [Section 271AAB and Section 271AAC] |
1137
| >> |
| 158 Penalty for False Entry, etc. in Books of Accounts [Section 271AAD] |
1142
| >> |
| 159 Common Issues [Sections 273AA, 273B, 274 and 275] |
1146
| >> |
| 160 Offences and Prosecution [Sections 275A to 280D] |
1147
| >> |
Section Q -- Assessment |
1151
| >> |
| 161 Return of income [Sections 139, 139C, 139D, 140 and 234F] |
1151
| >> |
| 162 Permanent Account Number [PAN] [Section 139A] |
1171
| >> |
| 163 Self-Assessment and Tax on Updated Return [Section 140A and 140B] |
1181
| >> |
| 164 Summary Assessment [Section 143(1)] |
1183
| >> |
| 165 Reassessment [Section 147 to 151] |
1184
| >> |
| 166 Method of Accounting and Income Computation and Disclosure Standards [Section 145, 145A and 145B] |
1190
| >> |
Section R -- Rectification |
1210
| >> |
| 167 Rectification of Mistakes [Section 154] |
1210
| >> |
| 168 Rectification in Certain Specific Cases [Section 155] |
1211
| >> |
Section S -- Miscellaneous |
1212
| >> |
| 169 Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA and 285BA] |
1212
| >> |
| 170 Statement by Non-residents [Section 285 and 285A] |
1215
| >> |
| 171 Annual Statement [Section 285BB] |
1216
| >> |
| 172 Cash Transactions [Sections 269SS to 269T and Section 271D to 271E] |
1216
| >> |
Section T -- Other Direct Taxes |
1223
| >> |
| 173 Securities Transaction Tax and Income Tax Treatment of Gains from Sale of Equity Shares, etc., At a Glance |
1223
| >> |
| 174 Equalisation Levy |
1226
| >> |
Notes on Tax Tables |
1233
| >> |
Income Tax & Advance Tax Calculation Tables |
1243
| >> |
Income Tax & Advance Tax Tables |
1243
| >> |
| Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Ys. 2023-24 & 2024-25] |
1243
| >> |
| Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Ys. 2023-24 & 2024-25] |
1254
| >> |
| Resident Individual Equal to or Above 80 Years [For A.Ys. 2023-24 & 2024-25] |
1261
| >> |
Income Tax Tables |
1274
| >> |
| Individual/HUF [Opting for Section 115BAC] [For A.Y. 2023-24] |
1274
| >> |
Advance Tax Tables |
1287
| >> |
| Individual/HUF/AOP/BOI/AJP [Section 115BAC] [For A.Y. 2024-25] |
1287
| >> |
| Firm & Domestic Co. [For A.Ys. 2023-24 & 2024-25] |
1298
| >> |
| Firm [For A.Ys. 2023-24 & 2024-25] |
1300
| >> |
| Domestic Co. [For A.Ys. 2023-24 & 2024-25] |
1303
| >> |
| Special Domestic Co. [For A.Ys. 2023-24 & 2024-25] |
1309
| >> |
| Co-operative Society [For A.Ys. 2023-24 & 2024-25] |
1316
| >> |
| Foreign Companies [For A.Y. 2023-24] |
1319
| >> |
| Foreign Companies [For A.Y. 2024-25] |
1322
| >> |
Depreciation Rates |
1325
| >> |
| Rate at which depreciation allowable |
1325
| >> |
| Rates of depreciation in case of assessees opting for alternate tax regimes |
1332
| >> |
| Table of rates at which depreciation is admissible (Case of power companies claiming
depreciation on Straight Line Method) |
1332
| >> |