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Report No. 12




Existing section

Chapter I


1. Short title, extent and commencement

Section 1

2. Definitions

Section 2

Chapter II

Basis Of Charge

3. Charge of Income-tax

Section 3

4. Scope of total income

Section 4

5. Previous year

Section 2(11)

6. Residence in India

Secs. 4A and 4B

7. Income deemed to be received

8. Dividend Income


9. Income deemed to accrue or arise in India

Section 16(2), part

10. Remittance by a non-resident husband

Secs. 42(1), 43(3) & section 4(1), 2nd & 3rd Expls. Sec. 4(2)

Chapter III

Incomes Which Do Not Form Part Of The Total Income

11. Agricultural income, Income received as members of Hindu Undivided Family, Casual receipts, etc.

Section 4(1), 2nd to 5th provisos Section 4(3), (ii) to (xxii) Sec. 7(1), Explanation 2 proviso.

12. Income from property held for religious or charitable purposes, and income of religious or charitable institutions.

Section 14(1) and New. Section 4(3) (i) (ii) and concluding part.

13. Business assessed under the Income-tax Act, 1918

Section 25(3), (4) part.

Chapter IV

Computation Of Total Income

14. Heads of income

Section 6

A. Salaries

15. Salaries

Section 7(1) part

16. Deductions

Section 7(2)

17. Interpretation

Section 7(1), part, and Expls. 1 & 2.

B. Interest on Securities

18. Interest on Securities

Section 8 (1) main part and New.

19. Deductions

Section 8, 1st proviso part.

20. Banking Company

Section 8, Expl.

21. Amounts not deductible

Section 8, 1st proviso part

C. Income from house property

22. Income from house property


23. Annual value

Section 9(2), part & New.

24. Deductions

9(2) part & Section 9(1) part

25. Amounts not deductible

Section 9(1), (iv), proviso

26. Property owned by co-owners

Section 9(3)

27. Interpretation

Section 9(4), Section 9(1), (vii) Expl. & New.

D. Profits and gains of business, profession or vocation

28. Profits and gains of business, profession or vocation

Section 10(1), and Section 10 (5A) part. Section 10(6), New and Sec. 24(1) Expl.

29. Provisions applicable


30. Rent, repairs and insurance for buildings

Section 10(2)(i) and (ii), (iv) (v) & (ix) parts.

31. Repairs and Insurance of machinery, plant and furniture

Section 10(2) (iv) and (v), parts.

32. Depreciation

Section 10(2), (vi) (via) & (vii) parts.

33. Development rebate

Section 10(2) (vib) part.

34. Conditions for depreciation allowance and development rebate.

Section 10(2)(vi), (via) (vib) parts, section 10 (4B) and New.

35. Expenditure on Scientific Research

Section 10(2) (xii),: (xiii) and (xiv).

36. Other deductions

Section 10(2)(iii), (iv), part (viii), (x) and (xi) & New.

37. General

Section 10(2) (xv).

38. Buildings etc. partly used for business etc. or not exclusively so used

Secs. 10(2)(i), proviso, 10(2)(ii) prov., 10(2), latter part and 10(3).

39. Managing agency

Section 12A.

40. Amounts not deductible

Secs. 10(2) (iii) part, 10(4), 10(4A) and Section 8 Exp. part.

41. Profits chargeable to tax

Secs. 10(2)(vii) part,10(2)(xiv) part 10(2)(xi) prov. part 10 (2A).

42. Interpretation

Secs. 10 (5), 10 (a) (xiv) Section 12B (1) 2nd prov. part Sec. 24(i) Expl. 2nd and New.

43. Residence of employees


Insurance business

44. Insurance business

Section 10(7) and Sch. rule 9

E. Capital Gains

45. Capital gains

Section 12B(i), part

46. Previous year

Section 12B(i), part

47. Transactions not regarded as sale etc.

t Section 12B(i), 1st prov., part.

48. Mode of Computation and deductions

Section 12B (2), part.

49. Statutory cost with reference to modes of acquisition


50. Determination of statutory cost in the case of non-depreciable assets.

Secs. 12B(2), part and 12B(3) part.

51. Determination of statutory cost in the case of depreciable assets.

Secs. 12B(2) part and 12B(3) part.

52. Option money received

Section 12B(2), 4th prov.

53. Consideration for exchange


54. Consideration for sale etc. how determined in case of understatement

Section 12B(2) 1st prov.

55. Capital gains exempt from tax

Section 12B(4)(a)

56. Profit on sale of property used for residence

Section 12B(4)(b) •

57. Interpretation

New and section 12B(a)(ii), part.

F. Income from other sources

58. Income from other sources

Section 12(1)(1A) and, New

59. Grossing up of dividends

Section 16(2) part

60. Deductions

Section 12(2) part

61. Amounts not deductible

Section 12(2) proviso and 12(5) part.

62. Profits chargeable to tax

Section 12(5), part, 12(3) and (4)

Chapter V

Incomes Of Other Persons Included In Assessee's Total Income

63. Transfer of incomes

Section 16(1)(c) part

64. Revocable Transfer of property

Section 16(1)(c) part

65. Irrevocable Transfers

Section 16(1)(c) part

66. Definition of revocable transfer

Section 16(1)(c) part

67. Husband, wife and minor children

Section 16(3)

Chapter VI

Aggregation Of Income And Set Off Or Carry Forward Of Losses

68. Total income

Section 16(1)(a) part

69. Method of computing a partner's share in the income of the firm.

Section 16(1)(b)

70. Cash credits


71. Unexplained investments


72. Set off of loss from one business to loss from another


73.(1) Set off of losses from one head to another

Section 24(1) part

(2) Carry forward & set off of business losses

Section 24(2) part

74. Losses in speculative business

Secs. 24(1) part, 24(2) part.

75. Losses under the head 'capital gains'.

Section 24(2A) and (2B)

76. Losses of registered firms

Section 24(1) part & (2) part

77. Losses of unregistered firms assessed as registered firms

Section 24(2) part

78. Losses sustained by partners of unregistered firms

Sees. 24(1) part, 24(2) part

79. Set off of losses in case of change in constitution of firm

Section 24(2) part.

80. Submission of return of losses

Section 22(2A) part.

Chapter VII

Income On Which No Income-Tax Is Payable

81. Earned income

Section 15A.

82. Co-operative Society

Section 14(3)

83. Dividends from Co-operative Society

Section 14(4)

84. Marketing Society

Section 14(5)

85. Newly established industrial undertakings

Section 15C part.

86. Dividend from new industrial undertaking

Section 15G(4)

87. Other income

Section 8, 2nd and 3rd provisos Section 14(2)(a), Section 14(2)(aa) and Section 14(2)(b).


Rebates And Reliefs

88. Rebate on life insurance premia, annuities and contribution to Provident Fund etc.

Section 15

89. Donations for charitable purposes

Section 15B part.

Reliefs for Income-tax

90. Salary paid for more than one year

Section 60 (2) part

91. Business assessed under the Income-tax Act, 1918

Section 25 (3) & (4) parts.

Chapter IX

Double Taxation Relief

92. Agreement with countries

Section 49A

93. Countries with which no agreement exists

Section 49D

94. Relief to company to be regarded as relief to shareholder

Section 49C

Chapter X

Provisions Against Avoidance Of Tax

95. Certain transactions with non-residents

Section 42(2)

96. Avoidance of income-tax by transactions resulting in transfer of income to non-residents

Section 44D

97. Avoidance of tax by certain transactions in securities

Secs. 44E and 44F

Chapter XI


Principal Provisions

98. Charge of Super-tax

Section 55 part

99. Total income from Super tax

Section 56.

100. Business, Profession or vocation charged under 1918 Act

Section 25(4) prov.

101. Deductions under interest on securities


102. Applicability of provisions to super-tax

Section 58 (1)

103. Avoidance of super-tax


104. Incomes which do not form part of total income for super-tax Share in unregistered firm or association of persons

Section 55, 2nd prov.

105. Co-operative Society

Section 14(3) part.

106. Dividends from Co-operative Society

Section 14(4) part

107. Marketing Society

Section 15 (5) part

108. Dividends from certain companies

Section 56A.

Rebate of Super-Tax

109. Donations for charitable purposes

Section 15B part.

110. Newly established industrial undertakings

Section 15B part and Section 17(3) part.

111. Share from registered firm

Section 14(2) (aa), part

112. Relief for salary received in arrear etc.

Section 60(2) part

Additional Super-Tax on Undistributed Profits

113. Super-tax on undistributed income of certain companies

Section 23A(1)

114. Special provisions for certain companies

Section 23A(2)

115. Approval of Inspecting Assistant Commissioner

Section 23A(8)

116. Saving for company in which public are interested

Section 23A(9)

117. Company in which the public are substantially interested

Section 23A Expl. I.

118. Distributable Income

Section 23A(1) part.

119. Investment Company


120. Statutory percentage

Section 23A, Expl. 2.

Chapter XII

Determination Of Tax In Certain Special Cases

121. Determination of Income-tax

Section 17(2) part.

122. Tax on accumulated balance of Recognised Provident Fund


123. Tax on compensation

Section 10(5A) part and New.

124. Tax in the case of non-residents

Section 17(1).

125. Tax on capital gains in cases of assessees other than companies

Section 17(6).

126. Tax on capital gains in case of companies

Section 17(7).

Chapter XIII

Income-Tax Authorities

Appointment and Control

127. Income-tax Authorities

Section 5(1).

128. Appointment of Income-tax Authorities

Section 5 part.

129. Control of Income-tax Authorities

Section 5 part.

130. Instructions to subordinate Authorities

Section 5 part.

131. Jurisdiction of Income-tax Authorities

Section 5 part.

132. Transfer of case from one Income-tax officer to another

Section 5(7A) & New

133. Change of Incumbent of an office

Section 5(7C) New

134. Authority competent to take or continue certain proceedings

Section 64

135. Income-tax officer entitled to assess

Section 37 part.


136. Power regarding discovery, production of evidence etc.

Section 37 part.

137. Power of search and seizure

Section 37 part.

138. Power to call for information

Section 38.

139. Power to inspect registers of companies

Section 39.

140. Powers of Directors of Inspection and Inspecting Assistant Commissioners

Section 5(7B) part.

Disclosure of Information

141. Disclosure of information prohibited

Section 54.

142. Savings regarding voluntary disclosure by person making the statement etc.


Chapter XIV

Procedure For Assessment

143. Return of income

Section 22(1), (2), (2A) part, (3) & (5)

144. Return by whom to be signed


145. Provisional assessment

Section 23B part.

146. Enquiry before assessment

Sec 22(4) & New.

147. Assessment

Section 23(1), (2) and (3)

148. Best judgment assessment

Section 23(4) part

149. Relevant material


150. Method of accounting

Section 13.

151. Reopening of assessment at the instance of the assessee

Section 27.

152. Income escaping assessment

Section 34(1) part

153. "Income which has escaped assessment"

Section 34(1) part.

154. Issue of notice where income has escaped Section 34(1) part. assessment

155. Time limit for issue of notice

Section 34(1) part, (3) part.

156. Provision for cases where notice of assessment

Section 34(3) part. is issued after appeal etc

157. Sanction for issue of notice

Section 34(1) part.

158. Other provision

Section 34(1) part 34 (2).

159. Saving regarding time limit for completion


160. Time limit for completion of assessment and re-assessments

Section 34(3).

161. Rectification of mistake

Section 35(1)(a), (3) & (4).

162. Other amendments

Section 35(5), (8) & (9).

163. Notice of demand

Section 29.

164. Intimation of loss

Section 24(3).

165. Intimation of assessment of firm

Section 23 (6).

166. Information and Return.

Secs. 20A, 21, 19A and Section 58T.

167. Certificate by company to share holders receiving dividends

Section 20.

Chapter XV

Liability In Special Cases

A. Legal Representatives

168. Legal representatives

Section 24B.

B. Representative assessees-General provisions

169. Representative assessee

Secs. 42(1), 40(1), 41(1).

170. Liability of representative assessee

Secs. 40 part, 41 part and New.

171. Right of representative assessee to recover tax paid

New and Section 42(1) part.

172. When representative assessee personally liable


C. Representative assessees-special cases

173. Who may be regarded as agent

Section 43.

174. Charge of tax where shares of beneficiaries unknown

Section 41(1), 1st prov.

175. Case where part of trust income is chargeable

Section 41(1), 2nd prov.

D. Representative assessees-General

176. Remedies against Property in cases of representative assessees.


177. Direct assessment not barred

Section 41(2) and Section 42(1), parts.

E. Executors

178. Executors


179. Right of executor to recover tax paid


F. Succession to business, profession or vocation.

180. Succession to business

Section 26 (2).

G. Partition

181. Assessment after partition of a Hindu undivided family

Section 25A and New.

H. Shipping business of non-residents

182. Shipping business of non-residents

Secs. 44A, 44B and 44C.

I. Recovery of tax in respect of non-residents

183. Recovery of tax in respect of non-resident from his assets

Section 42 (1), 1st Prov.

J. Persons leaving India

184. Assessment of person leaving India.

Section 24A.

K. Discontiriuunce of business or dissolution

185. Discontinued business

Section 25(1).

186. Dissolved association of persons.

Section 44 part.

L. Special provisions for certain kinds of income

187. Royalties or copyright fees for literary or artistic work and fees for patents.

Section 12AA.

M. Liability of State Governments

188. Interest on income-tax free securities of a State Government

Section 8, 3rd prov.

Chapter XVI

Special Provisions Applicable To Firms


189. Assessment of registered firms

Section 23 (5) (a).

190. Assessment of unregistered firms

Section 23 (5) (b).


191. Application for registration

Section 26A. part.

192. Procedure on receipt of application

Section 26A. (2) part Section 23(4) part, and New.

193. Cancellation of registration

New and Section 23 (4) part.

Changes in constitution, Succession and dissolution

194. Change in constitution of a firm

Section 26(1).

195. Succession of one firm by another firm


196. Firm dissolved or business discontinued

Section 44 part.

Other provisions

197. Other provisions


Chapter XVII

Special Provision Relating To Companies

198. List of provisions applicable to companies


Chapter XVIII

Collection And Recovery Of Tax


199. Deduction at source and advance payment


200. Direct payment

Section 19.

B-Deduction at source

201. Salary

Section 18 (2), (2A) & (2B)

202. Interest on Securities

Section 18 (3) part, (3A) part.

203. Dividends

Section 18 (3D) part.

204. Other sums

Section 18 (3B), (3C) parts.

205. Certificate for deduction at lower rate

Section 18 (3), (3A), (3B) (3C), (3D), parts.

206. Tax deducted is income received

Section 18(4).

207. Credit for Tax deducted

Section 18(5) part.

208. Duty of person deducting tax

Section 18(6).

209. Consequences of failure to deduct or pay

Section 18(7).

210 Deduction only one mode of recovery

Section 18(8).

211. Certificate for tax deducted

Section 18(9).

212. Persons responsible for paying

Section 18, Expl.

213. Bar against direct demand on assessee

Section 7(1), 2nd prov. New.

214. Saving regarding tax deemed to have been paid on dividends

Section 18A (1) (a) part.

C-Advance payment of tax

215. Advance tax and income subject to advance tax

Section 18A(1) (a) part.

216. Condition of liability to pay advance tax

Section 18A(1) (a) part.

217. Computation of advance tax

Section 18A (1) (a) part and New.

218. Order by Income-tax Officer

Section 18(1) (a) part

219. Instalments of advance tax

Section 18A(1) (a) part and (1)(b).

220. Estimate by assessee

Section 18A(2) & (3)

221. Commission receipts

Section 18A(4)

222. Interest payable by Government

Section 18A (5) part

223. Interest payable by assessee

Section 18A (6)

224. Interest payable by assessee in cases of underestimate etc.

Section 18A (7)

225. Interest where no estimate made

Section 18A (8)

226. When assessee deemed to be in default

Section 18A (10)

227. Credit for advance tax

Section 18A (11)

228. Exclusion of capital gains

Section 18A (12).

D-Collection and Recovery

229. When tax payable and when assessee deemed in default

Section 45.

230. Interest payable when tax in default

Section 46(1).

231. Certificate to Collector

Section 46(2) & 46(7), Expl. part.

232. Collector to whom certificate is to be issued.


233. Validity of certificate and amendment thereof


234. Amendment, cancellation or withdrawal of certificate


235. Other modes of recovery

Section 46(7) Expl. part Section 46(5), (5A), (3), (4)

236. Recovery through State Government

Section 46(6).

237. Recovery through Collector in Pakistan

Section 46(8)

238. Recovery of Pakistan tax

Section 46(9)

239. Condition for recovery of Indian tax in Pakistan or of Pakistan tax in India

Section 46(10)

240. Recovery of Penalties

Section 47.

241. Tax Clearance Certificate

Section 46A.

242. Period for commencing recovery proceedings

Section 46(7).

243. Recovery by suit or under other law

Section 46(7), Expl. part.

E-Tax payable under provisional assessment

244. Recovery of tax payable under provisional assessment

Section 23B(5).

245. Tax paid by deduction or advance payment

Section 23B(6).

Chapter XIX

Tax Deemed To Have Been Paid On Dividends

246. Tax deemed to have been paid on dividends

Secs. 18(5) part and 49 B

Chapter XX


247. Refunds

Section 48(1)

248. Person entitled to claim refund in certain special cases

Section 49F

249. Form of claim for refund, and limitation


250. Refund on appeal etc.

Section 48(2)

251. Correctness of assessment not to be questioned

Section 48(4)

252. Interest


253. Set-off of refunds against tax remaining payable

Section 49F

Chapter XXI

Appeals And Revisions

A-Appeals to the Appellate Assistant Commissioner

254. Appealable orders.

Section 30(1) part

255. Appeal by partner.

Section 30(1) 2nd prov.

256. Appeal by person denying liability to deduct tax

Section 30(1A)

257. Form of appeal, and limitation

Section 30(3), 30(a) part

258. Procedure in appeal

Section 30(1) part, 31(2), 31(2A), 31(3) and prov., 31(5) and New.

259. Powers of the Assistant Appellate Commissioner

Section 31(3) part & New.

B-Appeals to High Court

260. Appealable orders

Section 33(1) part 33(2) part 33 B (3B) part & New.

261. Limitation

Section 33 (1) part, 33 (a) part 33B (3) part, 33 (2A) and 66 (7A).

262. Form of appeal

Section 33 (3) and 33 B (4) part

263. Powers and Procedure

Section 66 (5) part

264. Hearing by Bench

Section 66A(1) part

265. Communication of order in appeal

Section 66(5) part

266. Costs

Section 66(6).

267. Refund consequential on appeal

Section 66(7) prov. and New.

C-Appeals to Supreme Court

268. Appealable Judgment

Section 66A (2)

269. Procedure

Section 66A (3) part, New and 66A (4).

D-Appeals to the Central Board of Revenue

270. Appeals to the Central Board of Revenue


E-Revision by Commissioner

271. Revision of order prejudicial to Revenue

Section 33B(1) & 33B(2)

272. Revision of other orders

Section 33A(1) part, Section 33A(2) part, Section 33A(3)


273. Tax to be paid notwithstanding appeal

Section 66(7) part. & 66A(3) 1st prov. part.

274. Execution for costs awarded by Supreme Court

Section 66A(3) 2nd prov.

275. Amendment of assessment on appeal

Secs. 31(4) & 33 (5)modified.

276. Exclusion of time taken for copy

Section 67A.

277. Rules by the Supreme Court


278. Definitions

Section 66(8) & New.

Chapter XXII

Penalties Imposable By Income-Tax Authorities

279. Failure to furnish information regarding securities etc.

Section 44E(6) part

280. Concealment of income or improper distribution of profits

Section 28(1), (2).

281. Failure to give notice of discontinuance

Section 25(2) part

282. False estimate of or failure to pay advance tax

Section 18A(9).

283. Procedure

Section 28(3), (6) and (5)

284. Bar against prosecution

Section 28(4).

Chapter XXIII

Offences And Prosecutions

285. Failure to make payments or deliver returns or statements or allow inspection

Section 51.

286. False statement in declaration

Section 52.

287. Prosecution to be at instance of Inspecting Assistant Commissioner

Section 53.

288. Disclosure of particulars by public servants

Section 54(2) part, Section 54(5).

Chapter XXIV

Recognised Provident Funds


289. According and withdrawal of recognition

Section 58B(1), (2), (3) & (3A)

290. Conditions to be satisfied by recognised provident funds

Section 58C(1) part.

291. Relaxation of conditions

Section 58C(1) part, 58D 58S(4)

292. Repugnancy in regulations

Section 58C(2)

Treatment of contributions and balances

293. Employer's contributions where deducted in assessing his income


294. Employer's annual contributions when deemed to be income received by employee

Section 58E

295. Employer's contributions exempt

Section 58F

296. Exclusion of accumulated balance and Exclusions from total income

Section 58G(2) & Section 7(1) Expl. 2, prov. part

297. Tax on accumulated balance

Section 58G(3) & 58G(1) part

298. Deduction at source of incomes-tax payable on accumulated balance

Section 58H

299. Treatment of balance in newly recognised Provident Funds

Section 58J(1), (2), (3) & (5)

Other Provisions

300. Account of Recognised Provident Funds

Section 58-I

301. Appeals

Section 58D(4)

302. Treatment of fund transferred by employer to trustee

Section 58K

303. Provision relating to rules

Section 58L

304. Application of this Chapter

Section 58M.

305. Definitions

Section 58A

Chapter XXV

Approved Superannuation Funds


306. Approval and withdrawal of approval

Section 58-0.

307. Conditions for approval

Section 58P part & New.

308. Application for approval

Section 58Q

Treatment of Investment and Contributions

309. Income from investment

Section 58R part

310. Employer's contribution-deduction for

Section 58R part

311. Employee's contribution when exempt

Section 58R part

312. Contributions paid to employee when deemed to be income

Section 58S(1)

313. Deduction of tax on contribution paid to an employee

Section 58S(2)

Other Provisions

314. Deduction from pay of and contributions on behalf of employee to be included in return

Section 58T

315. Liabilities of trustees on cessation of approval of funds

Section 58U

316. Particulars to be furnished in respect of Superannuation Funds

Section 58V

317. Provisions relating to rules


318. Definitions

Section 58N

Chapter XXVI


A-Miscellaneous Provisions

319. Bar of double taxation under the Act


320. Service of notice-general

Section 63

321. Service of notice where family is disrupted or firm, etc., is dissolved


322. Service of notice in the case of discontinued business

Section 25(6)

323. Marking of exhibits


324. Appearance by authorised representative

Section 61 part, and New.

325. Receipt to be given

Section 62

326. Indemnity

Section 65

327. Bar of suits in Civil Court

Section 67

328. Act to have effect pending legislative provision for charge of tax

Section 67B


329. Power to make rules

Section 59

First Schedule

Insurance Business

Second Schedule

Procedure Regarding Recovery Under Various Modes Mentioned In Section 242(1)

Third Schedule

Manner of Recovery By Distraint And Sale of Moveable Property Under Section 246(6).

Income-Tax Act, 1922 Back

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