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The Income-Tax Act, 1961

[Act No. 43 of 1961]

[13th September, 1961.]

Contents
Title Income-Tax Act, 1961
Sections Particulars
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
6. Residence in India
7. Income deemed to be received
8. Dividend income
9. Income deemed to accrue or arise in India
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.
10B. Special provisions in respect of newly established hundred per cent
10C. pecial 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
13. Section 11 not to apply in certain cases
Chapter IV Computation of Total Income
14. Heads of income
15. Salaries
16. Deductions from salaries
17. Salary", "perquisite" and "profits in lieu of salary" defined
18. [Interest on securities.]- Omitted by the Finance Act, 1988 (26 of 1988), s. 10 (w.e.f. 1-4-1989).
19. [Deductions from interest on securities.]- Omitted by s. 10, ibid. (w.e.f. 1-4-1989).
20. [Deductions from interest on securities in the case of a banking company.]- Omitted by s. 10, ibid. (w.e.f. 1-4-1989).
21. [Amounts not deductible from interest on securities.]- Omitted by s. 10, ibid. (w.e.f. 1-4-1989). C.-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
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
33. Development rebate
34. Conditions for depreciation allowance and development rebate
35. Expenditure on scientific research
36. Other deductions
37. General
38. Building, etc., partly used for business, etc., or not exclusively so used
39. [Managing agency commission.]- Omitted by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), s. 12, (w.e.f. 1-4-1989).
40. Amounts not deductible
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
44. Insurance business
45. Capital gains
46. Capital gains on distribution of assets by companies in liquidation
47. Transactions not regarded as transfer
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
51 to 53. Advance money received
54. Profit on sale of property used for residence
55. Meaning of adjusted, cost of improvement and cost of acquisition
56. Income from other sources
57. Deductions
58. Amounts not deductible
59. Profits chargeable to tax
Chapter V Income of Other Persons, Included in Assessee's Total Income
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
Chapter VI Aggregation of Income and set off or Carry Forward of Loss
66. Total income
67. Method of computing a partner's share in the income of the firm
68. Cash credits
69. Unexplained investments
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
72. Carry forward and set off of business losses
73. Losses in speculation business
74. Losses under the head "Capital gains"
75 to 77. 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 case of certain companies
80. Submission of return for losses
1[Chapter VIA and VI-B Deductions to be Made in Computing Total Income
A. General
B. Deductions in respect of certain payments
C. Deductions in respect of certain incomes
D. Other deductions
Chapter VII Incomes Forming Part of Total Income on Which no Income-Tax is Payable
81 to 85. Incomes Forming Part of Total Income on Which no Income-Tax is Payable
86. Share of member of an association of persons or body of individuals in the income of the association or body
Chapter VIII Rebates and Reliefs
A. Rebate of income-tax
87. Rebate to be allowed in computing income-tax
88. Rebate on life insurance premia, contribution to provident fund, etc.
B. Relief for income-tax
89. Relief when salary, etc., is paid in arrears or in advance
Chapter IX Double Taxation Relief
90. Agreement with foreign countries or specified territories
91. Countries with which no agreement exists
Chapter X Special Provisions Relating to Avoidance of Tax
92. Computation of income from international transaction having regard to arm's length price
93. Avoidance of income-tax by transactions resulting in transfer of income to non-residents
94. Avoidance of tax by certain transactions in securities
Chapter XA General Anti-Avoidance Rule
95. Applicability of GeneralAnti-Avoidance Rule
96. Impermissible avoidance arrangement
97. Arrangement to lack commercial substance
98. Consequences of impermissible avoidance arrangement
99. Treatment of connected person and accommodating party
100. Application of this Chapter
101 to 109. Framing of guidelines
Chapter XII Determination of Tax in Certain Special Cases
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
113 and 114. Tax in the case of block assessment of search cases
115. Tax on capital gains in case of companies
Chapter XII-A Special Provisions Relating to Certain Incomes of Non-Residents
Chapter XII-B and XII-C Special Provisions Relating to Certain Companies
Chapter XIID Special Provisions Relating to Tax on Distributed Profits of Domestic Companies
Chapter XIIE Special Provisions Relating to Tax on Distributed Income
Chapter XIIF Special Provisions Relating to Tax on Income Received from Venture Capital Companies and Venture Capital Funds
Chapter XIIG Special Provisions Relating to Income of Shipping Companies
A. Meaning of certain expressions
B. Computation of tonnage income from business of operating qualifying ships
C. Procedure for option of tonnage tax scheme
D. Conditions for applicability of tonnage tax scheme
E. Amalgamation and demerger of shipping companies
F. Miscellaneous
G. Provisions of this Chapter not to apply in certain cases
Chapter XIIH Income-Tax on Fringe Benefits
A. Meaning of certain expressions
B. Basis of charge
C. Procedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof
Chapter XIII Income-Tax Authorities
116. Income-tax authorities
117. Appointment of income-tax authorities
118. Control of income-tax authorities
119. Instructions to subordinate authorities
120 to 123. Jurisdiction of income-tax authorities
124 to 126. Jurisdiction of Assessing Officers
127 and 128. Power to transfer cases
129 and 130. Change of incumbent of an office
131. Power regarding discovery, production of evidence, etc.
132. Search and seizure
133. Power to call for information
134. Power to inspect registers of companies
135. Power 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
136 an d137. Proceedings before income-tax authorities to be judicial proceedings
138. Disclosure of information respecting assessees
Chapter XIV Procedure for Assessment
139. Return of income
140. Return by whom to be verified
141. Provisional assessment
142. Inquiry before assessment
143. Assessment
144. Best judgment assessment
145. Method of accounting
146. [Reopening of assessment at the instance of the assessee.] Omitted by the Direct Tax Laws (Amendment) Act, 1988 (4 of 1988), s.53 (w.e.f. 1-4-1989).
147. Income escaping assessment
148. Issue of notice where income has escaped assessment
149. Time limit for notice
150. Provision for cases where assessment is in pursuance of an order on appeal, etc.
151. Sanction for issue of notice
152. Other provisions
153. Time limit for completion of assessment, reassessment and recomputation
154. Rectification of mistake
155. Other amendments
156. Notice of demand
157. Intimation of loss
158. Intimation of assessment of firm
Chapter XIVA Special Provision for Avoiding Repetitive Appeals
Chapter XIVB Special Procedure for Assessment of Search Cases
Chapter XV Liability in Special Cases
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
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
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 and 181. Royalties or copyright fees for literary or artistic work
Chapter XVI Special Provisions Applicable to Firms
182. and 183. Assessment of firms
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
189. Firm dissolved or business discontinued
Chapter XVII Collection and Recovery of Tax
190. Deductionat source and advance payment
191. Direct payment
192. Salary
193. Interest on securities
194. Dividends
195. Other sums
196. Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations
197. Certificate for deduction at lower rate
198. Tax deductedis income received
199. Credit for tax 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
204. Meaning of "person responsible for paying"
205. Bar against direct demand on assessee
206. Persons deducting tax to furnish prescribed returns
207. Liability for payment of advance tax
208. Conditions of liability to pay advance tax
209. Computation of advance tax
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. [Estimate by assessee.] Omitted by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), s. 81 (w.e.f. 1-4-1988).
213. [Commission receipts.] Omitted by s.81, ibid. (w.e.f. 1-4-1988). Due date of instalment Amount payable On or before the 15th June Not less than fifteen per cent. of such advance tax.
214. Interest payable by Government
215. Interest payable by assessee
216. Interest payable by assessee in case of under-estimate, etc.
217. Interest payable by assessee 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 to 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 certificate and amendment or cancellation thereof
226. Other modes of recovery
227. Recovery through State Government
228. Recovery of Indian tax in Pakistan and Pakistan tax in India
229. Recovery of penalties, fine, interest and other sums
230. Tax clearance certificate
231. [Period for commencing recovery proceedings.]-Omitted by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), s. 93 (w.e.f. 1-4-1989).
232. Recovery by suit or under other law not affected
233. [Recovery of tax payable under provisional assessment.]-Omitted by the Taxation Laws (Amendment) Act, 1970 (42 of 1970), s. 39 (w.e.f. 1-4-1971).
234. Tax paid by deduction or advance payment
Chapter XVIII Relief Respecting Tax on Dividends in Certain Cases
235. Relief Respecting Tax on Dividends in Certain Cases
236. Relief to company in respect of dividend paid out of past taxed profits
Chapter XIX Refunds
237. Refunds
238. Person entitled to claim refund in certain special cases
239. Formof 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
245. Set off of refunds against tax remaining payable
Chapter XIXA Settlementof Cases
Chapter XIX-B Advance Rulings
Chapter XX Appealsand Revision
246. Appealable orders
247. [Appeal by partner].-Omitted by the Finance Act, 1992 (18 of 1992), s. 84 (w.e.f. 1-4-1993).
248. Appeal by a person denying liability to deduct tax in certain cases
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
261. Appeal to Supreme Court
262. Hearing before Supreme Court
263. Revision of orders prejudicial to revenue
264. Revision of other orders
265. Tax tobe paid notwithstanding reference, etc.
266. Execution for costs awarded by Supreme Court
267. Amendment of assessment on appeal
268. Exclusion of time taken for copy
269. Definition of "High Court"
Chapter XXA Acquisition of Immovable Properties in Certain Cases of Transfer to Counteract Evasion of Tax
Chapter XXB Requirement as to Mode of Acceptance, Payment or Repayment in Certain Cases to Counteract Evasion of Tax
Chapter XXC Purchase by Central Government of Immovable Properties in Certain Cases of Transfer
Chapter XXI Penalties Imposable
270. Failure to furnish information regarding securities, etc.
271. Failure to furnish returns, comply with notices, concealment of income, etc.
272. Failure to give notice of discontinuance.
273. False estimate of, or failure to pay, advance tax
274. Procedure
275. Bar of limitation for imposing penalties
Chapter XXII Offences and Prosecutions
276. Removal, concealment, transfer or delivery of property to thwart tax recovery
277. False statement in verification, etc.
278. Abetment of false return, etc.
279. Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner
280. Disclosure of particulars by public servants
Chapter XXIII Miscellaneous
281. Certain transfers to be void
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. Submission of statement by a non-resident having liaison office
286. Furnishing of report in respect of international group
287. Publication of information respecting assessees in certain cases
288 to 290. Appearance by authorised representative
291. Power to tender immunity from prosecution
292. Cognizance of offences
293. Bar of suits in civil courts
294. Act to have effect pending legislative provision for charge of tax
295. Power to make rules
296. Rules and certain notifications to be placed before Parliament
297. Repeals and savings
298. Power to remove difficulties
The Schedules
1st Schedule Insurance Business
2nd Schedule Procedure for Recovery of Tax
Part I General Provisions
Part II Attachment and Sale of Movable Property
Part III Attachment and Sale of Immovable Property
Part IV Appointment of Receiver
Part V Arrest and Detention of The Defaulter
Part VI Miscellaneous
3rd Schedule Procedure for Distraint by Assessing Officer or Tax Recovery Officer
4th Schedule
Part A Recognised Provident Funds
Part B Approved Superannuation Funds
Part C Approved Gratuity Fund
5th Schedule List of Articles and Things
6th Schedule Omitted by the Finance Act, 1972 (16 of 1972), s. 43 (w.e.f. 1-4-1973). Originally, the Schedule was inserted by the Finance Act, 1968 (19 of 1968), s. 30 and the Third Schedule (w.e.f. 1-4-1969) and was later amended by the Finance (No. 2) Act, 1971 (32 of 1971), s. 30 (w.e.f. 1-4-1972).
7th Schedule
Part A Minerals
Part B Groups of Associated Minerals
8th Schedule List of Industrially Backward States and Union Territories
9th Schedule Omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 (46 of 1986), s. 31(w.e.f. 1-4-1988). Original Ninth Schedule was inserted by the Direct Taxes (Amendment) Act, 1974 (26 of 1974), s. 16 (w.e.f. 1-4-1975).
10th Schedule Omitted by the Finance Act, 1999 (27 of 1999), s. 89 (w.e.f. 1-4-2000).
11th Schudule List of Articles or Things
12th Schudele Processed Minerals and Ores
13th Schedule List of Articles or Things
Part A For The State of Sikkim
Part B For The State of Himachal Pradesh and The State of Uttaranchal
Part C For The State of Jammu and Kashmir
14th Schedule List of Articles or Things or Operations
Part A For The North-Eastern States
Part B For The State of Sikkim
Part C For The State of Himachal Pradesh and The State of Uttaranchal


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