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Tax Summary - Sectionwise

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)

08 March 2010

CHAPTER – I PRELIMINARY
1	Short title, extent and commencement
2	Definitions
3	"Previous year" defined

CHAPTER – II BASIS OF CHARGE

4	Charge of income-tax
5	Scope of total income
5A	Apportionment of income between spouses governed by Portuguese Civil Code
6	Residence in India
7	Income deemed to be received
8	Dividend income
9	Income deemed to accrue or arise in India

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CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 08 March 2010

CHAPTER – III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME

10	Incomes not included in total income
10A	Special provision in respect of newly established undertakings in free trade zone, etc
10AA	Special provisions in respect of newly established Units in Special Economic Zones
10B	Special provisions in respect of newly established hundred per cent export-oriented undertakings
10BA	Special provisions in respect of export of certain articles or things
10BB	Meaning of computer programmes in certain cases
10C	Special provision in respect of certain industrial undertakings in North-Eastern Region
11	Income from property held for charitable or religious purposes
12	Income of trusts or institutions from contributions
12A	Conditions for applicability of sections 11 and 12
12AA	Procedure for registration
13	Section 11 not to apply in certain cases
13A	Special provision relating to incomes of political parties

CHAPTER – IV COMPUTATION OF TOTAL INCOME

14	Heads of income
14A	Expenditure incurred in relation to income not includible in total income

A. SALARIES

15	Salaries
16	Deductions from salaries
17	“Salary”, “perquisite” and “profits in lieu of salary” defined

B. INCOME FROM HOUSE PROPERTY

22	Income from house property
23	Annual value how determined
24	Deductions from income from house property
25	Amounts not deductible from income from house property
25A	Special provision for cases where unrealised rent allowed as deduction is realised subsequently
25AA	Unrealised rent received subsequently to be charged to income-tax
25B	Special provision for arrears of rent received
26	Property owned by co-owners
27	“Owner of house property”, “annual charge”, etc., defined

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 08 March 2010

A. PROFITS AND GAINS FROM BUSINESS OR PROFESSION

28	Profits and gains of business or profession
29	Income from profits and gains of business or profession, how computed
30	Rent, rates, taxes, repairs and insurance for buildings
31	Repairs and insurance of machinery, plant and furniture
32	Depreciation
32A	Investment allowance
32AB	Investment deposit account
33	Development rebate
33A	Development allowance
33AB	Tea development account, coffee development account and rubber development account
33ABA	Site Restoration Fund
33AC	Reserves for shipping business
33B	Rehabilitation allowance
34	Conditions for depreciation allowance and development rebate
34A	Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
35	Expenditure on scientific research
35A	Expenditure on acquisition of patent rights or copyrights
35AB	Expenditure on know-how
35ABB	Expenditure for obtaining licence to operate telecommunication services
35AC	Expenditure on eligible projects or schemes



35CCA	Expenditure by way of payment to associations and institutions for carrying out rural development programmes
35CCB	Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources
35D	Amortisation of certain preliminary expenses
35DD	Amortisation of expenditure in case of amalgamation or demerger
35DDA	Amortisation of expenditure incurred under voluntary retirement scheme
35E	Deduction for expenditure on prospecting, etc., for certain minerals
36	Other deductions
37	General
38	Building, etc., partly used for business, etc., or not exclusively so used

40	Amounts not deductible
40A	Expenses or payments not deductible in certain circumstances
41	Profits chargeable to tax
42	Special provision for deductions in the case of business for prospecting, etc., for mineral oil
43	Definitions of certain terms relevant to income from profits and gains of business or profession
43A	Special provisions consequential to changes in rate of exchange of currency
43B	Certain deductions to be only on actual payment
43C	Special provision for computation of cost of acquisition of certain assets
43D	Special provision in case of income of public financial institutions, public companies, etc.
44	Insurance business
44A	Special provision for deduction in the case of trade, professional or similar association
44AA	Maintenance of accounts by certain persons carrying on profession or business
44AB	Audit of accounts of certain persons carrying on business or profession

44AD	Special provision for computing profits and gains of business of civil construction, etc.
44AE	Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
44AF	Special provisions for computing profits and gains of retail business
44B	Special provision for computing profits and gains of shipping business in the case of non-residents
44BB	Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
44BBA	Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
44BBB	Special provision for computing profits and gains of foreign companies, engaged in the business of civil construction, etc., in certain turnkey power projects
44C	Deduction of head office expenditure in the case of non-residents
44D	Special provisions for computing income by way of royalties, etc., in the case of foreign companies
44DA	Special provision for computing income by way of royalties, etc., in case of non-residents
44DB	Special provision for computing deductions in the case of business reorganization of co-operative banks

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 08 March 2010

A. CAPITAL GAINS

45	Capital gains
46	Capital gains on distribution of assets by companies in liquidation
46A	Capital gains on purchase by company of its own shares or other specified securities
47	Transactions not regarded as transfer
47A	Withdrawal of exemption in certain cases
48	Mode of computation
49	Cost with reference to certain modes of acquisition
50	Special provision for computation of capital gains in case of depreciable assets
50A	Special provision for cost of acquisition in case of depreciable asset
50B	Special provision for computation of capital gains in case of slump sale
50C	Special provision for full value of consideration in certain cases
51	Advance money received
54	Profit on sale of property used for residence
54B	Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
54D	Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases
54E	Capital gain on transfer of capital assets not to be charged in certain cases
54EA	Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities
54EB	Capital gain on transfer of long-term capital assets not to be charged in certain cases
54EC	Capital gain not to be charged on investment in certain bonds
54ED	Capital gain on transfer of certain listed securities or unit, not to be charged in certain cases
54F	Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house
54G	Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
54GA	Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
54H	Extension of time for acquiring new asset or depositing or investing amount of capital gain
55	Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
55A	Reference to Valuation Officer

B. INCOME FROM OTHER SOURCES

56	Income from other sources
57	Deductions
58	Amounts not deductible
59	Profits chargeable to tax