Part I--Amendments by Finance Act, 2018
and Commentary Thereon

Section A--Amendments by the Finance Act, 2018--At a Glance

I. Income Tax Act

Section B--Commentary on Finance Act, 2018

1.

Tax Rates

Tax rates for different assessees for the assessment year 2019-20

Alternate Minimum Tax on all assessees other than company

TDS rates and threshold limit

Surcharge on income-tax

Health and education cess [From assessment year 2019-20]

Surcharge and cess on tax deducted/collected at source

Surcharge on MAT

Surcharge on dividend distribution tax/Income distribution tax

2.

Deemed Dividends

What is deemed dividend?

Accumulated profits of amalgamated company to include accumulated profits of amalgamating company--Amendment by the Finance Act, 2018

Judicial opinion

Applicability of amendment

Date of application of amendment

Amalgamated and amalgamating company--Meaning of

Accumulated profits

Where amalgamated company has accumulated losses

Accumulated profits--Whether capitalised or not--Meaning of

Scope of capitalised profits

3.

Business Connection

Amendment in definition of business connection

Business connection to include signification economic presence

4.

Exempt Incomes

Exemption to royalty/fees for technical services from National Technical Research Organisation

Scope of exemption under section 10(12A) extended to self employed individuals also

Extension of provisions of section 40(a)(ia), 40A(3), 40A(3A) to entities referred to in section 10(23C)

Withdrawal of exemption to long-term capital gains from equity shares/units of equity oriented funds/units of business trust

Exemption to specified income of class of body, authority, Board, Trust or Commission in certain cases

5.

Charitable Trusts and Disallowance Under sections 40(a)(ia), 40A(3), 40A(3A)

The provisions

The amendment

Provisions of section 40(a)(ia)

Provisions of section 40A(3)/40A(3A)

Impact of amendment

Steps to apply newly inserted Explanation 3

Applicability only if disallowance could be made under section 40(a)(ia)/ 40A(3)/40A(3A)

Applicability of section 40(a)(ia) to charitable trust, etc.

Application of section 40A(3) to charitable trust

Different situations and application of income vis-a-vis section 40(a)(ia)

Provisions illustrated vis-a-vis application of section 40(a)(ia) and section 40A(3)

Provisions illustrated vis-a-vis section 40A(3)/40A(3A)

6.

Salary Income

Standard deduction against salary income

Withdrawal of exemption to medical reimbursement

7.

Business Income

Taxability of compensation in connection to business or employment

Conversion of inventory into capital asset to be taxed as business income

Allowability of market to market losses

Trading in agricultural commodity derivatives not to be treated as speculative transaction even though no CTT is paid thereon

Tax treatment of foreign exchange fluctuation gains

Where stamp value does not exceed 105 per cent of consideration the same shall be ignored for the purposes of section 43CA

Mode of payment specified in section 43CA

Computation of income from construction and service contracts

Higher presumptive income in case of heavy goods carriage under section 44AE

8.

Income Computation and Disclosure Standards

Amendments by Finance Act, 2018 in relation to Income Computation and Disclosure Standards

Brief about ICDS

Challenge to ICDS before, Delhi High Court

ICDS-I : Accounting polices

ICDS-II : Valuation of inventories

ICDS-III : Construction contracts

ICDS-IV : Revenue recognition

ICDS-V : Revenue recognition

ICDS-VI : Effects of changes in Foreign Exchange Assets

ICDS-VII : Government Grants

ICDS-VIII : Valuation of securities

Concluding remarks

9.

Capital Gains

Withdrawal of exemption under section 10(38)

Exemption to transfer of certain accounts by a non-resident on a recognised stock exchange located in any International Financial Services Centre

No benefit under first and second proviso to section 48 in case capital gain arise under section 112A

Determination of cost of acquisition of capital asset converted firm inventory

Where stamp value does not exceed 105 per cent of consideration the same shall be ignored for the purposes of section 50C

Deduction under section 54EC restricted to land or building or both

Bonds referred to in section 54EC not to be encashed within a period of five years

New definition of long-term specified asset in section 54EC

10.

New Taxation Regime for Long Term Capital Gains on Equity Shares, Unit of Mutual Fund and Unit of Business Trust

Exemption provisions as to long-term capital gains--Prior to amendment

Withdrawal of exemption to long-term capital gain in certain cases

Reason for withdrawal of exemption

Levy of tax on long-term capital gains

Assets specified

Overriding nature of section 112A

Meaning of long-term capital gain for purposes of section 112A

Point of chargeability of tax

Nature of asset to be long-term

Conditions precedent for applicability of section 112A

Condition as to securities transaction tax, when not to apply

Rate of tax on long-term capital gain

Case of company and assessees liable to AMT

Special provisions for resident individual/HUF

Determination of cost of acquisition of asset referred to in section 112A acquired before 1-2-2018

Determination of fair value of asset

Computation of long-term capital gains referred to in section 112A

Determination of cost of acquisition of asset referred to in section 112A acquired after 31-1-2018

No deduction under Chapter VI-A

No rebate under section 87A

No benefit to NRIs

No indexation benefit

New definition of equity oriented fund

Loss to be carried forward

Case of bonus shares/right shares

Exemption under section 54EE/54F

Set of losses

Buy-back of equity shares

Shares received pursuant to amalgamation

Shares received pursuant to demerger

Non-residents and section 112A

Taxation of minor

Illustration clarifying impact of amendment

Illustration clarifying impact of amendment on individuals having other income above/below maximum amount not chargeable to tax

Illustration clarifying impact of amendment where assessee eligible for deduction under Chapter VI-A

Rate of tax on long-term capital gain arising from equity shares/units of equity oriented fund/units of business trust in case of FIIs

11.

Income from Other Sources

Difference between sale consideration and stamp value to be ignored in certain cases

Exemption from scope of section 56(2)(x) extended

Taxability of compensation in connection to employment

12.

Losses

Change in shareholding pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 not to result in applicability of section 79

13.

Deduction Under Chapter VI-A

Deduction under sections 80H to 80TT not to be allowed unless return furnished by due date

Limit of deduction in section 80D raised in case of senior citizen and in respect of medical expenditure incurred on health of the assessee being a senior citizen

Fractional deduction to be allowed in case of single insurance premium policies

Concept of very senior citizen removed

Raising the limit of deduction under section 80DDB and removing of concept of very senior citizen

Amendment in section 80-IAC

Reduction in condition for days of employment to footwear and leather products industry

Tax incentives where employee employed for less than specified limit during the year

Deduction in respect of certain income of producer companies

Higher deduction for interest on deposits to senior citizens

14.

Corporate Taxation

Special tax rate for companies restricted to certain incomes

Special provision for computation of book profits in case of company under corporate insolvency resolution process

Non-applicability of MAT provisions to companies covered by sections 44B/44BB/44BBA/44BBB

Accumulated profits of amalgamated company to include accumulated profits of amalgamating company

15.

Return and Assessment

Requirement to obtain PAN in certain cases

PAN card not to be a laminated card

Verification of return of company under corporate insolvency process

No adjustment to return be made on basis of entry in Form No. 26AS

New scheme for assessment

Method of accounting in certain cases

Taxability of certain incomes

16.

Tax Deduction at Source

TDS on interest payable on 7.75% Savings (Taxable) Bonds, 2018

Raising limit for tax deduction in case of senior citizens

No TDS under section 195 on royalty and FTS payment by National Technical Research Organization (NTRO) to non-resident

Disallowance in case of non-compliance of TDS provision by exempt trusts and institutions

17.

Advance Ruling

Advance ruling authority not to function for Customs Act

Composition of authority for advance rulings

No application before AAR in case of Customs Act

18.

Penalty and Prosecution

Order under section 271J appealable before ITAT

Penalty leviable under section 271FA for failure to furnish statement of financial transactions or reportable account as per section 285BA(1)

Companies no more eligible to get relief from prosecution for failure to furnish return

19.

Securities Transaction Tax and Commodities Transaction Tax

New definition of equity oriented fund

Tax to be charged on option on commodity derivative

New rate of commodities transaction tax

Determination of value of taxable commodities transaction

Provision of section 119 of Income Tax Act, 1961 to apply to Finance Act, 2013

20.

Miscellaneous

Definition of equity oriented fund in section 2(42A) amended

No deduction in respect of expenditure etc., against income deemed under sections 68 to 69D

Reduction in alternate minimum tax rate for unit located in International Financial Service Centre

Income distribution tax to be levied on income distributed by equity oriented mutual funds

New definition of equity oriented fund

Country by country reporting

Part II--Master Guide to Income Tax Act

Section C--Ready Referencer

A. 

Tax Rates For Current Assessment Years [Assessment Years 2018-19 and 2019-20]

INCOME TAX

Tax rates for individual below 60 years of age, Hindu Undivided Families, Association of Persons, Body of Individuals and Every Artificial Juridical Person [Assessment years 2018-19 and 2019-20]

Tax rates for individuals being a resident in India, who is of the age of sixty years or more but less than eighty years of age at any time during the previous year [Assessment years 2018-19 and 2019-20]

Tax rates for an individuals being a resident in India, who is of the age of eighty years or more at any time during the previous year [Assessment years 2018-19 and 2019-20]

Tax rates for companies [Assessment years 2018-19 and 2019-20]

Tax rates for co-operative societies [Assessment years 2018-19 and 2019-20]

Tax rates for firm and LLP [Assessment years 2018-19 and 2019-20]

Tax rates for local authority [Assessment years 2018-19 and 2019-20]

B. 

Specified Tax Rates Under Income Tax Act

C. 

TDS Rates [For Financial Year 2018-19]

Recipient other than a company being a resident

Payment to non-resident Indian and non-resident non-corporate assessees

Payments to domestic company

Payments to a non-domestic company

D. 

Rates For Tax Collection At Source [For Financial Year 2018-19]

Where collected by seller of goods

Where collection made by lessor or licensor

E. 

Rates for Dividend Distribution tax under Section 115-O [For Financial Year 2018-19]

F. 

Rates for Tax on Income Distributed by UTI or Mutual Funds For Financial Year 2018-19]

G. 

Rates for Minimum Alternate Tax [For Financial Year 2018-19]

H. 

Tax Rates for Last Ten Assessment Years

Income tax rates for Individuals, HUFs, Firms, Body of Individuals and Association of Persons--For assessment years 2008-09 to 2017-18

Income tax rates for specified HUFs--For assessment years 1986-87 to 1996-97

Rates of income-tax for firms--For assessment years 2008-09 to 2017-18

Income-tax rates for companies--For assessment years 2008-09 to
2017-18

Income-tax rates for co-operative societies--For assessment years 2008-09 to 2017-18

I. 

Rates for Dividend/Distribution Tax under Section 115-O [From 1-6-1997 and Upto 31-3-2018]

J. 

Rates of Wealth Tax [For Last Ten Assessment Years and Upto Assessment Year 1992-93]

Specified Hindu Undivided Family--Upto the assessment year 1992-93]

Individuals and Non-specified HUFs--[Upto the assessment year 1992-93]

Individuals, HUFs and Companies

K. 

Market Rates of Gold and Silver for Last Ten Assessment Years, as on 31-3-2018 and 1-4-1981

Adjustment to be made in value of 24 carat gold to arrive at value of gold ornaments

Conversion factors

L. 

Fee Structure for Appeals

M. 

Tax Saving Schemes

N. 

Tax Calendar For Recurring Work

O. 

Audit Reports under Income Tax Act, 1961

P. 

Period of Limitation under Income Tax

Q. 

Withholding Tax Rates under DTAA

R. 

List of Bonus Issue of Shares During 1-4-2017 to 31-3-2018

Section D--Special Charts and Tables

I.

Exempt Incomes

Scope of Exemption in respect of Leave Travel Concession [Section 10(5) read with Rule 2B]

List of Incomes Exempt From Tax

Mutual Funds Notified under Section 10(23D)

II.

Salary Income

Deductions Allowable from Salary Income

--Entertainment allowance

--Professional tax

Scheme of Exemption under Section 10(10) in Respect of Gratuity

Scheme of Exemption under Section 10(10AA) in Respect of Leave Encashment

Allowances Exempt under Section 10(14)(ii) read with Rule 2BB(2), of the Income Tax Rules, 1962

SBI Lending Rates [For Purposes of Computation of Perquisite under section 17 read with Rule 3(7)(i)]

III.

Property Income

Deduction under Sections 23 and 24 at a Glance

IV.

Income from Business or Profession

Depreciation Rates Under Income Tax Act

--Rates of depreciation : Appendix I to Income Tax Rules, 1962

--Furniture and Fittings including electrical fittings [See Note 5 below the table]

--Machinery and Plant

--Ships

--Depreciation rates for units engaged in power generation

Ceiling on Qualifying Expenditure for the Purposes of Section 35D

Sums Disallowable under Section 40(a)

Point of Time when Payments to be made to Comply with the Provisions of Section 43B

--Point of time when payments to be made

Maintenance of Books of Account by Non-Specified Professionals and Persons Carrying on Business

Maintenance of Books of Account by Specified Professionals

--Specified professions under section 44AA(1)

--Professions specified under section 44AA(1) by CBDT

--Books to be maintained

--Place of maintenance

--Period of maintenance

V.

Capital Gains

Period of Holding so that an Asset can be Termed as Long Term Capital Asset

Cost Inflation Index Table

Rate of Exchange and Relevant Dates to Determine Capital Gain under the Proviso to Section 48

Provisions of Sections 45, 46, 50C, 50CA and 50D in a Tabular Form

Cost of Acquisition with Reference to Certain Modes of Acquisition [Section 49]

Provisions Relating to Cost of Acquisition Presented in a Summary Manner [Section 55]

Cost of Improvement

Deductions from Capital Gains at a Glance

VI.

Income From Other sources

Deductions Admissible Against Income from Other Sources [Section 57]

Amounts Not Deductible [Section 58]

VII.

Losses

Set Off and Carry Forward Provisions at a Glance

--Provisions of sections 71 to 74

--Carry forward and set-off of losses and depreciation in case of amalgamation [Section 72A]

--Tax incentive for amalgamation of banking company with banking institution [Section 72AA]

--Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in case of business reorganisation of co-operative banks [Section 72AB]

--Order of preference

--Filing of return before due date--A pre-condition to claim carry forward and set off of loss

VIII.

Deductions under Chapter VI-A

Deduction in Respect of Certain Payments

Deduction under Section 80C in Respect of Certain Investments

--To whom deduction allowable

--Amount of deduction

--Maximum amount that can be deducted out of gross total income

--Payment need not to be made out of income chargeable to tax

--Specified investment and deposit for the purposes of new section 80C

--Deduction under section 80C in respect of life insurance premium to be restricted to the extent of 20 per cent of the actual capital sum assured [Section 80C(3)]

--Deduction under section 80C not to be allowed in respect of premium paid on life insurance policy in excess of specified percentage of actual capital sum assured [Section 80C(3A)]

--Persons in whose name investment can be made

--Consequences of termination of contract of insurance/participation in ULIP/transfer of residential house

--Consequences of transfer of equity shares or debentures

--Consequence of withdrawal from Senior Citizens Savings Scheme and Post Office Time deposits [Section 80C(6A)]

--Tax deduction under section 80C not available against long-term capital gains

--No deduction under section 80C against short-term capital gains referred to in section 111A

--Deductibility of accrued interest on NSC

--Maximum deductible amount under section 80C, 80CCC and 80CCD [Section 80CCE]

Deduction in Respect of Certain Incomes

IX.

Rebate and Reliefs

Rebate under Section 86

--Eligibility

--Steps to calculate amount of rebate

Rebate Under Section 87A

Double Taxation Avoidance Agreement at a Glance

Tax Information Exchange Agreements

X.

Advance Tax and TDS

TDS Chart [For Financial Year 2018-19]

Advance Tax Instalments [Sections 211, 218 and 219]

--Instalments of advance tax and due dates [Section 211] [From 1-6-2016]

XI.

Assessment

Return Forms

--Form of return for assessment year 2018-19

Time Limit for Completion of Assessment and Reassessment [Section 153]

--Time limits for completion of assessment

--Applicability of provisions to old proceedings

--Exclusions

--Other income

XII.

Interest Provisions

Table as to Interest under Income Tax

--Table 1 : Non-Corporate Assessee [Relevant for Section 234C]

--Table 2 : Corporate Assessee [Relevant for Section 234C]

XIII.

Penalties and Prosecution

List of Penalties

Offences and Prosecutions

XIV.

Settlement of Cases

Determination of Additional Tax Payable in Case of Settlement Petition

--For Settlement petition on or after 1-6-2007

XV.

Securities Transaction Tax

Ready Referencer of Provisions as to Securities Transaction Tax and Consequential Treatment under Income Tax Act

--No securities transaction tax in certain cases

Section E--Income Tax Procedure Guide

1.

Procedure Relevant to Surveys [Section 133A]

Authorities eligible to conduct survey under section 133A

Places of survey

Restriction on place of survey under section 133A and exceptions thereto

Survey on charitable trusts

Survey may be conducted even in the absence of assessee

Whether office of the auditor of the assessee also covered by the term 'premises'?

Powers of income-tax authorities vis-a-vis survey

Power of survey extended to TDS TCS related matter

Is any statutory form to be served at the time of survey

Timing of survey

Power to impound cash, stock and other valuable articles

Powers of authorities where survey conducted at the time of functions and ceremonies

Power to collect tax during survey

Power to take copies of documents or books, etc. at the time of survey

Evidentiary value of statement taken on oath

Affidavit retracting admission--Impact of

Rights of person surveyed

Presumption available under section 292C applicable to survey proceedings also

2.

Procedure Relevant to Search Cases

Authorities empowered to authorise search

Contents of warrant of authorisation

Who can be authorised by authorising officer?

On or after 1-10-2009 no authorisation for search shall be issued by Additional Director/Commissioner or by Joint Director/Commissioner unless empowered by CBDT so to do [Fourth proviso to section 132(1)]

When a search can be ordered

Power to issue search notices under section 131(1A)

Authorisation and assessment in case of search of more than one person

Powers under section 132(1)

Recording of statement under section 132(4)

Rights of the person searched

Duties of the persons searched

Formalities to be observed after entering the premises

When entry is not freely available

When premises found locked

Procedure for seizure

Preparation of Panchnama

Assessees not to be coerced for admission of undisclosed income

3.

Procedural Aspects As to PAN

Obligation to obtain PAN

Persons required to obtain PAN [Sections 139A(1), 139A(1B), 139A(2) and 139A(3)]

Central Government empowered to notify class or classes of persons who shall apply for PAN if they are liable to pay tax or duty under any law [Section 139A(1A)]

Central Government empowered to specify class of persons who shall apply for allotment of PAN [Section 139A(1B)]

Quoting PAN [Section 139A(5)]

Intimation of PAN by a person receiving income subject to tax deduction [Section 139A(5A)]

Duty of tax deductor to quote PAN [Section 139A(5B)]

Sections 139A(5A) and 139(5B) not to apply to certain persons

Buyer, lessee or licensee referred to in section 206C to intimate PAN [Section 139A(5C)]

Person collecting tax to quote PAN of every buyer, licensee or lessee [Section 139A(5D)]

Ensuring compliance of section 139A [Sections 139A(6) and 139A(7)]

CBDT's power to make rules relating to PAN

Procedure for applying for Permanent Account Number

Documents pertaining to transactions in respect of which PAN must be quoted

Duty of certain persons to ensure that correct PAN is quoted [Rule 114C]

Time and manner in which persons referred to in sub-rule (2) of rule 114C shall intimate details of transaction to department [Rule 114D]

Class of persons who shall apply for allotment of Permanent Account Number

Penalty for failure to comply with provisions of section 139A [Section 272B]

4.

Procedure for Filing of Tax Return through Tax Return Preparers [Section 139B]

5.

Procedure to Pay income-tax on Self-Assessment [Section 140A]

Computation of tax payable

Paying the tax

Failure consequences

6.

Procedures and Precautions in Relation to Advance Income Tax

Procedure for paying advance tax suo motu [Sections 210 and 211]

Payment of tax before 31st March

Paying advance tax

Failure consequences

Procedure for paying advance tax in pursuance of order of assessing officer under section 210 of Income Tax Act

Procedure for claiming credit for advance tax paid

7.

Procedures and Precautions in Relation to Return

CBDT empowered to exempt to a class or classes of persons from furnishing return of income [Section 139(1C)]

CBDT empowered to dispense with furnishing documents, etc., with the return [Section 139C]

CBDT empowered to provide for electronic furnishing of return by certain classes of persons [Section 139D]

Who is required to verify the return

Penal interest for delay in furnishing return of income

Consequences of failure to file return

Applicable form of return of income

Procedure to file a return of income where assessee is a person required to file return under section 139(4A) or section 139(4D)

Procedure to file Return by Political Parties under section 139(4B)

Procedure to file return under section 139(4C)

Procedure to file a belated return [Section 139(4)]

Procedure to revise return of income already filed by assessee [Section 139(5)]

Procedure to remove defects in the return of income [Section 139(9)]

Quoting of Adhaar number

Fee for delay in delay in furnishing of return of income

8.

Procedures and Precautions in Relation to Assessment

Response to notice issued under section 142(1) [Section 142(1) and Rule 14]

Compliance with direction to get accounts audited [Section 142(2A) and Rule 14A]

Summary assessment

Facing scrutiny assessment

Necessity of processing of returns where notice under section 143(2) has been issued

Applying to Joint Commissioner for issue of direction to assessing officer while completing the assessment [Section 144A]

Tax practioner's obligation in respect of scrutiny assessment

9.

Procedure for Reference to Dispute Resolution Panel

Introduction of dispute resolution mechanism

Procedure for dispute resolution

Rules regarding Dispute Resolution Panel

10.

Procedure for Invoking GAAR

11.

Procedure Related to Reassessment

Reassessment not permissible unless reason to believe exist

Reassessment pursuant to assessment completed under section 143(3) or section 147--When permissible

Reassessment in case of assets located outside India

What would not amount to full and true disclosure

Income--When deemed to have escaped

Assessing officer can take up issues on reopening which are not included in notice for reassessment [Explanation 3 in section 147]

Notice under section 148

Time limits for reopening the assessment [Section 149]

Time limit for issuance of notice under section 148 in certain cases

Sanction for issue of notice under section 148 [Section 151]

Obligation in respect of reassessment

12.

Procedure for Assessment in Search Cases [Sections 153A, 153B, 153C and 153D]

Procedure for assessment in search cases

Time limit for completion of assessment in search cases

Assessment of income of any other person

Class or classes of cases in which the assessing officer shall not be required to issue notice for assessment or reassessment of the total income for six assessment years immediately preceding the assessment year

Authority empowered to pass order

Miscellaneous issues

13.

Procedures and Precautions in Relation to Rectification

Power of rectification

Income-tax authorities empowered to make rectification

Scope of rectification

Time limit for rectification

14.

Procedure for Avoiding Repetitive Appeals

A. When Assessee Claims Identical Question of Law is Pending Before High Court or Supreme Court [Section 158A]

Declaration by assessee

Declaration where to be furnished

Procedure after declaration

B. When in an Appeal by Revenue an Identical Question of Law is Pending Before Supreme Court [Section 158AA, effective from 1-6-2015]

Direction by Principal Commissioner or Commissioner to assessing officer for filing an application where identical question of law is pending before Supreme Court

Acceptance from assessee necessary for making application as per sub-section (1)

Appeal to be filed before Tribunal where impugned order is not in conformity with the final decision on question of law

Time limit for filing appeal under sub-section (3) before ITAT

15.

Procedures and Precautions in Relation to Liability in Special Cases

Procedure to be assessed as a legal representative in respect of income of the deceased person [Section 159]

Procedure for being assessed as an agent of non-resident in respect of his income [Section 163]

Procedure for being assessed in respect of the income of minor/ lunatic/idiot as his guardian/manager [Section 160]

Procedure for being assessed in the capacity of courts of wards, administrator, official trustee or receiver, or manager [Section 160]

Procedure to be assessed in respect of a trust of which assessee is a trustee(s) [Sections 160, 162 and 164]

Procedure to be assessed in respect of income of a deceased person as his executor [Section 168]

Procedure to obtain recognition of the partition of a Hindu undivided family [Section 171]

Procedure to discontinue business or profession [Section 176]

Procedure to give notice to the assessing officer of having been appointed as a liquidator of a company [Section 178]

16.

Procedures and Precautions in Relation to Recovery

Procedure to make payment of any amount demanded by the assessing officer [Section 220]

Procedure to obtain waiver of interest levied under section 220(2) for late payment of income-tax demanded [Section 220]

Procedure to pay tax demanded in instalments [Section 220]

Procedure to request assessing officer not to treat assessee as assessee in default

Procedure for obtaining time from Tax Recovery Officer for payment of tax demanded in the certificate issued by him [Section 225]

Procedure for obtaining stay of recovery proceedings by Tax Recovery Officer [Section 225]

Procedure for applying to Tax Recovery Officer for amendment of the certificate issued to assessee [Section 225(3)]

Procedure to act on a notice issued by assessing officer or Tax Recovery Officer in garnishee proceedings under section 226(3)

Procedure for objecting to order of attachment or sale of any property in execution of the certificate of Tax Recovery Officer on the ground that such property is not liable to attachment or sale [Rule 11, Schedule II]

Procedure for applying to Tax Recovery Officer for setting aside sale of immovable property on deposit [Rule 60, Schedule II]

Procedure for applying for setting aside sale of immovable property on the ground of non-service of notice or other irregularities [Rule 61, Schedule II]

Procedure for applying for setting aside sale where defaulter has no saleable interest [Rule 62, Schedule II]

Procedure for applying for postponement of sale of immovable property for raising the amount due under certificate of Tax Recovery Officer [Rule 66, Schedule II]

Procedure for applying to assessing officer for accepting property in satisfaction of the amount due from defaulter [Rule 68A, Schedule II]

Procedure for replying to notice to show cause why defaulter should not be committed to the civil prison [Rules 73 to 77, Schedule II]

Procedure for getting an order of release from civil prison [Rules 78 and 79, Schedule II]

Procedure for filing appeal against order of Tax Recovery Officer before Chief Commissioner of Income Tax [Rule 86, Schedule II]

17.

Procedure Relevant to Interest for Delay in Furnishing Return of Income

Defaults attracting interest under section 234A(1)

Meaning of 'due date'

Defaults attracting charge of interest under section 234A(3)

Period for which interest is to be charged

Amount of tax on which interest is to be paid under section 234A

Rate of interest under section 234A

Meaning of the expression 'month or part of a month' used in section 234A

Procedure to be followed in calculation of interest [Rule 119A]

Reduction of interest paid under section 140A

Regular assessment to include reassessment under section 147

Waiver/reduction of interest

Proportionate reduction or increase in amount of interest

18.

Procedure Relevant to Interest under Section 234B

Defaults attracting interest under section 234B(1)

Period for which interest payable

Period of default in case of assessment made for first time under section 147

Amount on which interest payable

Assessed tax--Meaning of

Rate of interest

Adjustment of interest when tax paid under section 140A before regular assessment

Computation of interest where additional income is disclosed before the Settlement Commission under section 245C

Circumstances leading to increase in amount of interest

Period for which increased amount of interest payable

Amount on which increased amount of interest payable

Proportionate reduction or increase in amount of interest

Waiver or reduction of interest under section 234B

19.

Procedure Relevant to Interest Under Section 234C

Liability of corporate assessee to pay interest

No interest chargeable in certain cases

Liability of non-corporate assessee to pay interest

Liability of assessee eligible for benefit under section 44AD or section 44ADA to pay interest

No interest payable by all assessees in certain cases

Computation of interest under section 234C in case of corporate assessee

Computation of interest under section 234C in case of non-corporate assessee

Tax due on returned income--Meaning of

Waiver or reduction of interest under section 234C

20.

Procedure for Levy of Fee for Defaults in Furnishing TDS and TCS Statement

21.

Procedure Relevant to Tax Deduction at Source

22.

Procedure to Obtain Tax Deduction and Collection Account Number [Section 203A]

Who is required to obtain tax deduction and collection account number

Requirement as to quoting of tax deduction and collection account number

Form of application

Assessing officer to whom application is to be made [Rule 114A(2)]

Time limit for applying

23.

Procedures and Precautions in Relation to Refund

Procedure for claiming refund of excess tax deducted at source and/or excess payment of advance tax [Section 237]

Procedure for making belated claim for refund [Section 239]

Assessing officer empowered to withheld refund in certain cases [Insertion of section 241A]--Effective from 1-4-2017

Procedure for claiming interest on delayed refunds [Section 244A]

Procedure for charging interest on excess refund

Procedure for adjustment of refunds against outstanding demands--Instruction dt. 27-11-2012

Procedure for response to arrear demand by taxpayer and verification and correction of demand by Aos--Circular No. 8/2015, dt. 14-5-2015

Action to be performed by Taxpayers

Procedure regarding condonation of delay in filing refund claims and claim of carry forward of losses--Circular No. 9/2015, dt. 9-6-2015

24.

Procedures and Precautions in Relation to Advance Ruling

Meaning of advance ruling

Person entitled to seek advance ruling

Form for obtaining an advance ruling [Rule 44E]

Fee payable

Application when can not be made

Rejection of application

Pronouncement of ruling

25.

Procedures and Precautions in Relation to Settlement Commission

26.

Procedures and Precautions in Relation to First Appeals

Procedure for filing appeal to Commissioner (Appeals) [Section 246A]

Procedure for filing additional grounds of appeal

Procedure for producing additional evidence

27.

Procedures and Precautions in Relation to Second Appeal

Appealable orders before Income Tax Appellate Tribunal [Section 253]

Time limit for appeal

Memorandum of appeal

Procedure as to memorandum of appeals

Dress regulations [Rule 17A]

Procedure for filling up form of appeal

Appeal fee payable

Instructions regarding e-payment of ITAT Fees

Signing of appeal form

Where appeal be filed

Procedure for filing paper book

Precautions to be taken in preparing paper book

Procedure for filing memorandum of cross objections to Appellate Tribunal [Rule 22 of Income Tax (Appellate Tribunal) Rules, 1963]

Procedure for filling up form of cross objections

Procedure as to affidavit before Income Tax Appellate Tribunal

Procedure for responding to notice of hearing of case

Procedure for applying to Tribunal for early hearing of appeal

Procedure for approaching Appellate Tribunal for blocking hearing of appeals

Procedure for getting recalled ex-parte order of Tribunal

Procedure for filing additional ground of appeal before Tribunal [Rule 11, ITAT Rules]

Procedure for producing additional evidence before Tribunal [Rule 29, ITAT Rules]

Procedure for authorising any person for appearing before Tribunal

Procedure as to constitution of Tribunal Benches

Procedure for filing application for rectification of order passed by Tribunal [Section 254]

Procedure for filing application for stay of demand pending disposal of appeal by Tribunal [Rule 35A, ITAT Rules]

Procedure for applying for certified copies of any order of the Appellate Tribunal [Rule 49, ITAT Rules]

Procedure for obtaining inspection of records and registers of the Appellate Tribunal [Rule 50, ITAT Rules]

Regulations regarding hearing of appeals by video conference--Circular [No. F.1-AD (E-Bench)/AT/2012], dt. 9-11-2012

28.

Procedures and Precautions in Relation to Appeal to High Court

29.

Procedure Relevant to Revision under Section 263

Requisite conditions for exercise of revisional power

Procedure as to revision

Definition of record--Explanation (b) to section 263(1)

Opportunity of being heard by Principal Commissioner or Commissioner acting under section 263

Time-limit for exercise of power of revision

Order revisable

30.

Procedures and Precautions in Relation to Revision under Section 264

31.

Procedures and Precautions in Relation to Section 273A, 273AA

Procedure for applying to Principal Commissioner or Commissioner for reducing or waiving penalty [Section 273A(1)]

Procedure for applying to Principal Commissioner or Commissioner of Income Tax for waiver of penalty on the ground of genuine hardship [Section 273A(4)]

Procedure for granting immunity from penalty [Section 273AA]

32.

Procedures and Precautions in Relation to Prosecution

33.

Procedures in Relation to Statement of Financial Transaction or Reportable Account

Who is liable to file statement of financial transaction or reportable account

Period for which statement to be furnished

From in which statement of financial transaction be furnished

Who shall furnish statement and in respect which transaction it shall be furnished

Aggregation of transactions

Manner of furnishing return in Form No. 61A

Time limit for furnishing of statement of financial transaction

Penalty for failure to furnish statement of financial transaction or reportable account [Section 271FA]

34.

Procedures and Precautions in Relation to Miscellaneous Proceedings

Procedure for delivering statement containing particulars of all payments over ` 50,000 made to any person engaged in production of cinematograph film [Section 285B]

Procedure for appearing before any income-tax authority on behalf of any other person [Section 288]

Meaning of accountant

Procedure for applying for registration as an Income Tax Practitioner [Rules 53 to 57]

35.

Procedures and Precautions in Relation to Provident/ Superannuation/ Gratuity Fund

Procedure for applying for recognition of provident fund [Part A, Schedule IV and Rule 77 and 78, Income Tax Rules]

Procedure for replying to show cause notice as to why recognition should not be withdrawn [Rule 79]

Procedure for filing appeal against order of Chief Commissioner or Commissioner of Income Tax refusing or withdrawing recognition to a provident fund [Rule 81]

Procedure for applying for approval of superannuation fund [Part B of Schedule IV and Rule 95]

Procedure for showing cause as to why recognition granted to superannuation fund should not be withdrawn

Procedure for filing appeal against order of Chief Commissioner or Commissioner refusing to approve superannuation fund or withdrawing approval granted to fund [Rule 97 and Rule 8 of Part B Schedule IV]

Procedure for applying for recognition of gratuity fund [Part C of Schedule IV and Rule 109]

Procedure for replying to show cause notice as to why approval should not be withdrawn

Procedure for filing appeal against order of Chief Commissioner or Commissioner of Income Tax refusing or withdrawing recognition of gratuity fund [Rule 111]

Section F--Important Circulars, Notifications, etc.

Income Tax Act, 1961

Section 1 : Short Title, Extent and Commencement

Section 2(1A) Read With Rule 7 : Definition of Agricultural Income

Section 2(14) : Definition of Capital Asset

Section 2(15) : Definition of Charitable Purpose

Section 2(19AA) : Definition of Demerger

Section 2(22) : Deemed Dividend

Section 2(22AAA) : Electoral Trust

Section 2(24) : Definition of Income

Section 2(28A) : Definition of Interest

Section 2(38) : Definition of Recognised Provident Fund

Section 2(42A) : Definition of Short-Term Capital Asset

Section 2(47) : Definition of Transfer

Section 2(48) : Zero Coupon Bonds

Section 4 : Charge of Income Tax

Section 5 : Scope of Total Income

Section 6 : Residence in India

Section 9 : Income Deemed to Accrue or Arise in India

Section 9A : Certain Activities Not to Constitute Business Income in India

Section 10(2A) : Share of Partner in a Firm

Section 10(4) : Interest Received by Non-Residents on Notified Securities

Section 10(4B) : Interest Received by Non-Residents from Notified Savings Certificates

Section 10(5) : Leave Travel Concession

Section 10(5B) : Exemption in Respect of Remuneration Received by Specified Technicians

Section 10(6A) : Royalties and Fees for Technical Services Received by a Foreign Company

Section 10(6C) : Fees for Technical Services Received by Foreign Company in Connection with Security of India

Section 10(10) : Death-Cum-Retirement Gratuity

Section 10(10A) : Payment in Commutation of Pension

Section 10(10AA) : Leave Encashment

Section 10(10B) : Retrenchment Compensation Received by Workman

Section 10(10C) : Compensation on Voluntary Retirement

Section 10(11) : Payments from Public Provident Fund

Section 10(13A) : House Rent Allowance

Section 10(14) : Special Allowances or Benefits

Section 10(15) : Interest Income

Section 10(16) : Scholarships for Education

Section 10(17) : Allowances to Legislators

Section 10(17A) : Literary or Scientific Awards, Etc.

Section 10(18) : Gallantry Awards

Section 10(21) : Income of Approved Scientific Research Associations

Section 10(22)/10(22A) : Income of Educational Institutions/Philanthropic Institutions

Section 10(22B) : Notified News Agencies

Section 10(23) : Income of Sports Associations or Institutions

Section 10(23A) : Income of Professional Associations

Section 10(23AAA) : Exemption of Income of Funds Established for Welfare of Employees of Which Such Employees are Members

Section 10(23BBB) : Incomes of European Economic Community

Section 10(23C) : Income of Prime Minister's Funds and Other Notified Charitable or Religious Institutions

Section 10(23D) : Income of Mutual Funds

Section 10(23E) : Income of Exchange Risk Administration Fund

Section 10(23EA) : Income of investor protection fund

Section 10(23F) : Exemption of Income by Way of Dividends and Long-Term Capital Gains of Venture Capital Funds and Venture Capital Companies

Section 10(23FB) : Incentives to Venture Capital Company/Fund

Section 10(26BB) : Exemption of Income of National Minorities Development and Financial Corporation and Such Other State Level Corporation

Section 10(30) : Subsidy from Tea Board

Section 10(38) : Exemption to Long Term Capital Gains

Section 10(39) : Specified Incomes from International Sporting event in India

Section 10(45) : Exemption to Certain Allowances or Perquisites of Chairman/Member or Retired Chairman/Member of UPSC

Section 10(46) : Exemption to Specified Income of Certain Body/Authority/Board/Trust/Commission

Section 10(48) : Exemption to Income Received in India in Indian Currency by a Foreign Company on Account of Sale of Crude Oil in India in Certain Cases

Sections 10A, 10AA and 10B : Exemption to Newly Established Undertakings in Free Trade Zone, etc., Newly Established Units in Special Economic Zones aND Newly Established 100% EOUs

Section 11 : Income from Property Held for Charitable and Religious Purposes

Section 12 : Income of Trusts or Institutions from Contributions

Section 12A/12AA : Conditions as to Registration of Trusts, Etc.

Section 13 : Property Held for Charitable or Religious Purposes--Bar to Exemption Under Sections 11 & 12

Section 13A : Special Provisions Relating to Income of Political Parties

Section 14A : Expenditure Incurred in Relation to Income Not Includible in Total Income

Section 15 : Salary Income

Section 16 : Deductions from Salary

Section 17 : Perquisites

Section 24 : Deductions from Income From House Property

Section 26 : Property Owned by Co-Owners

Section 27 : Meaning of "Owner of House Property", "Annual Charges", Etc.

Section 28 : Profits and Gains of Business or Profession

Section 32 : Depreciation

Section 33ABA : Site Restoration Fund

Section 35 : Expenditure on Scientific Research

Section 35AD : Deduction in Respect of Expenditure on Specified Business

Section 35CCA : Payment to Associations and Institutions for Carrying out Rural Development Programmes

Section 35CCC : Expenditure on Agricultural Extension Project

Section 35D : Amortisation of Certain Preliminary Expenses

Section 36(1)(iv) : Employer's Contribution to Approved Funds

Section 36(1)(v) : Employer's Contribution to an Approved Gratuity Fund

Section 36(1)(vii) : Bad Debts

Section 36(1)(viii) : Special Reserves of Financial Corporations

Section 36(1)(xii) : Expenditure by a Corporation or Body Corporate

Section 36(1)(xiv) : Contribution to Credit Guarantee Fund Trust

Section 37(1) : Business Expenditure

Section 40(a)(i) : Disallowance of Payments to Non-residents without Deduction of Tax at Source

Section 40(a)(ia) : Disallowance of Payments to Residents without Deduction of Tax at Source

Section 40(a)(ii) : Disallowance of Rate or Tax Levied on Profits

Section 40(b) : Disallowance of Salary, Bonus, Commission or Remuneration or Interest to any Partner by a Firm

Section 40A(3) : Disallowance of Cash Payments Exceeding Prescribed Limit

Section 40A(7) : Disallowance of Provision for Gratuity

Section 43(5) : Definition of 'Speculative Transaction'

Section 43A : Special Provisions Consequential to Exchange Rate Fluctuation

Section 43B : Certain Deductions to be Only on Actual Payment

Section 44 : Insurance Business

Section 44AA : Maintenance of Accounts by Certain Persons Carrying on Profession or Business

Section 44AB : Tax Audit

Section 44AD and 44AE : Special Provisions for Computing Profits and Gains from Business of Civil Construction, Etc.

Section 44BBB : Computation of Profits and Gains of Foreign Companies Engaged in the Business of Civil Construction, Etc.

Section 44C : Ceiling Limit in Respect of Non-Resident's Head Office Expenditure

Section 44D : Computation of Income by Way of Royalties, Etc., in the Case of Foreign Companies

Section 44DA : Special Provision for Computing Income by Way of Royalties, etc., in Case of Non-residents

Section 45 : Chargeability of Capital Gains

Section 46A : Capital Gains on Purchase by Company of Its Own Shares or Other Specified Securities

Section 47 : Certain Transactions not Regarded as Transfer

Section 48 : Mode of Computation of Capital Gains

Section 54 : Exemption of Profit on Sale of Property Used for Residence

Section 54EC : Exemption from Long-term Capital Gains in Respect of Investment in Specified Bonds

Section 54G : Exemption of Capital Gains on Shifting of Industrial Undertakings From Urban Areas

Section 55(2) : Cost of Acquisition

Section 56 : Income from Other Sources

Section 56(2)(viib) : Receipt of Consideration for Shares Exceeding Fair Market Value

Section 57 : Deductions from Income from Other Sources

Section 68 : Cash Credits

Section 69D : Amounts Borrowed or Repaid on Hundi

Section 71 : Set Off of Loss from One Head Against Income from Another

Section 72A : Carry Forward and Set Off of Business Losses

Section 73 : Losses in Speculation Business

Section 75 : Losses in the Case of Firm

Section 79 : Set Off of Accumulated Losses of Closely held Companies

Section 80C : Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contributions to Provident Fund, Subscription to Certain Equity Shares or Debentures, Etc.

Section 80CCD : Deduction in Respect of Contribution to Pension Scheme of Central Government

Section 80CCF : Deduction in Respect of Subscription to Long-Term Infrastructure Bonds

Section 80D : Deduction in respect of Medical Insurance Premia

Section 80DD : Deduction in respect of Medical Treatment, etc., of Handicapped Dependents

Section 80E : Deduction in respect of Repayment of Loan taken for Higher Education

Section 80G : Deduction in respect of Donations to Certain Funds, Charitable Institutions, etc.

Section 80GG : Deduction in respect of Rents Paid

Section 80-IA : Deduction in Respect of Profits and Gains from Industrial Undertaking Engaged in Infrastructure Development, etc.

Section 80-IB : Deduction in respect of Profits and Gains from Certain Industrial Undertakings Other than Infrastructure Development Undertakings

Section 80-IC : Special Provisions in Respect of Certain Undertakings or Enterprises in Certain Special Category States

Section 80P : Deduction in respect ofIncome of Co-operative Societies

Section 89 : Relief When Salary, Etc., is Paid in Arrears or in Advance

Section 90 : Double Taxation Avoidance Agreements

Section 90A : DTAA between Specified Associations

Section 91 : Double Taxation Avoidance Agreement--Countries with Which no Agreement Exists

Sections 92A to 92F : Transfer Pricing

Section 92CC : Advance Pricing Agreement

Section 92CA : Reference to Transfer Pricing Officer

Section 94A : Special Measures in Respect of Transactions With Persons Located in Notified Jurisdictional Area

Sections 95 to 102 : General Anti-Avoidance Rules

Section 112 : Tax on Long Term Capital Gains

Section 112A : Tax on Long-Term Capital Gains in Certain Cases

Section 115A : Tax on Dividends, Royalty and Technical Service Fees in the Case of Foreign Companies

Section 115AC : Tax on Income from Bonds or Shares Purchased in Foreign Currency or Capital Gains Arising from their Transfer

Section 115ACA : Tax on Income from Global Depository Receipts Purchased in Foreign Currency or Capital Gains arising from their Transfer

Section 115AD : Tax on Income of Foreign Institutional Investors from Securities or Capital Gains Arising from Their Transfer

Section 115B : Tax on Profits and Gains of Life Insurance Business

Section 115J/115JB : Special Provisions Relating to Certain Companies/Special Provision for Payment of Tax by Certain Companies

Section 115R : Tax on Distributed Income to Unit Holders

Section 115U : Tax on Income in Certain Cases

Section 115VU : Shipping Companies--Minimum Training Requirement for Tonnage Tax Scheme

Section 118 : Control of Income Tax Authorities

Section 119 : Instructions to Subordinate Authorities

Section 120 : Jurisdiction of Income Tax Authorities

Section 131 : Power Regarding Discovery, Production of Evidence, Etc.

Section 132 : Search and Seizure

Section 132B : Application and Release of Assets Seized under Section 132 or Requisitioned under Section 132A

Section 133 : Power to Call for information

Section 133A : Power of Survey

Section 138 : Disclosure of Information Respecting Assessees

Section 139 : Return of Income

Section 139(1B) : Electronic Furnishing of Return

Section 139(1C) : Exemption to Certain Class of Persons from Filing Return under Section 139(1)

Section 139A : Permanent Account Number

Section 139AA : Quoting of Aadhaar Number

Section 139B : Tax Return Preparers

Section 140A : Self Assessment

Section 143 : Assessment

Section 144C : Reference to Dispute Resolution Panel

Section 145 : Method of Accounting

Section 147 : Income Escaping Assessment

Section 153C : Assessment of Income of any Other Person

Section 154 : Rectification of Mistake

Section 156 : Notice of Demand

Section 164 : Charge of Tax Where Share of Beneficiaries Unknown

Section 166 : Direct Assessment or Recovery not Barred

Section 167B : Charge of Tax Where Shares of Members in AOP or BOI Unknown

Section 172 : Shipping Business of Non-Residents

Section 176 : Discontinued Business

Section 190 : Deduction of Tax at Source and Advance Payment

Section 191 : Direct Payment of Tax

Section 192 : Salary

Section 193 : Deduction of Tax at Source from Interest on Securities

Section 194 : Deduction of Tax at Source from Dividends

Section 194A : Deduction of Tax at Source from Interest Other than Interest on Securities

Section 194B : Deduction of Tax at Source from Winnings from Lottery or Cross Word Puzzle

Section 194C : Deduction of Tax at Source from Payment to Contractors and Sub-Contractors

Section 194H : Commission or Brokerage

Section 194-I : Deduction of Tax at Source from Rent

Section 194-IA : Payment on Transfer of Certain Immovable Property Other Than Agricultural Land

Section 194J : Deduction of Tax at Source from Fees for Professional or Technical Services

Section 194K : Deduction of Tax at Source from Income in Respect of Units

Section 194LC : Income by Way of Interest from Indian Company

Section 194LD : Income by Way of Interest on Certain Bonds and Government Securities

Section 195 : Deduction of Tax at Source from Payment Made to Non-Residents

Section 195A : Income Payable "Net of Tax"

Section 197 : Certificate for Deduction of Tax at Lower Rate

Section 197A : Deduction of Tax at Source not to be Made in Certain Cases

Section 199 : Credit for Tax Deducted at Source

Section 200 : Duty of Person Deducting Tax

Section 200A : Processing of Statements of Tax Deducted at Source

Section 201 : Consequences of Failure to Deduct or Pay

Section 203 : Certificate for Tax Deducted at Source

Section 206 : Persons Deducting Tax to Furnish Prescribed Returns

Section 206A : Furnishing of Quarterly Return in Respect of Payment of Interest to Residents Without Deduction of Tax

Section 206AA : Requirement to Furnish Permanent Account Number

Section 206C : Collection of Tax at Source from Business of Trading in Alcoholic Liquor, Forest Produce, Scrap, Etc.

Section 208 : Conditions of Liability to Pay Advance Tax

Section 209 : Computation of Advance Tax

Section 211 : Instalments of Advance Tax and Due Dates

Section 220 : When Tax Payable and When Assessee Deemed in Default

Section 221 : Penalty Payable When Tax in Default

Section 222 : Certificate to Tax Recovery Officer

Section 230 : Tax Clearance Certificate

Sections 234A, 234B and 234C : Interest for Defaults in Furnishing Return of Income, Interest for Defaults in Payment of Advance Tax, Interest for Deferment of Advance Tax

Section 237 : Refunds

Section 238 : Person Entitled to Claim Refund in Certain Special Cases

Section 244A : Interest on Refund

Section 245 : Set Off of Refunds Against Tax Remaining Payable

Section 245A : Definitions of Terms Related to Settlement of Cases

Section 245BA : Jurisdiction and Powers of Settlement Commission

Section 245H : Power of Settlement Commission to Grant Immunity from Prosecution and Penalty

Section 245N : Definitions for Advance Ruling

Section 245-O : Authority for Advance Ruling

Section 245R : Procedure on receipt of application

Section 246A : Application by the Assessee in Certain Cases

Section 249 : Form of Appeal and Limitation

Section 250 : procedure in appeal before commissioner (Appeals)

section 251 : Powers of Commissioner (Appeals)

Section 253 : Appeals to the Tribunal

Section 255 : Procedure of Appellate Tribunal

Section 260A : Appeal to High Court

Section 264 : Revision of Other Orders

Section 268A : Monetary limits for Filing Appeal before Various fora

Section 269SS : Mode of Accepting or Taking Certain Deposits and Loans

Section 269ST : Mode of undertaking transactions

Section 269T : Mode of Repayment of Certain Deposits

Section 269UE : Vesting of Property in Central Government

Section 271(1)(c) : Penalties Imposable for Concealment of Income

Section 271D/271E : Penalty for Failure to Comply with the Provisions of Section 269SS/section 269T

Section 273A : Reduction or Waiver of Penalty, in Certain Cases

Sections 276B, 276DD, 276E, 276CC, 276C : Offences Under Sections 276B, 276DD, 276E, 276CC, 276C

Section 276C : Wilful Attempt To Evade Tax, etc.

Section 276CC : Failure to Furnish Returns of Income

Section 279 : Prosecution for Offences to be at the Instance of Chief Commissioner or Commissioner

Section 281 : Certain Transfers to be Void

section 281B : Provisional Attachment of Property in Certain Cases

Section 285BA : Statement of Financial Transaction or Reportable Account

Section 288 : Appearance by Authorised Representative of Assessee

Section 288B : Rounding Off of Tax, Etc.

Section 293A : Power to Make Exemption, etc., in Relation to Participation in the Business of Prospecting for, Extraction, etc., of Mineral Oils

Second Schedule to Income Tax Act, 1961 : Procedure for Recovery of Tax

Fourth Schedule to Income Tax Act, 1961 : Recognised Provident Funds

Wealth Tax Act, 1957

National Tax Tribunal Act, 2005

Miscellaneous

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Equalisation Levy

Section G--Investment Planner

1.

Tax Provisions

Dividends, income from units of mutual funds

Direct deduction out of gross total income in respect of investment in specified media [Section 80C]

Deduction in respect of contribution to certain pension funds [Section 80CCC]

Deduction in respect of contribution to new pension scheme [Section 80CCD]

Total deduction under sections 80C, 80CCC and 80CCD(1) not to exceed ` 1,50,000 [Section 80CCE]

Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability [Section 80DD]

Deduction in respect of interest on deposits in a saving account of bank, post office, etc. [Section 80-TTA]

Deduction in respect of interest on deposits in case resident senior citizens [Section 80TTB, from assessment year 2019-20]

Tax benefits in respect of long-term capital gains arising for sale of equity shares or units [Section 10(38)] [Exemption upto Assessment Year 2018-19]

Tax treatment of short-term capital gains on sale of equity share in a company or unit of an equity oriented fund [Section 111A]

Tax on long-term capital gains [Section 112]

Tax on long-term capital gains in excess of ` 1,00,000 arising from transfer of equity share in a company, unit of an equity oriented mutual fund or unit of business trust [Section 112A]

2.

Post Office Schemes

Post Office Monthly Income Scheme

National Savings Certificates VIII Issue (NSCs)

Post Office Recurring Deposit Scheme

Post Office Savings Bank Account

Time Deposits : 1 year, 2 years, 3 years and 5 years

3.

Kisan Vikas Patra

Denomination of Certificates

Purchase of Certificate

Type of Certificates and issue thereof

Procedure for purchase of Certificate

Pledging of Certificates

Nomination

Post maturity interest

Place of encashment

Encashment on maturity

Premature encashment

Rate of interest

4.

Public Provident Fund Account

Duration

Who can open the account

NRIs cannot open a PPF account

Procedure to open and operate an account

Where account can be opened

Amount of investment in a financial year

Rate of interest

Instalments in a year

Case of deposits in excess of ` 1,50,000

Nomination facility

Withdrawals

Loan facility

Consequences of default in deposit of money

Payment by cheque--Date of deposit

Opening of account for as minor

Tax effect

Other benefits

5.

Sukanya Samriddhi Account, 2016

Deposits

Mode of Deposit

Interest on deposit

Operation of account

Premature closure of account

Transfer of account

Withdrawal

Closure on maturity

Tax benefit

6.

Bank Deposits [Eligible for Tax Benefits Under Section 80C]

Who can invest

Period of investment

Amount of investment

Types of deposit

Nomination facility

No loan against the term deposit

Rate of interest

Premature encashment

Tax issues

7.

Senior Citizens Savings Scheme

Duration

Who can invest

Type of account that can be opened

Amount of investment

Rate of interest

Premature withdrawal

Premature withdrawal in case of death of depositor and rate of interest

Non-transferable clause

Nomination

NRIs and HUFs barred from investment

Tax effect

8.

7.75% Savings (Taxable) Bonds

Who can invest

Limit of investment

Tax treatment

Issue price

Subscription

Date of issue

Nomination

Transferability

Interest

Tax Deduction at Source

Advances/Tradability against Bonds

Repayment

9.

Tax Saving Scheme of Mutual Funds

What is bought

Some of tax saving schemes [ELSS schemes] of various mutual funds

Who can invest

Amount of investment

Lock-in-period

Tax benefits

10.

Immovable property

Duration

Who can invest

Amount of investment

Rate of return

Liquidity

Tax benefits

11.

Jewellery

Duration

Who can invest

Amount of investment

Liquidity

Investment method

Growth in investment over a period of time

Risk considerations

Tax benefits

12.

Shares

Duration

Who can invest

Amount of investment

Rate of return

Tax benefits

Liquidity

13.

Insurance Policies

Tax benefits vis-a-vis insurance policies

Section H--Latest and Important Case Laws Digests

Income Tax Act, 1961

Section 2(14)

Section 2(15)

Section 2(22)(e)

Section 2(42A)

Section 2(47)

Section 4

Section 5

Section 9(1)(i)

Section 9(1)(vi)

Section 9(1)(vii)

Section 10(1)

Section 10(5)

Section 10(10C)

Section 10(12)

Section 10(36)

Section 10(37)

Section 10(38)

Section 10A

Section 10AA

Section 10B

Section 11

Section 11(2)

Section 12

Section 12A

Section 12A(2), Proviso

Section 12A(3)

Section 12AA

Section 14

Section 14A

Section 16

Section 17(2)(iii)

Section 22

Section 23

Section 23(1)(a)

Section 23(1)(a) & 23(1)(c)

Section 23(1)(b)

Section 23(1)(c)

Section 24(a)

Section 24(b)

Section 28(i)

Section 28(iv)

Section 32

Section 32(1)(iia)

Section 32(2)

Section 35(1)(iv)

Section 35AC(7)

Section 36(1)(iii)

Section 36(1)(va)

Section 36(1)(vii)

Section 37(1)

Section 40(a)(i)

Section 40(a)(ia)

Section 40(a)(ii)

Section 40(b)

Section 40A(2)(b)

Section 40A(3)

Section 41(1)

Section 43(1)

Section 43(5)

Section 43(6)

Section 43B

Section 44AB

Section 44BB

Section 45

Section 45(1)

Section 45(2)

Section 45(3)

Section 45(4)

Section 48

Section 50

Section 50B

Section 50C

Section 51

Section 54

Section 54B

Section 54EC

Section 54F

Section 54G

Section 56

Section 56(2)(v)

Section 56(2)(vii)

Section 56(2)(viii)

Section 68

Section 69

Section 69A

Section 69B

Section 69C

Section 70

Section 70(2)

Section 71

Section 72

Section 72A

Section 73

Section 73, Explanation.

Section 80C

Section 80G(5)

Section 80G(5)(vi)

Section 80-IA

Section 80-IA(4)(iii)

Section 80-IAB

Section 80-IB

Section 80-IB(10)

Section 80-IC

Section 80JJA

Section 80JJAA

Section 80P(2)

Section 90

Section 90(2)

Section 92A

Section 92A(2)(j)

Section 92C

Section 92CA

Section 112

Section 115BBC

Section 115BBE

Section 115JB

Section 115JB, Explanation 3

Section 115-O

Section 132

Section 132(1)

Section 132(4)

Section 133(6)

Section 133A

Section 139(5)

Section 142(2A)

Section 143

Section 143(1)

Section 143(2)

Section 143(3)

Section 144

Section 145

Section 145(1)

Section 145(3)

Section 145A

Section 147

Section 148

Section 151

Section 153(2A)