Minimum Alternate Tax

·            Section 115JB(1) – Charging Section

·            Section 115JB(2) – Preparation of Profit & Loss Account

·            Explanation to Section 115JB – Computation of Book Profits

·            Section 115JB(3) – Carry Forward of Losses & Depreciation

·            Section 115JB(4) – Furnishing of Report

·            Section 115JB(5) – Applicability of Other provisions of Income Tax Act

·            Section 115JAA – Tax Credit in respect of Tax Paid Under section 115JB

Liquidation of Companies

• Section 178 – Company in Liquidation
• Section 179 – Liability of Directors of Private Company in Liquidation

Taxation Of Charitable/ Religious Trusts And Institutions

• Section 11(1) – Income From Property Held For Charitable Or Religious Purposes.
• Section 11(1A)– Capital Gains Deemed To Be Applied For Charitable/ Religious Purposes
• Section 11(1B)– Consequences If Income Not Applied For Specific Purposes.
• Section 11(2)– Exemption If Income Accumulated For Specific Purposes
• Section 11(3)– Exemption Withdrawn If Specific Conditions Not Satisfied
• Section 11(4)– Property Held Under Trust Includes Business Undertaking
• Section 11(4A)– Treatment Of Business Income Of Trusts
• Section 11(5)– Modes Of Investment Of Trust Money
• Section 12– Income Of Trusts Or Institutions From Contributions.
• Section 12A– Conditions For Applicability Of Sections 11 & 12
• Section 12AA– Procedure For Registration
• Section 13(1)– Section 11 Not To Apply In Certain Cases
• Section 13(3)– Meaning Of Specified Persons
• Section 13(2)– Income For The Benefit Of A Specified Person
• Section 13(6)– Denial Of Exemption Under Section 11
• Sections 12(2) And 13(6)– Educational And Medical Facilities To Specified Persons
• Section 2(15) – ‘Charitable Purpose’ Defined
• Section 13(7)– Section 11 Or 12 Not To Apply In Case Of Anonymous Donation
• Section 115BBC– Anonymous Donations To Be Taxed In Certain Cases

Taxation of Political Parties

• Section 13A – Special Provision Relating to Incomes of Political Parties.

Taxation of Electoral Trust

·         Section 2(22AAA)

·         Section 13B

·         Section 2(24)

Hindu-Undivided Family

• Section 171–   Assessment After Partition Of A Hindu Undivided Family

Taxation of Co-operative Societies

·         Section 80P – Deduction in Respect of Income of Co-operative Societies

Tonnage Taxation

• Section 115VA – Computation of Profits and Gains from Business of Operating Qualifying Ships
• Section 115VC – Qualifying Company
• Section 115VD – Qualifying Ship
• Section 115VX – Determination of Tonnage
• Section 115VE – manner of Computation of Income Under Tonnage Tax Scheme
• Section 115VG – Computation of Tonnage Income
• Section 115VJ – Treatment of Common Cost
• Section 115VK – Depreciation
• Section 115VL – General Exclusion of Deduction and Set-off, etc.
• Section 115VM – Exclusion of Loss
• Section 115VN – Chargeable Gains From Transfer of Tonnage Tax Assets
• Section 115VO – Exclusion From Provisions of Section 115JB
• Section 115VP – Method and Time of Opting for Tonnage Tax Scheme
• Section 115VQ – Period For Which Tonnage Tax Option to Remain in Force
• Section 115VS – Prohibition to Opt for Tonnage Tax Scheme in Certain Cases
• Section 115VT – Transfer of Profits to Tonnage Tax Reserve Account
• Section 115VU – Minimum Training Requirement for Tonnage Tax Company
• Section 115VW – Maintenance and Audit of Accounts
• Section 115VY – Amalgamation
• Section 115VZ – Demerger
• Section 115VZB – Avoidance of Tax
• Section 115VZC – Exclusion From Tonnage Tax Scheme

Agricultural Income

·         Section 2(1A) – Agricultural Income

·         Section 10 – Agricultural Income Exempt from Tax

Special Provisions For Venture Capital Company or Fund

• Section 10(23FB) – Exemption of Income of a Venture Capital Company or a Venture Capital Fund

Taxation of Branches of Foreign Companies – Head Office Expenditure

• Section 44C – Taxation of Branches of Foreign Companies – Head Office Expenditure

Special Provision for Taxation of Film Producer & Film Distributor

• Deduction in respect of Expenditure on Production of Feature Films in case of Film Producer
• Deduction in respect of Expenditure on Acquisition of Distribution Rights of Feature Films in case of Film Distributor

Taxation Of AOPs & BOIs

• Section 40(ba)– Amount Not Deductible
• Section 167B – Tax Rates On AOP/ BOI
• Section 67A– Method Of Computing Member’s Share In The Income Of AOP/ BOI
• Section 86– Rebate In Respect Of Member’s Share In The Income Of AOP/ BOI

Taxation Of Firms

• Section 184– Assessment As A Firm
• Section 185– Assessment When Section 184 Not Complied With
• Section 187– Change In Constitution Of Firm
• Section 188– Succession Of One Firm By Another Firm
• Section 188A– Joint & Several Liability Of Partners For Tax Payable By Firm
• Section 189– Firm Dissolved Or Business Discontinued
• Section 40(b)– Payment Of Interest, Salary, Bonus, Commission Or Remuneration Made By Firm To Its Partners

-                      Circular No. 739 Issued by CBDT

• Explanation 1 To Section 40(b)

-                      CIT vs. Kishori Lal& Sons (Delhi [2005]

-                      G. T. Cold Storage & Ice Factory vs. CIT (All.) [2004]

• Section 28(v)–  Profits And Gains Of Business Or Profession
• Whether Remuneration Paid To The Partner Can Be Disallowed Under Section 40A (2)
• Section 10(2A)– Income Exempt From Tax
• Section 78(1)– Carry Forward And Set Off Of Losses In Case Of Change In Constitution Of Firm

Taxation of Limited Liability Partnership (LLP)

• Section 2(23) – Definitions
• Section 167C – Liability of Partners of Limited Liability Partnership in Liquidation