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Income Tax Act, 1961

Income Tax Act, 1961

 

CONTENTS

Sections

Particulars

   
Preamble
     Abbreviations
   
1 Short title, extent and commencement.
2 Definitions.
3 Previous year defined.
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.
10 Incomes not included in total income.
10A Special provision in respect of newly established industrial undertakings in free tade zones.
10B Special provision in respect of newly established hundred percent export-oriented undertakings.
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 as to registration of trusts, etc.
12AA Procedure for registration.
13 Section 11 not to apply in certain cases.
13A Special provision relating to incomes of political parties.
14 Heads of income.
15 Salaries.
16 Deductions from salaries.
17 Salary, “Perquisite” and “Profits in lieu of salary” Defined.
18 Omitted.
19 Omitted.
20 Omitted.
21 Omitted.
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.
26 Property owned by Co-owners.
27 Owner of house property, Annual Charge, etc., Defined.
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.
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.
35B Omitted.
35C Omitted.
35CC Omitted.
35CCA Expenditure by way of payment to associations and institutions for carrying out rural development programmes.
35CCB Expenditure by way of payment  to association 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.
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.
39 Omitted.
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, 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.
44AC Omitted.
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 Specila 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 Comapnies engaged inthe business of civil construction, etc., in certain trunkey 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.
45 Capital Gains.
46 Capital gains on distribution of assets by companies in liquidation.
46A Capital gains on purchases by company of its own 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 provisions for computation of capital gains in case of slump sale.
51 Advance money received.
52 Omitted.
53 Omitted.
54 Profit on sale of property used for Residence.
54A Omitted.
54B Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.
54C Omitted.
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 land-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.
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.
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.
56 Income from other sources.
57 Deductions.
58 Amounts not deductible.
59 Profits chargeable to tax.
60 Transfer of Income where there is no transfer of assets.
61 Revocable transfer of assets.
62 Transfer irrevocable for a specified period.
63 Transfer and Revocable Transfer Defined.
64 Income of individual to include Income of Spouse, Minor Child, etc.
65 Liability of person in respect of income included in the income of another person.
66 Total Income.
67 Omitted.
67A Method of computing a member’s share in income of association of persons or body of individuals.
68 Cash Credits.
69 Unexplained investments.
69A Unexplained money, etc.
69B Amount of Investments, etc., not fully disclosed in books of accounts.
69C Unexplained expenditure, etc.
69D Amount borrowed or repaid on hundi.
70 Set off of loss from one source against income from another source under the same head of income.
71 Set off of loss from one head against income from another.
71A Transitional provisions for set off of loss under the head “Income from house property”.
71B Carry forward and set off of loss from house property.
72 Carry forward and set off of business losses.
72A Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.
73 Losses in speculation business.
74 Losses under the head “Capital Gains”.
74A Losses from certain specified sources falling under the head “Income from other Sources”
75 Losses of firms.
78 Carry forward and set off of losses in case of change in constitution of firm or on succession.
79 Carry forward and set off of losses in the case of certain companies.
80 Submission of return for losses.
80A Deductions to be made in computing total income.
80AA Omitted.
80AB Deductions to be made with reference to the Income included in the gross total income.
80B Definitions.
80C Omitted.
80CC Omitted.
80CCA Deduction in respect of deposits under national savings scheme or payment to a deferred annuity plan.
80CCB Deduction in respect of investment made under equity linked savings scheme.
80CCC Deduction in respect of contribution to certain pension funds.
80D Deduction in respect of medical insurance premia.
80DD Deduction in respect of maintenance including medical treatment of handicapped dependent.
80DDB Deduction in respect of medical treatment, etc.
80E Deduction in respect of  repayment of loan taken for higher education.
80F Omitted.
80FF Omitted.
80G Deduction in respect of donations to certain funds, charitable institutions, etc.
80GG Deduction in respect of rents paid.
80GGA Deduction in respect of certain donations for scientific research or rural development.
80H Omitted.
80HH Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas.
80HHA Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas.
80HHB Deduction in respect of profits and gains from projects outside India.
80HHBA Deduction in respect of profits and gains from housing projects in certain cases.
80HHC Deduction in respect of profits retained for export business.
80HHD Deduction in respect of earnings in convertible foreign exchange.
80HHE Deduction in respect of profits from export of Computer Software, etc.
80HHF Deduction in respect of profits and gains from export or transfer of film Software, etc.
80I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.
80IA Deduction in respect of profits and gains from industrial undertakings, etc., in certain cases.
80IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings.
80J Omitted.
80JJ Omitted.
80JJA Deduction in respect of profit and gains from business of collecting and processing of Bio-Degradable waste.
80JJAA Deduction in respect of employment of new workmen.
80K Omitted
80L Deductions in respect of interest on certain securities, dividends, etc.
80M Omitted.
80MM Omitted.
80N Omitted.
80-O Deduction in respect of royalties, etc., from certain Foreign Enterprises.
80P Deduction in respect of Income of Co-Operative societies.
80Q Deduction in respect of profits and gains from the business of publication of books.
80QQ Omitted.
80QQA Deduction in respect of professional income of authors of text books in Indian Languages.
80R Decuction in respect of remuneration from certain Foreign sources in the case or Professors, Teachers, etc.
80RR Deduction in respect of professional income from Foreign sources in certain cases.
80RRA Deduction in respect of remuneration received for services rendered outside India.
80S Omitted.
80T Omitted.
80TT Omitted.
80U Deduction in the Case of Permanent Physical Disability (Including Blindness).
80V Omitted.
80VV Omitted.
80VVA Omitted.
81 Omitted.
82 Omitted.
83 Omitted.
84 Omitted.
85 Omitted.
85A Omitted.
85B Omitted.
85C Omitted.
86 Share of member of an association of persons or body of individuals in the Income of the Association or Body.
86A Omitted.
87 Rebate to be allowed in Computing Income-Tax.
87A Omitted.
88 Rebate on Life Insurance Premia, Contribution to Provident Fund, etc.
88A Omitted.
88B Rebate of Income-Tax in case of Individuals of Sixty-Five Years or Above.
89 Relief when salary, etc., is paid in arrears or in advance.
89A Omitted.
90 Agreement with Foreign Countries.
91 Countries with which no agreement exists.
92 Income from Transactions with Non-Residents, How Computed in certain cases.
93 Avoidance of Income-Tax by transactions resulting in transfer of Income to Non-Residents.
94 Avoidance of tax by certain transactions in securities.
95 Omitted.
96 Omitted.
97 Omitted.
98 Omitted.
99 Omitted.
100 Omitted.
101 Omitted.
102 Omitted.
103 Omitted.
104 Omitted.
105 Omitted.
106 Omitted.
107 Omitted.
107A Omitted.
108 Omitted.
109 Omitted.
110 Determination of Tax where Total Income includes Income on which no tax is payable.
111 Tax on Accumulated Balance of recognised provident fund.
112 Tax on Long-Term Capital gains.
112A Omitted.
113 Tax in the case of block assessment of search cases.
114 Omitted.
115 Omitted.
115A Tax on Dividends, royalty and Technical service fees in the case of Foreign Companies.
115AB Tax on Income from units purchased in Foreign Currency or capital gains arising from their transfer.
115AC Tax on Income from bonds or shares purchased in Foreign currency or capital gains arising from their transfer.
115ACA Tax on Income from global depository receeipts purchased in Foreign Currency or capital gains arising from their transfer.
115AD Tax on Income of Foreign Institutional Investors from securities or capital gains arising from their transfer.
115B Tax on Profits and gains of Life Insurance Business.
115BB Tax on winnings from lotteries, crossword puzzles, races including hourse races, card games and other games of any sport or gambling or betting of any form or nature whatsoever.
115BBA Tax on Non-Resident Sports or Sports Associations.
115C Definitions.
115D Special provision for computation of total Income of Non-Residents.
115E Tax on Investment Income and Long-Term Capital gains.
115F Capital gains on transfer of Foreign Exchange assets not to be charged in certain cases.
115G Return of Income not to be filed in certain cases.
115H Benefit under chapter to be available in certain cases evern after the assessee becomes Resident.
115I Chapter not to apply if the assessee so chooses.
115J Special Provisions relating to certain companies.
115JA Deemed Income Relating to certain Companies.
115JAA Tax credit in respect of tax paid on deemed Income Relating to certain Companies.
115K Omitted.
115L Omitted.
115M Omitted.
115N Omitted.
115-O Tax on Distributed profits of Domestic Companies.
115P Interest payable for Non-Payment of Tax by Domestic Companies.
115Q When Company is deemed to be in default.
115R Tax on Distributed Income to Unit Holders.
115S Interest payable for non-payment of tax.
115T Unit Trust Of India or Mutual Fund to be assessee in default.
116 Income-Tax Authorities.
117 Appointment of Income-Tax Authorities.
118 Control of Income-Tax Authorities.
119 Instructions to Subordinate Authorities.
120 Jurisdiction of Income-Tax Authorities.
121 Omitted.
121A Omitted.
122 Omitted.
123 Omitted.
124 Jurisdiction of Assessing Officers.
125 Omitted.
125A Omitted.
126 Omitted.
127 Power to transfer cases.
128 Omitted.
129 Change of Incumbent of an office.
130 Omitted.
130A Omitted.
131 Power regarding Discovery, Production of Evidence, etc.
132 Search and Seizure.
132A Powers to requisition books of account , etc.
132B Application of Retained Assets.
133 Power to call for Information.
133A Power of Survey.
133B Power to Collect Certain Information.
134 Power to Inspect Registers of Companies.
135 Powers of Director General or Director Chief Commissioner or Commissioner and Joint Commissioner.
136 Proceedings before Income-Tax Authorities to be Judicial Proceedings.
137 Omitted.
138 Disclosure of Information respecting Assesses.
139 Return of Income.
139A Permanent Account Number.
140 Return by whom to be signed.
140A Self-Assessment.
141 Omitted.
141A Omitted.
142 Enquiry before Assessment.
143 Assessment.
144 Best Judgment Assessment.
144A Power of Deputy Commissioner to issue Directions in certain cases.
144B Omitted.
145 Method of Accounting.
145A Method of Accounting in certain cases.
146 Omitted.
147 Income Escaping Assessment.
148 Issue of Notice where Income has escaped assessment.
149 The limit for notice.
150 Provision for cases where assessment is in prusuance of an order on appeal, etc.
151 Sanction for issue of notice.
152 Other Provisions.
153 Time limit for completion of assessments and reassessments.
154 Rectification of Mistake.
155 Other Amendments.
156 Notice of Demand.
157 Intimation of loss.
158 Intimation of Assessment of firm.
158A Procedure when assessee claims identical question law is pending before High Court or Supreme Court.
158B Definitions.
158BA Assessment of undisclosed Income as a result to search.
158BB Computation of undisclosed Income of the block period.
158BC Procedure for block assessment.
158BD Undisclosed Income of any other person.
158BE Time limit for completion of Block assessment.
158BF Certain interests and penalties not to be levied or imposed.
158BFA Levy of Interest and Penalty in certain cases.
158BG Authority competent to make block assessment.
158BH Application of other provisions of this Act.
159 Legal Representatives.
160 Representative Assessee.
161 Liability of representative assessee.
162 Right of representative assessee to recover tax paid.
163 Who may be regarded as agent.
164 Charge of Tax where share of beneficiaries unknown.
164A Charge of tax in case of oral trust.
165 Case where part of trust Income is chargeable.
166 Direct Assessment or recovery not barred.
167 Remedies against property in cases of representative assessees.
167A Charge of   tax in the case of a firm.
167B Charge of Tax where shares of members  in association of persons or body of individuals unknown, etc.
168 Executors.
169 Right of Executor to recover Tax paid.
170 Succession to Business otherwise than on death.
171 Assessment after partition of a Hindu undivided family.
172 Shipping Business of Non-Residents.
173 Recovery of Tax in respect of Non-Resident from his assets.
174 Assessment of persons leaving India.
175 Assessment of persons likely to transfer property to avoid tax.
176 Discontinued Business.
177 Association dissolved or business discontinued.
178 Company in Liquidation.
179 Liability of Directors of Private Company in Liquidation.
180 Royalties or Copyright Fees for literary or artistic work.
180A Consideration for Know-How.
181 Omitted.
182 Omitted.
183 Omitted.
184 Assessment as a firm.
185 Assessment when section 184 not complied with.
187 Change in Constitution of a Firm.
188 Succession of one firm by another firm.
188A Joint and Several Liability of Partners for Tax payable by firm.
189 Firm Dissolved or Business Discontinued.
189A Provisions applicable to past assessments of firms.
190 Deduction at source and advance payment.
191 Direct Payment.
192 Salary.
193 Interest on Securities.
194 Dividends.
194A Interest other than “Interest on Securities”.
194B Winnings from lottery or crossword puzzle.
194BB Winnings From Horse Race.
194C Payments to contractors and Sub-Contractors.
194D Insurance Commission.
194E Payments to Non-Resident Sportsmen or Sports Associations.
194EE Payments in respect of deposits under National Savings Scheme, etc.
194F Payments on Account of Repurchase of units by Mutual Fund or Unit Trust Of India.
194G Commission, etc., on the sale of lottery tickets.
194H Commission, Brokerage, etc.
194I Rent.
194J Fees for Professional or Technical services.
194K Income in Respect of Units.
194L Payment of Compensation on Acquisition of Capital Asset.
195 Other Sums.
195A Income Payable “Net of Tax”.
196 Interest or Dividend or other sums payable to Government, Reserve Bank or Certain Corporations.
196A Income in respect of Units of Non-Residents.
196B Income from Units.
196C Income from Foreign Currency bonds or shares of Indian Company.
196D Income of Foreign Institutional Investors from securities.
197 Certificate for Deduction at Lower Rate.
197A No Deduction to be made in certain cases.
198 Tax deducted is Income received.
199 Credit for Deducted.
200 Duty of person deducting tax.
201 Consequences of failure to deduct or pay.
202 Deduction only one Mode of recovery.
203 Certificate for Tax deducted.
203A Tax deduction account number.
204 Meaning of “Person Responsible for Paying”.
205 Bar Against Direct Demand on Assessee.
206 Persons deducting Tax to furnish prescribed returns.
206A Omitted.
206B Omitted.
206C Profits and Gains from the Business of trading in Alcoholic Liquor, Forest Produce, Scrap, Etc.
207 Liability for Payment of Advance Tax.
208 Conditions of Liability to Pay Advance Tax.
209 Computation of Advance Tax.
209A Omitted.
210 Payment of Advance Tax by the Assessee of his own accord or in pursuance of order of Assessing Officer.
211 Instalments of Advance Tax and Due Dates.
212 Omitted.
213 Omitted.
214 Interest Payable by Government.
215 Interest payable by Assessee.
216 Interest Payable by Assessee in case of Understimate, Etc.
217 Interest Payable by Assesee when no Estimate Made.
218 When Assessee Deemed to be in Default.
219 Credit For Advance Tax.
220 When Tax Payable and When Assessee Deemed in Default.
221 Penalty Payable When Tax in Default.
222 Certificate by Tax Recovery Officer.
223 Tax Recovery Officer by Whom Recovery is to be Effected.
224 Validity of Certificate and Cancellation or Amendment thereof.
225 Stay of Proceedings in Pursuance of certificae and amendment or cancellation thereof.
226 Other Modes of Recovery.
227 Recovery Through State Government.
228 Omitted.
228A Recovery of Tax in Pursuance of Agreement with Foreign Countries.
229 Recovery of Penalties, Fine, Interest and Other Sums.
230 Tax Clearance Certificate.
230A Restrictions on Registration of Transfers of Immovable property in certain cases.
231 Omitted.
232 Recovery by suit or under other law nto affected.
233 Omitted.
234 Omitted.
234A Interest for defaults in furnishing return of Income.
234B Interest for defaults in Payament of Advance Tax.
234C Interest for Deferment of Advance Tax.
235 Omitted.
236 Relief to Company in Respect of dividend paid out of past taxed profits.
236A Relief to certain charitable institutions or funds in respect of certain dividends.
237 Refunds.
238 Person Entitled to claim refund in certain special cases.
239 Form of claim for refund and limitation.
240 Refund on Appeal, Etc.
241 Power to withhold refund in certain cases.
242 Correctness of Assessment not to be Questioned.
243 Interest on Delayed Refunds.
244 Interest on Refund where no claim is needed.
244A Interest on Refunds.
245 Set off of Refunds Against Tax Remaining Payable.
245A Definitions.
245B Income-Tax Settlement Commission.
245BA Jurisdiction and Powers of settlement commission.
245BB Vice-Chairman to Act as Chairman or to discharge his functions in certain circumstances.
245BC Power of Chairman to Transfer cases from one bench to another.
245BD Decision to be by Majority.
245C Application for settlement of cases.
245D Procedure on receipt of an application under section 245C.
245DD Power of settlement commission to order provisional attachment to protect revenue.
245E Power of settlement commission to reopen completed proceedings.
245F Powers and Procedure of settlement commission.
245G Inspection, Etc., of Reports.
245H Power of settlement commission to grant immunity from Prosecution and Penalty.
245HA Power of settlement commission to send a case back to the assessing oficer if the assessee does not Co-Operate.
245I Order of settlement to be conclusive.
245J Recovery of sums due under order of settlement.
245K Bar on Subsequent Application for settlement in certain cases.
245L Proceedings before settlement commission to be judicial proceedings.
245M Omitted.
245N Definitions.
245-O Authority for Advance Rulings.
245P Vacancies, Etc., not to invalidate proceedings.
245Q Application for Advance Ruling.
245R Procedure on Receipt of Application.
245RR Appellate Authority not to proceed in certain cases.
245S Applicability of Advance Ruling.
245T Advance Ruling to be void in certain circumstances.
245U Powers of the Authority.
245V Procedure of Authority.
246 Appealable Orders.
246A Appealable orders before Commissioner (Appeals).
247 Omitted.
248 Appeal by Person denying liability to deduct Tax.
249 Form of Appeal and Limitation.
250 Procedure in Appeal.
251 Powers of the Commissioner (Appeals).
252 Appellate Tribunal.
253 Appeals to the Appellate Tribunal.
254 Orders of Appellate Tribunal.
255 Procedure of Appellate Tribunal.
256 Statement of case to the High Court.
257 Statement of case to supreme Court in certain cases.
258 Power of High Court or Supreme Court to Require Statement to be Amended.
259 Case before High Court to be heard by not less than two judges.
260 Decision of High Court or Supreme Court on the case stated.
260A Appeal to High Court.
260B Case before High Court to be heard by not less than two judges.
261 Appeal to Supreme Court.
262 Hearing before Supreme Court.
263 Revision of orders prejudicial to revenue.
264 Revision of other orders.
265 Tax to be paid notwithstanding reference, etc.
266 Execution for costs awarded by the Supreme Court.
267 Amendment of Assessment on Appeal.
268 Exclusion of time taken for copy.
269 Definition of “High Court”.
269A Definitions.
269AB Registration of Certain Transactions.
269B Competent Authority.
269C Immovable property in respect of which proceedings for Acquisition may be taken.
269D Preliminary Notice.
269E Objections.
269F Hearing of Objections.
269G Appeal Against order for Acquisition.
269H Appeal to High Court.
269I Vesting of property in Central Government.
269J Compensation.
269K Payment or Deposit of Compensation.
269L Assistance by Valuation Officers.
269M Powers of Competent Authority.
269N Rectification of Mistakes.
269-O Appearance by Authorised Representative or Registered Valuer.
269P Statement to be furnished in respect of transfers of immovable property.
269Q Chapter not to apply to transfers to relatives.
269R Properties liable for Acquisition under this Chapter not to be Acquired under other Laws.
269RR Chapter not to apply where transfer of immovable property made after a certain date.
269S Chapter not to extend to state of Jammu and Kashmir.
269SS Mode of taking or accepting certain loans and deposits.
269T Mode of Repayment of certain deposits.
269TT Mode of Repayment of Special Bearer Bonds, 1991.
269U Commencement of Chapter.
269UA Definitions.
269UB Appropriate Authority.
269UC Restrictions on Transfer of Immovable Property.
269UD Order by Appropriate Authority for Purchase by Central Government of Immovable property.
269UE Vesting of property in Central Government.
269UF Consideration for purchase of Immovable property by Central Government.
269UG Payment or Deposit of Consideration.
269UH Re-Vesting of property in the transferor on failure of payment or deposit of consideration.
269UI Powers of the Appropriate Authority.
269UJ Rectification of Mistakes.
269UK Restrictions on Revocation or Alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property.
269UL Restrictions on Registration, Etc., of Documents in respect of transfer of Immovable property.
269UM Immunity to Transferor against claims of transferee for transfer.
269UN Order of Appropriate Authority to be final and conclusive.
269UO Chapter not to apply to certain transfers.
270 Omitted.
271 Failure to furnish returns, comply with notices, Concealment of Income, etc.
271A Failure to keep, maintain or retain books of account, documents, etc.
271B Failure to get accounts audited.
271BB Failure to subscribe to the eligible issue of capital.
271C Penalty for Failure to Deduct Tax at Source.
271D Penalty for Failure to Comply with the provisions of section 269SS.
271E Penalty for Failure to Comply with the provisions of section 269T.
271F Penalty for Failure to furnish return of Income.
272 Omitted.
272A Penalty for failure to Answer Questions, Sign Statements, Furnish Information, Returns or Statements, Allow Inspections, etc.
272AA Penalty for Failure to comply with the provisions of section 133B.
272B Omitted.
272BB Penalty for Failure to comply with the provisions of section 203A.
273 False Estimate of, or Failure to Pay, Advance Tax.
273A Power to reduce or waive penalty, etc., in certain cases.
273B Penalty not to be imposed in certain cases.
274 Procedure.
275 Bar of Limitation for Imposing Penalties.
275A Contravention of order made under Sub-Section (3) of Section 132.
276 Removal, Concealment, Transfer or Delivery of property to thwart Tax recovery.
276A Failure to comply with the provisions of Sub-Sections (1) and (3) of Section 178.
276AA Omitted.
276AB Failure to comply with the provisions of sections 269UC, 269UE and 269UL.
276B Failure to pay tax to the credit of Central Government under chapter XII-D or XVII-B.
276BB Failure to pay the Tax collected at source.
276C Wilful Attempt to Evade Tax, Etc.
276CC Failure to Furnish Returns of Income.
276CCC Failure to Furnish Return of Income in Search Cases.
276D Failure to Produce Accounts and Documents.
276DD Omitted.
276E Omitted.
277 False Statement in Verification, Etc.
278 Abetment of false return, etc.
278A Punishment for Second and Subsequent Offences.
278AA Punishment not to be imposed in certain cases.
278B Offences by Companies.
278C Offences by hindu Undivided Families.
278D Presumption as to Assets, Books of Account, Etc., in certain cases.
278E Presemption as to culpable mental state.
279 Prosecution to be at Instance of Chief Commissioner or Commissioner.
279A Certain Offences to be Non-Cognizable.
279B Proof of Entries in records or documents.
280 Disclosure of Particulars by Public Servants.
280A-280X Omitted.
280Y Omitted.
280Z Omitted.
280ZA Omitted.
280ZB Omitted.
280ZC Omitted.
280ZD Omitted.
280ZE Omitted.
281 Certain Transfers to be void.
281A Repealed by the Benami Transactions (Prohibition) Act, 1988.
281B Provisional attachment to protect revenue in certain cases.
282 Service of notice Generally.
283 Service of notice when family is disrupted or firm, etc., is dissolved.
284 Service of notice in the case of discontinued business.
285 Omitted.
285A Omitted.
285B Submission of Statements by Producers of Cinematograph Films.
286 Omitted
287 Publication of Information respecting assessees in certain cases.
287A Appearance by Registered valuer in certain matters.
288 Appearance by Authorised Representative.
288A Rounding off of Income.
288B Rounding off of Tax, etc.
289 Receipt to be given.
290 Indemnity.
291 Power to tender immunity from prosecution.
292 Cognizance of offences.
292A Section 360 of the code of criminal procedure, 1973, and the probation of Offenders Act, 1958, Not to Apply.
292B Return of Income, Etc., nto to be invalid on certain grounds.
293 Bar of Suits in Civil Courts.
293A Power to make exemption, etc., in relation to participation in the business prospecting for, extraction, etc., of mineral oils.
293B Power of Central Government or Board to condone delays in obtaining approval.
294 294 Act to have effect peinding legislative provision for charge of Tax.
294A Power to make exemption, etc., in relation to certain union territories.
295 Power to make rules.
296 Rules and certain notifications to be placed before parliament.
297 Repeals and Savings.
298 Power to remove difficulties.
SCHEDULES
Schedule 1
Part A
1 A Life Insurance Business profits of Life Insurance Business to be Computed Separately.
2 Insurance Business A Life Insurance Business Computation of profits of Life Insurance Business.
3 Omitted.
4 Adjustment of  Tax paid by deduction at source.
Part B
5 Computation of profits and gains of other Insurance Business.
Part C
6 Profits and Gains of Non-Resident person.
7 Interpretation.
Schedule 2
Part 1
1 Definitions.
2 Issue of Notice.
3 When certificate may be executed.
4 Mode of Recovery.
5 Interest, Costs and Charges Recoverable.
6 Purchaser’s Title.
7 Suit against pruchaser nto maintainable on ground of purchase being made on behalf of plaintiff.
8 Disposal of Proceeds of execution.
9 General Bar to jurisdiction of Civil Court, save where fraud alleged.
10 Property exempt from attachment.
11 Investigation by Tax recovery officer.
12 Removal of attachment on satisfaction or cancellation of certificate.
13 Officer Entitled to Attach and Sell.
14 Defaulting pruchaser answerable for  loss on resale.
15 Adjournment or Stoppage of sale.
16 Private Alienation to be void in certain cases.
17 Prohibition against bidding or purchase by officer.
18 Prohibition against Sale on Holidays.
19 Assistance by Police.
19A Entrustment of certain functions by tax recovery officer.
Part II
20 Arrant.
21 Service of copy of warrant.
22 Attachment.
23 Property in defaulter’s possession.
24 Agricultural Produce.
25 Provisions as to Agricultural produce under attachment.
26 Debts and Shares, etc.
27 Attachment of Decree.
28 Share in Movable Property.
29 Salary of Government Servants.
30 Attachment of Negotiable Instrument.
31 Attachment of property in custody of Court or public officer.
32 Attachment of partnership property.
33 Inventory.
34 Attachment not to be excessive.
35 Seizure between sunrise and sunset.
36 Power to break open doors, etc.
37 Sale.
38 Issue of proclamation.
39 Proclamation How Made.
40 Sale after fifteen days.
41 Sale of Agricultural Produce.
42 Special Provisions relating to growing crops.
43 Sale to be by Auction.
44 Sale by Public Auction.
45 Irregularity not to vitiate sale, but any person injured may sue.
46 Negotiable Instruments and Shares in a Corporation.
47 Order for Payment of Coin or Currency notes to the Assessing Officer.
Part 3
48 Attachment.
49 Service of notice of attachment.
50 Proclamation of Attachment.
51 Attachment to relate back from the date of service of notice.
52 Sale and Proclamation of Sale.
53 Contents of Proclamation.
54 Made of making proclamation.
55 Time of Sale.
56 Sale to be by Auction.
57 Deposit by purchaser and resale in default.
58 Procedure in default of payment.
59 Authority to Bid.
60 Application to set aside sale of immovable property on deposit.
61 Application to set aside sale of immovable property on ground of Non-Service of notice or Irregularity.
62 Setting aside sale where defaulter has no saleable interest
63 Confirmation of Sale.
64 Return of purchase money in certain cases.
65 Sale certificate.
66 Postponement of sale to enable defaulter to raise amount due under certificate.
67 Fresh proclamation before Re-Sale.
68 Bid of Co-Sharer to have preference.
68A Acceptance of property in satisfaction of amount due from the defaulter.
68B Time-Limit for sale of attached immovable property.
Part 4
69 Appointment of receiver for business.
70 Appointment of receiver for immovable property.
71 Powers of receiver.
72 Withdrawal of Management.
Part 5
73 Notice to show cause.
74 Hearing.
75 Custody pending hearing.
76 Order of detention.
77 Detention in and release from prison.
78 Release.
79 Release on ground of  illness.
80 Entry into dwelling house.
81 Prohibition against arrest of women or minors, etc.
Part 6
82 Officers deemed to be acting judicially.
83 Power to take evidence.
84 Continuance of certificate.
85 Procedure on death of defaulter.
86 Appeals.
87 Review.
88 Recovery from surety.
89 Omitted.
90 Subsistenace allowance.
91 Forms.
92 Power to make rules.
93 Saving Regarding Charge.
94 Continuance of certain pending proceedings and  power to remove difficulties.
Schedule 3 Distraint and Sale.
Schedule 4
Part A
1 Application of part.
2 Definitions.
3 According and withdrawal of recognition.
4 Conditions to be satisfied by recognised Provident Funds.
5 Relaxation of conditions.
6 Employer’s annual contributions, when deemed to be Income received by Employee.
7 Exemption for employee’s contributions.
8 Exclusion from total Income of Accumulated balance.
9 Tax on Accumulated balance.
10 Deduction at source of Tax payable on accumulated balance.
11 Treatment of Balance in newly recognised provident fund.
12 Accounts of recognised provident funds.
13 Appeals.
14 Treatment of fund transferred by employer to trustee.
15 Provisions relating to rules.
Part B
1 Definitions.
2 Approval and Withdrawal of  approval.
3 Conditions for approval.
4 Application for approval.
5 Contributions by employer when deemed to be Income of employer.
6 Deduction of tax on contributions paid to an employee.
7 Deduction from pay of and contributions on behalf of employee to be included in return.
8 Appeals.
9 Liability of trustees on cessation of approval.
10 Particulars to be furnished in respect of superannuation funds.
11 Provisions relating to rules.
Part C
1 Definitions.
2 Approval and withdrawal of approval.
3 Conditions from approval.
4 Application for approval.
5 Gratuity deemed to be salary.
6 Liability of trustees on cessation of approval.
7 Contributions by employer, when deemed to be Income of employer.
8 Appeals.
8A Particulars to be Furnished in respect of  Gratuity Funds.
9 Provisions relating to rules.
Schedule 5 List of Articles and Things.
Schedule 6 Omitted.
Schedule 7
Part A Minerals.
Part B Groups of Associated minerals.
Schedule 8 List of Industrially backward States and Union Territories.
Schedule 9 Omitted.
Schedule 10 Modifications subject to which the provisions of this act shall apply in case where the previous   year in relation to the assessment year commencing on the first april, 1989.
Schedule 11 List of Articles or Things.
Schedule 12 Processed Minerals and Ores.

 

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