94B. Limitation on interest deduction in certain cases. 675
CHAPTER X-A
GENERAL ANTI-AVOIDANCE RULE
| 95. Applicability of General Anti-Avoidance Rule. |
680 |
| 96. Impermissible avoidance arrangement. |
681 |
| 97. Arrangement to lack commercial substance. |
681 |
| 98. Consequences of impermissible avoidance arrangement. |
682 |
| 99. Treatment of connected person and accommodating party. |
683 |
| 100. Application of this Chapter. |
683 |
| 101. Framing of guidelines. |
683 |
| 102. Definitions. |
683 |
CHAPTER XI
ADDITIONAL INCOME TAX ON UNDISTRIBUTED PROFITS [***]
| 95 to 103. [***] |
685 |
| 104 to 109. [***] |
685 |
CHAPTER XII
DETERMINATION OF TAX IN CERTAIN SPECIAL CASES
| 110. Determination of tax where total income includes income on which no tax is payable. |
685 |
| 111. Tax on accumulated balance of recognised provident fund. |
685 |
| 111A. Tax on short-term capital gains in certain cases. |
685 |
| 112. Tax on long-term capital gains. |
687 |
| 113. Tax in the case of block assessment of search cases. |
692 |
| 114. [***] |
692 |
| 115. [***] |
692 |
| 115A. Tax on dividends, royalty and technical service fees in the case of foreign companies. |
693 |
| 115AB. Tax on income from units purchased in foreign currency or capital gains arising from their transfer. |
697 |
| 115AC. Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer. |
698 |
| 115ACA. Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer. |
700 |
| 115AD. Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer. |
703 |
| 115B. Tax on profits and gains of life insurance business. |
706 |
| 115BA. Tax on income of certain manufacturing domestic companies. |
706 |
| 115BAA. Tax on income of certain domestic companies. |
707 |
| 115BAB. Tax on income of new manufacturing domestic companies. |
709 |
| 115BAC. Tax on income of individuals [, Hindu undivided family and others]. |
712 |
| 115BAD. Tax on income of certain resident co-operative societies. |
716 |
| 115BB. Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever. |
719 |
| 115BBA. Tax on non-resident sportsmen or sports associations. |
720 |
| 115BBB. Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds. |
721 |
| 115BBC. Anonymous donations to be taxed in certain cases. |
721 |
| 115BBD. Tax on certain dividends received from foreign companies. |
722 |
| 115BBDA. Tax on certain dividends received from domestic companies. |
722 |
| 115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D. 723 |
| 115BBF. Tax on income from patent. |
724 |
| 115BBG. Tax on income from transfer of carbon credits |
725 |
| 115BBH. Tax on income from virtual digital assets. |
726 |
| 115BBI. Specified income of certain institutions. |
726 |
| 115BBJ. Tax on winnings from online games. |
727 |
CHAPTER XII-A
SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON-RESIDENTS
| 115C. Definitions. |
727 |
| 115D. Special provision for computation of total income of non-residents. |
728 |
| 115E. Tax on investment income and long-term capital gains. |
729 |
| 115F. Capital gains on transfer of foreign exchange assets not to be charged in certain cases. |
729 |
| 115G. Return of income not to be filed in certain cases. |
730 |
| 115H. Benefit under Chapter to be available in certain cases even after the assessee becomes resident. |
730 |
| 115-I. Chapter not to apply if the assessee so chooses. |
731 |
CHAPTER XII-B
SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES
| 115J. Special provisions relating to certain companies. |
731 |
| 115JA. Deemed income relating to certain companies. |
733 |
| 115JAA. Tax credit in respect of tax paid on deemed income relating to certain companies. |
735 |
| 115JB. Special provision for payment of tax by certain companies. |
737 |
CHAPTER XII-BA
SPECIAL PROVISIONS RELATING TO CERTAIN [PERSONS OTHER THAN A COMPANY]
| 115JC. Special provisions for payment of tax by certain persons other than a company. |
749 |
| 115JD. Tax credit for alternate minimum tax. |
751 |
| 115JE. Application of other provisions of this Act. |
751 |
| 115JEE. Application of this Chapter to certain persons. |
752 |
| 115JF. Interpretation in this Chapter. |
752 |
| 115JG. Conversion of an Indian branch of Foreign Company into subsidiary Indian company. |
753 |
| 115JH. Foreign company said to be resident in India. |
754 |
CHAPTER XII-C
| 115K. [***] |
755 |
| 115L |
� |
| 115M |
� |
| 115N |
� |
CHAPTER XII-D
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES
| 115-O. Tax on distributed profits of domestic companies. |
755 |
| 115P. Interest payable for non-payment of tax by domestic companies. |
758 |
| 115Q. When company is deemed to be in default. |
758 |
CHAPTER XII-DA
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES
| 115QA. Tax on distributed income to shareholders |
758 |
| 115QB. Interest payable for non-payment of tax by company. |
762 |
| 115QC. When company is deemed to be assessee in default. |
762 |
CHAPTER XII-E
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME
| 115R. Tax on distributed income to unit holders. |
762 |
| 115S. Interest payable for non-payment of tax. |
765 |
| 115T. Unit Trust of India or Mutual Fund to be assessee in default. |
765 |
CHAPTER XII-EA
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME BY SECURITISATION TRUSTS
| 115TA. Tax on distributed income to investors. |
766 |
| 115TB. Interest payable for non-payment of tax. |
767 |
| 115TC. Securitisation trust to be assessee in default. |
767 |
| 115TCA. Tax on income from securitisation trusts. |
767 |
CHAPTER XII-EB
SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS
| 115TD. Tax on accreted income. 769 |
| 115TE. Interest payable for non-payment of tax by [specified person]. |
774 |
| 115TF. When [specified person] is deemed to be assessee in default. |
774 |
CHAPTER XII-F
SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPITAL COMPANIES AND VENTURE CAPITAL FUNDS
| 115U. Tax on income in certain cases. |
775 |
CHAPTER XII-FA
SPECIAL PROVISIONS RELATING TO BUSINESS TRUSTS
| 115UA. Tax on income of unit holder and business trust. |
776 |
CHAPTER XII-FB
SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS
| 115UB. Tax on income of investment fund and its unit holders. |
777 |
CHAPTER XII-G
SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES
A.—Meaning of certain expressions
B.—Computation of tonnage income from business of operating qualifying ships
| 115VA. Computation of profits and gains from the business of operating qualifying ships. |
780 |
| 115VB. Operating ships. |
780 |
| 115VC. Qualifying company. |
780 |
| 115VD. Qualifying ship. |
781 |
| 115VE. Manner of computation of income under tonnage tax scheme. |
781 |
| 115VF. Tonnage income. |
781 |
| 115VG. Computation of tonnage income. |
782 |
| 115VH. Calculation in case of joint operation, etc. |
783 |
| 115V-I. Relevant shipping income. |
783 |
| 115VJ. Treatment of common costs. |
785 |
| 115VK. Depreciation. |
785 |
| 115VL. General exclusion of deduction and set off, etc. |
786 |
| 115VM. Exclusion of loss. |
787 |
| 115VN. Chargeable gains from transfer of tonnage tax assets. |
787 |
| 115VO. Exclusion from provisions of section 115JB. |
787 |
C.—Procedure for option of tonnage tax scheme
| 115VP. Method and time of opting for tonnage tax scheme. |
787 |
| 115VQ. Period for which tonnage tax option to remain in force. |
788 |
| 115VR. Renewal of tonnage tax scheme. |
789 |
| 115VS. Prohibition to opt for tonnage tax scheme in certain cases. |
789 |
D.—Conditions for applicability of tonnage tax scheme
| 115VT. Transfer of profits to Tonnage Tax Reserve Account. |
789 |
| 115VU. Minimum training requirement for tonnage tax company. |
790 |
| 115VV. Limit for charter in of tonnage. |
791 |
| 115VW. Maintenance and audit of accounts. |
791 |
| 115VX. Determination of tonnage. |
791 |
E.—Amalgamation and demerger of shipping companies
| 115VY. Amalgamation. |
792 |
| 115VZ. Demerger. |
792 |
F.—Miscellaneous
| 115VZA. Effect of temporarily ceasing to operate qualifying ships. |
793 |
G.—Provisions of this Chapter not to apply in certain cases
| 115VZB. Avoidance of tax. |
793 |
| 115VZC. Exclusion from tonnage tax scheme. |
793 |
CHAPTER XII-H
INCOME-TAX ON FRINGE BENEFITS
A.—Meaning of certain expressions
B.—Basis of charge
| 115WA. Charge of fringe benefit tax. |
794 |
| 115WB. Fringe benefits. |
795 |
| 115WC. Value of fringe benefits. |
798 |
C.—Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof
| 115WD. Return of fringe benefits. |
799 |
| 115WE. Assessment. |
800 |
| 115WF. Best judgment assessment. |
802 |
| 115WG. Fringe benefits escaping assessment. |
803 |
| 115WH. Issue of notice where fringe benefits have escaped assessment. |
803 |
| 115WI. Payment of fringe benefit tax. |
804 |
| 115WJ. Advance tax in respect of fringe benefits. |
804 |
| 115WK. Interest for default in furnishing return of fringe benefits. |
806 |
| 115WKA. Recovery of fringe benefit tax by the employer from the employee. |
806 |
| 115WKB. Deemed payment of tax by employee. |
806 |
| 115WL. Application of other provisions of this Act. |
807 |
| 115WM. Chapter XII-H not to apply after a certain date. |
807 |
CHAPTER XIII
DINCOME TAX AUTHORITIES
A.—Appointment and control
| 116. Income-tax authorities. |
807 |
| 117. Appointment of income-tax authorities. |
808 |
| 118. Control of income-tax authorities. |
808 |
| 119. Instructions to subordinate authorities. |
808 |
| 119A. Taxpayer’s Charter. 810 |
B.—Jurisdiction
| 120. Jurisdiction of income-tax authorities. |
810 |
| 121. [***] |
812 |
| 121A. [***] |
812 |
| 122. [***] |
812 |
| 123. [***] |
812 |
| 124. Jurisdiction of Assessing Officers. |
812 |
| 125. [***] |
814 |
| 125A. [***] |
814 |
| 126. [***] |
814 |
| 127. Power to transfer cases. |
814 |
| 128. [***] |
816 |
| 129. Change of incumbent of an office. |
816 |
| 130. Faceless jurisdiction of income-tax authorities. |
816 |
| 130A. [***] |
817 |
C.—Powers
| 131. Power regarding discovery, production of evidence, etc. |
817 |
| 132. Search and seizure. |
819 |
| 132A. Powers to requisition books of account, etc. |
829 |
| 132B. Application of seized or requisitioned assets. |
831 |
| 133. Power to call for information. |
833 |
| 133A. Power of survey. |
835 |
| 133B. Power to collect certain information. |
839 |
| 133C. Power to call for information by prescribed income-tax authority. |
839 |
| 134. Power to inspect registers of companies. |
840 |
| 135. Powers of Principal Director General or Director General or Principal Director or Director, Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner and Joint Commissioner. |
840 |
| 135A. Faceless collection of information. |
841 |
| 136. Proceedings before income-tax authorities to be judicial proceedings. |
841 |
D.—Disclosure of information
| 137. [***] |
842 |
| 138. Disclosure of information respecting assessees. |
842 |
CHAPTER XIV
PROCEDURE FOR ASSESSMENT
| 139. Return of income. |
843 |
| 139A. Permanent account number. |
856 |
| 139AA. Quoting of Aadhaar number. |
861 |
| 139B. Scheme for submission of returns through Tax Return Preparers. |
862 |
| 139C. Power of Board to dispense with furnishing documents, etc., with the return. |
863 |
| 139D. Filing of return in electronic form. |
863 |
| 140. Return by whom to be [verified]. |
863 |
| 140A. Self-assessment. |
866 |
| 140B. Tax on updated return. |
868 |
| 141. [***] |
871 |
| 141A. [***] |
871 |
| 142. Enquiry before assessment. |
871 |
| 142A. Estimation of value of assets by Valuation Officer. |
875 |
| 142B. Faceless inquiry or Valuation. |
876 |
| 143. Assessment. |
877 |
| 144. Best judgement assessment. |
885 |
| 144A. Power of [Joint Commissioner] to issue directions in certain cases. |
886 |
| 144B. Faceless assessment. |
886 |
| 144BA. Reference to [Principal Commissioner or Commissioner] in certain cases. |
903 |
| 144C. Reference to Dispute Resolution Panel. |
907 |
| 145. Method of accounting. |
909 |
| 145A. Method of accounting in certain cases. |
911 |
| 145B. Taxability of certain income. |
912 |
| 146. [***] |
912 |
| 147. Income escaping assessment. |
912 |
| 148. Issue of notice where income has escaped assessment. |
918 |
| 148A. Procedure before issuance of notice under section 148. |
920 |
| 148B. Prior approval for assessment, reassessment or recomputation in certain cases. |
923 |
| 149. Time limit for notices under sections 148 and 148A. |
923 |
| 150. Provision for cases where assessment is in pursuance of an order on appeal, etc. |
926 |
| 151. Sanction for issue of notice. |
927 |
| 151A. Faceless assessment of income escaping assessment. |
927 |
| 152. Other provisions. |
928 |
| 153. Time limit for completion of assessment, reassessment and recomputation. |
928 |
| 153A. Assessment in case of search or requisition. |
939 |
| 153B. Time limit for completion of assessment under section 153A. |
942 |
| 153C. Assessment of income of any other person. |
948 |
| 153D. Prior approval necessary for assessment in cases of search or requisition |
951 |
| 154. Rectification of mistake. |
951 |
| 155. Other amendments. |
954 |
| 156. Notice of demand. |
963 |
| 156A. Modification and revision of notice in certain cases. |
964 |
| 157. Intimation of loss. |
965 |
| 157A. Faceless assessment of income escaping assessment. |
965 |
| 158. Intimation of assessment of firm. |
966 |
CHAPTER XIV-A
SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS
| 158A. Procedure when assessee claims identical question of law is pending before High Court or Supreme Court. |
966 |
| 158AA. Procedure when in an appeal by revenue an identical question of law is pending before Supreme Court. |
968 |
| 158AB. Procedure where an identical question of law is pending before High Courts or Supreme Court. |
968 |
CHAPTER XIV-B
SPECIAL PROCEDURE FOR ASSESSMENT OF SEARCH CASES
| 158. Definitions |
975 |
| 158BA. Assessment of total income as a result of search. |
976 |
| 158BB. Computation of total income of block period. |
977 |
| 158BC. Procedure for block assessment. |
978 |
| 158BD. Undisclosed income of any other person. |
979 |
| 158BE. Time-limit for completion of block assessment. |
979 |
| 158BF. Certain interests and penalties not to be levied or imposed. |
981 |
| 158BFA. Levy of interest and penalty in certain cases. |
981 |
| 158BG. Authority competent to make assessment of block period. |
982 |
| 158BH. Application of other provisions of this Act. |
982 |
| 158BI. Chapter not to apply in certain circumstances. |
982 |
CHAPTER XV
LIABILITY IN SPECIAL CASES
A.—Legal Representatives
| 159. Legal Representatives |
983 |
B.—Representative assessees—General provisions
| 160. Representative assessee. |
984 |
| 161. Liability of representative assessee. |
985 |
| 162. Right of representative assessee to recover tax paid. |
986 |
C.—Representative assessees—Special cases
| 163. Who may be regarded as agent. |
986 |
| 164. Charge of tax where share of beneficiaries unknown. |
987 |
| 164A. Charge of tax in case of oral trust. |
991 |
| 165. Case where part of trust income is chargeable. |
991 |
D.—Representative assessees—Miscellaneous provisions
| 166. Direct assessment or recovery not barred. |
991 |
| 167. Remedies against property in cases of representative assessees. |
991 |
DD.—Firms, association of persons and body of individuals
| 167A. Charge of tax in the case of a firm. |
992 |
| 167B. Charge of tax where shares of members in association of persons or body of individuals unknown, etc. |
992 |
| 167C. Liability of partners of limited liability partnership in liquidation |
993 |
E.—Executors
| 168. Executors. 993 |
| 169. Right of executor to recover tax paid. |
994 |
F.—Succession to business or profession
| 170. Succession to business otherwise than on death. |
994 |
| 170A. Effect of order of tribunal or court in respect of business reorganization. |
995 |
G.—Partition
| 171. Assessment after partition of a Hindu undivided family. |
996 |
H.—Profits of non-residents from occasional shipping business
| 172. Shipping business of non-residents. |
998 |
I.—Recovery of tax in respect of non-residents
| 173. Recovery of tax in respect of non-resident from his assets. |
999 |
J.—Persons leaving India
| 174. Assessment of persons leaving India. |
1000 |
JA.–Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose
| 174A. Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose. |
1001 |
K.—Persons trying to alienate their assets
| 175. Assessment of persons likely to transfer property to avoid tax. |
1001 |
L.—Discontinuance of business, or dissolution
| 176. Discontinued business. |
1001 |
| 177. Association dissolved or business discontinued. |
1003 |
| 178. Company in liquidation. |
1003 |
M.—Private companies
| 179. Liability of directors of private company [***]. |
1005 |
| 180A. Consideration for know-how. |
1007 |
| 181. [***] |
1007 |
CHAPTER XVI
SPECIAL PROVISIONS APPLICABLE TO FIRMS
A.—Assessment of firms
| 182. [***] |
1007 |
| 183. [***] |
1007 |
| 184. Assessment as a firm. |
1007 |
| 185. Assessment when section 184 not complied with. |
1008 |
| 186. [***] |
1008 |
C.—Changes in constitution, succession and dissolution
| 187. Change in constitution of a firm. |
1008 |
| 188. Succession of one firm by another firm. |
1009 |
| 188A. Joint and several liability of partners for tax payable by firm. |
1009 |
| 189. Firm dissolved or business discontinued. |
1009 |
| 189A. Provisions applicable to past assessments of firms. |
1010 |
CHAPTER XVII
COLLECTION AND RECOVERY OF TAX
A.—General
| 190. Deduction at source and advance payment. |
1010 |
| 191. Direct payment. |
1010 |
B.—Deduction at source
| 192. Salary. |
1011 |
| 192A. Payment of accumulated balance due to an employee. |
1015 |
| 193. Interest on securities. |
1016 |
| 194. Dividends. |
1018 |
| 194A. Interest other than “Interest on securities�. |
1020 |
| 194B. Winnings from lottery or crossword puzzle., etc. |
1025 |
| 194BA. Winnings from online games. |
1026 |
| 194BB. Winnings from horse race. |
1027 |
| 194C. Payments to contractors. |
1027 |
| 194D. Insurance commission. |
1034 |
| 194DA. Payment in respect of life insurance policy. |
1034 |
| 194E. Payments to non-resident sportsmen or sports associations. |
1034 |
| 194EE. Payments in respect of deposits under National Savings Scheme, etc. |
1035 |
| 194F. [***] |
1035 |
| 194G. Commission, etc., on sale of lottery tickets. |
1035 |
| 194H. Commission or brokerage. |
1036 |
| 194-I. Rent. |
1039 |
| 194-IA. Payment on transfer of certain immovable property other than agricultural land. |
1041 |
| 194-IB. Payment of rent by certain individuals or Hindu undivided family. |
1042 |
| 194-IC. Payment under specified agreement. |
1042 |
| 194J. Fees for professional or technical services. |
1043 |
| 194K. Income in respect of units. |
1046 |
| 194L. [***] |
1047 |
| 194LA. Payment of compensation on acquisition of certain immovable property. |
1047 |
| 194LB. Income by way of interest from infrastructure debt fund |
1048 |
| 194LBA. Certain income from units of a business trust. |
1048 |
| 194LBB. Income in respect of units of investment fund. |
1049 |
| 194LBC. Income in respect of investment in securitisation trust. |
1049 |
| 194LC. Income by way of interest from Indian company. |
1050 |
| 194LD. Income by way of interest on certain bonds and Government securities. |
1052 |
| 194M. Payment of certain sums by certain individuals or Hindu undivided family. |
1053 |
| 194N. Payment of certain amounts in cash. |
1053 |
| 194-O. Payment of certain sums by e-commerce operator to e-commerce participant. |
1055 |
| 194P. Deduction of tax in case of specified senior citizen. |
1056 |
| 194Q. Deduction of tax at source on payment of certain sum for purchase of goods. |
1057 |
| 194R. Deduction of tax on benefit or perquisite in respect of business or profession. |
1057 |
| 194S. Payment on transfer of virtual digital asset. |
1058 |
| 194T. Payments to partners of firms. |
1059 |
| 195. Other sums. |
� |
1059 |
| 195A. Income payable "net of tax". |
1063 |
| 196. Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations. |
1063 |
| 196A. Income in respect of units of non-residents. |
1064 |
| 196B. Income from units. |
1065 |
| 196C. Income from foreign currency bonds or shares of Indian company. |
1065 |
| 196D. Income of Foreign Institutional Investors from securities. |
1066 |
| 197. Certificate for deduction at lower rate. |
1067 |
| 197A. No deduction to be made in certain cases. |
1068 |
| 197B. Lower deduction in certain cases for a limited period. |
1070 |
| 198. Tax deducted is income received. |
1071 |
| 199. Credit for tax deducted. |
1071 |
| 200. Duty of person deducting tax. |
1073 |
| 200A. Processing of statements of tax deducted at [source]. |
1074 |
| 201. Consequences for failure to deduct or pay. |
1075 |
| 202. Deduction only one mode of recovery. |
1078 |
| 203. Certificate for tax deducted. |
1078 |
| 203A. Tax deduction and collection account number. |
1079 |
| 203AA. [***] |
1080 |
| 204. Meaning of “person responsible for paying�. |
1080 |
| 205. Bar against direct demand on assessee. |
1082 |
| 206. Persons deducting tax to furnish prescribed returns. |
1082 |
| 206A. Furnishing of statement in respect of payment of any income to residents without deduction of tax. |
1083 |
| 206AA. Requirement to furnish Permanent Account Number. |
1084 |
| 206AB. Special provision for deduction of tax at source for non-filers of income-tax return. |
1085 |
| 206B. [***] |
1086 |
BB.—Collection at source
| 206C. Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. |
1086 |
| 206CA. Tax-collection account number. |
1099 |
| 206CC. Requirement to furnish Permanent Account Number by collectee. |
1100 |
| 206CCA. Special provision for collection of tax at source for non-filers of income-tax return. |
1101 |
C.—Advance payment of tax
| 207. Liability for payment of advance tax. |
1102 |
| 208. Conditions of liability to pay advance tax. |
1102 |
| 209. Computation of advance tax. |
1102 |
| 209A. [***] |
1104 |
| 210. Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer. |
1105 |
| 211. Instalments of advance tax and due dates. |
1106 |
| 212. [***] |
1107 |
| 213. [***] |
1107 |
| 214. Interest payable by Government. |
1107 |
| 215. Interest payable by assessee. |
1109 |
| 216. Interest payable by assessee in case of underestimate, etc. |
1110 |
| 217. Interest payable by assessee when no estimate made. |
1111 |
| 218. When assessee deemed to be in default. |
1112 |
| 219. Credit for advance tax. |
1112 |
D.—Collection and recovery
| 220. When tax payable and when assessee deemed in default. |
1112 |
| 221. Penalty payable when tax in default. |
1117 |
| 222. Certificate by Tax Recovery Officer. |
1117 |
| 223. Tax Recovery Officer by whom recovery is to be effected. |
1119 |
| 224. Validity of certificate and cancellation or amendment thereof. |
1119 |
| 225. Stay of proceedings in pursuance of certificate and amendment or cancellation thereof. |
1119 |
| 226. Other modes of recovery. |
1120 |
| 227. Recovery through State Government. |
1122 |
| 228. [***] |
1123 |
| 228A. Recovery of tax in pursuance of agreements with foreign countries. |
1123 |
| 229. Recovery of penalties, fine, interest and other sums. |
1123 |
| 230. Tax clearance certificate. |
1124 |
| 230A. [***] |
1126 |
| 231. Faceless collection and recovery of tax. |
1126 |
| 232. Recovery by suit or under other law not affected. |
1127 |
E.—Tax payable under provisional assessment
| 233. [***] |
1127 |
| 234. [***] |
1127 |
F.—Interest chargeable in certain cases
| 234A. Interest for defaults in furnishing return of income. |
1127 |
| 234B. Interest for defaults in payment of advance tax. |
1130 |
| 234C. Interest for deferment of advance tax. |
1134 |
| 234D. Interest on excess refund. |
1137 |
| 234F. Fee for default in furnishing return of income. |
1138 |
| 234G. Fee for default relating to statement or certificate. |
1139 |
| 234H. Fee for default relating to intimation of Aadhaar number. |
1139 |
CHAPTER XVIII
RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES
| 235. [***] |
1140 |
| 236. Relief to company in respect of dividend paid out of past taxed profits. |
1140 |
| 236A. Relief to certain charitable institutions or funds in respect of certain dividends. |
1141 |
CHAPTER XIX
REFUNDS
| 237. Refunds. |
1141 |
| 238. Person entitled to claim refund in certain special cases. |
1142 |
| 239. Form of claim for refund and limitation. |
1142 |
| 239A. Refund for denying liability to deduct tax in certain cases. |
1142 |
| 240. Refund on appeal, etc. |
1143 |
| 241. [***] |
1143 |
| 241A. Withholding of refund in certain cases. |
1143 |
| 242. Correctness of assessment not to be questioned. |
1144 |
| 243. Interest on delayed refunds. |
1144 |
| 244. Interest on refund where no claim is needed. |
1145 |
| 244A. Interest on refunds. |
1146 |
| 245. Set off and withholding of refunds in certain cases. |
1149 |
CHAPTER XIX-A
SETTLEMENT OF CASES
| � |
| 245A. Definitions. |
1150 |
| 245AA. Interim Boards for Settlement |
1152 |
| 245B. Income-tax Settlement Commission. |
1152 |
| 245BA. Jurisdiction and powers of Settlement Commission. |
1153 |
| 245BB. Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances. |
1153 |
| 245BC. Power of Chairman to transfer cases from one Bench to another. |
1154 |
| 245BD. Decision to be by majority. |
1154 |
| 245C. Application for settlement of cases. |
1154 |
| 245D. Procedure on receipt of an application under section 245C. |
1158 |
| 245DD. Power of Settlement Commission to order provisional attachment to protect revenue. |
1165 |
| 245E. Power of Settlement Commission to reopen completed proceedings. |
1165 |
| 245F. Powers and procedure of Settlement Commission. |
1166 |
| 245G. Inspection, etc., of reports. |
1167 |
| 245H. Power of Settlement Commission to grant immunity from prosecution and penalty. |
1167 |
| 245HA. Abatement of proceeding before Settlement Commission. |
1169 |
| 245HAA. Credit for tax paid in case of abatement of proceedings. |
1170 |
| 245-I. Order of settlement to be conclusive. |
1170 |
| 245J. Recovery of sums due under order of settlement. |
1170 |
| 245K. Bar on subsequent application for settlement. |
1170 |
| 245L. Proceedings before Settlement Commission to be judicial proceedings. |
1171 |
| 245M. Option to withdraw pending application. |
1171 |
CHAPTER XIX-AA
DISPUTE RESOLUTION COMMITTEE IN CERTAIN CASES
| 245MA. Dispute Resolution Committee. |
1172 |
CHAPTER XIX-B
ADVANCE RULINGS
| 245N. Definitions. |
1175 |
| 245-O. Authority for Advance Rulings. |
1177 |
| 245-OA. Qualifications, terms and conditions of service of Chairman, ViceChairman and Member. |
1179 |
| 245-OB. Board for Advance Rulings. |
1180 |
| 245P. Vacancies, etc., not to invalidate proceedings. |
1180 |
| 245Q. Application for advance ruling. |
1180 |
| 245R. Procedure on receipt of application. |
1181 |
| 245RR. Appellate authority not to proceed in certain cases. |
1183 |
| 245S. Applicability of advance ruling. |
1184 |
| 245T. Advance ruling to be void in certain circumstances. |
1184 |
| 245U. Powers of the Authority. |
1184 |
| 245V. Procedure of Authority. |
1185 |
| 245W. Appeal. |
1185 |
CHAPTER XX
APPEALS AND REVISION
A.—Appeals to the Joint Commissioner (Appeals) and Commissioner (Appeals)
| 246. Appealable orders before Joint Commissioner (Appeals). |
1186 |
| 246A. Appealable orders before Commissioner (Appeals). |
1189 |
| 247. [***] |
1192 |
| 249. Form of appeal and limitation. |
1193 |
| 250. Procedure in appeal. |
1194 |
| 251. [Powers of the Joint Commissioner (Appeals) or the Commissioner (Appeals)]. |
1197 |
B.—Appeals to the Appellate Tribunal
| 252. Appellate Tribunal. |
1199 |
| 252A. Qualifications, terms and conditions of service of President, VicePresident and Member. |
1200 |
| 253. Appeals to the Appellate Tribunal. |
1200 |
| 254. Orders of Appellate Tribunal. |
1205 |
| 255. Procedure of Appellate Tribunal. |
1209 |
C.—Reference to High Court
| 256. Statement of case to the High Court. |
1211 |
| 257. Statement of case to the Supreme Court in certain cases. |
1212 |
| 258. Power of High Court or Supreme Court to require statement to be amended. |
1212 |
| 259. Case before High Court to be heard by not less than two judges. |
1212 |
| 260. Decision of High Court or Supreme Court on the case stated. |
1213 |
CC.—Appeals to High Court
| 260A. Appeal to High Court. |
1213 |
| 260B. Case before High Court to be heard by not less than two Judges. |
1215 |
D.—Appeals to the Supreme Court
| 261. Appeal to Supreme Court. |
1215 |
| 262. Hearing before Supreme Court. |
1216 |
E.—Revision by the Principal Commissioner or Commissioner
| 263. Revision of orders prejudicial to revenue. |
1216 |
| 264. Revision of other orders. |
1221 |
| 264A. Faceless revision of orders. |
1223 |
| 264B. Faceless effect of orders. |
1224 |
F.—General
| 265. Tax to be paid notwithstanding reference, etc. |
1224 |
| 266. Execution for costs awarded by the Supreme Court. |
1225 |
| 267. Amendment of assessment on appeal. |
1225 |
| 268. Exclusion of time taken for copy. |
1225 |
| 268A. Filing of appeal or application for reference by income-tax authority. |
1225 |
| 269. Definition of “High Court�. |
1226 |
CHAPTER XX-A
ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER TO COUNTERACT EVASION OF TAX
| 269A. Definitions. |
1227 |
| 269AB. Registration of certain transactions. |
1230 |
| 269B. Competent authority. |
1230 |
| 269C. Immovable property in respect of which proceedings for acquisition may be taken. |
1231 |
| 269D. Preliminary notice. |
1232 |
| 269E. Objections. |
1233 |
| 269F. Hearing of objections. |
1233 |
| 269G. Appeal against order for acquisition. |
1234 |
| 269H. Appeal to High Court. |
1235 |
| 269-I. Vesting of property in Central Government. |
1236 |
| 269J. Compensation. |
1237 |
| 269K. Payment or deposit of compensation. |
1238 |
| 269L. Assistance by Valuation Officers. |
1240 |
| 269M. Powers of competent authority. |
1240 |
| 269N. Rectification of mistakes. |
1240 |
| 269-O. Appearance by authorised representative or registered valuer. |
1240 |
| 269P. Statement to be furnished in respect of transfers of immovable property. |
1241 |
| 269Q. Chapter not to apply to transfers to relatives. |
1241 |
| 269R. Properties liable for acquisition under this Chapter not to be acquired under other laws. |
1242 |
| 269RR. Chapter not to apply where transfer of immovable property made after a certain date. |
1242 |
| 269S. Chapter not to extend to State of Jammu and Kashmir. |
1242 |
CHAPTER XX-B
REQUIREMENT AS TO [MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT] IN CERTAIN CASES TO COUNTERACT EVASION OF TAX
| 269SS. Mode of taking or accepting certain loans, deposits and specified sum. |
1242 |
| 269ST. Mode of undertaking transactions. |
1245 |
| 269SU. Acceptance of payment through prescribed electronic modes. |
1246 |
| 269T. Mode of repayment of certain loans or deposits. |
1246 |
| 269TT. Mode of repayment of Special Bearer Bonds, 1991. |
1248 |
CHAPTER XX-C
PURCHASE BY CENTRAL GOVERNMENT OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF TRANSFER
| 269U. Commencement of Chapter. |
1249 |
| 269UA. Definitions. |
1249 |
| 269UB. Appropriate authority. |
1251 |
| 269UC. Restrictions on transfer of immovable property. |
1252 |
| 269UD. Order by appropriate authority for purchase by Central Government of immovable property. |
1253 |
| 269UE. Vesting of property in Central Government. |
1254 |
| 269UF. Consideration for purchase of immovable property by Central Government. |
1255 |
| 269UG. Payment or deposit of consideration. |
1255 |
| 269UH. Re-vesting of property in the transferor on failure of payment or deposit of consideration. |
1256 |
| 269UI. Powers of the appropriate authority. |
1257 |
| 269UJ. Rectification of mistakes. |
1257 |
| 269UK. Restrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property. |
1257 |
| 269UL. Restrictions on registration, etc., of documents in respect of transfer of immovable property. |
1257 |
| 269UM. Immunity to transferor against claims of transferee for transfer. |
1258 |
| 269UN. Order of appropriate authority to be final and conclusive. |
1258 |
| 269UO. Chapter not to apply to certain transfers. |
1258 |
| 269UP. Chapter not to apply where transfer of immovable property effected after certain date. |
1258 |
CHAPTER XXI
PENALTIES IMPOSABLE
| 270. [***] |
1258 |
| 270A. Penalty for under reporting and misreporting of income. |
1259 |
| 270AA. Immunity from imposition of penalty, etc. |
1262 |
| 271. Failure to furnish returns, comply with notices, concealment of income, etc. |
1263 |
| 271A. Failure to keep, maintain or retain books of account, documents, etc. |
1273 |
| 271AA. Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions. |
1274 |
| 271AAA. Penalty where search has been initiated. |
1274 |
| 271AAB. Penalty where search has been initiated. |
1276 |
| 271AAC. Penalty in respect of certain income. |
1278 |
| 271AAD. Penalty for false entry, etc. in books of account. |
1278 |
| 271AAE. Benefit to related persons. |
1279 |
| 271B. Failure to get accounts audited. |
1279 |
| 271BA. Penalty for failure to furnish report under section 92E. |
1280 |
| 271BB. Failure to subscribe to the eligible issue of capital. |
1280 |
| 271C. Penalty for failure to deduct tax at source. |
1280 |
| 271CA. Penalty for failure to collect tax at source. |
1281 |
| 271D. Penalty for failure to comply with the provisions of section 269SS. |
1281 |
| 271DA. Penalty for failiure to comply with provisions of section 269ST. |
1282 |
| 271DB. Penalty for failure to comply with provisions of section 269SU. |
1282 |
| 271E. Penalty for failure to comply with the provisions of section 269T. |
1283 |
| 271F. Penalty for failure to furnish return of income. |
1283 |
| 271FA. Penalty for failure to furnish [statement of financial transaction or reportable account]. |
1283 |
| 271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable account. |
1284 |
| 271FAB. Penalty for failure to furnish statement or information or document by an eligible investment fund. |
1285 |
| 271FB. Penalty for failure to furnish return of fringe benefits. |
1285 |
| 271G. Penalty for failure to furnish information or document under section 92D. |
1285 |
| 271GA. Penalty for failure to furnish information or document under section 285A. |
1286 |
| 271GB. Penalty for failure to furnish report or for furnishing inaccurate report under section 286. |
1286 |
| 271H. Penalty for failure to furnish statements, etc. |
1287 |
| 271-I. Penalty for failure to furnish information or furnishing inaccurate information under section 195. |
1288 |
| 271J. Penalty for furnishing incorrect information in reports or certificates. |
1288 |
| 271K. Penalty for failure to furnish statements, etc. |
1288 |
| 272. [***] |
1288 |
| 272A. Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. |
1289 |
| 272AA. Penalty for failure to comply with the provisions of section 133B. |
1291 |
| 272B. Penalty for failure to comply with the provisions of section 139A. |
1292 |
| 272BB. Penalty for failure to comply with the provisions of section 203A. |
1293 |
| 272BBB. Penalty for failure to comply with the provisions of section 206CA. |
1293 |
| 273. False estimate of, or failure to pay, advance tax. |
1293 |
| 273A. Power to reduce or waive penalty, etc., in certain cases. |
1296 |
| 273AA. Power of [Principal Commissioner or Commissioner] to grant immunity from penalty. |
1299 |
| 273B. Penalty not to be imposed in certain cases. |
1300 |
| 274. Procedure. |
1300 |
| 275. Bar of limitation for imposing penalties. |
1301 |
CHAPTER XXII
OFFENCES AND PROSECUTIONS
| 275A. Contravention of order made under sub-section (3) of section 132. |
1304 |
| 275B. Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132. |
1304 |
| 276. Removal, concealment, transfer or delivery of property to thwart tax recovery. |
1305 |
| 276A. Failure to comply with the provisions of sub-sections (1) and (3) of section 178. |
1305 |
| 276AA. [***] |
1305 |
| 276AB. Failure to comply with the provisions of sections 269UC, 269UE and 269UL. |
1305 |
| 276B. Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B. |
1306 |
| 276BB. Failure to pay the tax collected at source. |
1306 |
| 276C. Wilful attempt to evade tax, etc. |
1307 |
| 276CC. Failure to furnish returns of income. |
1309 |
| 276CCC. Failure to furnish return of income in search cases. |
1309 |
| 276D. Failure to produce accounts and documents. |
1310 |
| 276DD. [***] |
1310 |
| 276E. [***] |
1310 |
| 277. False statement in verification, etc. |
1310 |
| 277A. Falsification of books of account or document, etc. |
1310 |
| 278. Abetment of false return, etc. |
1311 |
| 278A. Punishment for second and subsequent offences. |
1311 |
| 278AA. Punishment not to be imposed in certain cases. |
1311 |
| 278AB. Power of [Principal Commissioner or Commissioner] to grant immunity from prosecution. |
1311 |
| 278B. Offences by companies. |
1312 |
| 278C. Offences by Hindu undivided families |
1313 |
| 278D. Presumption as to assets, books of account, etc., in certain cases. |
1313 |
| 278E. Presumption as to culpable mental state. |
1314 |
| 279. Prosecution to be at instance of [Principal Chief Commissioner,Chief Commissioner or Principal Commissioner or Commissioner]. |
1314 |
| 279A. Certain offences to be non-cognizable. |
1316 |
| 279B. Proof of entries in records or documents. |
1316 |
| 280. Disclosure of particulars by public servants. |
1316 |
| 280A. Special Courts. |
1316 |
| 280B. Offences triable by Special Court. |
1317 |
| 280C. Trial of offences as summons case. |
1317 |
| 280D. Application of Code of Criminal Procedure, 1973 to proceedings before Special Court. |
1317 |
CHAPTER XXII-A
ANNUITY DEPOSITS
CHAPTER XXII-B
TAX CREDIT CERTIFICATES
| 280Y. [***] |
1318 |
| 280Z. [***] |
1318 |
| 280ZA. [***] |
1318 |
| 280ZB. [***] |
1318 |
| 280ZC. [***] |
1318 |
| 280ZD. [***] |
1318 |
| 280ZE. [***] |
1318 |
CHAPTER XXIII
MISCELLANEOUS
| 281. Certain transfers to be void. |
1319 |
| 281A. [***] |
1319 |
| 281B. Provisional attachment to protect revenue in certain cases. |
1319 |
| 282. Service of notice generally. |
1322 |
| 282A. Authentication of notices and other documents |
1323 |
| 282B. [***] |
1323 |
| 283. Service of notice when family is disrupted or firm, etc., is dissolved. |
1323 |
| 284. Service of notice in the case of discontinued business. |
1324 |
| 285. Submission of statement by a non-resident having liaison office. |
1324 |
| 285A. Furnishing of information or documents by an Indian concern in certain cases. |
1324 |
| 285B. Submission of statements by producers of cinematograph films or persons engaged in specified activity. |
1325 |
| 285BA. Obligation to furnish statement of financial transaction or reportable account. |
1325 |
| 285BB. Annual information statement. |
1328 |
| 286. Furnishing of report in respect of international group. |
1329 |
| 287. Publication of information respecting assessees in certain cases. |
1332 |
| 287A. Appearance by registered valuer in certain matters. |
1333 |
| 288. Appearance by authorised representative. |
1333 |
| 288A. Rounding off of income. |
1336 |
| 288B. Rounding off amount payable and refund due. |
1337 |
| 289. Receipt to be given. |
1337 |
| 290. Indemnity. |
1337 |
| 291. Power to tender immunity from prosecution. |
1337 |
| 292. Cognizance of offences. |
1338 |
| 292A. Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, not to apply. |
1338 |
| 292B. Return of income, etc., not to be invalid on certain grounds. |
1338 |
| 292BB. Notice deemed to be valid in certain circumstances. |
1338 |
| 292C. Presumption as to assets, books of account, etc. |
1339 |
| 293. Bar of suits in civil courts. |
1340 |
| 293A. Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils. |
1340 |
| 293B. Power of Central Government or Board to condone delays in obtaining approval. |
1341 |
| 293C. Power to withdraw approval |
1341 |
| 293D. Faceless approval or registration. |
1341 |
| 294. Act to have effect pending legislative provision for charge of tax. |
1342 |
| 294A. Power to make exemption, etc., in relation to certain Union territories. |
1342 |
| 295. Power to make rules. |
1342 |
| 296. Rules and certain notifications to be placed before Parliament. |
1345 |
| 297. Repeals and savings. |
1346 |
| 298. Power to remove difficulties. |
1347 |
| The First Schedule Insurance Business |
1348 |
| The Second Schedule |
1350 |
| The Third Schedule |
1371 |
| The Fourth Schedule |
1371 |
| The Fifth Schedule |
1384 |
| The Sixth Schedule] |
1386 |
| The Seventh Schedule |
1386 |
| The Eighth Schedule |
1387 |
| The Ninth Schedule] |
1388 |
| The Tenth Schedule |
1388 |
| The Eleventh Schedule |
1388 |
| The Twelfth Schedule |
1389 |
| The Thirteenth Schedule |
1390 |
| The Fourteenth Schedule |
1394 |
| Appendix – 1 Relevant Circulars |
1399 |
| Appendix – 2 Equalisation Levy |
1466 |
| Appendix – 3 Vivad Se Vishwas Scheme, 2024 |
1476 |
| Finance (No. 2) Act, 2024 |
1486 |
|
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