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Report No. 12

Income-Tax Act, 1922

Income-Tax Act, 1922
Need for simplification and reference to the Law Commission
Changes proposed in the Act
Interest on Securities
Incomes of other persons included in the assessee's total income
Double Taxation Relief
Procedure for assessment
The revenue laws relevant are
Municipal laws
Remedies for recovery of Municipal dues
Action proposed (Revenue laws)
Appellate Tribunal
The Tribunal is constituted the final fact-finding authority for four taxes
List I
Summary of Important Changes Proposed in The Income-Tax Act and Embodied in The Draft Clauses in Appendix I (1)
Summary of Important Changes Proposed in The Income-Tax Act and Embodied in The Draft Clauses in Appendix I (2)
List II Changes Recommended In The Income-Tax Act But Not Embodied In Appendix I Besides the changes already embodied in the draft proposals in Appendix I, the following changes are recommended in the Act, (These have not been embodied in the draft proposals in Appendix I)
Changes Recommended In The Income-Tax Act But Not Embodied In Appendix I Besides the changes already embodied in the draft proposals in Appendix I, the following changes are recommended in the Act
Appendix I Proposals as Inserted in The Body of The Existing Act*
The Income-Tax Act, 19 (Index)
Chapter I Preliminary
1. Short title, extent and commencement
2. Definitions
Chapter II Basis of Charge
3. Charge of income-tax
4. Scope of total income: Residents
5. Previous year
6. Residence in India
7. Income deemed to be received
8. Dividend income
9. Income deemed to accrue or arise in India
10. Remittances by a non-resident husband
Chapter III Incomes which do not form Part of Total Income
11. Incomes not included in total income
12. Income from property held for religious or charitable purposes and income of religious or charitable institution
13. Business assessed under the Income-tax Act, 1918
Chapter IV Computation of Total Income
14. Heads of income
15. Salaries
16. Deductions
17. Interpretation
18. Interest on Securities
19. Deductions
20. Banking Company
21. Amounts not deductible
22. Income from house property
23. Annual value
24. Deductions
25. Amounts not deductible
26. Property owned by co-owners
27. Interpretation
28. Profits and gains of business, profession or vocation
29. Provisions applicable
30. Rent, 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. Buildings etc. partly used for business etc. or not exclusively so used
39. Managing agency Commission
40. Amounts not deductible
41. Profits chargeable to tax
42. Interpretation
43. Residence of employees
44. Insurance business
45. Capital gains
46. Previous year
47. Transactions not regarded as sale etc
48. Mode of Computation and deductions
49. Statutory cost with reference to modes of acquisition
50. Determination of statutory cost in the case of non-depreciable assets
51. Determination of statutory cost in the case of depreciable assets
52. Option money received
53. Consideration for exchange
54. Consideration for sale etc. how determined in case of understatement
55. Capital gains exempt from tax
56. Profit on sale of property used for residence
57. Interpretation
58. Income from other sources
59. Grossing up of dividends
60. Deductions
61. Amounts not deductible
62. Profits chargeable to tax
Chapter V Incomes Of Other Persons Included In Assessee's Total Income
63. Transfer of incomes
64. Revocable Transfer of property
65. Irrevocable Transfers
66. Definition of revocable transfer
67. Husband, wife and minor children
Chapter VI Aggregation Of Income And Set Off Or Carry Forward Of Losses
68. Total income
69. Method of computing a partner's share in the income of the firm
70. Cash credits
71. Unexplained investments
72. Set off of loss from one business to loss from another
73. Set-off of loss from one head to another
74. Losses in speculative business
75. Losses under the head 'capital gains'
76. Losses of registered firms
77. Losses of unregistered firms assessed as registered firms
78. Losses sustained by partners of unregistered firms
79. Set off of losses in case of change in constitution of firm
80. Submission of return of losses
Chapter VII Income On Which No Income-Tax Is Payable
81. Earned income
82. Co-operative Society
83. Dividends from Co-operative Society
84. Marketing Society
85. Newly established industrial undertakings
86. Dividend from new industrial undertaking
87. Other income
Chapter VIII Rebates And Reliefs
88. Rebate on life insurance premia, annuities and contribution to Provident Fund etc
89. Donations for charitable purposes
90. Salary paid for more than one year
91. Business assessed under the Income-tax Act, 1918
Chapter IX Double Taxation Relief
92. Agreement with countries
93. Countries with which no agreement exists
94. Relief to company to be regarded as relief to shareholder
Chapter X Provisions Against Avoidance Of Tax
95. Certain transactions with non-residents
96. Avoidance of income-tax by transactions resulting in transfer of income to non-residents
97. Avoidance of tax by certain transactions in securities
Chapter XI Super-Tax
98. Charge of Super-tax
99. Total income from Super tax
100. Business, Profession or vocation charged under 1918 Act
101. Deductions under interest on securities
102. Applicability of provisions to super-tax
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
105. Co-operative Society
106. Dividends from Co-operative Society
107. Marketing Society
108. Dividends from certain companies
109. Donations for charitable purposes
110. Newly established industrial undertakings
111. Share from registered firm
112. Relief for salary received in arrear etc
113. Super-tax on undistributed income of certain companies
114. Special provisions for certain companies
115. Approval of Inspecting Assistant Commissioner
116. Saving for company in which public are interested
117. Company in which the public are substantially interested
118. Distributable Income
119. Investment Company
120. Statutory percentage
Chapter XII Determination Of Tax In Certain Special Cases
121. Determination of Income-tax
122. Tax on accumulated balance of Recognised Provident Fund
123. Tax on compensation
124. Tax in the case of non-residents
125. Tax on capital gains in cases of assessees other than companies
126. Tax on capital gains in case of companies
Chapter XIII Income-Tax Authorities
127. Income-tax Authorities
128. Appointment of Income-tax Authorities
129. Control of Income-tax Authorities
130. Instructions to subordinate Authorities
131. Jurisdiction of Income-tax Authorities
132. Transfer of case from one Income-tax officer to another
133. Change of Incumbent of an office
134. Authority competent to take or continue certain proceedings
135. Income-tax officer entitled to assess
136. Power regarding discovery, production of evidence etc
137. Power of search and seizure
138. Power to call for information
139. Power to inspect registers of companies
140. Powers of Directors of Inspection and Inspecting Assistant Commissioners
141. Disclosure of information prohibited
142. Savings regarding voluntary disclosure by person making the statement etc
Chapter XIV Procedure For Assessment
143. Return of income
144. Return by whom to be signed
145. Provisional assessment
146. Enquiry before assessment
147. Assessment
148. Best judgment assessment
149. Relevant material
150. Method of accounting
151. Reopening of assessment at the instance of the assessee
152. Income escaping assessment
153. "Income which has escaped assessment"
154. Issue of notice where income has escaped Section 34(1) part. assessment
155. Time limit for issue of notice
156. Provision for cases where notice of assessment
157. Sanction for issue of notice
158. Other provision
159. Saving regarding time limit for completion
160. Time limit for completion of assessment and re-assessments
161. Rectification of mistake
162. Other amendments
163. Notice of demand
164. Intimation of loss
165. Intimation of assessment of firm
166. Information and Return
167. Certificate by company to share holders receiving dividends
Chapter XV Liability In Special Cases
168. Legal representatives
169. Representative assessee
170. Liability of representative assessee
171. Right of representative assessee to recover tax paid
172. When representative assessee personally liable
173. Who may be regarded as agent
174. Charge of tax where shares of beneficiaries unknown
175. Case where part of trust income is chargeable
176. Remedies against Property in cases of representative assessees
177. Direct assessment not barred
178. Executors
179. Right of executor to recover tax paid
180. Succession to business
181. Assessment after partition of a Hindu undivided family
182. Shipping business of non-residents
183. Recovery of tax in respect of non-resident from his assets
184. Assessment of person leaving India
185. Discontinued business
186. Dissolved association of persons
187. Royalties or copyright fees for literary or artistic work and fees for patents
188. Interest on income-tax free securities of a State Government
Chapter XVI Special Provisions Applicable To Firms
189. Assessment of registered firms
190. Assessment of unregistered firms
191. Application for registration
192. Procedure on receipt of application
193. Cancellation of registration
194. Change in constitution of a firm
195. Succession of one firm by another firm
196. Firm dissolved or business discontinued
197. List of other provisions
Chapter XVII Collection And Recovery Of Tax
198. List of provisions applicable to companies
199. Deduction at source and advance payment
200. Direct payment
201. Salary
202. Interest on Securities
203. Dividends
204. Other sums
205. Certificate for deduction at lower rate
206. Tax deducted is income received
207. Credit for Tax deducted
208. Duty of person deducting tax
209. Consequences of failure to deduct or pay
210. Deduction only one mode of recovery
211. Certificate for tax deducted
212. Persons responsible for paying
213. Bar against direct demand on assessee
214. Saving regarding tax deemed to have been paid on dividends
215. Advance tax and income subject to advance tax
216. Condition of liability to pay advance tax
217. Computation of advance tax
218. Order by Income-tax Officer
219. Instalments of advance tax
220. Estimate by assessee
221. Commission receipts
222. Interest payable by Government
223. Interest payable by assessee
224. Interest payable by assessee in cases of underestimate etc
225. Interest where no estimate made
226. When assessee deemed to be in default
227. Credit for advance tax
228. Exclusion of capital gains
229. When tax payable and when assessee deemed in default
230. Interest payable when tax in default
231. Certificate to Collector
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
236. Recovery through State Government
237. Recovery through Collector in Pakistan
238. Recovery of Pakistan tax
239. Condition for recovery of Indian tax in Pakistan or of Pakistan tax in India
240. Recovery of Penalties
241. Tax Clearance Certificate
242. Period for commencing recovery proceedings
243. Recovery by suit or under other law
244. Recovery of tax payable under provisional assessment
245. Tax paid by deduction or advance payment
Chapter XIX Tax Deemed To Have Been Paid On Dividends
246. Tax deemed to have been paid on dividends
Chapter XX Refunds
247. Refunds
248. Person entitled to claim refund in certain special cases
249. Form of claim for refund, and limitation
250. Refund on appeal etc
251. Correctness of assessment not to be questioned
252. Interest
253. Set-off of refunds against tax remaining payable
Chapter XXI Appeals And Revisions
254. Appealable orders.
255. Appeal by partner
256. Appeal by person denying liability to deduct tax
257. Form of appeal, and limitation
258. Procedure in appeal
259. Powers of the Assistant Appellate Commissioner
260. Appealable orders
261. Limitation
262. Form of appeal
263. Powers and Procedure
264. Hearing by Bench
265. Communication of order in appeal
266. Costs
267. Refund consequential on appeal
268. Appealable Judgment
269. Procedure
270. Appeals to the Central Board of Revenue
271. Revision of order prejudicial to Revenue
272. Revision of other orders
273. Tax to be paid notwithstanding appeal
274. Execution for costs awarded by Supreme Court
275. Amendment of assessment on appeal
276. Exclusion of time taken for copy
277. Rules by the Supreme Court
278. Definitions
Chapter XXII Penalties Imposable By Income-Tax Authorities
279. Failure to furnish information regarding securities etc
280. Concealment of income or improper distribution of profits
281. Failure to give notice of discontinuance
282. False estimate of or failure to pay advance tax
283. Procedure
284. Bar against prosecution
Chapter XXIII Offences And Prosecutions
285. Failure to make payments or deliver returns or statements or allow inspection
286. False statement in declaration
287. Prosecution to be at instance of Inspecting Assistant Commissioner
288. Disclosure of particulars by public servants
Chapter XXIV Recognised Provident Funds
289. According and withdrawal of recognition
290. Conditions to be satisfied by recognised provident funds
291. Relaxation of conditions
292. Repugnancy in regulations
293. Employer's contributions where deducted in assessing his income
294. Employer's annual contributions when deemed to be income received by employee
295. Employer's contributions exempt
296. Exclusion of accumulated balance and Exclusions from total income
297. Tax on accumulated balance
298. Deduction at source of incomes-tax payable on accumulated balance
299. Treatment of balance in newly recognised Provident Funds
300. Account of Recognised Provident Funds
301. Appeals
302. Treatment of fund transferred by employer to trustee
303. Provision relating to rules
304. Application of this Chapter
305. Definitions
Chapter XXV Approved Superannuation Funds
306. Approval and withdrawal of approval
307. Conditions for approval
308. Application for approval
309. Income from investment
310. Employer's contribution-deduction for
311. Employee's contribution when exempt
312. Contributions paid to employee when deemed to be income
313. Deduction of tax on contribution paid to an employee
314. Deduction from pay of and contributions on behalf of employee to be included in return
315. Liabilities of trustees on cessation of approval of funds
316. Particulars to be furnished in respect of Superannuation Funds
317. Provisions relating to rules
318. Definitions
Chapter XXVI Miscellaneous
319. Bar of double taxation under the Act
320. Service of notice-general
321. Service of notice where family is disrupted or firm, etc., is dissolved
322. Service of notice in the case of discontinued business
323. Marking of exhibits
324. Appearance by authorised representative
325. Receipt to be given
326. Indemnity
327. Bar of suits in Civil Court
328. Act to have effect pending legislative provision for charge of tax
329. Power to make rules
First Schedule Insurance Business
A. Life insurance business
B. Other insurance business
Second 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
Third Schedule Procedure for Distraint by Income-Tax Officer
Distraint and sale
Appendix II Table Showing The Provision an The Existing Act and The Corresponding Provision, if any, as Proposed1 in Appendix I
Table Showing The Provision an The Existing Act and The Corresponding Provision, if any, as Proposed1 in Appendix I
Chapter I Preliminary
Notes on Clauses 1,2
Chapter II Basis of Charge
Notes to clause 3
Notes to clause 4
Notes to clauses 5,6
Notes to clauses 7 to 10
Chapter III Incomes which do not form Part of Total Income
Notes to clause 11
Notes to clause 12
Notes to clause 13
Chapter IV Computation of Total Income
Notes to clause 14
Notes to clauses 15 to 17
Notes to clauses 18 to 21
Notes to clauses 22 to 27
Notes to clauses 28 to 31
Notes to clause 32
Notes to clauses 33 to 38
Notes to clauses 39 to 41
Notes to clauses 42 to 44
Notes to clauses 45 to 49
Notes to clauses 50 to 62
Chapter V Incomes of other Persons, Included in Assessee's Total Income
Notes to clauses 63 to 67
Chapter VI Aggregation of Income and Set-off or Carry Forward of Losses
Notes to clauses 68 to 72
Notes to clauses 73 to 80
Chapter VII Income on which no Income-Tax is Payable
Notes to clauses 81 to 87
Chapter VIII Rebates and Reliefs
Notes to clauses 88 to 91
Chapter IX Double Taxation Relief
Notes to clauses 92 to 94
Chapter X Provisions Against Avoidance of Tax
Notes to clauses 95 to 97
Chapter XI Super-Tax
Notes to clauses 98 to 103
Notes to clauses 104 to 110
Notes to clauses 111 to 120
Chapter XII Determination of Tax in Certain Special Cases
Notes to clauses 121 to 126
Chapter XIII Income-Tax Authorities
Notes to clauses 127 to 130
Notes to clauses 131 to 135
Notes to clauses 136 to 142
Chapter XIV Procedure for Assessment
Notes to clauses 143 to 146
Notes to clauses 147 to 151
Notes to clauses 152 to 160
Notes to clauses 161 to 167
Chapter XV Liability in Special Cases
Notes to clauses 168 to 170
Notes to clauses 171 to 180
Notes to clauses 181 to 183
Notes to clauses 184 to 188
Chapter XVI Special Provisions Applicable to firms
Notes to clauses 189 to 197
Chapter XVII Special Provisions Relating to Companies
Notes to clause 198
Chapter XVIII Collection and Recovery of Tax
Notes to clauses 199 to 205
Notes to clauses 206 to 214
Notes to clauses 215 to 220
Notes to clauses 211 to 230
Notes to clauses 231 to 245
Chapter XIX Tax Deemed to have been Paid on Dividends
Notes to clause 246
Chapter XX Refunds
Notes to clauses 247 to 253
Chapter XXI Appeals and Revisions
Notes to clauses 254 to 260
Notes to clauses 261 to 270
Notes to clauses 271 to 278
Chapter XXII Penalties Imposable by Income-Tax Authorities
Notes to clauses 279 to 284
Chapter XXIII Offences and Prosecutions
Notes to clauses 285 to 288
Chapter XXIV Recognised Provident Fund
Notes to clauses 289 to 295
Notes to clauses 296 to 305
Chapter XXV Approved Superannuation Funds
Notes to clauses 306 to 310
Notes to clauses 311 to 318
Chapter XXVI Miscellaneous
Notes to clauses 319 to 329
Note on Repeal and transitional provisions
Transitional provisions
Notes to 1 to 3 Schedules
Note By Dr. N.C. Sen Gupta

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