Tax Publishers

Contents

	Part XIV--Losses [Sections 70 to 80]
132.	General
	Mode of set off and carry forward
	Provisions applicable to both residents/non-residents
	Provisions of sections 71 to 74 at a glance
133.	Inter-Source Adjustment of Losses [Section 70]
	General rule
	Exception to the provision in section 70(1)
	Loss to be first set-off
	Loss from exempt source--Set-off against income from a taxable source
	Incomes eligible for deduction and set-off of losses
	Set-off of short-term capital loss
	Set-off of long-term capital loss
	Losses of illegal business
	Losses of business discontinued during the year
	Set-off from income from profession of loss from business activity
	Setting off of long-term capital loss against short-term capital gains where assessee was also having income from long-term capital gains
	Rule regarding set-off of capital losses
	Set-off of indexed capital loss against non-indexed capital gains
	Capital loss relating to STT paid transactions set off against capital gains relating to non-STT paid transactions
	AO set-off long-term capital loss arising on sale of shares, not subject to STT against long-term capital gain arising from sale of shares subjected to STT
	AO denied set off on the ground of transactions of sale of quoted equity shares being exempt from tax under section 10(38)
	Set-off of short-term capital loss against short-term capital gains--Two sets of transations liable for different rate of tax
	Denial on the ground of assessee income allowed as deduction under section 80P for earlier years
	Interest on capital borrowed towards investment in firm--No interest income accrued from firm
	Allowability against income to be taxed under section 115BBE--No bar existing as on relevant date of assessment as regards allowability of set-off
	Interest on capital borrowed towards investment in firm--No interest income accrued from firm
	Transactions in commodity derivatives--Assessee got accounts audited--AO was of the view no audit was required
	Loss on share-trading on business, whether entitled to be set-off against income from profession
	Bogus off market transactions of purchase and sale of shares carried out by assessee
	Manner of set off in intra head gains and losses
134.	Inter-Head Adjustment of Losses [Section 71]
	Losses from any head to be adjusted against another head except capital loss
	Loss under the head capital gains cannot be set off against income under any other head
	Business/profession loss not allowed to be set off against salary income
	Set-off of unabsorbed depreciation against salary income--Not permissible
	Restriction on set off of loss from house property [Section 71(3A)]
	Exceptions to provisions of section 71
	Other points to be considered
	Loss to be first set-off under section 70
	Current year's losses have precedence over carried forward losses
	Set-off of part of loss and carry forward of balance--Not permissible under section 71
	Set-off during the year in which loss incurred
	Losses under the head capital gains
	Set-off of loss, whether optional
	Losses under taxable source of income can be set-off against income under another taxable source
	Set-off of income or loss clubbed under section 64 permissible
	Share of loss earned by member of association of persons
	Set of off business loss against addition under section 68
	Loss suffered by firm cannot be set-off against profits of partner's proprietary business
	Loss under the head of an exempt source--Possibility of set-off against income from a taxable source
	Whether it was mandatory to set off business loss against income from capital gain
	Set-off during the year in which loss incurred
	Business loss shown as loss under the head income from house property
	Losses arose due to additions made as a result of appellate order
135.	Carry Forward of Loss from House Property [Section 71B]
136.	Business Loss Other Than Speculation Loss [Section 72]
	Origin of business loss
	Rules as to set-off of losses
	Manner of carry forward and set-off of business loss
	Loss attributable to business entitled to rehabilitation allowance
	Conditions precedent for set-off of business loss
	No need to carry on the business in which loss incurred
	Priority in matter of set-off
	Setting up versus commencement of business
	Time limit for carrying forward business loss
	Exception to time limit of eight years
	Section 72 to be given precedence over Chapter VI-A
	Set-off of loss against undisclosed income justified
	Carry forward possible only if losses enter assessment of every subsequent year
	Husband eligible to set-off loss from business carried on by wife where clubbing made
	Carry forward of losses of illegal business
	Set-off of business loss against dividend income where shares held as trading assets
	Brought forward business loss to have precedence over unabsorbed depreciation
	Carrying on of business necessary for claiming set-off of business loss
	Brought forward business loss not to be set-off against other income
	Setting off of loss against profit chargeable to tax under section 41(1)
	Gain arising from transfer of depreciable asset--Possibility of set-off of brought forward business loss against the gains
	Set off of brought forward business loss against short-term capital gain under section 50
	Set-off of brought forward business losses against short-term capital gains
	Loss of merging company
	Transactions in commodity derivatives--Assessee got accounts audited--AO was of the view no audit was required
	Set off of brought forward business loss against STCG arising out of the sale of depreciable business assets
	Set-off of carried forward business loss against short term capital gain arising from sale of depreciable assets
	Assessee sought carry forward of long-term capital loss on off market sale of shares of eleven listed companies--Assessee transferred shares held as long-term capital assets through off market transactions resulting into genuine loss and thus escaping the rigor of the exemption under section 10(38)
	AO disallowed set-off of long-term capital loss on sale of shares (STT paid)
	Set-off of brought forward business losses against interest income
	Assessee-club claimed set-off of loss incurred from activities coming under the purview of principle of mutuality against income not coming under the purview of mutuality
137.	Losses in Speculation Business [Section 73]
	Treatment of speculation business
	Meaning of 'speculative transaction'
	Scheme of section 73 as to carry forward and set-off of speculative losses
	Nature of section 73
	Whether carrying on of the same business necessary for set-off
	Carry over of speculative loss
	Precedence to speculative losses over unabsorbed depreciation and unabsorbed scientific research expenditure
	Speculation losses can be set-off and carry forward against speculative gains only
	Losses of illegal speculative business
	Company deemed to be carrying on speculation business in certain cases
	Effect of Explanation 2 section 28 and Explanation to section 73
	Nature of Explanation to section 73
	For application of Explanation to section 73, not necessary that purchase and sale of shares take place in the same year
	Assessee engaged in sale and purchase of shares of other companies, whether can be said to be induldged in speculative business
	Only composition of gross total income to be checked for applicability of Explanation to section 73
	Assessee having no business income
	Speculation loss be set off only against speculative gain
	Speculative profit of current year be first adjusted against the brought forward speculation loss
	Business loss be set-off against speculative gains
	Explanation to section 73 attracted even where a part of the business of the company comprises purchase and sale of shares
	Where the entire business consists of purchasing/selling shares
	Only composition of the gross total income to be checked for applicability of Explanation to section 73
	Explanation to section 73 applicable where assessee's principal business consisted of granting loans and advances
	Application of Explanation to section 73
	Meaning of "gross total income" for the purpose of Explanation to section 73
	Determination of gross total income be for the purposes of Explanation to section 73
	Loss on share trading transactions of NBFC
	Setting off against normal buisness income
	Applicability of section 43(5) as amended by Finance Act, 2005
	Loss from trading in derivatives on stock exchanges--Assessing officer held the same as speculative loss
138.	Loss from Business Specified under Section 35AD [Section 73A]
	Loss of specified business to be set-off only against profits and gains of specified business
	Carry over of losses under section 73A(2)
139.	Losses under Head "Capital Gain" [Section 74]
	Rules regarding set-off and carry forward of capital loss
	Provisions in brief
	Capital losses cannot be set-off against income under any other head
	Carry forward and set-off of capital loss
	Time limit for carrying over of capital loss
	Capital gains under Income Tax Act
	Capital loss--What is
	Capital loss shall arise from the transfer of capital asset
	For set-off, long-term capital gains need not arise from asset of same nature
	Set-off of short-term capital loss arising from STT paid transaction against short-term capital gain from non-STT paid transaction
	Set-off of capital loss, whether before computation of exemption under section 54EC or thereafter
	Shares transferred under off-market transactions--Gain arising on transfer not exempt under section 10(38)
	Loss arising on account of sale of depreciable asset
	Set off of long-term capital loss against short term capital gain under section 50
	Allowability of set-off of non-STT paid long-term capital gain on sale of shares with STT paid long-term capital loss on sale of shares
	Flat sold registered jointly in the name of assessee and her daughter--Treatment of loss
	Set off of brought forward loss against share premium
	Deemed short-term capital gain and set off against loss under section 72
	Loss from share trading can be set off against professional income
	Short-term capital loss arising out of subscribed shares at a premium and reselling the same at a negligible value--Tax evasion or otherwise
140.	Losses from Activity of Owning and Maintaining Race Horses [Section 74A]
	Scheme of the section 74A(3)
	Conditions precedent for carry forward and set-off of losses from horse races
	Terminologies defined [Explanation to section 74A(3)
	'Horse maintained by him' does not mean that assessee should personally look after horses
	Loss due to expenditure on maintenance of race horses
141.	Carry Forward and Set-off of Loss, Etc., in Case of Business Reorganisation [Section 72A]
	Applicability of section 72A
	Relevance of section 72A
	Carry forward and set-off of losses and unabsorbed depreciation of amalgamating company [Section 72A(1)]
	Conditions to be fulfilled for availing of benefit under section 72A [Section 72A(2)]
	Conditions notified by the Central Government
	Consequences of failure to satisfy conditions specified under section 72A(2) [Section 72A(3)]
	Allowability of losses of amalgamating company on irrelevant grounds
	Carry forward and set-off of the losses and unabsorbed depreciation in case of demerger [Section 72A(4)]
	Amalgamation or demerger must be for genuine purpose [Section 72A(5)]
	Scheme of demerger only to avail of the benefit of set-off of brought forward business losses and business of demerged undertaking not carried over
	Applicability of section 72A, where there was merger of partnership firm with company
	Carry forward and set-off losses, etc., in case of corporatisation of firm/proprietary concern [Section 72A(6)]
	Accumulated loss or unabsorbed depreciation belonging to private company or unlisted public company can be carried forward by limited liability partnership succeeding such company
	Accumulated loss
	Unabsorbed depreciation
	Industrial undertaking--Meaning of
	Specified bank--Meaning of
	Control--Meaning of [For the purpose of section 72A(1)(d)]
	"Erstwhile public sector company"
	Strategic disinvestment [From assessment year 2021-22 to 2022-23]
	Strategic disinvestment [From assessment year 2023-24]
	Assessing officer to specify which conditions assessee failed to fulfilled
	Accumulated loss and unabsorbed depreciation relating to amalgamating company--Condition of minimum level of production
	Position of capital losses
	Unabsorbed depreciation of demerged company
	Brought forward losses, whether benefit can be available to the amalgamated company
142.	Carry Forward and Set-Off of Losses in Case of Amalgamation of Banking Company with Banking Institution [Section 72AA]
	Conditions to be fulfilled for applicability of section 72AA
	Nature of section 72AA
	Consequences if above conditions are satisfied
	Accumulated loss--Meaning of
	Unabsorbed depreciation
143.	Carry Forward and Set-Off of Loss, Etc. in Case of Business Reorganisation of Co-operative Banks [Section 72AB]
	Applicability of section 72AB
	Amount allowed to be set-off and carried forward in case of amalgamation of co-operative banks
	Time limit of 8 years in section 72--Whether to be counted afresh on amalgamation
	Carry forward and set-off of the accumulated loss and unabsorbed depreciation allowable to resulting co-operative bank
	Conditions to be satisfied for applicability of section 72AB
	Further conditions specified by Central Government to be fulfilled
	Two different previous years
	Withdrawal of set-off of loss/allowance of unabsorbed depreciation
	Terminologies defined
144.	Losses of Firms [Section 78]
	Scheme of the related provisions
	Change in constitution of firm
145.	Succession and Carry Over and Set-Off Losses [Section 78]
	Carry forward of losses in the case of succession
	Conditions precedent for applicability of section 78(2)
	Inheritance--Meaning of
	Loss incurred by proprietary business taken over by a partnership firm and proprietor becoming partner
146.	Carry Forward and Set-Off of Accumulated Losses of Closely Held Companies [Section 79] [From Assessment Year 2020-21]
	Rules regarding carrying over and set off of loss by companies other than start-up
	Non-satisfaction above conditions in case of eligible start-up
	Exception to provisions of section 79(1)
	Terminologies defined
	Applicability of provisions of section 79--On basis of shareholding or beneficial ownership
	Denial on the ground of change in pattern of shareholding having more than 51% voting power
	When section 79 to be applied
	Current year losses and change in share-holding
	Change in share holding pattern--Change in ultimate holding company
	Change in shareholding due to merger vis-a-vis no change in management and control
147.	No Set off of Losses Consequent to Search, Requisition and Survey [Section 79A]
	The insertion
	No set off of loss shall be allowed against undisclosed income
	Undisclosed income--Meaning of
148.	Requirement of Return for Carry Over of Losses [Section 80]
	Return of loss to be filed within time allowed under section 139(1)
	Losses which shall be determined in pursuance of return of loss
	To claim set-off of losses, assessee has to furnish return of losses
	Scope/applicability of section 80
	Return to be furnished within specified time limit of the year in which loss incurred
	Loss must be determined by assessing officer
	Loss can be carried forward even if return filed under section 139(4)
	Limitation as to applicability of section 80--Loss to be business loss as distinguished from depreciation loss
	Section 80 not applicable to unabsorbed depreciation
	Originally return filed under section 139(1) showing positive income--Later revised return filed under section 139(5) declaring loss
	Original return filed within due date--Revised return filed later on
	Disallowance of business loss comprising unabsorbed depreciation--Assessee filed the return belatedly
	Short-term capital loss--Claimed in return filed pursuant to notice under section 153A
	Cases in which return to be filed by due date or otherwise
	Intimation of loss in certain cases [Section 157]
	Assessee claimed loss to be carried forward by way of revised return filed under section 139(5) in spite of filing of return under section 139(3)
	Part XV--Deduction Under Chapter VI-A [Sections 80A to 80U]
149.	General Provisions Governing Applicability of Chapter VI-A
	Deductions allowable out of the gross total income [Sections 80A(1), 80A(2) and 80B(5)]
	Members of AOP/BOI cannot claim deduction in respect of the amount, for which deduction had already been claimed by AOP [Section 80A(3)]
	Profits once allowed to be deducted under section 10A, 10AA, 10B and 10BA and under any section of Chapter VI-A contained under the heading "C
	Deductions allowable out of the gross total income
	Aggregate deduction under Chapter VI-A cannot exceed the gross total income
	Determination of profits for purposes of section 80-IA
	No deduction to be allowed under section 10A, 10AA, 10B, 10BA and under any section of Chapter VI-A contained under the heading "C
	Transfer of goods or services to be valued at market value while computing certain deductions
	Deduction in respect of profit of business referred to in section 35AD, not to be allowed under that section, if claimed and allowed under any section contained in Chapter VI-A heading "C
	Deduction to be made with reference to income included in the gross total income [Section 80AB]
	Claim made in the revised return only--AO invoked section 80AC
	Chapter VI-A deduction to be allowed on profits enhanced due to disallowances
	Gross total income defined [Section 80B]
	No deduction to be allowed under any provision of Chapter VI-A under the heading "C
150.	Payment Based Deductions [Sections 80C, 80CCC, 80CCD, 80CCG, 8CCH, 80D, 80E, 80EE, 80G, 80GG, 80GGA, 80GGC]
	A. Deduction From Total Income Concerning Payments-I DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTION TO PF, PPF, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SECTION 80C]
	To whom deduction allowable
	Amount of deduction
	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]
	B. Contribution to Pension Funds, Etc. [Sections 80CCC and 80CCD]
	Deduction in respect of contribution to certain pension funds [Section 80CCC]
	Section 80CCC--When applies
	Deduction in respect of contribution to new pension scheme [Section 80CCD]
	C. Total Deduction Under Sections 80C, 80CCC and 80CCD(1) not to Exceed Rs. 1,50,000 [Section 80CCE]
	Upper limit on deduction under section 80C, 80CCC and 80CCD(1)
	D. Deduction in Respect of Investment Made Under an equity Savings Scheme [Section 80CCG]
	Who is entitled to deduction
	Deduction when allowable
	Amount and period of deduction
	Withdrawal of deduction
	E. Deduction in respect of contribution to agniveer scheme [section 80CCH]
	F. Deduction in Respect of Medical Insurance Premia and Medical Expenditure [Section 80D]
	To whom deduction allowable
	Deduction towards medical expenditure and health as insurance premia in case of individual
	Maximum permissible deduction in case of individuals
	Deduction towards payment on account of preventive health check-up
	Deduction towards health insurance premium and medical expenditure in case of HUF
	Fractional deduction to be allowed in case of single insurance premium policies [From assessment year 2019-20]
	Special provisions for senior citizen and very senior citizen
	Important conditions for claiming deduction towards health insurance premium
	Insurance policy which can taken
	Deduction in Respect of Health Insurance Premia--Notified schemes
	Senior citizen and very senior citizen--Meaning of
	Provisions illustrated [From assessment year 2019-20]
	G. Deduction in Respect of Interest on Loan Taken for High Education [Section 80E]
	Conditions precedent for deduction
	Benefit of deduction under section 80E extended in respect of interest on education loan taken for education of specified relatives
	Position as to loan taken for education of relative prior to 1-4-2007
	Amount of deduction
	Period of deduction
	Payment must be out of income chargeable to tax
	Important terminologies
	Provisions illustrated
	H. Deduction Towards Interest on Loan Taken for Acquisition of Residential House [Section 80EE] [Applicable for assessment years 2014-15 and 2015-16]
	I. Deduction in respect of interest on loan taken for acquisition of residential house property [Section 80EEA]
	To whom deduction under section 80EEA allowable
	Deduction not restricted to resident individuals only
	Deduction not restricted to interest actually paid
	Amount of deduction and period over which same is allowable
	Conditions precedent for deduction
	No double deduction towards interest payable
	Terminologies defined
	Cumulative impact of sections 24(b), 80C and 80EEA
	Finer points
	What if assessee's spouse holds a residential property on date of sanction of loan
	Interest--Meaning of [Section 2(28A)]
	Pre-payment charges for closure of loan account
	Processing fees--Whether interest
	Deduction for interest on interest
	Illustration where time gap between sanction of loan and acquisition of property
	Different situations identified and illustrated
	J. Deduction in respect of interest payable on loan taken for purchase of an electric vehicle [Section 80EEB]
	To whom deduction under section 80EEB allowable
	Deduction not restricted to resident individuals only
	Payment of interest not necessary, deduction allowable on accrual basis
	Amount of deduction and period over which same is allowable
	Conditions precedent for deduction
	No double deduction towards interest payable
	Terminologies defined
	Case of assessee carrying on business or profession
	Finer points
	Provisions illustrated
	K. Deduction, in Respect of Donations to Certain Funds, Charitable Institutions, Etc. [Section 80G]
	Donation to be in cash but not in kind
	Donations eligible for deduction
	Donation to PM CARES Fund eligible for 100 percent deduction--Effective from 1-4-2020
	Upper limit for deduction under section 80G
	Deduction for donation under section 80G should be allowed first restricting it to 10 per cent of the gross total income and then allowing deduction of 50 per cent of the same
	AO restricted claim to 50% of gross qualifying amount after arriving at the cap of 10% of adjusted gross total income
	Conditions to be fulfilled for allowability of deduction in respect of donations to any other institution or fund to which section 80G applies
	Refusal of registration application on the ground that no charitable activity carried out
	Approval for purposes of section 80G(2) (a)(iv)
	Application rejected for sole reason that no activities being started by assessee
	Assessee continued to enjoy registration under section 12A
	Teaching of Vedas treated as religious activity
	Trust or institution approved for purposes of section 80G to provide statement of donations
	Statement of donations--Issues regarding
	Deduction in respect of donation to institution or fund to which section 80G(5) not to be denied in certain cases
	Donation to religious trust not eligible for deduction under section 80G
	No deduction under any other section
	No deduction in respect of cash donations if amount of donation exceed Rs. 2,000
	Condition regarding deduction towards donation to institution or fund referred to in section 80G(5)
	Charitable purpose--Meaning of
	Deemed institutions relating to notified games and sports to be deemed for charitable purposes [Explanation 4 to section 80G]
	Year of allowability
	Deductibility under section 80G, the donation to need not be paid out of the income chargeable to tax
	Relevant date for computing the amount of deduction under section 80G in case of donation by cheque
	Computation of gross total income for the purpose of section 80G
	Deductibility under section 80G for donation paid out of the exempt income
	Claim first time made in assessment--Neither false nor bogus
	Donation forming part of CSR expenses
	Donation paid by assessee treated as forming part of CSR expenses--Assessee pleading double disallowance
	Assessee did not submit any proof in respect of activities carried out--Assessee did not incur any expenditure on objects of trust
	Registration under section 80G(5)--Denial on allegation that assessee-trust was a private religious trust
	Aims and objectives of assessee as religious in nature--Assessee was granted registration under section 12AA only after considering the object of assessee
	Same CIT(E) granted registration under section 12AA
	New conditions cannot be imposed while granting re-approval to a trust
	Where expenses for religious purposes was only a small part of income but substantial work done by trust was charitable in nature
	Application rejected for sole reason that no activities being started by assessee
	Expenses on religious activities were less than 5%
	Where assessee spent more than 5% on religious activities
	Trust spending more than 5% of its income for religious purposes--Not eligible for approval under section 80G
	Approval under section 80G(5)(vi)--Rejection of application
	The institution must maintain accounts of its receipts and expenditure which is essential condition for getting approval under section 80G(5)
	L. Deduction, in Respect of Rent Paid [Section 80GG]
	Who can take deduction under section 80GG
	Conditions precedent
	Amount of deduction
	M. Donation Under Section 80GGA for Contribution to Scientific Research or Rural Development [Section 80GGA]
	Eligibility for deduction under section 80GGA towards contribution for scientific research or rural development
	Meaning of production of certificate from association, etc., claiming deduction under section 80GGA
	Position vis-a-vis deduction under section 80GGA where cash donation exceeds certain amount
	Deduction under section 80GGA available to assessees other than those carrying on business or profession only
	Possibility of double deduction one under section 80GGA and second, under any provision of the Act
	Assessee can claim higher benefit than deduction under section 80GGA
	Deduction under section 80GGA to be allowed only on basis of statement filed by donee institution
	Donation being made through cheque against valid receipt--Discharge of onus by assessee
	N. Deduction in Respect of Contribution to Political Parties [Section 80GGB and 80GGC]
	Deduction in respect of contributions to political parties by companies [Section 80GGB]
	Deduction in respect of contributions to political parties by non-corporate assessees [Section 80GGC]
	Contribution made to political party--Receipt being not available--Assessee pleaded that amount was verifiable from bank account of assessee
151.	Deduction Towards Medical Treatment, Disability, Etc. [Sections 80DD, 80DDB, 80U]
	A. Deduction in Respect of Maintenance Including Medical Treatment of a Dependant Who is a Person with Disability [Section 80DD]
	Eligible assessees
	Amount eligible for deduction
	Conditions precedent in respect of amount paid or deposited under any scheme of LIC or UTI or any other insurer
	Providing for annuity during lifetime of dependant
	Consequences if handicapped dependant predeceases individual or member of HUF
	Certificate to be furnished
	Dependant--Meaning of
	Disability defined
	Person with severe disability defined
	Person with disability
	B. Deduction in Respect of Medical Treatment, Etc. [Section 80DDB]
	Eligible assesses
	Amount of deduction
	Conditions precedent for allowability of deduction
	Dependant defined
	Senior citizen--Meaning of
	Very senior citizen--Meaning of [Upto assessment year 2018-19]
	Specified diseases for the purpose of section 80DDB [Rule 11DD]
	Prescription issuing authority
	C. Deduction in in Case of a Person With Disability (Including Blindness) [Section 80U]
	Eligible assessees
	Pre-conditions
	Certificate to be furnished
	Quantum of deduction
	Disability defined1
	Person with severe disability defined
	Medical authority
	Person with disability
152.	Co-operative Societies, Co-operative Banks and Farmer Producer Company [Sections 80P and 80PA]
	A. eligibility for Deduction Under Section 80P
	Definition of "Co-operative Society"
	Co-operative society--A taxable entity
	Determination of residential status of co-operative society
	Computation of income
	Income of co-operative society specifically included in the definition of income
	Deductions under Chapter VI-A
	Applicability of Alternate Minimum Tax (AMT) in case of co-operative societies
	Computation of deduction under section 80P
	Independent heads of exemption
	Burden of proof on co-operative society
	Special provision prevails over general provision
	Applicability of section 14A in respect of exempt income of co-operative society
	Exemption on basis of mutuality
	General deduction to co-operative societies
	Amount of deduction available under section 80P
	Conditions precedent for allowability of deduction
	Deduction available only in respect of profits attributable to exempted activities
	Deduction allowable on net income
	Deduction not to be denied merely on ground of non-production of book
	Allocation of expenses in case of trans-action with non-members
	Deduction to be allowed after setting off of losses of earlier years
	Society not registered under Co-operative Societies Act, 1959 but registered under Karnataka Co-operative Societies Act, 1959
	AO did not accept the status of assessee as 'Co-operative Society' rather AO held that assessee was an 'Association of Persons' '(AOP)'
	Assessee did not make a claim for deduction under section 80P in its return of income--Deduction claimed by assessee after issuance of show-cause notice
	Disallowance made under section 40(a)(ia) of payment made to pigmy agents on account of non-deduction of tax at source--Effect of
	Deduction denied on account of non-filing of return within due date specified under section 139(1)--Delay occurred due to delay in completion of audit of books of account by Co-operative Audit Department
	Claiming of deduction in return filed pusuant to notice under section 148
	Where return has been filed after completion of assessment
	Section 80AC prior to substitution by Finance Act, 2018 did not apply to section 80P
	A few month delay not to affect eligibility for deduction
	Belated ITR and deduction under section 80P
	Claim of deduction not made in the original or in the revised return of income
	Unexplained income taxed under section 68
	Interest income derived from fixed deposits in nationalized banks
	Computation of deduction in case of business re-organisation of co-operative banks [S. 44DB]
	B. Deduction under section 80P other than section 80P(2)(a)(i)
	Cottage industry [Section 80P(2)(a)(ii)]
	Marketing of agricultural produce grown by members [Section 80P(2)(a)(iii)]
	Purchase of agricultural implements, seeds, etc., for supply to its members [Sec. 80P(2)(a)(iv)]
	Processing of agricultural produce of members without aid of power [Section 80P(2)(a)(v)]
	Collective disposal of labour [Section 80P(2)(a)(vi)]
	Fishing or allied activities [Section 80P(2)(a)(vii)]
	Primary society engaged in supplying milk, oil seeds, fruits, vegetables, etc. [Section 80P(2)(b)]
	Procurement of milk from non-members--Allowability of deduction under section 80P(2)(b)
	Societies engaged in other activities [Section 80P(2)(c)]
	Profit from PDS and deduction under section 80(P)(2)(c)
	Income from investments with other co-operative society [Section 80P(2)(d)]
	Allowability of deduction as regards interest income earned from deposits kept with a co-operative bank
	Interest earned from co-operative bank/societies--Source of funds not being clear, i.e., as to whether out of own funds or out of liability
	Income earned by way of interest from the co-operative societies
	Dividend income received by a co-operative society on shares of a co-operative bank
	No banking business or provision of credit facilities to members--Eligible for deduction
	Income from letting of godowns or ware-houses [Section 80P(2)(e)]
	Assessee storing goods in own godowns as its stock and earning commission on sale--Not entitled to deduction under section 80P(2)(e)
	Warehouse need not be a permanent structure
	Income from interest on securities and house property [Section 80P(2)(f)]
	C. Co-operative Banks [Section 80P(2)(a)(i) read with Section 80P(4)]
	Co-operative banks not eligible to claim deduction under section 80P
	Primary agricultural credit society and "primary co-operative agricultural and rural development bank"
	No deduction under section 80P to co-operative banks from the assessment year 2007-08
	Deduction available to co-operative banks under section 36(1)(viii)
	Significance of credit facility
	Co-operative societies carrying business of banking and import of section 80P(4)
	Co-operative society taking deposits from non-members and earning interest income--Whether eligible for deduction under section 80P(2)(a)(i)
	Assessee, a primary agricultural credit society--Eligibility for deduction under section 80P
	Assessee, a credit co-operative society--Not ineligible for deduction under section 80P in view section 80P(4)
	Society not having any license from RBI to carry on any banking business
	Banking has never been assessees core activity
	Deduction under section 80P(2)(a)(i)--Whether available in respect of interest on deposit of funds with banks other than co-operative banks
	Where FDR placed with scheduled bank as a regulatory requirement
	Interest on investment with banks and sub-treassuries
	Interest income earned from deposits kept with banks, investments, savings banks, etc
	Whether TDS provisions would be applicable on interest on deposits given to non-regular members
	Income from other sources and deduction under section 80P(2)(a)(i)
	Land development bank not a co-operative bank
	Interest earned from funds invested in co-operative bank by another co-operative bank
	Regional rural banks are not hit by section 80P(4)
	Interest income not qualified for deduction--Whether expenditure to be allowed in respect of such interest income
	Assessee having permitted admission of other society as member
	Scope of expression members
	Co-operative society providing credit facilities to its members alone
	Assessee extended credit facilities to nominal members--Assessee received deposits and lent loan to general public
	Scheme of conducting chit fund
	Underwritting commission etc
	Interest from members for supplying materials on credit
	Loans given to nominal members by society deriving income from the activity of providing credit facilities to the members/nominal members
	Interest, where not eligible for deduction
	Denial of deduction on ground that assessee was earning income not only from members but majority of the income from Nominal/Associate Members
	AO denied deduction in view of section 80P(4) holding that assessee was engaged in banking activities
	Denial of deduction on the ground that assessee was granted banking license by the Reserve Bank of India
	Allowability as regards interest and dividend earned by assessee society from the investments made in District Central Co-operative Bank
	Where assessee was an agricultural credit co-operative society, registered under the Karnataka Co-operative Societies Act, 1959
	Assessee's activities whether in compliance with activities of primary agricultural credit society functioning under Kerala Co-operative Societies Act, 1969
	Assessee allegedly engaged essentially in banking business having miniscule disbursement of agricultural loans
	Gold loans whether disbursed for purpose of agricultural purposes or not by assessee-co-operative societies
	Denial on the ground of acceptance of deposits from nominal members
	Denial of deduction in the hands of primary agricultural credit societies on the ground of negligible agricultural credits given by assessee
	Income by way of interest or dividends derived by the co-operative soceity from its investments with any other co-operative society
	Activities confined to accepting deposits, advancing loans from members only--Not a co-operative bank
	Assessee withdrew some amount from a bank overdraft account and deposit such amount with another bank--Whether interest earned on such amount would be considered as being attributable to carrying on business of banking
	Whether 'Associate Member' under the TNCS Act could not be considered as 'member'
	Deduction that was given without any reference to any restriction or limitation cannot be restricted or limited by implication
	D. Co-operative Housing Societies
	Concept of co-operative housing society
	Deemed ownership
	Transfer of immovable property through agreement--Transaction to become a member
	Date of acquisition for computing capital gains on transfer
	Principle of mutuality vis-a-vis co-operative housing society
	Transfer fees received by Co-operative Society--Whether exempt on principle of mutuality
	E. Farmer Producer Company [Section 80PA]
	Deduction under section 80PA
	Meaning of "eligible business"
	Impact of availability of deduction under other provision of Chapter VI-A
	Meaning of 'member' and 'producer company'
153.	Income Based Deductions--Profits and Gains from Industrial Undertaking Engaged in Infrastructure Development, Etc. [Section 80-IA]
	A. Section 80-IA : General
	Businesses eligible for deduction under section 80-IA
	Tabular representation of provisions of section 80-IA
	How to compute deduction under section 80-IA
	Eligibility of industrial parks
	Amount and period of deduction under section 80-IA
	Period of ten assessment years for purposes of section 80-IA--When begins
	Option to assessees engaged in certain businesses to choose when to claim deduction under section 80-IA
	Assessees developing, operating or maintaining certain infrastructure facility
	Businesses falling in section 80-IA(2) have no option in choosing the initial year
	Amount and period of deduction in case of assessees engaged in providing telecommunication services
	Conditions prescribed under section 80-IA for deduction in case of telecommunication services, power business, gas distribution business
	B. Section 80-IA(4)(i) : Deduction in respect of profits from developing or operating and maintaining or developing, operating and maintaining infrastructure facility
	Enterprises eligible for deduction under section 80-IA(4)(i)
	Conditions precedent for deduction under section 80-IA(4)(i)
	Effect of transfer of infrastructure facility on deduction under section 80-IA
	Time limit for start of operation in case of business of infrastructure facility
	Meaning of infrastructure facility for purposes of section 80-IA(4)(i)
	Amount of deduction under section 80-IA (4)(i)
	Choice in claiming the deduction under section 80-IA
	Infrastructure facility notified by CBDT prior to 31-3-2001, eligible for benefit
	Effluent treatment and conveyance system, whether infrastructure facility
	C. Section 80-IA(4)(ii) : Deduction in respect of profits from telecommunication business
	Undertakings eligible for deduction under section 80-IA(4)(ii)
	Meaning of domestic satellite
	Conditions to be fulfilled
	Amount and period of deduction
	D. Section 80-IA(4)(iv) : Deduction in respect of profits of undertaking generating or transmitting or distributing power or renovating network of transmission or distribution lines
	Undertakings eligible undertaking for the benefit of deduction under section 80-IA(4) (iv)
	Meaning of substantial renovation and modernisation in the context of section 80-IA(4)(iv)
	Amount and period of deduction under section 80-IA(4)(iv)
	Conditions specified in section 80-IA(3) to be fulfilled
	E. Section 80-IA(4)(v) : Deduction in respect of profits of undertaking formed for reconstruction, etc., of a power generating plant
	Undertaking eligible for benefit of section 80-IA(4)(v)
	Amount of deduction under section 80-IA(4)(v)
	F. Section 80-IA(6) : Special exemption to housing projects
	Profits from housing projects being integral part of highway project eligible for deduction
	Profits from certain activities forming integral part of a highway project be computed for the purpose of section 80-IA
	G. Section 80-IA : Miscellaneous Issues
	Mode of computation of deduction under section 80-IA(1)
	Section 80-IA(5) overrides the other provisions of the Act
	Initial assessment year not defined
	AO treated the date of commencement of the windmill as the initial assessment year
	Set off brought forward losses of unit first against profits of eligible business
	Setting-off loss of infrastructure facilities from profits of other infrastructure facilities
	H. Audit Requirements
	Auditing by Chartered Accountant
	Whose accounts need be audited?
	Maintenance of accounts
	Year for which audit is required
	When audit report is to be filed?
	Separate audit report for each undertaking
	Special provision in case of infrastructure facility
	Audit report accompaniments in other cases
	Form of audit report
	I. Other Issues Relevant to section 80-IA
	Effect of transfer of goods/services from/to other business to/from eligible business
	Deduction under any other section cannot be claimed in respect of profits of the undertaking eligible for deduction under section 80-IA
	Assessing officer empowered to compute profits of an eligible business
	Central Government empowered to disallow deduction to any class of industrial undertaking
	Amalgamation/demerger consequences
	No deduction to special economic zones notified after 1-4-2005 under section 80-IA [Section 80-IA(13)]
	Deduction under section 80-IA cannot be allowed to a person who executes a works contract
	Return to be furnished or on before due date prescribed under section 139(1)
	Non-filing of return of income on or before due date prescribed under section 139(1)--Whether assessee would be entitled to claim deduction
	Profits and Gains Derived by an Undertaking or Enterprise Engaged in Developing, Operating and Maintaining any Infrastructure Facility, Industrial Park, etc
	Business disallowance made under section 40(a)(ia) and section 43B, etc
	Assessee's business being in nature of works contract
	Development of infrastructure projects--Assessee, whether developer or contractor
154.	Profits and Gains by an Undertaking Engaged in Development of Special Economic Zone [Section 80-IAB]
	When deduction under section 80-IAB allowable to
	Amount of deduction under section 80-IAB
	Any option to assessee in claiming the deduction under section 80-IAB
	Position of assessee not availing of deduction due to operation of section 80-IA(13)
	Effect of transfer of operation and maintenance of Special Economic Zone
	Applicability of provisions of section 80-IA applicable in case of section 80-IAB [Sub-section (3) of section 80-IAB]
	Interest income on fixed deposits made out of surplus funds to reduce interest cost
	Interest received on advances made to various contractors engaged in infrastructure work
	Lease premium
	Profit on transfer of bare shell to co-developer
	Assessee's main business being commercial exploitation of properties
155.	Tax Incentives to Start-Ups [Section 80-IAC]
	To whom deduction under section 80-IAC allowable
	When deduction allowable
	Deduction how allowable
	Amount of deduction
	Option to claim deduction in seven years
	Conditions precedent
	Eligible business
	Eligible start-up
	Limited liability partnership--Meaning of
	Applicability of provisions of section 80-IA(5) and 80-IA(7) to (11)
156.	Profits and Gains from Certain IndustrialUndertakings Other than Infrastructure Development Undertakings [Section 80-IB]
	A. General
	Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings [Section 80-IB]
	Provision of section 80-IB in tabular form [Only those activities, which still bring deduction are discussed here]
	Amalgamation consequences
	Further conditions specified in section 80-IA required to be fulfilled
	Form of audit report
	Form of audit report in case of hospital specified in section 80-IB(11B)
	Form of audit report in case of hospital specified in section 80-IB(11C)
	Condition regarding furnishing of audit report
	Deduction under section 80-IB to be given from gross total income
	Conditions prescribed by sub-section (2) to be necessarily fulfilled
	Industrial undertaking not to be formed by transfer to a new business of machinery or plant previously used for any purpose
	Industrial undertaking to employ 10 or 20 workers for the purpose of section 80-IB
	B. Deduction in Respect of Profits from Commercial Production, Refining of Mineral Oil and Commercial Production of Natural Gas [Section 80-IB(9)]
	Undertakings eligible for deduction under section 80-IB?
	What is meaning of undertaking
	Significance of North-Eastern Region
	Condition that commercial production of mineral oil shall start on or after 1-4-1997 for the purposes of deduction under section 80-IB(9) not to apply in certain cases
	C. Deduction in respect of profits derived from agro based industries [Section 80-IB(11A)]
	Undertakings that are eligible for deduction under section 80-IB(11)
	Amount of deduction under section 80-IB(11A)
	Period for which deduction is allowable under section 80-IB(11A)
	Condition as to beginning of operation for the purpose of deduction under section 80-IB(11A)
	Provisions of section 80-IB(11A), when do not apply to dairy business, etc
	Assessee engaged in the business of purchase and sale of sweet corn besides preparation and sale of frozen food items like sweet corn samosa, spring rolls, etc
	D. Deduction in respect of profits derived from operating and maintaining hospital anywhere in India other than excluded area [Section 80-IB(11C)]
	Effect of not mentioning of sub-section (11C) in section 80-IB(1)
	Undertakings that are eligible for deduction under section 80-IB(11C)
	Conditions precedent for availing of deduction under section 80-IB(11C)
	Amount and the period of deduction under section 80-IB(11C)
	Date that would be deemed to be the date of construction of hospital when
	Meaning of excluded area?
	Deduction under section 80-IB(11C) allowable to assessee running hospital as sole proprietorship or partnership firm
	Ownership of hospital not a necessary condition
	Relevant of starting date of construction
	Form of audit report for the purposes of section 80-IB(11C)
	E. Section 80-IB : Further Issues [Sections 80-IA(5)/(7)/(9)/(12)]
	Amalgamation/demerger consequences vis-a-vis under section 80-IB
	Applicability of provisions of section 80-IA?
	Audit requirements under section 80-IB?
	Whether activity of making poultry feed constituted manufacture or mere mixing as alleged by revenue
	Disallowing due to incomplete filing of Form 10CCB along with return of income
157.	Profits and Gains from Housing Projects [Section 80-IBA]
	Deduction in respect of profits from housing projects [Section 80-IBA]
	Tax incentives to rental housing projects [Section 80-IBA(1A)]
	Eligibility for deduction
	Any assessee be an individual, firm, company eligible for deduction
	Need of approval
	Date of approval in case of multiple approvals
	Commencement and completion of project
	Date of completion--Regarding of
	Commencement of housing projects--How would be verified
	Amount of deduction
	Amendment of certain conditions for eligibility to get deduction under section 80-IBA
	Residential unit--Meaning of
	Carpet area of shops
	Restrictions on allotment of more than one unit to an individual
	Works contractor not to get benefit of deduction under section 80-IBA
	No benefit under any other section
	Necessity of assessee being developer and builder
	Project completed but all residential units not sold out
	Developing housing projects on different plots whose total size exceeds specified size
	Deduction whether to be allowed on year to year basis where assessee discloses profit on partial completion basis
	Whether developer need necessarily be owner of land in order to be eligible for deduction
	Project jointly undertaken by assessee with builder--Assessee being an integral part of development and construction activities
	Non-availability of completion certificate--Default on part of assessee-builder to construct and handover housing project to city municipal corporation as per stipulated conditions
	Composite housing project consisting eligible and ineligible units--Proportionate deduction in respect of eligible units
	Proportionate deductions under section 80-IB(10)--Area of certain units exceeded prescribed limits
	Income from developing and building housing project--One out of sixty residential units of housing project did not comply with condition prescribed in section 80-IB(10)(f)
	Deviations in sanctioned housing project--Approval by local authority received after payment of compounding fee by assessee
	Assessee applied for completion certificate within stipulated period but the same was not issued by local authority
	Car parking space--Inclusion thereof in built-up area
	Some of the residential units comprised in housing project having built-up area of more than 1500 sq.ft.
	Area of plot
	No completion certificate obtained from concerned authority within stipulated time
	Forfeiture of advances received from buyers on booking of flats due to cancellation
	Assessee obtained partial competition certificate
	No evidence on record evidencing that income disclosed during the survey proceedings was not arising from construction activity
	Some residential flats of housing project having built-up area of more than 1,500 square feet
	AO alleged violation conditions mandated under section 80-IB(10)(f)--On account of sale of flats to company, i.e., non-individual
	Assessee-company took possession of land in question in pursuance of an agreement executed between it and its sister concern and paid consideration
	Assessee and his mother were the co-owners of land--Return of income was not filed by Association of Person (AOP)
	Assessee being an integral part of development and construction activities
	Eligibility of deduction in respect of income offered in pursuance to notice issued under section 153C representing on-money received
	Completion certificate was not obtained from the local authority
	AO alleged trading activity on assessee's part
158.	Profits and Gains from Undertaking in Certain Specified Category States [Section 80-IC]
	Eligible for deduction under section 80-IC
	Amount and period of deduction under section 80-IC
	Conditions precedent for deduction under section 80-IC
	Possibility of simultaneous deduction be claimed under any other section, apart from deduction under section 80-IC
	Meaning the different terms used in section 80-IC
	Areas which have been specified for certain States for the purposes of section 80-IC
	Condition precedent under section 80-IC (2)(a) satisfied--Whether deduction allowable?
	Conversion of proprietorship concern into partnership-firm--Eligibility of partnership-firm to get deduction under section 80-IC for the unexpired period
	Partnership firm gets converted into proprietorship--Availability of deduction thereafter
	Transfer of stock and allowability of deduction under section 80-IC
	Apportionment of common expenses to eligible unit and computation of deduction under section 80-IC
	Loss of units located in other than specified States--Deductibility while arriving at profit eligible for deduction under section 80-IC
	Interest income received from government department for delay in payment--Deductibility under section 80-IC
	Deduction under section 80-IC was allowable where procurement of raw-material was made from a State other than specified State
	Interest income from fixed deposits is not income from business entitled to deduction under section 80-IC
	Profit from sale of scrap is eligible for deduction under section 80-IC
	Belated filing of audit report and return of income
	New unit formed by partners of an existing firm amount to splitting up or reconstruction of an already existing business, for the purposes of section 80-IC?
	'Splitting up' or 'reconstruction' of already existing unit--Transfer of 'FFS' machinery to eligible undertaking (unit)
	As regards expenses disallowed under section 14A
	Assessee engaged in manufacture of mobile battery, etc
	Ayurvedic medicine not manufactured by assessee which were purchased by its sister concern
	Deduction claimed through revised return filed under section 139(5)
	Interest subsidy, insurance subsidy and similar other income(s)
	Transport, power and interest subsidies received by an Industrial Undertaking--Eligibility for deduction under sections 80-IB, 80-IC etc
	Allocation of interest expenditure
	Allocation of R&D expenses
	AO doubting higher profit margin earned by eligible unit--Availability of various incentives and raw materials at cheaper rates
	No correlation of R&D expenditure with eligible unit
	Scope for netting off of profits and losses of all eligible undertakings
	Assessee had not filed the return of income within the stipulated period as provided under section 139(1)--Allowability of deduction
	Substantial expansion during within period--Eligibility for 100% deduction for another terms of five years
	Income from sale of scraps whether eligible for deduction
	Non-filing of audited accounts in Form 10CCB along with return of income--Allowability
	Transport subsidy, power subsidy and interest subsidy--Nexus between the profits and gains of industrial undertaking or business and subsidies received
	Return filed by assessee beyond the date of filing of return
	Deduction vis-a-vis Units II and III, whether Unit III is an independent unit or not a new unit formed by reconstruction of an existing Unit II
	Profit attributable to anti-virus software developed by Pune R&D Centre, the cost of which incurred, were allocated between Pune and Parwanoo units
	Disallowance of deduction on the ground that new unit was set up in leased premises
159.	Profits and Gains from Business of Hotels and Convention Centres in Specified Area [Section 80-ID]
160.	Profits and Gains from Certain Undertakings in North-Eastern States [Section 80-IE]
	Amount and period of deduction
	Undertaking eligible for deduction under section 80-IE
	Conditions to be satisfied
	No deduction under any other section
	No deduction under section 80-IE in certain cases
	Applicability of provisions of section 80-IA
	Terminologies defined
	No deduction allowable if the assessee does not furnish return of income by due date [Section 80AC]
	Substantial expansion/modernization of existing industrial unit--AO denied deduction on the ground of assessee having availed of exemption under section 80-IB and 10C in earlier periods
161.	Deduction in Respect of Profits and Gains From Business of Collecting and Processing of Bio-Degradable Waste [Section 80JJA]
	Eligible business
	Amount of deduction
	Profits and gains from business of collecting and processing of bio-degradable waste--Whether product manufactured by assessee qualify for deduction
162.	Deduction in Respect of Employment of New Workmen [Section 80JJAA]
	To whom deduction allowable
	Amount of deduction
	Period of deduction
	When deduction not allowable
	Audit requirements
	Additional employee cost--Meaning of
	Additional employee
	Tax incentives where employee employed for less than specified limit during the year
	Emoluments--Meaning of
	Employees employed during preceding year--Completion of 300 days during current year
	Deduction not allowed in first year of employment
	Workman, a software engineer in a software industry
	Denial on the ground of non-fulfilment of condition of employment for 300 days or more in the first year of employment
	Software industry
	Industrial undertaking--Computation of period of 300 days
	Denial on the ground that assessee had not considered exclusion of 100 workmen as per clause (i) of the Explanation to section 80JJAA
	AO denied deduction on the ground that Form 10DA was prepared on 21-2-2014, i.e., subsequent to the filing of return of income
	During the course of assessment proceedings, assessee revised the claim under section 80JJAA--AO denied deduction on the ground that assessee did not file a revised return
	Denial on the ground that assessee had included the workmen recruited in the previous financial year, i.e., 2010-11, but completed 300 working days during the previous year
	Denial on the ground that assessee had not considered exclusion of 100 workmen as per clause (i) of the Explanation to section 80JJAA
163.	Deduction in Respect of Certain Incomes of Offshore Banking Units and Units of International Financial Services Centre [Section 80LA]
	Assessee eligible for deduction
	Incomes eligible for deduction
	Amount of deduction
	Enhanced deduction to banks, etc., having offshore banking unit
	Conditions precedent for deduction
164.	Deduction in Respect of Certain Inter-corporate Dividends [Section 80M]
	Case of domestic company receiving dividends
165.	Royalty Income of Authors [Section 80QQB]
	Eligible assessees
	Income eligible for deduction and amount of deduction
	Scope of deduction
	Certificate to be furnished for income from sources within India
	Income from sources outside India to be received in India within the specified time
	How to compute deduction--Different situations identified
166.	Deduction in Respect of Income From Patent [Section 80RRB]
	Person eligible for deduction
	Amount of deduction--Income earned from sources within India
	Deduction in case of income earned from sources outside India
	Certificate to be furnished
	Royalty defined
	Deduction to be withdrawn in case of revocation of patent
167.	Deduction in Respect of Interest on Deposits in a Saving Account of Bank, Post Office, Etc. [Section 80TTA]
	Deduction to whom
	Income subject to deduction
	Amount of deduction
	Time deposits--Meaning of
	Deduction not allowable in certain cases
	Exemption to post office saving bank interest under section 10(15)(i)
	Cumulative impact of section 10(15)(i) and section 80TTA
	Provisions illustrated
168.	Higher Deduction for Interest on Deposits to Senior Citizens [Section 80TTB]
	Deduction to whom
	Income subject to deduction
	Amount of deduction
	Deduction not allowable in certain cases
	Senior citizen--Meaning of
	Exemption to post office saving bank interest under section 10(15)(i)
	Cumulative impact of section 10(15)(i) and section 80TTB
	Provisions illustrated
	Part XVI--Relief and Rebates [Sections 87A, 89, 89A, 90, 90A and 91]
169.	Rebate to Resident Individual [Section 87A]
	Rebate under section 87A to resident individuals
	Availability of marginal relief under section 87A
170.	Relief When Salary, Etc., is Paid in Arrears or in Advance [Section 89]
171.	Relief from Taxation on Income from Retirement Benefit Account Maintained in a Notified Country [Section 89A]
	Relief from taxation on income from retirement benefit account maintained in a notified country
	Rules regarding taxation of income from retirement benefit account maintained in a notified country
	Relief from taxation in income from retirement benefit account maintained in a notified country--Notified country
172.	Double Taxation Avoidance Agreement [Section 90]
	Purpose of Central Government may entering into DTAA
	Applicability of provisions of the Act to the extent more beneficial to the assessee
	Term not defined in the DTAA but defined in notification
	Notification issued in pursuance of power given under sub-section (3)
	May be taxed--Scope of
	Requirement of tax residency certificate
	Obtaining certificate of residency
	Other documents or information required to be submitted by assessees referred to in section 90(4)
	Provision of section 90 when be not treated as less favourable
	Meaning of the specified territory for the purpose of section 90
	Effect of agreement entered into under section 90
	Methods for providing relief from double taxation
	Tax sparing
	Levy of education cess in addition to the tax rates prescribed in DTAA
	Concept of Permanent Establishment in context of DTAA
	Types of agreements are generally entered into by India
	Tax haven and means of utilising tax havens
	Clarification regarding the Most-Favoured-Nation (MFN) clause in the Protocol to India's DTAAs with certain countries
	Residence in India become irrelevant where person is deemed to be resident of contracting state in case his personal and economic relations are closer
	Any expression is not defined in the agreement, the expression defined in the Income Tax Act would be attracted
	Method of interpreting covenants of tax treaties
	No transfer of FTS
	Applicability of article 15 in case of partnership-firm
	Income received towards providing legal services--Assessee pleading to have no PE in India
	Remuneration for legal services treated as fees for technical services under section 9(1) (vii)--No taxability under DTAA
	AO restricted relief to the extent of tax paid in foreign country instead of tax charged on foreign income included in total income
	Estimation of income from business connection
	Leviability of surcharge and education cess--Tax rate applied as per DTAA
	DAPE existed and paid remuneration at arm's length
	Existence of permanent establishment--Period of 120 days as per article 5(2)(k), whether should fall in any 12 months period or in 'A' in question--Installation PE
	Assessee received salary income and the foreign allowance for services rendered in Austria due to his foreign assignment
	Fixed PE as per article 5(1)
	Consideration received by non-resident assessee towards intermediary services
	Consideration received towards licensing software to Indian customers--Applicability of Explanation 4 to section 9(1)(vi)
	Levy of tax on royalties or fees for technical services--Rate of tax under the Double Taxation Avoidance Agreement (DTAA)
	Fixed place of business which is of a preparatory or auxiliary characterWhether constitution PE
	Royalty under article 12(3)
	Amendment in definition of royalty under domestic law
	Payment received against operation support, analytical and accounting support services, legal advice, and personal training
	Income from providing cloud hosting services and data warehousing services
	Service PE as per article 5(2)(k)--Mere stay of an employee
	Subscription fee received towards providing access to proprietary database to Indian clients
	Profit derived by enterprise of a Contracting State from operation by that enterprise of ships in international traffic--Assessee was wholly managed and controlled in UAE
	Consideration received for data center and mailbox hosting services
	Taxability of receipt, being reimbursement of cost, not containing any profit element
	Existence of DAPE/PE or not
	Leadership training fee
	Receipts on account of provision of support services, receipts on account of sale of hardware
	Agreement between India and Mauritius--Beneficial ownership
	Assessee paid charges towards technical assistance to Federal Aviation Administration
	Agreement between India and Sweden--Applicability of MFN clouse
	Consideration received by assessee against Infrastructure and Hosting Data Centre (IDV) services to Indian entities
	Royalty under article 13(3)--Payment received towards management support services
	Agreement between India and Netherlands--Fees for technical services' under article 12(5)(a) of DTAA
	Income received by assessee from computer reservation systems
	Reimbursement of expenses on actual basis of constituents like travelling, food, boarding and lodging of consultants employed by Indian Counterpart
	Liaison office engaged in carrying out all the preparatory and auxiliary activities
	Consideration paid by ESPN India for purchase of advertisement space
	Agents engaged by assessee were independent agents and they did not have the necessary authority to conclude contracts of assessee
	Income from providing access of database
	Agreement between India and Mauritius--Dependent agent in terms of article 5(5) of DTAA
	Agreement between India and UAE--Availability of benefit under article 13--Assessee being 100% resident in India
	Income from property situated in foreign country and declared as income there
	Assessee can claim treaty benefits in one year and opt for normal taxation or another year
	Most favoured nation clause--Applicability without any specific notification from Government
	Providing information technology/administrative services--Whether subject to tax as per Article 12(4) of Indo-US DTAA as fee for included services
	Payment for equipment leasing--Whether taxable as royalty under Indo-Netherlands DTAA?
	Management fees--Whether "make available" technology for end use as per Indo-Singapore DTAA
	Offshore delivery of goods on CIF basis in a composite contract done as a consortium--Income attribution in India
	FTS payment for earning income from outside India--No clause in DTAA taxability explained
	Most favoured nation clause and CBDT Circular
	Payroll and other management services whether make available any technology to fall in the scope of Article 12(4) of Indo-US DTAA
	Google Adwords income whether taxable for Google Ireland in India by way of assessee becoming a Dependent PE (DAPE)
173.	Adoption by Central Government of Agreements Between Specified Associations for Double Taxation Relief [Section 90A]
	Purposes for which agreement shall be adopted and notified by the Central Government
	Provision of section 90A aligned with Multilateral Instrument (MLI)
	Provisions of the Act to the extent more beneficial to the assessee be applied
	Meaning of the term relevant to section 90A
	Requirement as regards tax residency certificate
	Provision of section 90A not regarded as less favourable
	Meaning of the terms "specified association" or "specified territory" for the purpose of sec. 90A
174.	Countries with Which No Agreement Exists [Section 91]
	Relief from double taxation where there is no agreement existing with foreign country
	Objectives behind section 91
	Meaning of 'such doubly taxed income'
	Section 91 does not provide for avoidance of double taxation but only seeks relief against double taxation
	Relief available for federal as well as State tax
	Taxes paid by assessee in Hongkong--No DTAA between India and Hongkong
	Agreement not existing--Claim of credit for foreign TDS--Payment of taxes not made in subject year
	Relief in respect of income from Pakistan
	Claiming of relief be non-residents against double taxation
	Assessee claimed tax paid/deducted at Ghana as deduction under section 91--Effective rate of tax in Ghana vis-a-vis effective Indian rate of income tax
	Leviablity of education cessTax liability computed under the provisions of India-France DTAA
	Assessee claimed tax paid/deducted at Ghana as deduction under section 91--Effective rate of tax in Ghana vis-a-vis effective Indian rate of income tax
	Computation of relief under section 91
175.	Foreign Tax Credit [Sections 90, 91 and Rule 128]
	Requirement of tax residency certificate
	Certificate for claiming relief under an agreement referred to in sections 90 and 90A by non-residents
	Obtaining certificate of residency by residents
	Methods for providing relief from double taxation
	Relief from double taxation where there is no agreement existing with foreign country
	Claiming of relief be non-residents against double taxation
	Foreign tax credit when available [Rule 128]
	Meaning of foreign tax
	FTC available against tax, surcharge and cess
	No credit against disputed tax
	Method to compute FTC
	Documents to be furnished for availing of FTC
	Time limit for furnishing requisite documents
	Filing Form No. 67 by due date is not mandatory
	Assessee did not file return of income and Form No. 67 within due date of filing the return of income under section 139(1)
	Form No. 67 available at the time of assessment
	Form No. 67 can be filed alongwith revised ITR
	Delay in filing foreign tax credit certificate due to non-receipt of tax deduction certificate from foreign deductor from Zambia
	Part XVII--Transfer Pricing [Sections 92 to 92F]
176.	International Transactions and Specified Domestic Transactions (SDT)
	Computation of income from international transaction and from SDT
	Exception to applicability of section 92(1), 92(2) or 92(2A)
	Meaning of international transaction
	Meaning of Specified Domestic Transaction (SDT)
	Meaning of "associated enterprises"
	Meaning and scope of term 'intangible property'
	Meaning of 'enterprise' and 'permanent establishment'
	Computation of Arms Length Price (ALP)
	Determination by assessing officer of ALP on basis of material or information or document in his possession
	Meaning of various terms relevant to computation of ALP
	Various methods for determining the arms length price
	Parameters of comparing international transaction or specified domestic transaction with an uncontrolled transaction
	Data to be used in analysing the comparability of an uncontrolled transaction with an international transaction or a specified domestic transaction
	Selection of most appropriate method
	Reference to Transfer Pricing Officer (TPO) for computation of ALP
	Meaning of Transfer Pricing Officer (TPO)
	Determination of ALP by TPO
	Role of assessing officer after receipt of "arms's length price" from TPO
	Powers available to TPO
	No reference in absence of any proceeding pending before the assessing officer
	Safe harbour Rules for determining ALP
177.	Advance Pricing Agreement [Sections 92CC and 92CD]
	"Advance pricing agreement" and its relevance in context of an international transaction
	Persons eligible to enter into an advance pricing agreement
	Mechanism for pre-filing consultation by person proposing to enter into an agreement
	Procedure for filing an application for advance pricing agreement
	Withdrawal of application for advance pricing agreement
	Processing of an application for APA
	Terms of an APA
	Roll back provisions in context of APA
	Amendments to an APA application
	Procedure for furnishing of an annual compliance report
	Method for compliance audit of the agreement
	Revision of APA
	Cancellation of an APA
	Procedure for giving effect to the rollback provision of an APA
	Renewal of an APA
	Effect of filing of an application for APA on determination of the arm's length price
	Role of DTAA between India and other concerned countries
178.	Secondary Adjustment [Section 92CE]
	Secondary adjustment
	Primary adjustment
	Secondary adjustment when to be made
	What is secondary adjustment
	Meaning of primary adjustment
	Secondary adjustment when to be made
	No secondary adjustment in certain cases
	No refund of taxes already paid under pre amended provision
	Excess money and secondary adjustment
	Scope of section 92CE(2) restricted to excess money or part thereof, which is not repatriated
	Option to assessee to pay additional income-tax on excess money not repatriated in time
179.	Requirement as to Maintenance of Information, Documents and Obtaining Audit Report [Sections 92D, 92E]
	Maintenance of information and documents [Section 92D]
	Information and documents to be kept and maintained by a person entered into agreement
	Requirement of keeping and maintaining information and document by constituent entity of an international group
	Information and documents to be kept and maintained by constitutent entity and to be furnished in terms of section 92D(4)
	Furnishing of report of the information
	Furnishing of information in case of more than one constituent entities resident in India
	Authority responsible for specifying procedure
	Time period for keeping and maintaining information and documents
	Rate of exchange for calculating value of transaction
	Meaning of certain terms relevant to rule 10DA
	Furnishing of report in respect of International Group
	Time limit upto which the information and documents required to be kept ready
	Time period for keeping information and documents
	Assessing officer or CIT(A) empowered to ask for furnishing any information or document from the person entering into international transaction or SDT
	Requirement of obtaining audit report [Section 92E]
	Part XVIII--Tax Avoidance [Sections 93 to 94A]
180.	Avoidance of Income Tax by Transactions Resulting in Transfer of Income to Non-residents [Section 93]
	Safeguards provided under the Act against avoidance of income-tax by transactions resulting in transfer of income to non-residents
	Circumstances where section 93(1) not applicable
	Person deemed to have power to enjoy the income of a non-resident
	Meaning of associated operations for the purpose of section 93
	Meaning and scope of the terms assets, benefit and capital sum, referred to in section 93
181.	Tax Avoidance Through Planned Transfer [Section 94]
	Bond washing transactions
	Provision to curb tax avoidance in case of non-receipt or less receipt of income
	Bona fide transactions spared
	Avoidance of tax by certain person dealing in securities
	Loss to be ignored to the extent of dividend or income [Section 94(7)]
	Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units [Section 94(8)]
	Important terms
182.	Transactions With Person Located in a Notified Jurisdictional Area [Section 94A]
	Introduction
	Central Govt. empowered to specify any country or territory as a notified jurisdictional area
	Applicability of provisions relating to transfer pricing
	No deduction i.r.o. payment to financial institution shall be allowed except in certain cases
	No deduction for any expenses except in certain cases
	Maintenance of documents
	No time-limit for maintenance of documents
	Credits from persons in notified jurisdictional area to be treated as income of assessee
	Deduction of tax at source
	Person located in a notified jurisdictional area
	Transaction--Meaning of
	'Cyprus' as notified jurisdictional area for purposes of section 94A
	Applicability of section 94A, where cyprus received from list of notified area
	Part XIX--General Anti Avoidance Rules (GAAR)
183.	General Anti Avoidance Rules [Sections 95 to 102 and Section 144BA]
	Introduction
	Non-application of GAAR provision
	Declaration of arrangement as impermissible avoidance agreement
	Applicability of Chapter X-A
	Impermissible avoidance arrangement--What is?
	Arrangement that lack commercial substance--What is?
	Consequence of impermissible avoidance arrangement
	Treatment of connected person and accommodating party
	Applicability of Chapter X-A and guidelines for applicability
	Terminologies defined
	How would GAAR provisions be invoked
	Notice, Forms for reference under section 144BA
	Reference to the Approving Panel
	Provisions of GAAR to apply to assessees covered by sections 90 and 90A
	AO denied assessee the benefit under article 13(4A) of India-Singapore DTAA on the ground that assessee had no economic substance or commercial substance and was a 'shell' or a 'conduit' company
	Where tax benefit does not exceed amount specified in rule 10U
	Part XX--Determination of Tax in Certain Special Cases
184.	Income from Investments in Bonds, Shares, Securities, Units, Global, Depository Receipts, Etc. [Sections 115A, 115AB, 115AC]
	I. Tax on Dividends, Interest, etc. [Section 115A]
	Income by way of dividends, interest, etc. and respective tax rates [Section 115A(1)(a)]
	Special rate of tax provided for interest received in certain cases [Section 115A(1)(a) (iia), (iiaa), (iiab) and (iiac)]
	Tax rate summarised
	Rate of tax on divided from unit of IFSC reduced to 10% and rate of royalty or fees for technical services raised to 20%
	Tax rate on income by way of royalty or fees for technical services [Section 115A(1) (b)]
	Royalty in respect of books or computer software [Section 115A(1A)]
	Non-applicability of section 115A(1)
	Non-allowability of deduction
	Non-allowability of deduction under Chapter VI-A
	No necessity of filing return of income [Section 115A(5)]
	Availability of benefit of set-off of losses under section 70
	Interest paid/payable by Indian branches to their head office situated abroad would be liable to tax in India and would be governed by section 115A
	Rate of tax in case of interest income from investment in NRE & FCNR Accounts, etc
	Fee for technical services besides PE existence--Meaning of "effectively connected
	II. Tax on Income from Units Purchased in Foreign Currency or Capital Gains Arising from their Transfer [Section 115AB]
	Scheme of section 115AB
	Rates of tax
	Non-allowability of deductions
	Meaning of overseas financial organisations
	Meaning of 'units'
	Meaning of 'foreign currency'
	Meaning of 'public sector bank'
	Meaning of 'public financial institutions'
	Meaning of 'Unit Trust of India'
	III. Tax on Income from Bonds or Global Depository Receipts Purchased in Foreign Currency and Capital Gains Arising from Their Transfer for Non-Residents [Section 115AC]
	Income earned
	Tax rates
	No deduction under Chapter VI-A [Sub-section (2) of section 115AC]
	Non-applicability of proviso to section 48 [Sub-section (3) of section 115AC]
	No necessity of filing return [Sub-section (4) of section 115AC]
	Applicability of provisions to GDRs or bonds in amalgamated company [Sub-section (5) of section 115AC]
	Terminologies defined--Explanation to section 115AC
185.	Tax on Income from Global Depository Receipts Purchased by Resident in Foreign Currency or Capital Gains Arising from Their Transfer [Section 115ACA]
	Application of section 115ACA
	Income taxed under section 115ACA
	Rate of tax
	No deduction allowable
	Computation of income from capital gains
	Meaning of 'Global Depository Receipt' for the purpose of section 115ACA
	GDRs listed in International Financial Services Centre to be eligible for benefit under section 115ACA
186.	Tax on Income of Foreign Institutional Investors or Specified Fund from Securities or Capital Gains Arising from Their Transfer [Section 115AD]
	Income covered by section 115AD
	Rate of tax
	Surcharge on dividend income or capital gains from transfer of securities
	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
	Applicability of section 115AD to specified fund
	Non-allowability of deductions [Section 115AD(2)]
	Non-applicability of proviso to section 48
	Foreign institutional investors--Meaning of
	Securities--Meaning of
	Specified fund
187.	Tax on Winnings from Lotteries, Etc. [Section 115BB]
	Special rate of tax on winnings from lotteries, etc
	Section 115BB not to apply from the assessment year 2024-25 to winnings from any online game
	Terminologies defined
	Whether loss from one game can be adjusted against income from another game
	TDS in respect of winnings from lotteries, etc. [Section 194B]
188.	Tax on Non-resident Sportsmen or Sports Association [Section 115BBA]
	Income covered in the case of non-resident not citizen sportsman
	Income covered in case of non-resident non-citizen entertainer
	Income covered in the case of non-resident sports association or institution
	Rate of tax
	Non-allowability of deduction
	No necessity of filing return of income [Section 115BBA(2)]
189.	New Taxation Regime for Individual/HUF [Section 115BAC]
	Nature of section 115BAC
	Rate of tax on incomes specified under sections 110 to 115BBJ
	To whom provisions of section 115BAC apply
	Residential status irrelevant
	Rate of tax applicable
	Surcharge and marginal relief
	Availability of rebate under section 87A to resident individuals
	Income on which special tax rate applicable
	Conditions precedent for special tax rate
	No exemption in respect of free food or vouchers
	No set off of loss or depreciation arising from above deductions
	No loss from house property
	Method of computing depreciation
	No exemption under any other law
	Effect of failure to satisfy above conditions [Only upto assessment year 2023-24]
	When option as to applicability of section 115BAC be exercised
	Unabsorbed depreciation to be adjusted once option is exercised under section 115BAC
	Unabsorbed depreciation to be adjusted once new tax regime under section 115BAC is defaulted on assessee
	Non-applicability of section 115JC/115JD to assessees opting for section 115BAC/115BAD
	Steps to be taken while opting for section 115BAC by individual/HUF carrying on business
	Is opting for section 115BAC result in disallowance of all losses
	Illustrations illuminating which regime to be opted for [Assessment year 2023-24]
	Different situations identified [From assessment year 2024-25]
190.	New Taxation Regime for Resident Co-operative Societies [Section 115BAD]
	Nature of section 115BAD
	Rate of tax on incomes specified under sections 110 to 115BBJ
	To whom provisions of section 115BAD apply
	Rate of tax applicable
	Surcharge and marginal relief
	Income on which special tax rate applicable
	Conditions precedent for special tax rate
	Effect of failure to satisfy above conditions
	When option as to applicability of section 115BAD be exercised
	Unabsorbed depreciation to be adjusted once option is exercised under section 115BAD
	Co-operative societies eligible for deduction under section 80P
191.	New Tax Regime for Certain Co-Operative Societies Engaged in Manufacturing Activity [Section 115BAE]
	Nature of section 115BAE
	Rate of tax applicable on total income derived from manufacture or production of article or thing
	Rate of tax applicable on other income
	Rate of tax applicable on short-term capital gains derived from assets on which no depreciation claimed
	Rate of tax on abnormal profits
	Surcharge and marginal relief
	Income on which special tax rate applicable
	Assessee to give up certain benefits
	Additional conditions to be satisfied by resident co-operative society opting for section 115BAE
	Condition 1 : As to Formation of Society
	Condition 2 : Business Not to be Formed by Spliting Up or Reconstruction
	Condition 3 : Restriction Regarding Use of Old Machinery
	Condition 4 : Assessee Must be Engaged in Manufacturing or Production
	Manufacture
	Manufacture or production
	Co-operative society not to make more than normal profits
	Applicability of transfer pricing regulations
	Specified domestic transactions--Meaning of
	Effect of failure to satisfy above conditions
	Option to be exercised
	Consequential amendment of section 115BAD
	Consequential amendment of section 115JC and section 115JD
192.	Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG]
	Tax on income from patent [Section 115BBF]
	Tax on carbon credit [Section 115BBG]
193.	Income from Transfer of Virtual Digital Assets to be Taxed at Flat Rate of 30% [Sections 2(47A), 56(2)(x) and 115BBH]
	Definition of virtual digital assets [Section 2(47A)]
	Receipt of virtual digital asset without consideration or with consideration at below fair market value to be taxed
	Income from transfer of virtual digital assets to be taxed at flat rate of 30 per cent [Section 115BBH]
194.	Taxing Specified Income of Trusts or Exempt Institutions at a Flat Rate of 30% [Section 115BBI]
195.	Tax on Winnings from Online Games and TDS Thereon [Section 115BBJ]
	The insertion
	Nature of section 115BBJ
	Rate of tax on winnings from online games
	Meaning of certain terms for the purposes of section 115BBJ
	Only net winnings to be taxed
	Intra game loss can be set off
	Provisions illustrated
	Loss from online games--Whether can be carried over
	TDS in respect of winnings from online gaming [Section 194BA]
196.	Special Provisions as to Investment Incomes of NRIs [Sections 115C to 115-I]
	Introduction
	Meaning of certain terms [Section 115C]
	Computation of total income and tax on investment income and long-term capital gains [Section 115D]
	Rate of tax on investment income and long term capital gain arising to non-resident Indians [Section 115E]
	Capital gains on transfer of foreign exchange assets not to be charged in certain cases [Section 115F]
	No necessity of filing the return [Section 115G]
	Benefit available even after the assessee becomes resident [Section 115H]
	Special provisions not to apply if the assessee so chooses [Section 115-I]
	Chapter XII-A applicable even after death
197.	Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company [Sections 115JC to 115JF]
	Levy of Alternate Minimum Tax (AMT)
	Non-applicability of provisions of Chapter XII-BA in certain cases
	Total income to be base for levy of AMT
	When AMT is levied and rate at which it is be levied
	Steps for computation of AMT
	Adjusted total income
	Report of Chartered Accountant to be obtained
	Tax credit for AMT
	Provisions of section 115JC and 115JD not to apply to certain assessees from the assessment year 2024-25
	Applicability of provisions of section 115JC to 115JF
	Application of other provisions of the Act
	Provisions illustrated
	No alternate minimum tax on specified fund
198.	Tonnage Tax on Shipping Companies [Sections 115V to 115VZC]
	Scheme in brief
	Treatment of liquidated damages
	Applicability of TP provisions to Tonnage Tax Scheme
	Part XXI--Corporate Taxation
199.	Important Definitions Relevant to Corporate Taxation
	Meaning of company [Section 2(17)]
	Indian company [Section 2(26)]
	Domestic company [Section 2(22A)]
	Foreign company [Section 2(23A)]
	Company in which public are substantially interested [Section 2(18)]
	Demerger [Section 2(19AA)]
	Demerged company [Section 2(19AAA)]
	Resulting company [Section 2(41A)]
	Public sector company [Section 2(36A)]
	Principal officer [Section 2(35)]
	Person who has substantial interest in the company [Section 2(32)]
	Distinction between widely held company and closely held company
200.	Corporate Tax Rates--At a Glance
	Basic tax rates for companies for assessment years 2023-24 and 2024-25
	Surcharge on income-tax
	Health and education cess
	Effective corporate tax rates
201.	Option under Section 115BA to Domestic Manufacturing Companies
	Tax on income of certain domestic manufacturing companies as per section 115BA
	Conditions required to be fulfilled when option under section 115BA is exercised
	No further deduction on account of loss
	Time limit for exercising the option
	Manner of exercising option
	Withdrawal of option once exercised
202.	Option under Section 115BAA to Certain Domestic Companies
	Tax on certain domestic companies
	Tax when option under section 115BAA is exercised
	Consequence of violation of conditions prescribed in sub-section (2)
	Levy of flat surcharge and cess when company opts for section 115BAA
	Conditions required to be fulfilled for exercising option under section 115BAA
	No further deduction for loss
	Modification in conditions for IFSC units exercising option under section 115BAA
	Time limit for exercising option under section 115BAA
	Exercise of option where option exercised under section 115BAB becomes invalid
	Option once exercised cannot be withdrawn
	Manner of exercising option
	Consequences of non-filing of Form 10-IC
	Applicability of MAT
	Allowability of brought forward MAT credit
	Choice between section 115BA and section 115BAA
203.	Option under Section 115BAB to New Domestic Manufacturing Companies
	Tax on income of certain new manufacturing companies
	Levy of surcharge and cess
	Tax when to be levied at the rate of 22 per cent
	Companies eligible to opt section 115BAB
	Consequence of violation of conditions contained in sub-section (2) after exercising option under section 115BAB
	Condition as regards formation of company
	Condition as regards use of plant and machinery
	Condition as regards use of building
	Condition as regards to nature of business
	Board empowered to issue guidelines for removing difficulties in fulfilment of certain conditions
	Computation of total income without providing for specified exemption, deduction or incentive
	Meaning of "unabsorbed depreciation" in the context
	No further deduction on account of loss
	Safeguards against misuse of reduced rate of taxation
	Time limit for exercising option
	Option once exercised cannot be withdrawn
	Non-applicability of MAT
204.	Minimum Alternate Tax [MAT] [Section 115JB]
	Levy of MAT
	Effective rate of MAT for assessment year 2024-25
	For a unit located in an International Financial Services Center
	Applicability of MAT in certain cases
	Company getting deduction under section 80-IC
	Applicability of MAT where total income computed under normal provisions is either nil or a negative figure
	Computation of book profit
	Determination of book profits in case of Ind-AS companies
	Treatment of income-tax
	Determination of profit
	Adjustment to book profit due to advance pricing agreement
	Assessing officer not empowered to go behind profit shown in statement of profit & loss account
	Treatment of amounts carried to reserve and amounts withdrawn from reserve or provision
	CSR expenditure
	Provision for preference shares redemption reserve
	Provision written back
	Transfer of amount directly to capital reserve without debiting profit and loss account
	Gain arising on sale of investment directly taken to reserve account without crediting to profit and loss account
	Addition on account of amortisation of leasehold land
	Treatment for waiver of interest by IREDA
	Provision for Mark-to-Market losses
	Provision of tariff adjustment in respect of electricity bills
	Treatment of amount withdrawn from reserve or provision
	Provision made for unascertained liabilities and for diminution in value of any asset
	Treatment of provision for bad and doubtful debt
	Treatment of tax free income and expenditure related thereto
	Whether indexed cost can be claimed while working MAT under section 115JB
	Treatment of capital profits in computation of book profit under section 115JB
	Dealing with depreciation while computing book profit
	Applicability of clause (iic) in Explanation 1 to section 115JB
	Profit from sale of fixed assets
	Reserve created for unexpired risk out of current year's premium receipt
	Treatment of brought forward loss and unabsorbed depreciation
	Applicability of section 234B and 234C in MAT cases
	Availability of relief under section 54EC
	Treatment of capital receipt
	Adjustment of foreign exchange fluctuation due to restatement of term loan
	Treatment of consideration received on sale of agricultural land in rural area, not coming under section 2(14)(iii) and (b)
	Adjustment of depreciation and additional depreciation not debited in profit and loss account
	Certification of book profit
	Loss to be carried forward vis-a-vis MAT
	Addition of income surrendered to tax under normal provisions of the Act
	Treatment of TDS
	Adjustment of loss on reduction of equity capital
	Addition of share of loss from the partnership-firm
205.	Tax Credit for MAT Paid [Section 115JAA]
	Availability of tax credit in respect of MAT paid
	Foreign tax credit (FTC) against MAT paid
	Tax credit to be adjusted after rectification, revision and other proceedings
	Adjustment of MAT against tax payable
	Tax credit in respect of surcharge and cess
	Availability of tax credit where private or unlisted company converts into an LLP
	Allowability of interest under section 244A in respect of MAT credit
	No tax credit on exercise of option under section 115BAA
	Set-off of credit from the tax payable before setting off TDS and advance tax
	Pro rata adjustment of MAT credit in case of demerger
206.	Tax Treatment of Dividend
207.	Deemed Dividend [Section 2(22)]
	Meaning of dividend
	Meaning of accumulated profits
	Issue of bonus shares not hit by section 2(22)(a)
	Excess payment for redemption of preference shares not hit by section 2(22)(a)
	Payment of advance or loan when amounts to dividend
	Profits already capitalised not part of accumulated profits
	Accumulated profits for purpose of section 2(22)(e)--When to be ascertained
	Company having no accumulated profits
	Person when deemed to have substantial interest in a concern
	Meaning of 'concern'
	Items not includible while arriving at the accumulated profits
	Items Includible while arriving at accumulated profits
	Normal charge of depreciation as per Act--Whether required to be considered for calculating accumulated profits
	Payment of advance or loan when amounts to dividend
	Trade advances not dividend
	Business transactions of assessee, a NBFC
	Computation of deemed dividend
	Commercial profits to be taken into account for quantifying accumulated profits
	Applicability of exclusionary clause (ii) of section 2(22)(e)
	Amount advanced during the year is to be treated as deemed dividend
	Accumulated profits do not include current years profit
	When section 2(22)(e) comes into play
	No deemed dividend where assessee not shareholder in lending company
	Applicability of section 2(22)(e) where partnership firm taking advance from company in which partners held shares on behalf of firm
	Registered as well as beneficial share-holder--Whether both necessary for the purposes of section 2(22)(e)
	Loan granted by companies to assessee company where both lender and borrower company having common shareholder--Liable to be taxed as deemed dividend
	Common shareholder and chargeability of dividend
	HUF being a registered shareholder is not necessary for the purpose of section 2(22)(e)
	Assessee's wife received loan from a company, wherein the assessee was a director and majority shareholder
	Assessee received loan from company in which he was director and was holding equity shares--Assessee was paying interest on loan
	Shareholder of company had substantial interest in the Partnership--Money advanced to firm
	No deemed dividend in case of receipt of share application money
	Payment of share application money to associate concern
	No deemed dividend where assessee did not held controlling shares in the transferor company
	Addition of entire amount instead of proportion to shareholding
	Amount in nature of accommodation entries through current account
	Advances for mutual benefit of company as well as assessee
	No deemed dividend where assessee acted as an intermediary
	Transaction between group concerns
	Repayment of advance in subsequent financial year not to rescue assessee
	Receipt of advance where no accumulated profit in case of lending company
	Transaction whether business transaction outside ambit of section 2(22)(e)--Amount advanced and received back on same date
	Amount advanced to assessee for construction of building--Advance adjusted towards rent payable for building
	Payment towards share sale received from the company
	Shareholding of assessee was more than 10% in company imparting advances to assessee
	Loan received from company--Assessee pleading business purpose
	Transactions held to be business transactions as the non-business transactions were few and mostly were through journal entries and not receipts/payments
	Loan was not a gratuitous one and was given in return to an advantage conferred upon company by assessee in the form of interest
	Transaction between assessee and his company being not a gracious payment
	None of shareholder of lender company holding 10% or more of the voting power
	Regular/routine transactions between sister concerns
	Advance received by assessee from a company in which it had substantial interest
	Applicability of section 2(22)(e) to payments received from companies wherein assessee has substantial interest
	Percentage of shareholding to be checked at the time of availing of loan for purpose of section 2(22)(e) in case of transaction with company
	Loan from Share Premium Account--Whether deemed dividend
	Share application money shown under 'current liabilities' not to be treated as loan or advance for the purposes of section 2(22)(e)
	Assessee took loan from two companies having common shareholders--Money borrowed can be treated as deemed dividend as assessee was not a shareholder in the lending company
	Assessee transferred his shareholding to trust--Applicability of provision of section 2(22)(e)
	Cash amount and assets received on family settlement would not be to be taxed as deemed dividend
	Advance received from company having substantial accumulated profits was to be deemed as dividend
	Loan or advance to a concern--Assessee being trustee of trust to whom loan advanced
	Treatment of capital subsidy
	Loan and advance by company to shareholder--Assessee not being a shareholder but assessee's partner holding major share
	Meaning of the expression loans and advances used in section 2(22)(e)
	Mutual running or current account transactions between shareholder and lender company--Applicability of section 2(22)(e)
	Amount received from an entity, wherein assessee was having 25% shareholding--Amount received and taxed in immediately preceding year
	Assessee-company not holding share in the lender company
	Assessee being not a shareholder of company from which it has received advance
	Assessee failed to explain commercial expediency of transaction
	Advances being in the nature of commercial transactions
	Basic conditions of section 2(22)(e) being satisfied
	Assessee-director withdrawn money from company and kept them in fixed deposits
	No benefit accrued to assessee out of the loan transactions
	Assessee was not shareholder of payer group companies
	Assessee had not received any amount
	Only peak credit to be considered for deemed dividend
208.	Tax on Buy Back of Shares of Domestic Company [Sections 115QA to 115QC]
	Levy of tax on income distributed by companies by way of buy back of shares
	Rate of tax on income distributed by way of buy back of shares
	Non-applicability of provision in certain cases
	Meaning of buy back of shares
	Meaning of distributed income
	Manner of determining amount received by the company
	Tax under section 115QA payable irrespective of no income-tax being payable
	Time period for payment of tax under section 115QA
	Tax paid under section 115QA be treated as final payment of tax
	Consequences of non-payment of tax under section 115QA
	Exemption in respect of income arising to shareholder on buy back of share
209.	Incentive for Conversion of Indian Branch of a Foreign Bank into a Subsidiary Company which is an Indian Company [Section 115JG]
210.	Transition Mechanism for Foreign Companies Said to be Resident in India [S. 115JH]
	Central Government empowered to notify certain exceptions, modifications and adaptations in case of foreign company said to be resident in India
	Consequences of failure to comply with the conditions specified in the notification
	Every notification need to be laid before each House of Parliament
	Part XXII--Tax on Distributed Income, Etc. [Sections 115R to 115T, 115TCA, 115U to 115UB]
211.	Tax on Distributed Income by UTI or Mutual Fund [Sections 115R to 115T]
	Abolishment of income distribution tax (IDT) w.e.f. 1-4-2020
	Tax to be deducted on income from mutual fund units under section 194K
212.	Tax on Income from Securitisation Trust [Section 115TCA]
	Meaning of securitisation trust
	Income received from securitisation trust chargeable to tax in the hands of investors
	Tax on income from securitisation trust
	Furnishing of breakup regarding nature and proportion of its income
	Time period for furnishing statement
	Form in which statement shall be submitted
	Authority responsible to specify procedure, etc
	Safeguards against double levy of taxation
	Meaning of certain terms
213.	Tax on Income Received from Venture Capital Companies and Venture Capital Funds [Section 115U]
	Tax on income received from venture capital companies (VCC) and venture capital funds (VCF)
	Furnishing statement containing details of income paid or credited by VCC or VCF
	Income when deemed to have been credited to the account of person concerned
	Safeguards against double taxation
214.	Tax on Income of Unit Holder Vis-a-Vis Business Trust [Section 115UA]
	Tax on income of a business trusts and its unit holder
	Furnishing of statement regarding income distributed by business trusts
	Furnishing of statement of income distributed by business trust to its unit holders
	Cost of acquisition of unit of a business trust
	Plugging tax avoidance through distribution by business trusts to its unit holders
215.	Tax on Income of Unit Holder Vis-a-Vis Investment Funds [Section 115UB]
	Scheme of taxation of income of investment funds and its unit holders
	Providing pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)
	Furnishing of statement of income distributed by an investment fund
	Meaning of investment fund
	Part XXIII--Income Tax Authorities and Their Powers [Sections 116 to 133C]
216.	Income Tax Authorities
	A. Income Tax Authorities and Their Powers [Sections 116 to 119A]
	Authorities under Income Tax Act
	Powers of Principal Director General of Income-tax, Director General of Income-tax, Principal Directors of Income-tax or Directors of Income-tax
	Specific powers and functions of Principal Chief Commissioner, Chief Commissioner, Principal Commissioner and a Commissioner of Income-tax
	Powers and functions of Joint Commissioner (Appeals) Commissioner (Appeals)
	Powers and functions of Additional Commissioner or Joint Commissioner
	Powers and functions of DCIT, ACIT or ITO
	Appointment of income-tax authorities
	Power of CBDT as to control income-tax authorities
	Power of CBDT to issue instructions, directions, etc. to sub-ordinate authorities
	Orders to provide relaxation from certain provisions under section 119(2)(a)
	Order giving extension in prescribed time limit
	Orders providing relaxation for claiming deduction
	CBDT's circular binding on departmental authorities
	CBDT's circular not binding on Tribunal or courts
	Order, etc., issued under section 119 not override general provisions
	Benevolent circulars cannot be withdrawn retrospectively
	Circular not to be issued for imposing penalty
	Power to accept return beyond due date under section 139(4)
	Press release whether has statutory force
	Role of circulars issued by Company Law Board or any authority other than CBDT
	Opinion not to be regarded to be direction
	CBDT empowered to declare Taxpayer Charter
	B. Jurisdiction of Income Tax Authorities and Assessing Officers [Sections 120 & 124]
	Powers to be exercised by income-tax authorities
	Scope of jurisdiction of assessing officers
	Person when not entitled to question jurisdiction of assessing officer
	Impact of raising question of jurisdiction of assessing officer
	C. Power to Transfer Cases [Section 127]
	Power for transfering of case from one assessing officer to another
	Where the assessing officer from whom the case is to be transferred and the assessing officer to whom the case transferred are not subordinate to the same Principal Director General, etc
	Applicability of sub-section (1) or (2) where both of the assessing officers are situated in the same city, locality or place
	Requirement as to re-issuance of notice
	Validity of transfer of case where transfer order not challenged by assessee
	Application for transfer of case by assessee
	Assessing officer acting as a quasi-judicial authority
	D. Change of Incumbent of an Office [Section 129]
	Jurisdiction to be exercised by successor assessing officer when there is change of incumbent of an office
	E. Faceless Jurisdiction of Income Tax Authorities [Section 130, w.e.F. 1-11-2020]
	Central Government empowered to make scheme for faceless jurisdiction of income tax authorities
	Power to issue notification providing exception, modifications, etc
	Notification to be laid before each house of Parliament
	Faceless jurisdiction of Income Tax Authorities Scheme, 2022
217.	Power to Issue Summons [Section 131]
	Authorities empowered under section 131
	Powers under section 131
	Power to impound books of accounts, etc
	Power as to best judgment assessment in case of non-compliance of summons issued under section 131
	Ex-parte order not to be used without providing hearing opportunity
218.	Search and Seizure [Sections 132, 132A & 132B]
	A. Search Authorisation
	Objectives of search and seizure
	Authorities empowered to authorise a search
	Officers who may be authorised to carry out search operation
	Assessing officer and authorised officer may be the same person
	Circumstances when search can be authorised
	Issuance of common authorisation against number of persons
	Copy of search warrant not required to be handed over to the person searched
	Satisfaction note to be prepared by authorised officer
	Information in possession, for initiating search action
	Scope of reason to believe
	No need to disclose reason to believe while conducting search or making requisition
	Validity of search action where clean chit given earlier
	B. Power Of Seizure, Attachment, Etc.
	Power as to seizure and deemed seizure
	Power to get assistance of police, Central Government officers and certain other person or entity
	Issuances as to restraint order
	Time limit for issuance of restraint order
	Seizure of immovable property
	Power to seal the business premises
	Seizure of jewellery
	No seizure of stridhan of a lady
	Seizure of computer, laptops and other removable storage devices
	Release of seized assets on furnishing bank guarantee
	Seizure of passport
	No power to encash FD during its seizure
	Time limit for retention of seized assets
	Transfer of seized accounts, etc. to officer having jurisdiction
	Power to attach property provisionally during search proceedings
	Power to make reference to valuation officer or to certain other person or entity to correctly estimate and quantify the undisclosed income
	Entertainment of writ against seizure
	Last of authorisation when deemed to be executed
	C. Procedure for Conducting Search
	Powers to be exercised by the authorised officer during search
	Procedure for conducting search operation
	Recording of statement under section 132(4)
	Evidentiary value of statement recorded during search
	Retraction of statement recorded under section 132(4)
	Availability of presumption under section 132(4A)
	Preparation of Panchnama
	D. Rights & Duties of Person Searched
	Rights of person searched
	Right to inspect or take copies of extracts of seized books
	Remedy against invalid search
	Non-availability of IDS, 2016
	E. Power of Requisition [Section 132A]
	Warrant of authorisation in respect of books of account, money, etc. lying in the custody of any other officer or authorities
	Procedure for requisition
	Reason to suspect not to be disclosed
	Applicability of sub-sections (4A) to (14) of section 132 in case of requisition
	No requisition possible where assets are in possession of different authorities under orders of court
	Power of requisition in respect of cash seized by police
	Retention of assets requisitioned
	Applicability of section 132A in respect of bank draft presented in bank for clearing
	F. Application of and Release of Seized Assets [Section 132B]
	Application of seized assets for recovering existing liability under direct tax law
	Other modes or recovery not affected
	Surplus if any, required to be returned to the person from whose custody assets were seized
	Adjustment of seized cash towards advance tax
	Release of retained assets
	Guidelines regarding treatment of cash deposited in Personal Deposit (PD) Account
	Payment of interest on money seized or requisitioned
	Interest in respect of seized silver bars
219.	Assessment in Search Cases
	Salient features of search assessment provided under sections 153A to 153D [As relevant for search initiated between 1-6-2003 to 31-3-2021]
	Provision governing search assessment on or after 1-4-2021
220.	Survey [Sections 133A, 133B and 133C]
	A. Power of Survey [Section 133A]
	Places which can be surveyed
	Duties of persons available during survey
	Authorities eligible for conducting survey
	Requirement as to prior permission
	Timings for conducting surveys
	Powers of Inspector of Income Tax
	Powers regarding TDS TCS survey
	Powers to be exercised during survey, other than for TDS TCS purposes
	Powers to be exercised while conducting TDS, TCS survey
	Meaning of "proceeding"
	Powers regarding impounding and retaining of books of accounts and other documents
	No power as to remove cash, stock and other valuable articles
	Power regarding survey at the time of functions and ceremonies
	No survey on third parties premises
	Tax not to be recovered during survey proceedings
	Authorities not supposed to force the person being surveyed to confess undisclosed income
	Availability of presumption under section 292C
	Exercise of power given under section 131(1) by surveying authorities
	Conversion of survey into search
	Differences between survey and search
	Evidentiary value of statement recorded under section 133A(3)(i)
	Impact of retraction of statement
	Addition on the basis of loose papers impounded
	Addition on account of excess stock
	Applicability of section 68, 69A, etc. in case of survey
	Excess stock to be assessed as business income
	AO made addition on account of inflated purchases and excess stock found during survey
	B. Assessment Procedure in Case of Survey Conducted on or after 1-4-2021
	Applicability of section 147 in case of survey
	C. Power to Collect Certain Information [Section 133B]
	Powers under section 133B
	Timings for entering into premises
	No power to remove books of accounts etc
	Income-tax authority for the purpose of section 133B
	Furnishing of information
	D. Power to Call for Information [Section 133C]
	Income-tax authorities empowered to issue notice calling for information for the purposes of verification of information in its possession
	Income-tax authorities for the purpose of section 133C
	Further processing of information obtained under section 133C(1)
	CBDT empowered to make scheme for centralised processing
	E. Faceless Collection of Information [Section 135A w.e.f. 1-11-2020]
	Central Government empowered to make scheme for faceless collection of information
	Powers to issue notification for providing exception, modification etc. in any provision
	Notification to be laid down before each house of parliament
	E-Verification Scheme, 2021 notified
	Part XXIV--Return, Permanent Account Number and Assessment [Sections 139 to 144C]
221.	Permanent Account Number [Sections 139A and 139AA]
	Obligation to obtain PAN
	Persons required to obtain PAN [Sections 139A(1), 139A(1B), 139A(2) and 139A(3)]
	When application for allotment of PAN be made
	Persons entering into following transactions required to obtain PAN
	Person not required to obtain PAN
	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)]
	Aadhaar number may be quoted in lieu of PAN [Section 139A(5E)]
	Quoting of Adhaar number
	Quoting of Aadhaar Number--Provisions not to apply to certain individuals
	Fee payable for default in intimating Aadhaar number
	Ensuring compliance of section 139A [Sections 139A(6) and 139A(7)]
	Allotment of one PAN to two or more persons
	Duty of person entiring into certain transactions and person receiving documents relating to such transaction [Section 139A(6A) and section 139A(6B)]
	Rule 114BB prescribes transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A
	Procedure for applying for Permanent Account Number
	Manner of making PAN inoperative
	Clarification with respect to relaxation of provisions of rule 114AAA of Income Tax Rules, 1962 prescribing the manner of making Permanent Account Number (PAN) inoperative
	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]
	Procedure for submission of Form No. 60 by any person who does not have a Permanent Account Number and who enters into any transaction specified in Rule 114B of the Income Tax Rules, 1962
	Procedure for registration and submission of Form No. 61 as per Rule 114D of Income Tax Rules, 1962
	Class of persons who shall apply for allotment of Permanent Account Number
	Penalty for failure to comply with provisions of section 139A [Section 272B]
222.	Return of Income [Sections 139, 139AA & 140]
	When does obligation to file return arise
	Return of income to be filed compulsorily in cartain cases
	Return filing under different sub-sections of section 139
	Return of income of another person
	Exemption from filing of return of income by coffee growers, being individuals covered by Rule 7B of the Income Tax Rules
	Filing of return under section 139(1) not necessary in certain cases
	Deceased assessees--Who is to file return and in whose hands income taxable
	How to become a legal heir steps to became legal heir
	Meaning of representative assessee
	Certain non-residents exempted from filing return
	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
	Return in case of companies/firms
	Scope of the expression "person other than company or firm" used in section 139(1)
	Scope of the expression 'total income' used in section 139(1)
	Maximum amount that is not chargeable to tax
	Scope of the words "his income" must include every item of income in the context of section 139(1)
	Necessary to file return where cumulative income exceeds the taxable limit
	Obligation to file return even where the entire income is claimed to be exempt under section 10
	Income under section 139(1) means income as per assessee's belief
	Return to be furnished compulsorily by resident person, not being a not ordinarily resident, having assets located outside India
	New criterion for compulsory filing of return of income by certain persons other than company or firm
	Verification of return of income [Section 140]
	Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically
	Return uploaded within due date but verification done belatedly--Does not render return invalid
	Consequences of not filing return of income by due date mentioned in section 139(1)
	Due date for filing the return of income
	Form in which return is to be filed.
	Fee for delay in delay in furnishing of return of income [Section 234F]
	Condonation of delay in filing refund claim and claim of carry forward losses under section 119(2)(b)
	Filing return though a tax return preparer
	Return prepared by authorised representative
	Consequences of not furnishing return in the prescribed form
	Filing of return by charitable trusts
	Obligation of political parties to file a return of income
	Exempt entities required to file a return
	Return to be filed by universities, etc. referred to in section 35(1)(ii)/35(1)(iii)
	Filing of return by a business trust
	Filing of return by investment trust referred to in section 115UB
	Return of loss to be filed by the due date
	Belated return [Section 139(4)]
	Revised return [Section 139(5)]
	Particulars prescribed to be furnished by assessee
	Defective return [Section 139(9)]
	Return defective in case it contains any of the errors mentioned in Explanation to section 139(9)
	Defects specified in section 139(9) illustrative and not exhaustive
	Returns that may be termed as non-est return
223.	Furnishing of Updated Return [Section 139(8A)]
	Furnishing of updated return
	Who can furnish an updated return
	Circumstances in which updated return cannot be filed
	Time limit upto which updated return may be filed
	Which type of updated return cannot be filed
	Persons not eligible to furnish updated return
	Return of loss filed within time can be updated
	Reduction of loss carried over or unabsorbed depreciation carried over
	Return shall be treated as defective if proof of tax payment is not attached
	Tax, interest, fee and additional tax on updated return, where no return filed earlier to be deposited before filing the return
	Tax on updated return, where return filed earlier to be deposited before filing the return
	Additional income tax payable--Determination
	Interest payable under section 234B
	Difficulty arising
	Computation of interest payable under sections 234A and 234C
	Different situations identified
	Interest payable on updated return under section 234A
	Tax on total income not to include additional tax payable under section 140B
	Updated return and notice under section 143(2)
	Updated return and reassessment
	Issues with regard to updated return
	Best judgment assessment can be made where assessee fails to file updated return
	Time limit for completion of assessment where updated return is filed
	No prosecution where updated return is filed
	Form and manner of furnishing updated return
224.	Self Assessment Tax [Sections 140A]
	Tax to be paid before furnishing return of income
	Tax to be paid electronically [Rule 125]
	When liability to pay self-assessment tax arises
	Consequences of non-payment of self-assessment tax
	Calculation of interest payable under section 234A [Section 140A(1A)]
	Computation of interest payable under section 234B [Section 140A(1B)]
	Tax paid under section 140A to deemed to have been paid towards regular assessment [Section 140A(2)]
225.	Tax on Updated Return [Section 140B]
226.	Inquiry Before Assessment [Section 142]
	When can assessing officer make inquiry before assessment
	Assessing officer can issue a notice under section 142(1) to assessee asking him to furnish return of income even after the end of relevant assessment year
	Validity of notice under section 142(1) served even after the end of the assessment year
	Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142
	Prescribed income-tax authority under second proviso to clause (i) of sub-section (1) of section 142
	Notice issued and served on assessee beyond one year
	Restrictions on powers of assessing officer under section 142
	Whom has the notice under section 142 to be served
	Requirements of a section 142(1) notice
	Contents of a section 142(1) notice
	Requirement of approval of Joint Commissioner
	Power to issue notice under section 142(1) available to assessing officer only
	Notice under section 142(1)--For the year of search and mention of section 153A in the notice
	Effect of non-compliance with section 142(1) notice
	Assessee to be given opportunity of being heard before using any material gathered in inquiry under section 143(2)
	Faceless inquiry
	Assessee was given less than 24 hours to respond to notice--Violation of principles of natural justice
227.	Direction for Special Audit/Inventory Valuation [Sections 142(2A) to 142(2D)]
	Point of time of direction for special audit being given
	Inventory valuation in a special audit
	CBDT guidelines for selection of cases for special audit under section 142(2A)
	Duty of assessee post direction for special audit
	Place where special audit has to be conducted
	Form prescribed for audit report
	Who can conduct a special audit?
	Special audit report to be filed
	Special audit fees and expenses
	Mode of furnishing of special audit report
	Guidelines for the purposes of determining expenses for audit
	Panel of accountants to be maintained by Chief Commissioner for the purposes of section 142A
	Special auditor's responsibilities
	Granting of hearing opportunity before issuing a direction for special audit
	Consequences of non-compliance with the direction under section 142(2A)
	Circumstances under which an audit under section 142(2A) may be directed
	Audit on the ground of multiplicity of transactions or specialized nature of business--Examination of books by AO first
	Direction for special audit may be given even if the assessee's accounts already stood audited
	Audit under section 142(2A) is independent of audit under section 44AB
	Time limit for furnishing report of special audit
	Auditor appointed at fagend of expiry of limitation period for assessment
	Complexity in accounts of assessee
	Mechanical approval granted by CIT just to extend limitation under section 153(1)
	Faceless direction for audit
228.	Reference to Valuation Officer [Section 142A]
	Point of time of making reference by assessing officer to a valuation officer
	Faceless valuation
	Faceless Inquiry or Valuation Scheme, 2022
	Addition towards cost of construction
	Provisions of section 142A does not apply to case of purchase of ready built property
229.	Summary Assessment [Sections 143(1), 143(1A), 143(1B), 143(1)(C) & 143(1D)]
	Processing of summary return
	Meaning of expression "an incorrect claim apparent from any information in the return"
	Acknowledgment of return to be deemed as intimation
	CBDT empowered to make scheme for Centralised processing of returns
	Specified provisions of the Act which shall apply or shall not apply to Centralised Processing of Returns
	Centralised Processing of Returns Scheme, 2011
	Processing of return not necessary where notice under section 143(2) is issued
	Denial of credit for tax deduction at source--Absence of original certificate of tax deducted at source
	Prima facie adjustment--Disallowance of employees' contribution to PF and ESI
	Dividend income being exempt--Not mentioned in schedule EI but shown as exempt under the schedule BP
	AO denied assessee's claim for deduction under section 80P on the ground that return was not filed within due date
	AO processed the return under section 143(1)--Disallowed claim of depreciation
	Disallowance of expenditure while processing return under section 143(1) by CPC--No apportunity was granted
	Disallowance of exemption under section 11 whilee processing return under section 143(1)
	Non-consideration of audit report available at time of processing of ITR
	Change of status in intimation under section 143(1)
	Revised return filed after intimation under section 143(1)
	Deduction under section 54 instead of section 54F claimed
230.	Scrutiny Assessment--General [Section 143(3)]
	Notice under section 143(2) when can be issued
	Duty of assessing officer to make assessment
	Restricting scope of first proviso to section 143(3) to certain associations and inserting new second proviso to take on trusts etc
	Assessing officer empowered to make recommendation for withdrawal of approval granted under section 35(1)(ii)/35(1)(iii)
	New scheme for assessment
	Ingredients of scrutiny assessment
	Consequences of Scrutiny Assessment
	Proceedings started in status of individual but assessment order passed in status of HUF
	Guidelines for compulsory selection of returns for complete scrutiny during the Financial Year 2022-23/2023-24
231.	Notice for Scrutiny Assessment [Sections 143(2) & 292BB]
	Notice under section 143(2) when can be issued
	Prescribed Income Tax Authority--Asstt. CIT Dy. CIT (International Taxation), Circle-1 (1)(1), Delhi
	Prescribed authority under sub-section (2) of section 143
	Circumstances which a notice under section 143(2) be issued
	Assessing officer need not give reasons for issue of notice
	Scope of notice under section 143(2)
	Requisites of notice under section 143(2)
	Notice under section 143(2) be issued only when any return furnished
	Notice under section 142(1) need not precede notice under section 143(2)
	Time limit for issuance of notice
	Service of notice after prescribed period of limitation
	Effect of section 292BB on notice under section 143(2)
	Non-issuance of section 143(2) notice--Applicability of section 292BB
	Consequence of notice served after period of limitation
	Date of service or date of issue of notice to be taken as base for deciding the limitation
	Effect of participation in proceedings by assessee
	Effect of non-service of notice under section 143(2)
	Absence of notice under section 143(2) invalidates assessment
	No notice under section 143(2) issued--Whether non-service can be cured by section 292BB
	Service of notice on minor child
	Notice issued in the name of deceased person--AO never informed about death of assessee before issuance of notice
	Notice issued under section 143(2) on the basis of original return of income instead of revised return filed by assessee
	Time limit for notice under section 143(2) where revised return filed
	Notice under section 143(2) not issued/served within limitation period
	Passing of assessment order by AO not having issued section 143(2) notice
	Belated service of notice under section 143(2)--Validity of assessment order
	Notice not issued on new address
	No valid service of section 143(2) notice
	Assessee pleading non-issuance of notice pursuant to second revised return--Original return not treated as non est
	Failure to issue notice under section 143(2) while framing the assessment on the basis of revised return, filed within stipulated time
	Issuance of section 143(2) notice by non-jurisdictional assessing officer
	Section 143(2) notice initially issued by AO not having jurisdiction over assessee--Issuance by correct jurisdiction AO beyond limitation period
	No service of notice under section 143(2)--Assessee did not dispute service of notice issued under section 143(2) before lower authorities
	Notice issued under section 143(2) beyond period of limitation
	Issuance of section 143(2) on the spot at the time of filing of return without examining return filed by assessee
	Show cause notice was not served to assessee via e-mail and was only uploaded on revenue's website
	Non-issuance of notice under section 143(2)
	Assessment under section 143(3) read with section 115BBE--Addition on account of unaccounted investment inland recorded in the seized document
	Non-issuance of section 143(2) notice--Year under consideration being search year but assessment framed under section 143(3), and not under section 153A
	Assessee alleging that notice under section 143(2) dt. 18-11-2016 turned out to be beyond the statutory period of six months from the end of the financial year in view of the revised return filed on 16-11-2015
	Notice issued and served beyond specified time limit--Validity
232.	Scrutiny Assessment Proceedings [Sections 143 and 144A]
	Nature of assessment proceeding
	Assessment order shall indicate the basis or material
	Assessment when bad in law
	Power of Joint Commissioner to issue instructions to the assessing officer
	Addition on the basis of entry in Form No. 26AS
	Addition on the basis of AIR information
	Where there was difference between AIR and the books of account
	Addition on basis of inflated stock statement submitted to bank
	Only peak amount should be added
	Addition towards low household expenses on ad hoc basis--Effect of
	Low household withdrawals--Assessee's mother having sufficient income
	Alleged low household expenses
	Ad hoc disallowance on account of household withdrawals
	Additions towards suppressed sales and closing stock--Return filed under section 44AD
	Ad hoc rate of commission applied by AO on purchase of goods without rejecting books of account
	Ad hoc disallowance not justified where genuineness of expenditure not doubted
	Annual letting value computed by AO without deducting rental refunded back to tenant and excluding service tax portion from gross rental charged
	Assessee working on lower gross profit ratio due to competition--Justifiability of addition
	Difference between incomes disclosed in TDS certificate and declared in return arising due to cash system of accounting followed by assessee
	Disallowance made without pointing out any defect
	Assessment in name of non-existent company--Whether valid
	Case of assessee was selected for limited scrutiny on issue of cash deposits in bank accounts being more than turnover--AO made addition on account of profit allegedly earned by assessee on undisclosed turnover
	AO cannot go beyond the points of scrutiny without converting it into a complete scrutiny
	Conversion of case from limited scrutiny to complete scrutiny on basis of suspicion
	Limited scrutiny notice issued under section 143(2) converted into normal (complete) scrutiny without approval from competent authority
	AO made addition on an issue which was not the subject matter of limited scrutiny without making addition on two counts for which case was selected for limited scrutiny--No approval taken by AO from Pr. CIT/CIT for converting limited scrutiny to full scrutiny
	No addition made for issue in notice in limited scrutiny
	Conversion of limited scrutiny into complete scrutiny--Order made on next day
	Conversion of limited scrutiny to complete not communicated to assessee--Effect on assessment
	Conversion of limited scrutiny to complete--Procedure not followed
	New claim at the time of assessment though not made in ITR
	Assessee inadvertently offered exempt income to tax--AO/CPC taxed the same
	Examination of receipt of interest on enhanced compensation under section 28 of Land Acquisition Act, 1894 in a limited scrutiny on issue of large value FDRs
	Reliance on statement of third party--Where assessee not allowed to cross-examine the third party
	Notional interest on partner's debit balance
	Validity of report of departmental Valuation Officer (DVO) furnished beyond limitation
	AO doubted transaction of purchase of land from spouse based on difference between purchase price declared by assessee vis-a-vis Jantri Value
	AO disallowed commission expenses without pointing out any defect
	Addition towards sale proceeds of the agricultural produce--Assessee produced all the documentary evidences towards ownership of land and towards carrying on agricultural activities
	Inadvertent mention of section 153A in assessment order
	AO did not reject books of account of assessee but made lump sum disallowance of contract expenses
	Revised computation of income not considered by AO due to non-filing of revised return of income
	Disallowance of prior period expenses
	Expenditure claimed in respect of bills received during concerned assessment year though work/services was received in earlier year
	Part of cash deposits in bank account accepted as turnover from business on presumptive basis under section 44AD and remaining amount treated as unexplained investments under section 69
	Proprietorship business of assessee got converted to limited company--Confirmation towards repayment of earlier advances not filed by assessee
	Assessee claimed to receive cash deposits and filed indemnity bonds from farmers--Cash deposits, whether unexplained income of assessee
	Amount credited by AO as 'Income from financial transactions receivable' was in respect of income already credited by assessee under the head' income from financial transactions'
	AO made estimated addition on account of payment made to brokers
	Assumption of territorial jurisdiction in case of transfer of assessee's case
	Addition towards gross profit
	Difference between gross amount of income shown in the books of account vis-a-vis in Form 26AS issued by revenue--Reconciliation statement furnished by assessee but not considered by AO
	Difference in revenue offered to tax and in Form No. 26AS--Exchange differences
	Difference in receipts as per 26AS Statement and as shown by assessee--Ex parte order
	Addition to income--Mismatch in ITS/26AS
	Treatment of security deposit against rented premises
	Addition made on basis of information available with Department--Information not furnished to assessee
	Lump sum disallowance out of the expenses claimed by assessee--No specific defect or bogus vouchers observed by AO
	Alleged claim of bogus loss from transaction in future and options (F&Os)--Reliability of statements obtained by AO during survey of a third party
	Forfeiture of earnest money on non-completion of work by contractors
	AO based on loose papers impounded during survey proceedings under section 133A at business premises made addition in assessee's hands
	Disallowance of expenses supported by self-made voucher
	Estimation of income on bank deposits
	Disallowance of part of the expenses alleging personal use
	Taxability of on-money
	AO made addition towards unaccounted sales--On the basis of statements recorded behind the back of assessee and without giving any proper opportunity to the assessee to rebut the same by cross examination
	Only profit element out of unrecorded receipts can be taxed
	Disallowance under section 40A(3) and unrecorded incomes
	Only 8% of receipts to be taxed
	Where assessee wrongly reported income
	Addition on basis of tax audit report
	Non-issuance of notice under section 142(1) not to invalidate assessment
	Pick and choose manner to fasten high tax liability upon assessee
	Cash deposits into bank accounts--Assessee was acting as money transfer agent on behalf of the parties engaged in ceramic manufacturers
	Assessee was engaged in the business of giving Hawala loans--AO made addition of entire amount of accommodation entries
	Disallowance of prior period expenses--Assessee also having shown prior period income
	Past saving treated as unexplained income on arbitrary basis
233.	Addition Towards Bogus Purchases
	Prologue
	Genuineness of purchases could not be doubted where supplier provided all details
	Bogus purchases not proved by revenue--Addition on that count deleted
	Addition on the ground of bogus purchases cannot be made where gross profit rate had already been applied
	Bogus purchases--Only profit element to be added
	Non-appearance of supplier but assessee producing supporting documents
	Notices issued for correctness of purchases made--Response not received
	Where identity of suppliers established
	Where quantitative tally of sales was furnished
	Purchases properly recorded in books
	Addition only on basis of information from sales tax department/excise department
	Where assessee proved genuineness of purchases
	Where sales made by assessee not doubted
	Where sales made by suppliers not doubted
	No addition merely because seller declared as hawala dealer
	No proof that amount returned back to assessee
	Addition on account of allegedly unverifiable purchases
	Purchases proved to be genuine
	Where assessee produced all details
	Net result of bogus purchase and sales need be taxed only
	Purchase and sale both need be declared bogus
	Assessee failed to prove sales
234.	Faceless Assessment
	Nature of section 144B(1)
	Which assessments will be made in faceless manner
	Faceless assessment--What is?
	Assessment not made as per the section 144B shall not be non-est
	Omission of sub-section (10) of section 144B
	Authentication of electronic record
	Service of notice or order
	Filing of response
	Issue of notice and filing of response thereto
	Time and place of dispatch of electronic record
	E-mail address to be used for communication
	Personal appearance and video conferencing
	Important terminologies
	Prescribed manner of authentication of an electronic record under electronic verification code under sub-clause (b) of clause (i) of sub-section (7) of section 144B
	Non-grant of personal hearing vitiates assessment
	Where order passed before due date for reeply to SCN
	Validity of assessment order passed not in accordance with section 144B
	Non-serving of show cause notice and draft assessment order on assessee
	Non-issuance of draft assessment order doing with show-cause notice to give explanation for proposed addition before NFAC
	No draft assessment order served
	Assessee provided with less than 30 hours to respond to no notice
	Assessee provided with only one day to respond to draft assessment order
	AO without issuing any further notice or specific show-cause notice or draft assessment order, proceeded to frame assessment
235.	Best Judgment Assessment [Section 144]
	Point of time when section 144 gets attracted?
	Procedure for making best judgment assessment
	Necessity of opportunity of hearing granted
	Determination of income or loss be determined
	Consequence of failure to furnish return so as to authorise making of best judgment assessment
	Best judgment assessment, how to be made
	Best judgment assessment to be in accordance with fair play and natural justice
	When best judgment assessment be made at the discretion of assessing officer
	Scope of limited scrutiny--Alleged lower income from other sources as compared to large value fixed deposits--Examination of receipt of interest on enhanced compensation under section 28 of Land Acquisition Act, 1894
	Estimation of income--Assessee engaged in providing accommodation entries--Only commission to be added
	Where ample opportunities arise given
	Section 143(2) notice issued by AO not having jurisdiction over assessee
	Opportunity of being heard not given to assessee
	Addition while passing ex-parte assessment order under section 144--Estimation of income of assessee
	Assessee neither furnished necessary materials nor books of account during enquiry by AO--Arbitrary adoption of percentage
	Notice issued was not disputed by assessee
	Issue never adjudicated upon
	Rejection of books not necessary before invoking section 144
	Where assessee did not file return
236.	Dispute Resolution Mechanism [Section 144C]
	Introduction
	Salient features of dispute resolution mechanism
	Faceless direction by DRP
	Passing of final assessment order without issuing draft assessment order
	Rejection of assessee's objections by DRP on account of non-appearance of assessee on the hearing date
	Passing of order titled as draft assessment order along with notice of demand and penalty notice
	When section 144C does not apply to assesse
	Part XXV--Method of Accounting, Valuation of Stock and ICDS [Sections 145, 145A & 145B]
237.	Accounting Method [Section 145]
	Computation of income from business and income from other sources
	Accounting method adopted to be followed consistently
	Power of Central Government to notify income computation and disclosure standards
	Power of assessing officer to reject books of accounts
	Addition without rejecting books of accounts
	Principles applicable regarding choice of method of accounting
	Choice of method of accounting lie with the assessee
	Assessee can change his method of accounting
	Change in the method of accounting be bona fide
	Books of account cannot be rejected without pointing out defect
	AO rejected cash system without pointing out specific defects
	Method of accounting where assessee selling ready flats to buyers
	Advance subscription received by assessee
	Instances where rejection of accounts held to be justified
	Instances where rejection of accounts held not to be justified
	Incoherent action under section 145 without even examination of books of assessee
	Rejection of account reason, non-maintenance of stock register and adoption of incorrect method of stock valuation
	Rejection of books only because stock register not maintained
	Rejection of books--Whether possible at the instance of assessee
	Difference in stock arising due to confusion--No addition of permissible only because of admission in survey
	Bogus purchases--Only profit element to be added
	AO made simultaneous addition on account of bogus purchase and GP addition for same default
	Special audit and consequent additions--Whether amounts to rejection of books
	Cash to mercantile system consistently followed
	Hire purchase agreement--Adoption of EMI vis-a-vis SOD method
	Income recognition where invoices not raised
	Trading addition, specifically GP rate
	Method of accounting if no accounts have been maintained
	Applicability of AS-7 and AS-9 to seperately identifiable components of single contract
	Determination of contract revenue--Service tax and VAT
	Estimation of net profit--Consideration of past history
	Addition made to Low gross profit--There was no contrary evidence brought on record by AO to establish that books of account maintained by assessee are unreliable
	Whether rejection of the books of account would automatically justify the addition made by AO
	Estimation of higher profit rate on account of rejection of books for technical reasons, i.e., discrepancy in seized material--No defect found in books of account
	Assessee consistently adopted ESM method for taxability of interest income but adopted IRR method in its Book of Accounts on the basis of Guidelines issued by ICAI
	Change in accounting policy--Assessee classified capital spares under the head fixed assets and claimed depreciation as against amortization as per straight line method adopted in preceding years
	Reason, non-maintenance of stock register and adoption of incorrect method of stock valuation
	Estimation of profit at higher rate merely on basis of suspicion and conjectures, however, without rejection of books
	Estimation of GP rate--Discrepancies pointed out by AO were mere typographical errors
	Allegation of reducing profit by obtaining non-genuine bogus purchase bills
	AO made addition on account of non-recognizing the revenue on the basis of Percentage of Completion Method ('POCM')
	Estimation of income--Application of NP rate
	Increase in margin accompanied by losses--AO alleged unaccounted turnover
	Addition alleging understatement of profits in respect of the projects accounted under percentage completion method--Reason, progress billing was more than stage of completion
	Project Completion Method' or 'Percentage Completion Method'
	Application of percentage completion method--How to be made
	AO made addition on account of non-recognizing the revenue on the basis of Percentage of Completion Method ('POCM')
	AO rejected assessee's books based on statement recorded during survey retracted later on
	Assessee followed Percentage Completion Method (PoCM)--Estimation of income
	Addition made on estimate basis in respect of residential as well as commercial projects--Books not rejected
	Rejection of books of account--No books available at time of survey
	Non-production of the VAT return of the creditors
	Rejection of books of account--No specific defects in the books pointed out--Rejection uncalled for
	Alleged non-production of books of account and relevant documents
	Application of NP rate--Assessee indulged in providing bogus accommodation entries
	Additions based on deposits made in bank account of assessee
	Addition on account of difference in revenue recognized as per books of account and as per Form 26AS--Assessee submitted that difference occurred due to different accounting policies being followed by it and its payers/customers
	Estimation of net profit--Validity of
	AO rejected completed contract method of accounts
	Estimation of profit--Books of account were audited and the same were not rejected on proper ground
	AO adopted profits of business @ 10% on gross receipts of Rs. 13,91,80,000 which included all expenses, depreciation, deductions, etc
	Estimation of profit--Assessee pleaded books of account were audited
	Rejection of books on Low gross profit rate compared to preceding year--No specific defect in books of account pointed out by AO
	Where assessee following one of the recognised methods
	Transfer price of stock cannot be decided by AO
	Assessee had not followed matching principle while apportioning the income over the period of 21 years by not apportioning the expenditure over a period of 21 years
	Assessee not having availed of benefit of presumptive taxation scheme under section 44AD requested for assessing income in terms of section 44AD
	Contract Revenue Recognition--Real income
	Taxability of retention money--Consequential to ICDS amendments
	Income computation and disclosure standards notified by government
238.	Valuation of Stock [Section 145A]
	A. Provisions Applicable from Assessment Year 2017-18
	Method of accounting in certain cases
	B. Principles Regarding Stock Valuation
	Valuation of stock is to be made on the last day of the accounting year
	Method to be in accordance with well accepted accounting principles
	Year for the purposes of valuation of stock should be a period of 365 days
	Adjustment made in value of closing stock and effect on value of opening stock
	Closing stock to be taken as opening stock of the next year
	Two different methods cannot be used for valuing closing stock
	Valuation accepted by sales tax authorities--Effect of
	Method of valuation of closing stock regularly employed--Resulting in having notional profits to be rejected
	Adjustment to effect both opening and closing stock
	Addition towards interest attributable to bringing inventory to its present location
	Valuation of the closing stock--LIFO or FIFO method
	C. Valuation Under Particular Circumstances
	Valuation of stock inherited
	Treatment of foreign exchange fluctuation
	Goods where saleable in foreign market only
	Subsidy yet to be received from the government
	Treatment of bonus paid to employees
	Closing stock lying at quarry
	Goods where of inferior quality
	Valuation of goods meant for export
	Valuation of stock of uncleared goods
	Treatment of cess in the value of closing stock
	Inclusion of warranty amount
	Case of fall in gross profit rate
	Valuation using average prices
	Valuation of stock of garments which allegedly became out of fashion
	Assessee engaged in trading and manufacture of gold oranments
	Method to be in accordance with well accepted accounting principles
	Treatment of outright freight on manufactured goods
	Method of valuation of the marble blocks--Defective stock
	D. Treatment of GST
	Exclusive versus inclusive method
	Assessee following exclusive method of accounting for valuation of stock
	Exclusive method--Assessee claimed deduction only for those taxes for which credit was not availed
	E. Business Reorganisations
	Valuation of stock of a firm in liquidation
	Stock taken over from amalgamating company
	Opening stock of erstwhile firm
	Transfer of business as going concern
	Dissolved firm taken over by reconstituted firm
	Valuation of stock where business of firm did not cease on death of partner
	Closing stock to be valued at lower of cost or market value where surviving partner continues the business
	Conversion of firm into private limited company
	Where proprietary business converted into partnership business
	Dissolution where had taken place on death of one of the partners
	F. Service Contracts
	Applicability of provision of section 145A to service contract
	Service tax billed to service receivers--Whether includible as trading receipt
239.	Income Computation and Disclosure Standards (ICDS)--An Overview [Section 145(2)]
	Central Government notified new ICDSs effective from assessment year 2017-18 and onwards
	Applicability of ICDSs
	Assessees required to follow ICDSs
	Provisions of Act to prevail over ICDSs
	ICDS I : ACCOUNTING POLICIES
	Accounting policies
	Consideration in selection and change of accounting policies
	Change of accounting policy
	Disclosure of accounting policies
	ICDS II : VALUATION OF INVENTORIES
	Applicability/non-applicability of ICDS II
	Meaning of inventories
	Measurement of inventories
	Net realisable value
	Value of opening inventory
	Change in method of valuation of inventory
	Valuation of inventory in case of certain dissolutions
	Disclosure requirements
	ICDS III : CONSTRUCTION CONTRACTS
	Applicability of ICDS III
	Construction contract-defined
	Nature of a construction contract
	Types of construction contracts
	Contract covering number of assets
	Contract revenue
	Meaning of retentions and its taxability
	Contract costs
	Costs not attributed to any contract activity
	Allowability of future and anticipated losses
	Recognition of contract revenue and expenses
	Changes in estimates
	Disclosure requirements
	ICDS IV : REVENUE RECOGNITION
	Applicability/non-applicability of ICDS IV
	Meaning of revenue
	Recognition of revenue from sale of goods
	Recognition of revenue from rendering of services
	Use of resources by other yielding interest, royalties or dividends
	Disclosure
	Where loan portfolio sold to Special Purpose Vehicle (SPV) then money received against such loan portfolio is not interest : ICDS-IV not applicable
	ICDS V : TANGIBLE FIXED ASSETS
	Effective date of applicability of ICDS V
	Scope of ICDS V relating to tangible fixed assets
	Applicability/non-applicability of ICDS V
	Stand-by equipment/servicing equipment and machinery spares
	Determination of actual cost of tangible fixed assets
	Expenditure forming part of cost
	Expenses not forming part of cost
	Borrowing costs
	Self-constructed tangible fixed assets
	Treatment of non-monetary consideration
	Improvements and repairs
	Addition or extension to an existing tangible fixed asset
	Valuation of tangible fixed assets in special cases
	Allowability of depreciation
	Treatment of transfers
	Disclosure requirements
	ICDS VI : THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES
	Applicability of ICDS VI
	Effective date of applicability of ICDS VI
	Initial recognition of a foreign currency transaction
	Conversion at last date of previous year
	Recognition of exchange differences
	Exceptions to principles contained in Paragraphs 3, 4, and 5
	Financial Statements of Foreign Operations
	Forward exchange contracts
	ICDS VII : GOVRNMENT GRANTS
	Effective date of applicability of ICDS VII
	Applicability/non-applicability of ICDS VII
	Meaning of Government and Government grant
	Recognition of Government Grants
	No postponement of recognition beyond actual receipt
	Treatment of Government Grants
	Refund of Government Grants
	Refund of Government grant related to depreciable fixed assets or assets
	Disclosure requirements
	ICDS VIII : SECURITIES
	Applicability/non-applicability of ICDS VIII
	Securities--Defined
	Recognition of securities
	Subsequent measurement of securities
	Securities not listed on a recognised stock exchange
	Measurement of cost on First-in-First-out method
	Classification, recognition and measurement of securities held by a scheduled bank or public financial institutions
	ICDS IX : BORROWING COSTS
	Applicability of ICDS IX
	Effective date of ICDS IX
	Meaning of borrowing costs
	Recognition of borrowing costs
	Determination of borrowing costs eligible for capitalisation
	Borrowing costs eligible for capitalisation
	Commencement of capitalisation
	Cessation of capitalisation
	Construction of qualifying asset having completed in part--Capitalisation of borrowing costs
	Disclosure requirements
	ICDS X : PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
	Applicability/non-applicability of ICDS X
	Executory contracts--Defined
	Provision--Defined
	Recognition of provisions
	Measurement of provisions
	Reimbursement not to exceed amount of provision
	No liability for payment of cost towards third party
	Review of provisions
	Use of provisions
	Disclosure requirements vis-a-vis provision
	Meaning of contingent assets
	Recognition of contingent assets
	Measurement of amount recognised as asset
	Review of an asset and related income
	Disclosure required vis-a-vis assets and related income
	Meaning of contingent liabilities
	Contingent liabilities are not to be recognised
	When is an obligation regarded as contingent liability
	Continuous assessment of contingent liability
240.	Taxability of Certain Incomes [Section 145B]
	Taxability of certain incomes
	Part XXVI--Reassessment [Sections 147 to 152]
241.	Reassessment [Sections 147 to 152]
	I. new procedure for reassessment [Section 147 to 149, 151]
	Power to reassess [Section 147]
	Power extended to assess any other income also
	Procedure before issuing notice for reassessment [Section 148A]
	Issuance and service of notice [Section 148]
	Time to file return in response to notice under section 148 enhanced and also failure to file return in response to section 148 notice have to have serious consequences
	Conditions precedent for issuance of notice
	Guidelines for issuance of notice under section 148 of the Income Tax Act, 1961
	When information can be said to suggestive of escapement
	Deemed information in possession
	No order of reassessment to be passed by officer below rank of Joint Commissioner without prior approval in certain cases [Section 148B]
	Time limits for reopening the assessment [Section 149]
	How monetary limit of Rs. 50 lakhs to be determined
	Extension of time to issue notice under section 148 in search cases
	Where time for issue of notice is not exceeding 7 days then period shall be extended to 7 days
	Sanction for issue of notice
	Sanction for issuance of notice under section 148
	Faceless reassessment
	Effect of Supreme Court judgment in UOI v. Ashish Agarwal, 2022 TaxPub(DT) 3105 (SC) : (2022) 444 ITR 1 (SC)
	Validity of notices issued between the period 1-4-2021 to 30-6-2021 later re-issued post Supreme Court judgment
	Notice directly issued under section 148 on 30-6-2021--Assessee took plea of section 148A
	Which notices can be issued during the year 2023-24
	Notices which can be issued in search cases
	Section 148A and survey cases
	Implementation of the Judgment of the Hon'ble Supreme Court dated 4-5-2022 (Union of India v. Ashish Agarwal, 2022 SCC Online SC 543)
	New scheme of reassessment explained
	Important observations of Delhi High Court
	Maintainability of writ
	Information received by AO to be verified before notice under section 148A
	Writ against order under section 148A
	Where partnership stood dissolved
	Issuance of notice after 31-3-2021
	Where statutory period of seven days not given
	Notice under section 148A(b)--Assessee had not been given adequate time to respond
	Change in allegation in notice under section 148A(b) and order under section 148A(d)
	Undue haste in passing the order under section 148A(d) and cost also imposed on AO
	Reply to be considered
	Adequate time to be provided to furnish reply
	Adequate time to be provided to furnish reply
	Change in stand
	Where details not provided
	Notice under section 148 issued without having prior mandatory approval required under section 151(2)
	Issuance of notice under section 143(2), whether mandatory
	Time of issuance of notice--When AO digitally signed notice or when received by assessee on its regd. e-mail id
	Order under section 148A(d)--Submissions by assessee under section 148A(c) to be given due weightage
	Order under section 148A(d) passed on conjectures and surmises
	Assessee took plea of proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC)
	Signing of notice v. Service of notice
	Assessee pleaded that AO without application of mind, without considering the material placed on record and reply, mechanically passed the order under section 148A
	Order under section 148A(d)--Violation of principles of natural justice
	Notices issued under section 148A(b) were notices of initial enquiry under section 148A(a)
	Order under section 148A(d) passed without verification of the information which was available with the AO at the time of issuance of notice under section 148A(b)
	Order under section 148A(d) quashed for not reaching proper conclusion
	Order passed under section 148A(d)--As argued non-compliance of the request to provide the complete information about the insight portal report based on which the notice under section 148A(b)
	No monetary requirement for notice upto 3 years
	Where monetary limit as per section 149(1)(b) is not met, no action under section 148 can be taken
	Validity of notice under section 148A post Supreme Court judgment--Where earlier notice was issued upto 31-3-2021
	Where alleged escapement is below Rs. 50,00,000 and period is more than 3 years
	Notice generated on ITBA portal on 31-3-2021 but not dispatched--When can be said to have been issued
	Where assessee submitted to jurisdiction of AO
	Notice under section 148A(b) on one property and order under section 148A(d) on another property
	Notice issued to the deceased assessee during her lifetime
	Notice to dead person where revenue was intimated by LRs
	Service of notice on e-mail id of erstwhile auditor
	Notice served on e-mail where assessee was not computer literate
	Objections to notice under section 148 filed by assessee was rejected by AO in a very mechanical manner
	Order passed by AO under section 148A(d) violating statutory time period as well as principles of natural justice
	Notice also issued under section 148A(b) as well as under section 148A(d) by non-jurisdictional AO
	Proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be pressed into service to dilute the rights of the IT Department under the IT Act, 1961 to re-open assessment under section 148
	Assessee claimed to have been dissolved but both PAN and bank account was operational--Validity of notice under section 148A(b)
	Cash deposits and reassessment
	Issuance of notice only on basis of cash deposits
	Unsigned notice cannot confer jurisdiction to reassess
	Notice served on wrong e-mail id
	Notice served on secondary e-mail id
	Effect of return filed in response to notice under section 148
	Signing of notice v. Service of notice
	Where assessee explained all transactions
	What constitute information for the purposes of section 148A
	AO did not consider assessee's submissions--Matter set aside for reconsideration by the AO vis-a-vis assessee's submissions
	Reopening notice to non-existent company
	Bogus LTCG
	Order passed on basis of illegal and invalid order of TPO without following due procedure of section 144C
	Non-speaking, unreasoned and laconic order
	Assessee pleaded name of the company having been struck off from register of companies--Assessee did not inform AO about striking off name of the company from the Register of companies
	During subsistence of a reassessment proceedings, whether another reassessment notice can be issued for same assessment year
	Notice issued in the name of assessee who passed away
	Where information relied upon not provided to assessee
	II. Other Reassessment Specific Issues [Sections 150 and 152]
	Reassessment at any time in pursuance of court order
	Circumstances where under section 150(1) shall not apply
	Charge of tax in reassessment
	Right of assessee in reassessment
	Part XXVII--Period of Limitation [Section 153]
242.	Limitation as to Assessment and Reassessment [Section 153]
	Time limits for completion of assessment
	Exclusions
	Time limit for completion of assessment and reassessment in case of order passed in consequence of or to give effect to any finding or direction contained in an order under sections 250, 254, 260, 262, 263 or section 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under the Act
	Order framed within time-limit served beyond that date
	Assessment order not passed within time limit
	Validity of assessment order without DIN
	Part XXVIII--Rectification of Mistake and Rectification in Certain Specified Cases [Sections 154, 155, 156, 156A and 157A]
243.	Rectification of Mistake [Section 154]
	A. General
	Mistakes that can be rectified under section 154
	Orders that can be rectified
	Rectification of TDS/TCS intimations
	Who can seek rectification of mistake apparent from the record
	Competent authorities to rectify a mistake apparent from records
	Rectification of order passed by the Tribunal
	Nature of rectification proceeding
	Faceless rectification
	B. Record and Mistake Apparent from Record
	Meaning and scope of the term 'record' for the purpose of section 154
	Meaning and scope of 'mistake apparent from record'
	Instances of mistake apparent from record
	Addition of prior period income reduced from total income in the computation furnished by assessee
	Assessment of HUF as working partner in firm
	Assessee making new claim in rectification application in terms of decision of Jurisdictional High Court or Supreme Court
	Share premium treated as unexplained credit added by AO while computing book profit under section 115JB
	Mistake in intimation issued under section 143(1) in as much as long-term capital losses carried forward from earlier years were not set off against long-term capital gain for year under consideration
	Section 143(1) intimation was received by assessee at the time when time for filing revised return had expired
	Withdrawal of depreciation on plea that assessed income became less than the returned income
	Disallowance under section 40A(3)
	Non-granting of interest under section 244A on self-assessment tax paid
	C. Time Limit for Passing Rectification Order
	Time limit for rectifying or amending an assessment order
	Condition of delay in making application for rectification
	Time limit for making a second rectification
	Time limit for passing rectification order by the income-tax authority
	Allowability of rectification where there is difference of opinion among two judges of jurisdictional High Court
	AO counted limitation of 4 years from the date of intimation under section 143(1)--Assessee sought for counting of limitation from the date of passing of assessment order under section 143(3)
	Cut off time limit for 154(7) how reckoned
	D. Miscellaneous Issues Relating to Section 154
	Rectification can be sought where only one interpretation is possible
	Rectification of order where appeal is preferred against such order or a revision of such order
	Serve of notice on the assessee/deductor/collector before passing a rectification order
	Necessity of rectification order under section 154 in writing
	Duty of the assessing officer where amendment has the effect of reducing or enhancement of assessment
	Rectification of order passed by High Court
	Possibility of rectification of order passed by an assessing officer by any other authority
	Rectification of order passed by an appellate authority by the assessing officer
	Review of order in the garb of rectification
	Interest on interest on refund cannot be allowed by invoking rectification jurisdiction
	Rectification where more than one view is possible on an issue
	Remedy against rectification order passed under section 154
	Rectifiable order can be said to be final order
	Rectification order can which is contrary to the retrospective amendment of law
	Difference between rectification proceeding under section 154 and reassessment proceeding under section 147
	Rectification of notice of demand issued under section 156
	Alteration of status of assessee in rectification proceeding
	Difference between rectification proceedings and appellate proceedings
	Rectification of penalty order
	Rectification of order passed under section 273A for waiver of interest
	Relief under proviso to section 112(1) can be claimed via rectification application
	Interest under sections 234A, 234B and 234C can be charged in rectification proceeding
	Settlement Commission empowered to reopen concluded proceedings by taking recourse to section 154
	Rectification of an order on the basis of decisions of High Court and Supreme Court
	How many times an order may be rectified
	Rectification order can be further rectified
	Where demands have been paid or have been reduced to Nil in the appeal or rectification, however, the assessing officer has wrongly uploaded the same on CPC portal, can the assessing officer deny rectification thereof on the ground that limitation period of four years under section 154(7) had expired
	Maintainance of writ against a notice for rectification of mistake
	Maintainance of writ petition against non-passing of order under section 154
	Use of records of a particular assessment year in another assessment years for rectification
	Rectification of an intimation issued under section 143(1)
	Rectification of assessment at the instructions of a superior officer
	Relief to be allowed by assessing officer in proceeding under section 154, which was not unclaimed in the original assessment proceeding
	Decision for a later assessment year forms a basis for rectification for an earlier assessment year
	Assessing officer cannot go beyond the records and look into the fresh evidence or materials
	Enhancement of income in rectification proceedings--Without allowing opportunity to assessee
	Assessee whether manufacturer or not
	Disallowance made by AO under rule 8D
	Rectification made on the basis of outcome of enquiry received subsequent to conclusion of assessment proceedings
	Rectification application rejected in sketchy and mechanical manner without affording any other opportunity of hearing
	Non-grant of the credit of TDS and DDT
	Unabsorbed depreciation--As per AO, no brought forward loss available for set off against current year's income
	Denial of deduction under section 80P due to late filing of return--Rectification application dismissed on incorrect assumption that merits of deduction was contended by assessee
	Profit on sale of show-room remained to be reduced while computing profits under section 115JB
	Assumption of jurisdiction on reassessment order quashed by CIT(A) as void ab initio
	Debatable issue cannot be rectified
	Salary earned outside India erroneously offered in return of income
	Rectification proceeding initiated consequent to an audit objection--The objection was debatable
	Disallowances under section 43B highlighted in Tax Audit Report--AO failed to take it into consideration
	Disallowance under section 40A(3) cannot be treated as mistake apparent from record
	Setting up of a new claim of exemption under section 10(23C)(iiiad) for the first time through a rectification application--Validity
	Assessee sought rectification of order passed under section 143(3)
	No deduction under section 80P claimed in return of income
	Non-granting of interest under section 244A on self-assessment tax paid--Mistake apperent
	During the pendency of the proceedings under section 154 of the Act, it was not permissible for the Revenue to initiate reassessment proceedings under section 147/148
	Claim for the first time by filing rectification application under section 154--Admissibility
	AO sought to charge specific tax under section 115BBE as regards addition for which no specific section was invoked while framing assessment
244.	Rectification in Certain Specified Cases [Section 155]
	Faceless rectification
	Modification of assessment under sub-section (1) of sectoin 155
	Rectification where during any rectification, revision, or appellate proceeding in respect of any completed assessment of a firm it is found that any remuneration to any partner is not deductible under section 40(b)
	Proceedings under section 155(1A) different from rectification proceeding under section 154 of the Act
	Modification of assessment of a member of an AOP/BOI when it is found that the share of the member in the income of the association or body, has not been included in the assessment of the member or, if included, is not done correctly
	Modification of assessment consequence to recomputation of loss or depreciation
	Withdrawal of excess deduction in respect of expenditure on scientific research
	Where section 47A becomes applicable
	Where capital gains becomes chargeable under section 54E
	Modification of an assessment consequent to receipt of enhanced compensation for compulsory acquisition of an asset
	Modification of assessment by allowing deduction under section 10A or section 10AA or section 10B or section 10BA upon receipt of convertible foreign exchange in India after the specified date
	Time limit for amending an assessment order where deduction under sections 80HHC, 80HHD, 80-O, 80R, 80RR, 10A, 10B and 10BA was not allowed owing to not bringing of the foreign exchange amount
	Claim of credit of TDS/TCS upon production of TDS/TCS certificates, which could not be produced at the time of filing return
	Reason of computation where capital gain is computed by taking full value of consideration to be the value adopted or assessed for the purposes of payment of stamp duty
	Recomputation of capital gain arising consequent to transfer by way of compulsory acquisition under any law, where compensation or consideration is reduced by any court
	When deduction under section 80RRB in respect of royalty on any patent, be deemed to have been wrongly allowed
	Rectification of assessment where deduction for surcharge and cess claimed in violation of section 40(a)(ii)
	Relief to sugar co-operatives from past demand
	Facilitating TDS credit for income already disclosed in the return of income of past year
	Revision of an order under section 263 in respect of a mistake which is rectifiable under section 155
245.	Notice of Demand [Section 156]
246.	Modification or Reduction of Demand in Cases Covered by Insolvency Code [Section 156A]
	The insertion
	Effect of insertion
247.	Intimation of Loss [Sections 157 and 157A]
	Part XXIX--Liability in Special Cases [Sections 159 to 179]
248.	Legal Representatives [Section 159]
	Legal representative liable to pay tax or any other sum payable by a person who dies
	Meaning of legal representative
	Assessment where a person dies in the middle of a financial year
	Procedure for making an assessment of income of deceased
	Legal representative deemed to be an assessee
	On the basis of what document, the legal representative becomes entitled to act as such
	Where an individual dies after filing of his return of income but before completion of assessment
	Legal representative rendered personally liable
	Extent of liability of a legal representative
	How long can the proceedings be continued in the hands of the legal representative
	A person dies executing a will appointing one or more executors or dies intestate leaving behind him more than one heir
	Where during the course of the assessment assessee died
	Validity of assessment order passed without bringing legal representative on record
	Continuation of proceedings against dead person in name of legal representative
	Consequences if the assessment proceedings were not in the name of legal representative
	Validity of assessment order passed in the name of deceased
	Assessment order passed in the name of one of the legal representatives, without notice to all other legal representatives
	Retraction of admission made by an assessee by his legal representative
	Capital loss pertaining to deceased be set off against the capital gains assessable in the hands of the legal representative
	Set off of refund due to legal representative in his individual capacity, against tax dues of his deceased father
	Leviability of penalty on legal representative under section 271(1)(c)
	Prosecution of legal representative for offence committed by deceased
	Abatement of appeal where assessee dies during pendency of appeal
	Declaration of deceased assessee's all properties to be devolved in Trust
	Validity of reassessment where notice for reassessment is in name of deceased
249.	Liability of Representative Assessee [Sections 160, 161, 162, 163, 164, 165, 166 & 167]
	Meaning of representative assessee
	Liabilities, obligations or rights of representative assessee under the Act
	Where representative assessees are more than one assessment cannot be of an AOP
	Representative assessee entitled to recover tax paid or payable by him in the capacity of a representative assessee
	Assessment the hands of representative assessee where right to receive income by the beneficiary is postponed and income is accumulated for distribution in future
	Rate of tax on whole income of representative assessee
	Assessment made directly in the hands of the beneficiary instead of trustees
	Assessment already made on a return filed by trustees, can assessing officer make assessment on another return filed by beneficiary
	Chargeability to tax where only a part of trust income is chargeable
	Remedies would be available to assessing officer against property in case of a representative assessee
	Settlor of assessee was sole beneficiary--Income on behalf of beneficiary, (EL) was received by assessee
250.	Private Trusts, Oral Trusts & Wakfs [Sections 161(1), 161(1A), 164(1), 164A, 165, 166, 167]
	Private trust, what is
	Taxation of private trusts
	Advantages of creation of private trust
	Provisions dealing with Private Trusts
	Chargeability of profits and gains of business of private trust
	Taxability of private trusts where beneficiaries' shares are determinate
	Taxation of private trusts where beneficiaries' shares are indeterminate or unknown
	Scheme of taxation of oral trust
	Deemed declared trust
	Private discretionary trust and its taxation
	Difference between discretionary trust from specific trust
	Taxation of private trusts
	Shares of beneficiaries mentioned in trust deed, i.e., in proportion to the investment made
	Charge of tax where share of beneficiaries unknown--Beneficiaries not claimed their share of income
	Family trust, which was only such trust declared by settlor
251.	Agent of Non-Resident Assessees [Section 163]
	Agent in relation to a non-resident
	Meaning of "business connection" for the purpose of section 163(1)
	Broker in India dealing with or through a non-resident broker, cannot be deemed to be an agent
	Necessity of providing opportunity of being heard
	Addition made without a finding that assessee was agent of non-resident
252.	Executors [Sections 168 & 169]
	Meaning of executor
	Assessment in the hands of executor under section 168
	Chargeability of income of estate of deceased person
	Residential status of an executor
	Assessment of executor
	Assessment of executor mandatory
	Treatment of income of the estate which is distributed or applied to the benefit of any specific legatee
	Executor entitled to recover tax paid or payable by him in the capacity of an executor
	Appeal by executors of deceased assessee
	Executor claiming deduction towards probate duty or other expenses made by him under the will of deceased
	Difference between section 168 and section 176(4)
	Persons appointing different executors
253.	Succession to Business Otherwise Than on Death [Section 170]
	Meaning of "succession to business"
	Assessment of income in case of succession to business, otherwise than on death
	Assessment of income where predecessor is not found
	Effect of section 170
	Assessment or reassessment or any proceeding made or initiated on predecessor to be deemed to have been made on successor
	Tax liability of predecessor be recovered from successor
	Taxation of income of any business or profession carried on by a Hindu Undivided Family
254.	Effect of Order of Tribunal or Court in Respect of Business Reorganisation [Section 170A]
	Successor to file updated return
	Insertion of section 170A by the Finance Act, 2022
	Procedural aspects
	Extension of time to file
	Substitution of section 170A by the Finance Act, 2023 from 1-4-2013
255.	Shipping Business of Non-Residents [Section 172]
	Amount of profits of shipping business of non-residents
	Amount of income deemed to be accruing in India to the owner or charter of a ship
	Responsibility on the master of ship which is about to depart from any port in India
	Time limit for passing order assessing the income in respect of a ship
	Port clearance even if tax payable under section 172 is not paid
	Owner or charterer or a ship claim for making assessment of his total income and for determining the tax payable on the basis thereof
	Assessee filed return of income under section 139(1) for entire year willing to be assessed in terms of section 172(7)--Validity of summary assessment under section 172(4) on each voyage undertaken earning freight from India
	Applicability of DTAA provisions at time of passing of order under section 172
256.	Recovery of Tax in Respect of Non-Resident from his Assets [Section 173]
	Recovery of tax chargeable in the name of a non-resident or in the name of his agent
257.	Assessment of Persons Leaving India [Section 174]
	Income of any individual, who may leave India during the current assessment year or shortly after its expiry
	Application tax rates
	Assessing officer may estimate income of any person who is likely to leave India
	Procedure to be adopted by the assessing officer for assessing income of an individual who is likely to leave India
258.	Assessment of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A]
	No assessment as AOP in case of a partnership firm
	Remuneration, interest, etc., paid to members not deductible in the hands of AOP/BOI [Section 40(ba)]
	Deduction under Chapter VI-A
	Charging of tax on AOP/BOI [Section 167B]
	Maximum marginal rates [Section 2(29C)]
	Assessment of AOP/BOI formed for a particular purposes [Section 174A]
	Computation of share income of member in income of AOP [Section 67A]
259.	Assessment of Persons Likely to Transfer Property to Avoid Tax [Section 175]
	Assessment on persons who are likely to transfer property to avoid tax
	Validity of assessment order passed under section 175, in the absence of any notice under section 174(4)
260.	Assessment in Case of Discontinued Business [Section 176]
	Meaning of discontinuance of business or profession
	Difference between discontinuance and succession of business
	Caution : Responsibility of a person who discontinues his business or profession
	Manner of assessment in case of a business which is discontinued
	Accelerated assessment mandatory or discretionary on the part of the assessing officer
	Assessment of different periods covered by the accelerated assessment
	Treatment of income received after discontinuance of a business or profession
	Scope of assessment under section 176(1)
	Procedure for making assessment in the case of a discontinued business
	Regular assessment be done on the assessee even after the completion of accelerated assessment
	Time limits for filing the return by the representative assessee
261.	Association Dissolved or Business Discontinued [Section 177]
	Assessment, where any business or profession carried by an AOP is discontinued or where an AOP is dissolved
	Leviability of penalty on AOP which has been dissolved or any business or profession carried on by it is discontinued
	Service of notice to only one of the members of the AOP sufficient
	Liability of a member of an AOP which is dissolved or any business or profession carried on by such AOP has been discontinued
	Applicability of provisions of section 177 societies registered under Societies Registration Act or to HUF
262.	Company in Liquidation [Section 178]
	Requirement as regards notice of appointment by a liquidator of a company being would up
	Time limit for notice by assessing officer
	Liquidator has no right to part with any assets of the company in liquidation
	Liquidator can be held personally liable for tax payable by the company
	Section 178 has overriding effect
	Company in liquidation--Liquidation proceedings in progress--Insolvency petition filed against assessee company
263.	Liability of Directors of Private Company [Section 179]
	Liability of a director of a private company in liquidation
	Directors liability under section 179 towards tax dues of private company to include fees also and change in marginal heading of section 179
	When section 179 can be invoked
	No steps taken against the company
	Pre-conditions of section 179 not satisfied
	Conditions for invoking section 179
	No neglect on part of assessee
	Recovery of tax from directors without initiating proccedings against the company
	Recovery of tax from directors where the assessing officer does not state about any gross negligence, misfeasance or breach of duty on the part of the assessee
	Revenue to take steps against erring company
	Revenue has to prove that efforts were made to recover tax dues from defaulting company
	Part XXX--HUF and Taxation Thereof [Section 171]
264.	Taxation of Hindu Undivided Family
	A. General aspects of Hindu Law
	Who can constitute HUF
	Peculiar characteristics of HUF
	Who can be an HUF coparcener
	Principles with regard to throwing of property in common hotchpot of HUF
	Daughters of the family
	Date from which amended section 6 of Hindu Succession Act applies
	Methods for creation of an HUF
	B. Taxation of HUF
	HUF is a separate taxable entity
	Scheme of section 171
	Provisions of section 171 mandatory
	Effect of the legal fiction created by section 171(1)
	HUF never assessed as such
	Applicability of section 171--When HUF was never assessed as such
	Section 171 is a machinery provision
	Incomes in respect of which HUF is liable to pay tax
	Determination of gross total income of HUF
	Deduction under chapter VI-A
	Alternate Minimum Tax (AMT) on HUFs from the assessment year 2013-14
	Part XXXI--Taxation of Partnerships and LLPs [Sections 40(b), 184 to 189A]
265.	Limited Liability Partnerships
	LLP to be treated as firm
	Residential status of LLP [Section 6(2)]
	LLP cannot take advantage of presumptive tax scheme under section 44AD
	No bar on LLP for availing of benefit under section 44AE
	LLP cannot take advantage of presumptive tax scheme under section 44ADA
	Basic requirements to be fulfilled so as to be taxed in status of LLP
	Need for LLP being evidenced by an instrument
	Certified copy to be furnished by LLP
	Signature of partners on LLP agreement
	Remuneration to partners
	Need for LLP having working partners
	Tax effect of conversion of company to LLP
	Interest to partners
	Basic rules for computation of income of LLP
	Basic ingredients of the scheme of taxation of LLP
	PAN of LLP
	Change in constitution of LLP
	Assessment to be made on predecessor and successor LLP separately
	Dissolution of LLP or discontinuance of business
	Assessment of partners of LLP
	Liability of partners towards tax dues of the LLP
	Liability of partners of LLP in liquidation [Section 167C]
	Alternate minimum tax on LLP
266.	Remuneration to Partners
	A. General
	Taxation of partnership firms--The basic scheme
	Conditions precedent for deductibility of interest and remuneration to partners
	Conditions precedent for availing of the status of partnership firm assessable as such [S. 184]
	Assessment when section 184 is not complied with [Section 185]
	B. Remuneration to Partners--Basic Provisions
	Allowability of remuneration to partners
	Conditions to be complied with in terms of section 40(b)
	Meaning of a working partner
	Reasonability of the remuneration paid to a particular working partner
	Specified of remuneration
	Individuals to become working partners
	Further deductions of the sum mentioned in section 40(b)
	Remuneration to be allowed to partners before deduction of the tax liability
	Allowability of remuneration, higher than that debited to profit and loss account
	Lesser amount as remuneration than the higher amount as arrived at remuneration as per the deed
	Only the remuneration actually paid would be deductible
	Computation of maximum allowable remuneration to partners based on certain percentage of book profit where partnership deed is executed in the middle of the year
	Where partners were not described as working partners in the deed
	Remuneration payable to partners allowable even where the assessing officer rejects books of account
	Firm can choose not to claim interest and remuneration payable to partners
	Income declared during survey available for arriving at permissible section 40(b) limit
	Undisclosed book profit is available for arriving at the section 40(b) remuneration limit
	Amount surrendered during survey--Whether form part of book profits to determine partners remuneration
	Disallowance cannot be made under section 40A(2) in respect of remuneration to partners
	Remuneration to partner as per partnership deed
	Remuneration should be authorized by the partnership deed
	Amendment to partnership deed not registered with Registrar
	Working partner also working partner in another firm
	Effect of provisions of section 40(b)(v)--Profit sharing ratio vis-a-vis availability of profit as per CBDT Circular
	Increase in remuneration supported by addendum partnership deed--No rebuttal of clause in partnership deed for increase or decrease from time-to-time
	Partner being Karta of HUF acting as representative capacity in firm
	Enhanced remuneration post amendment of section 40(b)--Delay in execution of supplementary deed
	Assessee being partner in five firms and borrowed money to make investment in firms
	Period upto which remuneration be paid to retiring partner
	Cash payments exceeding prescribed limit--Remuneration paid to partners is no expenditure --Section 40A(3) not applicable
	Illustration for computation of allowable remuneration
	C. Remuneration to Partners--Computation of Book Profits
	Meaning of book profit as per Explanation 3 to section 40(b)
	Meaning of book profits as computed by applying the provisions of the Act in Chapter IV-D
	Steps to be taken for computing book profits for the purposes of section 40(b)
	Maintenance of account books, a condition precedent for computation of book profits
	Meaning of "computation in the manner laid down in Chapter IV-D" occurring in the Explanation 3 to section 40(b)
	Treatment of various incomes credited to profit and loss account in computing book profit
	Inclusion of interest on FDR while computing book profit for purpose of remuneration
	Method as to computation of book profit vis-a-vis partner's remuneration
267.	Interest to Partners
	Specific conditions that are to be satisfied under section 40(b) for deductibility of interest paid to partners
	Legal position of the interest payable to partner in his representative capacity
	Interest payment to partner, where not in a representative capacity
	Quantum of interest payable to an individual being partner in representative capacity
	Nature of payment of interest
	Permissible rate of interest to partners
	Interest paid on capital getting enhanced due to credit of certain sums to partners' capital account on revaluation of assets, allowable
	Interest paid to partners not allowable
	Manner of calculation of interest
	Payment of interest to be made partners out of profit arrived at without deducting depreciation
	Allowability of interest to partners where partnership deed not showing any interest to partners
268.	Assessment of Firms [Sections 184 to 189A]
	Procedure for assessment of firm
	Who can enter in the firm as a partner
	Need for having instrument of partnership and specification of shares therein
	Certification of copy of deed necessary
	Effect of assessment as firm in any year
	Duty of partners consequent upon change in constitution of firm
	When failure is committed under section 144
	No bills/vouchers and books of account or any other supporting vouchers produced by assessee--Estimation of profit
	Applicability of provision--Parallel business was carried out clandestinely by assessee-firm with active participation of four undisclosed partners
	Assessment of firm how to be made
	Remuneration to partners--Photocopy of partnership deed furnished instead of original copy --Allowability of remuneration to partners
	Assessment of the firm on change of Constitution
	When can a change in constitution of the firm be said to have taken place
	Retirement of some partners and induction of new partners--Revaluation of assets
	Effect of succession of one firm by another
	Liability of partners towards tax dues of the firm
	Consequences firm dissolved or business discontinued
	Interest income received by firm after dissolution is taxable
	Determination of total income of firm
	Deduction from gross total income under Chapter VI-A
	Alternate Minimum Tax (AMT) on firms from the assessment year 2013-14
	Tax rates for firm and LLP [Assessment years 2023-24 and 2024-25]
	Rate of tax in case of firm [Section 167A]
	Assessment of partners
	'Assessment of firms'--Some of the important issues to be kept under consideration by the assessing officers while framing assessment
	Exemption to share of profits received by partner from firm--Clarification as to the amount exempt in the hands of the partners of a firm in cases where the firm has claimed deduction under Chapter III or VI-A of the Act
	Share in profit from firm exempt even if assessee's share in floating capital was lower
	Determination of total income of firm
	Deduction from gross total income under Chapter VI-A
	Procedure for assessment of firm
	Assessment of partners
	Part XXXII--TDS and TCS [Sections 190 to 206CCA]
269.	TDS from Salaries [Section 192]
	Statutory provision governing TDS from salary
	Liability for deduction of tax at source
	Person responsible for deducting tax at source
	Payees covered by section 192
	Time for deduction of tax
	Tax deduction on salary paid to non-residents
	Broad scheme of tax deduction at source from "salaries"
	Procedure regarding computation of salary for TDS [Where assessee opts for old tax regime]
	TDS on salary for the financial year 2023-24
	Computation of tax deductible where employee is working under more than one employer [Section 192(2)]
	Availability of section 89 relief
	Computation of tax deductible where employee is having income from sources other than salary income
	Person responsible for paying salaries required to file details of perquisites and profits in lieu of salary
	Tax deductors under section 192 to obtain certain particulars from tax deductees
	Adjustment of deficiency or excess of tax
	Tax deduction on payment of accumulated balance of recognised provident fund [Section 192(4)]
	Tax deduction on payment of employer's contribution to approved superannuation fund
	TDS on payment of accumulated balance under recognised provident fund and contri-bution from approved superannuation fund
	Rate of exchange for deduction of tax at source on income payable in foreign currency
	Tax deduction from salaries payable to non-resident for services rendered outside India
	Matters pertaining to the TDS made in case of non-resident
	Tax deduction on salaries payable to resi-dents for services rendered outside India
	Taxability of transport allowance--Commuting between place of residence and place of duty
	TDS from sailors, floating staff and other non-residents, etc
	TDS from salary received by members of Parliament
	No actual rent receipt to be demanded if rent payment does not exceed Rs. 3,000 per month
	Tax deduction in respect of pensioners
	TDS vis-a-vis New Pension Scheme
	Treatment of medical reimbursement
	Rate of TDS and effect of section 206AA
	Relevant statements, certificate, etc
	Important Case Law
	No TDS on unpaid salary
	No TDS on payment of per diem allowance
	TDS on payment of tip to hotel employees
	TDS vis-a-vis judgment debt
	Excess TDS to be refunded
	TDS on salaries payable to residents for services rendered outside India
	TDS on furlough pay received by expatriate officers of a foreign bank
	TDS in case of consultant doctors
	Expenditure on medical treatment of director
	Expenditure towards uniform
	Credit for the taxes deducted during deputation outside India
270.	Tax Deduction from Payment of Accumulated Balance Due to an Employee [Section 192A]
	TDS from premature withdrawal from EPFS
	Rule 8 of Part A of Fourth Schedule
	No TDS in certain cases
	TDS in case of failure in furnishing PAN
	Self-declaration in Form No. 15G/15H for non-deduction of tax
271.	TDS from Interest on Securities [Section 193]
	Person responsible for deduction of tax at source under section 193
	Payments covered by section 193
	Payments not covered by tax deduction provision under section 193
	No exemption from TDS under section 193 in case of payment of interest on listed debentures to a resident and at the same time exemption from TDS provided in case of interest payable to business trust by a special purpose vehicle referred to in Explanation to section 10(23FC)
	Tax when to be deducted
	Cases where tax is not required to be deducted
	RBI clarification on TDS issues related to Savings (Taxable) Bonds, 2003
	Income from deep discount bonds--Determination of component of interest therein
	Income from Deep Discount Bonds--Tax to be deducted only on redemption
	Rate at which tax be deducted
	Payment of interest on NCDs
	Interest on debentures of a company declared as a sick industrial company
272.	TDS from Dividends [Section 194]
	TDS from dividend
	Person responsible for deduction of tax at source
	Prescribed arrangements for declaration and payment of dividends within India
	Tax when to be deducted
	No deduction under certain circumstances
	Rate at which tax be deducted
	Credit to beneficial owner
	Shares, where registered in the name of banking company
	No TDS where payment is made to non-shareholders
273.	TDS on Interest Other than Interest on Securities [Sections 194A and 2(28A)]
	Scope and ambit of section 194A
	Meaning of 'interest' for the purpose of section 194A
	Person responsible for deduction of tax at source
	Tax when to be deducted
	Tax deduction when interest credited to suspense account
	Rate of tax deduction
	Adjustment of excess or deficiency under section 194A(4)
	No deduction of tax under section 194A
	Interest payments made under Land Acquisition Act
	Applicability of section 194A to member of co-operative bank
	TDS on interest from bank deposits
	Interest income on deposit in joint names
	TDS requirement from interest payable on fixed deposits in the name of minor
	Interest on cumulative deposits, debentures or bonds
	CBDT clarification in respect of TDS on interest given under the Senior Citizens Savings Scheme
	Tax Deduction at Source on payment of interest on time deposits by banks following Core-Branch Banking Solutions (CBS) software
	TDS on deposits in banks in the name of the Registrar/Prothonotary and Senior Master attached to the Supreme Court/High Court, etc., during the pendency of litigation of claim/compensation
	No TDS under section 194A on interest on fixed deposit made on direction of courts
	Interest to a charitable trust
	No deduction or deduction at lower rates
	Establishments claiming exemption under section 194A(iii)(f)
	Interest payment made under Land Acqui-sition Act
	Exemption to Primary Agricultural Credit Society registered as a co-operative society in respect of interest earned from the deposits made with the State Treasuries and the District Co-operative Banks
	Interest on term deposit with banking company
	TDS from loan processing fee
	Cheque discounting charges
	Factoring charges
	Interest paid for delayed payment
	Interest on account of hire purchase
	Interest paid by co-operative society to associate members
	Discount to subscribers of chit
	Reimbursement of bank guarantee
	Interest on loans allegedly by directors routed through assessee-company
	No need for tax deduction where assessee obtained Form No. 15G/15H from payees
	Interest not accounted for in books
	Payment for delayed possession
	Refund of money to purchaser alongwith interest
	Non-deduction of tax under section 194A from pre EMI interest paid to the lender on behalf of borrower
274.	TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B]
	Tax by whom to be deducted
	Tax when not to be deducted
	Prize partly in cash, partly in kind
	Rate at which tax be deducted
	Tax when to be deducted
	Contest requiring skill or knowledge
	Winnings from chit fund scheme liable to TDS
	Prizes won in motor rally not income from lottery
	Prize money on unsold tickets reverting to the organisers
	Prize coupon given without any price under a gift linked saving scheme
	Applicability of section 194B in respect of Kuri business
275.	TDS from Online Games [Section 194BA]
	Introduction of section 194BA
	Liability as to deduct tax under section 194BA
	How to determine net winnings
	Rates of deduction of tax at source
	Meaning of "online game"
	TDS where winnings are not wholly in cash
	Government empowered to issue necessary guidelines
	Meaning of certain terms for purpose of section 194BA
	Applicability of provision in case of non-resident
	Guidelines issued by CBDT under section 194BA(3)
276.	TDS on Winnings from Horse Races [Section 194BB]
	Applicability of the section
	Person responsible for making deduction
	Time for deduction of tax at source
	Rate at which tax be deducted
	Applicability of threshold limit
	Section 194BB not applicable to income by way of stake money
	Meaning of certain important terms
277.	TDS on Payments to Contractors/Sub-Contractors [Section 194C]
	A. Provisions as to TDS under section 194C
	TDS under section 194C
	Person liable to deduct tax
	Contract also includes sub-contract
	Tax when to be deducted
	Meaning of the expression 'work'
	Mode of tax deduction where payment made for manufacturing or supplying a product as per customer specification
	No tax deductible by individual/HUF in certain cases
	No tax deduction by AOP/BOI
	No tax deduction by all assessees in certain cases
	TDS in case of transporters
	No TDS on service tax component
	B. CBDT's Clarifications Regarding Applicability of Section 194C
	Oral contracts are also covered under section 194C
	Advance payment during execution of a contract
	Contract on piece rate basis
	Advertising contracts
	Tickets sold by airlines and travel agents
	Payments made to couriers
	Payment to transporters
	Contract for catering
	Payment to recruitment agency
	Payment by company to share egistrar
	Hiring contracts
	Payment to banks
	Payment to port trust
	Payment to foreign shipping companies
	Payment by a State Transport Corporation to private bus owners for hiring their buses
	Payment to Munshis in case of bidi manu-facturing companies
	Applicability of TDS provisions of section 194C on contract for fabrication of article or thing as per specifications given by the assessee
	TDS on cooling charges in cold storage
	Other clarifications via Circular No. 715, dt. 8-8-1995
	TDS on Payment of Gas Transportation Charges by the Purchaser of Natural Gas to the Seller of Gas
	Payments made by the Broadcaster or Television Channels to Production Houses for Production of Content or Programme for Telecasting
	C. Important Judicial Decisions
	No TDS on reimbursement of actual cost
	TDS not required on contract of sale
	No TDS where agreement was to conduct business and share profit
	Hiring of trucks
	Applicability of section 194C where there was no contract with truck operators either oral or written
	Transportation expenses--No contract between assessee and transporters
	Applicability of section 194C vis-a-vis of section 194-I
	Applicability of section 194C vis-a-vis section 194J
	Payment to NSE
	Payment of shipping expenses to shipping lines, customs agents, etc
	Payments to camera attendants hired on 'ad hoc' basis
	Payment towards face value of the meal vouchers to the affiliates
	TDS on by-product obtained by miller
	Year end provisions
278.	TDS on Insurance Commission [Section 194D]
	Scope of section 194D
	Person responsible for tax deduction
	Tax when to be deducted
	Deduction when not to be made
	Rates of tax deduction
	No TDS on service tax component of the insurance commission
	Commission paid to insurance companies for reinsurance
	Assessee where made arrangements for foreign trip of agent
279.	TDS on Payments Under Life Insurance Policy [Section 194DA]
	Tax by whom to be deducted
	Payment liable for deduction of tax at source
	Time for deduction of tax
	Tax when not to be deducted
	Rate of TDS
280.	TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E]
	Payments covered
	Amounts in respect of which tax is to be deducted
	Tax when to be deducted
	Rate of TDS
	Prize money paid to foreign cricket team and amount paid to foreign umpires and referees
	Payment to Association of Tennis Professional (ATP)
	Existence of DTAA vis-a-vis TDS under section 194E
281.	TDS on Payments in Respect of National Savings Scheme, Etc. [Section 194EE]
	Scope of section 194EE
	Rates of tax
	Time for deduction of tax at source
282.	TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F]
	Scope of section 194F
	Tax when to be deducted at source
	Rate of tax deduction
283.	TDS from Commission on Sale of Lottery Tickets [Section 194G]
	Person liable to deduct tax
	Tax when to be deducted
	Rate at which tax be deducted
	Payment of prize winning money to stockist
	Lottery tickets where purchased in bulk at discount from State Government
284.	TDS on Commission or Brokerage [Section 194H]
	TDS from payment of commission or brokerage
	Payment covered by section 194H
	Tax when to be deducted
	No tax deduction under certain cases
	Meaning of certain terms relevant to section 194H
	Turnover commission payable by RBI to agency banks
	Commission or brokerage, etc. received by travel agents from airlines
	Tax Deduction at Source (TDS) on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements
	Rate of tax deduction
	Discount to stamp vendors not liable to TDS
	Target incentives to distributors/dealers
	Discount given to distributors on sale of drugs
	No TDS on cash discount
	Sale of milk through concessionaires or distributors
	Sponsoring foreign travel of dealers
	Payments made to consolidator as distinguished from broker
	Commission and brokerage paid to sub-brokers in relation to Mutual Fund or securities
	Expenditure towards "Authority to guarantee charges"
	Payment of guarantee commission to bank
	Discount to market associates on SIM cards and recharge coupon
	Bank charges retained out of credit card
	Directors' remuneration
	Finance charges
	Payment by Prasar Bharati to advertising agencies
	Amount retained by advertising agency from sale of air time space
	Sub-brokerage payments made to holding company of assessee
	Commission paid for receipt of re-insur-ance premium
	Expenses incurred on doctors conference, etc
285.	TDS on Rent Payments [Section 194-I]
	Tax when deductible under section 194-I
	Person responsible for making deduction
	Rate of TDS
	Tax when required to be deducted
	No tax deduction in certain cases
	Meaning of 'rent'
	Certain clarifications by CBDT
	Tax credit in case of advance payment of rent
	Important case law
	Common area maintenance charges does not amount to rent
286.	TDS on Property Transactions [Section 194-IA]
	Person responsible for TDS
	Rate of TDS
	No TDS under section 194-IA where consi-deration is less than Rs. 50 lakhs
	No requirement to obtain TAN
	TDS on stamp value or purchase consider-ation whichever exceeds Rs. 50,00,000--Issues regarding
	Agricultural land for purpose of section 194-IA
	Consideration for transfer of any immovable property
	'Immovable property' for section 194-IA
	Stamp duty value
287.	TDS on Rent by Individual and HUF Other Than Those Covered by Section 194-I [Section 194-IB]
	Person responsible to deduct tax
	Rate of TDS
	Time for tax deduction at source
	No need to obtain TAN
	Extent of tax deduction where deductee fails to furnish PAN
	Non-applicability of section 206AB
	"Rent" for purpose of section 194-IB
	Procedural requirements vis-a-vis section 194-IB
	Provisions illustrated
288.	TDS on Payment Under Joint Development Agreement [Section 194-IC]
	TDS under section 194-IC
	Rate of TDS
	Meaning of "specified agreement" under section 45(5A)
289.	TDS from Fees for Professional or Technical Services or Royalty or Non-Compete Fee [Section 194J]
	Payments covered by section 194J
	Rate of TDS
	Time for deduction of tax at source
	No deduction under certain circumstances
	Deduction to be made on the sum credited or paid and not on income comprised therein
	No TDS on payment in kind
	Clarifications issued by CBDT
	Important Case Law
	Payment to doctor by nursing home
	TDS on payment in the nature of reimbursement--Whether required
	Bandwidth and network services
	Transaction fee paid to stock exchange by a share broker
	Payment of roaming charges
	Payments to recruitment agencies
	Payment for VISA and Master Card
	Payment of wheeling charges/transport-ation charges/SLDC charges
	Sharing of fee not amounts to technical or professional services
	Payment towards training charges
	Payment of royalty
	Payment of annual licence fee for renewal of software licence
	Provision for audit fees
	Payment made for conduct of examination through affiliated centers
290.	TDS on Income in Respect of Units [Section 194K]
	Person responsible to deduct tax under section 194K
	Rate of tax
	Time for deduction of tax at source
	Threshold limit for deduction of tax at source
	No TDS on capital gains on transfer or redemption of units
	Meaning of certain terms used in section 194K
	Credit in suspense account
291.	TDS from Payment of Compensation on Acquisition of Certain Immovable Property [Section 194LA]
	TDS from payment of compensation on acquisition of certain immovable property
	Person responsible for deduction of tax
	Deduction when not required under section 194LA
	Rate of TDS
	"Agricultural land"
	"Immovable property"
	No TDS where land claimed to be agricultural
	No applicability in absence of compulsory acquisition
292.	TDS from Payment of Interest to Non-Residents on Infrastructure Debt Fund [Section 194LB]
	TDS from payment of interest to non-residents on infrastructure debt fund
293.	TDS on Certain Income from Units of a Business Trust [Section 194LBA]
	TDS on income from units of a business trust
294.	TDS in Respect of Income from Units of Investment Fund [Section 194LBB]
	TDS from income in respect of units of investment fund
	Rate of tax
	No TDS in case of income exempt in hands of non-residents
	Meaning of "unit"
	No TDS or TDS at lower rate
295.	TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC]
	TDS under section 194LBC where investor is resident
	TDS where investor is a non-resident
296.	TDS on Income by Way of Interest from Indian Company [Section 194LC]
	Tax to be deducted on interest paid by specified company being an Indian company to non-residents
	Rate of tax
	Income in respect of which tax deductible
	Exemption from requirement of furnishing PAN under section 206AA
	Approval of long-term bonds and rate of interest for the purpose of section 194LC
	Meaning of certain relevant terms
297.	TDS From Payment of Interest on Certain Bonds and Government Securities [Section 194LD]
	Person responsible to deduct tax
	Rate of tax deduction
	Time for deduction of tax
	Interest on which tax is required to be deducted under section 194LD
	Meaning of municipal debt securities
298.	TDS on Payment to Contractor, Commission Agent & Professionals not Covered by Sections 194C, 194H and 194J [Section 194M]
	Person responsible to deduct tax under section 194M
	Rate of deduction of tax
	Time for deduction of tax at source
	Threshold limit for TDS under section 194M
	No need to obtain TAN for tax deduction under section 194M
	Meaning of certain terms relevant to section 194M
	Lower or nil deduction where certificate obtained under section 197
299.	TDS on Cash Withdrawal from Bank, Post Office, Etc. [Section 194N]
	Scheme of TDS under section 194N
	Scope of section 194N extended to persons who have not filed return for three years
	Tax when not deductible under section 194N
	No TDS in case of no income
	Exemption from TDS under section 194N
	TDS under section 194N not to be deemed to be income
	Credit for tax deducted at source for the purposes of section 199
	CBDT clarification as to applicability of section 194N to cash withdrawals during 1-4-2019 to 31-8-2019
300.	TDS on Payment by E-commerce Operator to E-commerce Participant [Section 194-O]
	TDS on payment of certain sums by e-comm-erce operator to e-commerce participant
	Tax when to be deducted under section 194-O
	Rate of TDS
	Tax when not required to be deducted under section 194-O
	Bar as to double deduction of tax
	Non-applicability of provision in certain cases
	Guidelines to remove any difficulty in giving effect of provision
	Meaning of certain terms relevant to section 194-O
301.	TDS in Case of Specified Senior Citizens [Section 194P]
	TDS under section 194P
	Method to deduct tax
	Computation of income and deduction of tax
	Non-applicability of provision contained in section 139 in case of specified senior citizen
	Meaning of specified bank
302.	Tax Deduction by Buyer of Goods in Certain Cases [Section 194Q]
	Who is liable to deduct tax under section 194Q
	Whether provisions of section 194Q of the Act shall apply to buyer in the year of incorporation?
	Meaning of buyer
	From whom tax is to be deducted
	Conditions for application of provisions
	No tax to be deducted under section 194Q in certain cases
	When tax is to be deducted
	Limit of Rs. 50 lakhs, how to apply
	Rate of tax deduction
	Higher rate of TDS--Interplay of section 206AA, 206AB and 194Q
	Provisions illustrated
	Liability of non-residents to deduct tax
	Are provisions applicable where payment is made to non-residents
	Determination of total sales, etc
	Whether turnover shall include non-business turnover
	Treatment of GST collected
	TDS, whether deductible on GST
	What is meaning of the term goods
	Applicability of provisions to goods, etc.
	Sale of immovable properties--Whether liable to TDS
	TDS on purchase of shares etc
	Applicability on transactions carried through various exchanges
	Personal assets being purchased
	Cancellation of transaction
	Purchase returns
	Netting transactions
	Advance against purchases
	TDS on GST component in case of advance payments
	Applicability of section 194Q to case of motor vehicle
	Exchange of goods
	Branch transfers
	Aggregation of transactions
	Whether tax is to be deducted when the seller is a person whose income is exempt
	Interplay of section 206C(1H) and 194Q
	Cross application of section 194-O, sub-section (1H) of section 206C and section 194Q of the Act
	Power to remove difficulties
	CBDT clarification on applicability of section 194-O, 194Q and 206C(1H)
303.	Deduction of Tax on Benefit or Perquisite in Respect of Business or Profession [Section 194R]
	Who is liable to deduct tax
	Case of individual or HUF not carrying on business
	Person responsible for providing
	When tax is to be deducted
	Duty of person responsible for paying
	When tax not to be deducted
	Rate of tax deduction
	What is benefit or perquisite
	Where recipient not carrying on business
	Camaflouging business receipts as gift and impact of section 28(iv)
	Type of recipient
	When tax to be deducted--Issues regarding
	Difficulty arising
	Provisions illustrated
	Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961
304.	TDS on Transfer of Virtual Digital Asset [Section 194-S]
	Tax when to be deducted under section 194S
	Non-applicability of provision contained in section 203A and 206AB in case of specified person
	Exemption from TDS provision contained in section 194S
	Tax to be deducted under section 194S where tax deductible both under section 194S and under section 194-O
	Board empowered to issue necessary guide-lines
305.	TDS from Payments to Non-Residents [Section 195]
	Person responsible for deducting tax [Section 195(1)]
	No tax deductible under section 195(1) on interest referred to in sections 194LB or 194LC or 194LD
	Liability of non-resident to deduct tax under section 195 in certain cases
	Tax when to be deducted at source
	Rate of TDS
	Higher rate of TDS where recipient is a person located in notified jurisdictional area
	No deduction or deduction at lower rate
	Amount on which tax to be deducted where assessee failed to apply under section 197
	Grossing up of amount payable to non-resident paid net of tax
	No tax deduction in case of payment to-wards software in certain cases
	Interest credited to Non-resident (External) Account
	Deduction of tax on proportionate amount under section 195(2)
	No deduction of tax at source at the application of recipient [Section 195(3) to 195(5)]
	Application for certificate authorising receipt of interest and other sums without deduction of tax
	Effective date of certificate under section 195(3)
	Person responsible to deduct tax under section 195 required to furnish relevant infor-mation in prescribed manner
	CBDT empowered to notify class of persons or cases where person responsible to make payment shall make application to assessing officer for determination of appropriate proportion of sum chargeable
	Person responsible to deduct tax under section 195 require to furnish relevant infor-mation in prescribed manner [Section 195(6)]
	Clarification as to remittance of consular receipts
	Certificate by Chartered Accountant vis-a-vis tax liability of non-resident recipient
	Payment made to foreign shipping companies
	Remittance to a country with which double taxation avoidance agreement exists
	Payment of interest by branch of a foreign company/concern in India to its head office
	Taxability of export commission payable to non-resident agents rendering services abroad
	Consequences of failure to deduct or pay tax, etc., under section 195
	Rate of tax deduction where DTAA is in force
	Refund of tax to non-residents--Procedure regarding
	Application for refund under section 239A
	Important Case Law
	Export commission paid to non-resident agents rendering services outside India
	No TDS where income is not chargeable to tax in India
	Scope of section 195(2)
	No deduction where assessee is an agent or is treated as an agent
	Commission to overseas AE for services rendered outside India
	No TDS in case of reimbursement of expenses
	TDS on payment of royalty and FTS
	TDS on payment to expatriate employees
	Payment to non-resident where source of income situated in India
	Regular trading operations
	No TDS where transaction between two non-residents had taken place outside India
	Payment of computerised reservation system expenses to foreign company
	TDS on prepayment discount
	Payment to consultant abroad by Indian Company
	Payment of hire charges by way of adjust-ment of fish catch
	Remittance of fees collected by assessee to IIT Chicago
	Payments made were towards subscription to e-magazines
	Payment by assessee to a foreign company for utilization of transponder centered on a satellite
	Alleged failure to withhold tax under section 195 from capital gain accruing to non-resident--Assessee pleading no knowledge of residential status of long associated seller
	Payment towards bandwidth charges
306.	TDS Obligations Under Sections 196A, 196B, 196C and 196D
	TDS on income in respect of units of non-residents [Section 196A]
	TDS from payment to offshore fund
	TDS from Income from foreign currency bonds or GDR of Indian company to non-resident Indians
	TDS on income of Foreign Institutional Investor from Securities
307.	No Deduction or Deduction at Lower Rate [Sections 197 and 197B]
	Certificate of tax deduction at lower rate or no tax deduction
	Procedure to get certificate for purposes of section 197 [Rule 28 and 28AA]
	Certificate of no deduction of tax in case of certain entities
	Administrative instruction as to issue of certificate of non deduction or deduction at a lower rate
	Instructions for issue of certificate under section 197 mandatorily through ITD system
	Application for issue of certificate for deduction at lower rate--Not to be acted upon if submitted after credit/payment
	No income-tax deduction from disability pension
	Certificate of no deduction of tax or deduction at lower rates from dividends
	No requirement of TDS--Income exempt under section 10 and not required to file return
	Validity of one certificate issued for two separate units having two TANs
	Justification of denial of certificate under section 197(1)
	Writ not maintainable against order under section 197
	Lower deduction in certain cases for a limited period
308.	Non-Deduction of Tax in Case of Self Declaration Under Section 197A(1A)
	Resident individual eligible to benefit under section 197A(1)
	Benefit of section 197A not available if income referred to in section 197A exceeds maximum amount not chargeable to tax
	Relief to senior citizens
	No deduction of tax in respect of interest paid to a non-resident or not ordinarily resident
	No tax to be deducted in respect of any payment made to any person for or on behalf of New Pension System Trust
	No tax to be deducted from payment to certain institutions, etc
	Duty of person paying the sums referred to above
	Declaration by person claiming receipt of certain incomes without deduction of tax
	Declaration in Form 15G/15H to be furnished to the deductor/payer for each financial year
	Due date for filing Form Nos.15G & 15H
309.	Credit for TDS [Section 199 read with Rule 37BA]
	Credit to be given to person from whose income deduction made
	Credit for tax deducted under section 192 (1A)
	CBDT empowered to make rules
	Credit for TDS to be given to deductee on the basis of information given by deductor
	Allowability of credit to person other than tax deductee
	Assessment year for which credit for TDS and TCS to be given
	Credit for TDS to be subject to certain verifications
	Important Case Law
	Year for allowability of TDS credit
310.	Deposit of TDS [Section 200(1), (2) and (2A) read with Rule 30]
	Deposit of tax with Central Government
	TDS on behalf of Government
	Furnishing of statement for reporting of payment of TDS through book entry
	Time for deposit of TDS in case of deductors other than Government authorities
	Time for deposit of TDS where tax is ded-ucted under section 194-IA/194-IB/194M/194S
	Facility of quarterly payment in specific cases
	Mode of payment of TDS in case of deductors being other than Government authorities
	Mode of payment where tax is deducted under sections 194-IA or 194-IB or 194M or 194S
311.	Submission of Quarterly Statement of TDS [Section 200(3) read with Rule 31A]
	Requirement regarding quarterly statement of TDS
	Filing of correction statement
	Form of statement of deduction of tax
	Manner of furnishing statement
	Deductors who are compulsorily required to furnish statement electronically
	Furnishing of statement electronically, optional in case of other deductors
	Duty of deductor while preparing statement of tax deducted
	Furnishing of evidence by specified bank responsible for deducting tax under section 194P
	Claiming of refund for excess TDS deposited
	Consequences of non-filing of TDS state-ment
312.	Processing of Statements of TDS [Section 200A]
	Processing of TDS statements
	Meaning of "an incorrect claim apparent from any information in the statement"
	CBDT empowered to make scheme for centralised processing of TDS statements
	Remedy against intimation after processing of TDS statement
	Processing of E-TDS Returns where tax is short deducted--Instruction No. 8/2010, dt. 8-12-2010
313.	Assessee Deemed to be in Default [Section 201]
	Assessee when treated as assessee in default
	Tax deductor not to be deemed-in-default in certain cases
	Interest under section 201(1A)
	Computation of interest where payee discharged his tax liability
	Statutory charge upon assets
	Time limit for passing of orders under section 201(1)
	No interest under section 220(2) where interest is charged under section 201(1A) on the amount specified in the intimation under section 200A(1)
	Person, when not an assessee in default
	Levy of interest mandatory
	Order under section 201(1A) to be a speaking order
	Non-deduction of TDS on income from winning of lottery in kind
	No interest where tax could not be deducted due to non-identification of payee
	Validity of show-cause notice under section 201
	Wrong submission of PAN
	Time limit for initiating proceedings in case of payment to non-residents
	Employer when not deemed to be in default
	Waiver of interest charged under section 201(1A)(i)
	Appeal against order under section 201
314.	TDS Certificate [Section 203]
	Certificate of TDS to payee
	Form and periodicity of TDS certificate
	Contents of TDS certificate
	Issuance of TDS certificate where assessee employed by more than one employer
	Issuance of duplicate certificate where original got lost
	Form 16 may be authenticated by using digital signature
	Consequences of the default in the issue of TDS certificates
	Writ to compel issue of TDS certificate
	Penalty not to be levied for technical breach of provisions of section 203
315.	Residuary Provisions Related to TDS and Procedural Aspects
	Tax payment by deduction or collection
	Direct payment by the assessee
	Person required to deduct tax and not doing so, shall be deemed to be in default in certain cases
	Income payable net of tax
	TDS is income received
	Deduction only one of the modes of recovery [Section 202]
	Issuance of statement of TDS by Department
	Prohibition on department against making direct demand from the assessee [Section 205]
	Tax on salary deducted--Whether assessee can be called upon to pay tax, where tax deductor fails to deposit TDS
	Person responsible for making TDS [Section 204]
316.	Furnishing of Quarterly Returns Regarding Details of Non‑Deduction of Tax by Banks, Co‑operative Societies and Public Sector Companies [Section 206A]
	Quarterly return by banking company, co-operative society or housing finance company
	Quarterly return by any other person
	Furnishing of correction statement
	Quarterly return in respect of interest on time deposits without TDS
	Quarterly return in respect of time deposit
	Penalty for non-furnishing of quarterly return
317.	Higher Rate of TDS on Non Furnishing of PAN [Section 206AA]
	Deductee required to furnish PAN to deductor
	No relief under section 197 or 197A in case of non-furnishing of PAN
	Quoting of PAN in all correspondence
	Impact of furnishing invalid PAN
	Provision of section 206AA not applicable in respect of certain payments to non-residents
	Payment in respect of which relaxation is provided
	Payment to non-residents vis-a-vis section 206AA
318.	Higher Rate of TDS in Case of Non-filers of Return of Income [Section 206AB]
	Higher rate of TDS under section 206AB
	Rate of TDS where higher rate applicable by virtue of section 206AA also
	Specified person for purpose of section 206AB
	Functionality compliance check for section 206AB
319.	Tax Collection at Source [Sections 206C, 206CC and 206CCA]
	A. Statutory Aspects
	Statutory provision governing collection of tax at source
	Specified goods for the purpose of section 206C(1)
	Tax when to be collected in respect of goods specified in section 206C(1)
	Tax to be collected in case of grant of lease, licence, etc
	Tax to be collected at source on sale of motor vehicle of the value exceeding Rs. 10 lakh, either in cash or otherwise
	TCS in case of foreign remittance and on sale of overseas tour programme package [Section 206C(1G)]
	TCS by seller of goods other than those covered by section 206C(1), 206C(1F) and 206C(1G) and other than goods exported out of India
	Lower deduction in certain cases for a limited period
	Rates of collection of tax at source
	Octroi vis-a-vis toll
	Excavation of minor minerals
	Meaning of "seller"
	Meaning of "buyer"
	Constitutional validity of amendment with regard to the definition of the term 'buyer'
	Meaning of 'scrap'
	Whether scrap to be generated out of manufacturing process only?
	Products obtained in the course of ship breaking activity
	Sale of maize husk
	Cotton waste sold though used by purchaser as raw-material
	Sale of scrap material purchased from Railways in auction
	Applicability of section 206C on basic licence fee
	Applicability of section 206C in case of assessee being State Government
	No tax required to be collected where scrap is utilised for manufacturing or processing of articles or things and not for trading purposes
	Copy of declaration to be submitted by seller to the prescribed authority
	Form no. 27C to be obtained within reasonable time
	Applicability of section 206C where timber imported from abroad
	Applicability of section 206C where peti-tioner's income is exempt
	Allotment of parking lot to contractors without any written contracts
	Other modes of recovery not affected
	Order under section 206C appealable
	B. Procedural Aspects
	Time and manner for depositing TCS
	Filing of TCS statement
	Processing of TCS statement
	Credit for TCS
	TCS certificate
	Miscellaneous TCS specific provisions
	Consequences of failure to collect or pay tax
	Higher rate of TCS on non-furnishing of PAN
	C. Higher Rate of TCS in Case of Non-Filers of Return of Income [Section 206CCA]
	Applicability of higher rate of TCS
	Rate of TCS where higher rate applicable by virtue of section 206CC
	Specified person for purpose of section 206CCA
	Functionality compliance check for section 206AB
	Part XXXIII--Advance Tax and Recovery [Sections 207 to 229, 231 and 232]
320.	Advance Tax Liability [Sections 207 to 210]
	Liability for payment of advance tax [Section 207]
	No advance tax payable by senior citizens in certain cases [Section 207(2)]
	Conditions for liability to pay advance tax [Section 208]
	Assessees required to pay advance tax
	Computation of advance tax where calcul-ation is made by assessee [Section 209(1)(a)]
	Calculation by assessing officer for making order under section 210(3) [Section 209(1)(b)]
	Calculation by assessing officer for making an order under section 210(4) [Section 209(1) (c)]
	Reduction of amount of advance tax by the amount of tax deductible/collectible at source [Section 209(1)(d)]
	Reckoning of net agricultural income for computing advance tax [Section 209(2)]
	Suo motu payment of advance tax by assessee [Section 210(1)]
	Revision of advance tax payable by assessee in instalments yet to be paid [Section 210(2)]
	Assessing officer empowered to raise demand for payment of advance tax against old assessee [Section 210(3)]
	Intimation for reducing demanded advance tax [Section 210(5)]
	Obligation to pay higher advance tax [Section 210(6)]
	Advance tax liability of different assessees for the assessment year 2024-25
321.	Advance Tax Instalments [Sections 211, 218 and 219]
	Instalments of advance tax and due dates [Section 211]
	Payment where last day happens to be a holiday can be made on the next day immediately following working day
	When assessee is deemed to be in default [Section 218]
	Consequences of being treated as 'assessee in default'
	Credit for advance tax [Section 219]
322.	Recovery Proceedings [Sections 220 to 229 and 232]
	When tax payable and when assessee deemed in default [Section 220]
	Interest payable if amount not paid within time specified [Section 220(2)]
	Interest, under section 220(2) whether chargeable during the period of stay
	Period of levy where application for settlement of case before Settlement Commission is filed
	Demand on account of section 234E, itself been cancelled
	Calculation of interest
	Waiver or reduction of interest
	Extension of time for payment or payment in instalments [Section 220(3)]
	No need of extension of time in certain circumstances
	Validity of notice of demand where any appeal or other proceedings initiated
	Assessee, when deemed to be in default [Section 220(4)]
	Effect of default in any one of the instalments [Section 220(5)]
	Stay of recovery proceedings [Section 220(6)]
	Stay of demand, where non-speaking order passed by AO
	Procedure for grant of stay of demand
	Stay of tax liability in respect of foreign income
	Assessee has already paid more than 27% of outstanding amount
	Assessee was directed to pay 20% of disputed demand
	Assessee had prima faice case for grant of stay
	Demand raised denying exemption under section 11 on account of non-filing of return within usual period and extended period--Application for condonation of delay in filing return being pending
	Interim stay already granted by High Court still Tribunal ordered for recovery
	Appeal pending before CIT(A)--Assessee having prima facie case
	None of conditions enabling to seek waiver of interest complied with
	Penalty payable when tax is in default
	Penalty for default in payment of self-assessment tax
	Failure of self-assessment tax where no financial hardship
	Recovery certificate by Tax Recovery Officer
	General procedure for recovery of tax
	Tax Recovery Officer to whom certificate is to be issued
	Validity of certificate and cancellation or amendment thereof
	Stay of proceeding in pursuance of certifi-cate and amendment or cancellation thereof
	Power of assessing officer to resort to modes prescribed in section 226
	Directions to employer of assessee to deduct arrears of tax
	Garnishee proceedings [Section 226(3)]
	Income Tax Department claiming preferential right to recover debts over secured creditors
	Debt may be denied by the garnishee
	Attachment of bank accounts
	Assessee-in-default under section 226
	Garnishee proceedings against company in liquidation
	Procedure to act on a notice issued by assessing officer or Tax Recovery Officer in garnishee proceedings under section 226(3)
	Recovery of money belonging to assessee lying in court's custody
	Distraint and sale
	Entrustment of recovery to State Govern-ment
	Recovery of tax in pursuance of agree-ments with foreign countries [Section 228A]
	Assessee under liquidation under the Insolvency and Bankruptcy Code, 2016--All claim of IT Department shall be entertained by Official Liquidator appointed under section 53(1) of the Code
	Recovery of penalties, fine, interest and other sums [Section 229]
	Faceless recovery [Section 231]
	Recovery by suit or under other law not affected
323.	Tax Clearance Certificate [Section 230]
	Furnishing of an undertaking in the prescri-bed form in case of a person not domiciled in India
	Exemption if person not domiciled in India is not having any connection with business, profession or employment
	Furnishing of certain informations in case of a person domiciled in India
	Tax clearance certificate--When to be obtained under proviso to section 230(1A)
	Obtaining certificate showing no liabilities under the different statutes
	Reasons to be recorded and approval of Chief Commissioner should be obtained for enforcing a domiciled person to obtain no objection certificate
	Prescribed authority for purposes of section 230(1) and 230(1A) [Rule 42]
	Forms and certificates to be furnished under sections 230(1) and 230(1A) [Rule 43]
	Production of certificate [Rule 44]
	Duty of owner or charterer of ship or aircraft
	CBDT Clarifications
	Faceless issuance of Tax Clearance Certificate
	Part XXXIV--Interest and Fee [Sections 234A to 234H]
324.	Interest for Default in Furnishing Return of Income [Section 234A]
	Defaults attracting charge of interest under section 234A(1)
	Defaults attracting charge of interest under section 234A(3)
	Rate of interest under section 234A
	Period for which interest is to be charged
	Amount of tax on which interest is to be paid under section 234A
	Tax on total income not to include additional tax payable under section 140B
	Adjustment of tax paid under section 140A
	Meaning of a regular assessment for the purpose of section 234A
	Correlation of section 234A with section 140A
	Increase or decrease in tax payable and consequent effect on interest
	Meaning of 'due date' in the context of section 234A
	Nature of levy under section 234A
	Mere issue of notice under section 142(1) did not confer jurisdiction to levy interest under section 234A
	Quantum of tax on which interest is payable under section 234A
	Charge of interest by way of rectification under section 154
	Interest under section 234A cannot be charged where no return was filed
	Chargeability of interest under section 234A on self-assessment tax paid before the due date of filing of return of income
	Effect on section 234A interest where books of assessee were seized
	Chargeability of interest under section 234A in case of a time barred and invalid return
	Chargeability of interest under section 234A where all due taxes had been paid before delayed filing of return
	Period for which interest be chargeable where assessment was made for the first time under section 147
	Leviability of interest of the assessee was subject to tax deduction at source but the deductor did not deduct the tax or deducted lesser tax
	Assessee filed return before due date under section 139(1)
	Validity of revised return filed being valid, no interest leviable
	Charging of interest--Whether mandatory or discretionary
	Period of charging interest where notice issued under section 153A
	Relevant time period
	Illustrations for computation of interest under section 234A
325.	Interest for Default in Payment of Advance Tax [Section 234B]
	Defaults which attract levy of interest under section 234B
	Amounts on which interest is to be charged under section 234B(1)
	Interest payable under section 234B in case of updated return
	Period for which interest is payable under section 234B(1)
	Rate of interest chargeable under section 234B
	Adjustment of interest when tax is paid before regular assessment under section 140A
	Increase in interest in case of reassessment/recomputation under section 147/153A
	Period of default in case of an assessment made for the first time under section 147 or under section 153A
	Calculation of interest under section 234B where application for settlement is made
	Proportionate enhancement or reduction of interest where there is any increase or decrease in the tax payable
	Treatment of self-assessment tax paid under section 140A
	Computation of interest payable under section 234B(2)
	Interest whether to be charged on assessed tax or returned tax
	Applicability of sub-section (1) or (3) of section 234B
	Addition made on the basis of subsequent amendment--Leviability of interest
	Leviability of interest where the last date of payment of advance tax is holiday
	Requirement of show-cause notice for levy of interest under section 234B
	Leviability of interest even where assessee had suffered a loss
	Leviability of interest under section 234B where certain income becomes taxable only due to change of opinion
	When liability to interest under section 234B arise
	Period for levy of interest under section 234B
	Payment made during currency of previous year
	Leviability of interest where assessee was not obliged to pay advance tax under section 208
	Where assessee had made short payment under section 140A
	Chargeability of interest under section 234B by invoking section 154
	Position where return of income processed under section 143(1)(a) is subsequently reopened
	Default in payment of advance tax by reason of dispute as to taxability of certain income
	Chargeability of interest under section 234B, whether has to be from 1st day of assessment year or from the date of intimation under section 143(1) to the date of completion of assessment
	Requirement of specific order as to levy of interest under section 234B
	Period for which section 234B interest would be leviable, where return was pro-cessed under section 143(1) but reassessment was made later on
	Advance tax liability arisen due to enhance-ment of assessment under section 147
	Assessee challenging levy of interest
	Period of levy where income assessed under section 153A
	Illustration for computation of interest under sections 234B and 234C
326.	Interest for Deferment of Advance Tax [Section 234C]
	Object behind section 234C
	Defaults attracting charge of interest under section 234C
	How would interest payable under section 234C
	Interest for deferment of advance tax in case of assessees covered by section 44AD(1) and section 44ADA(1)
	Meaning of the expression "tax due on returned income" in the contact of section 234C
	Where interest under section 234C not leviable
	Leviability of interest under section 234C where the higher instalment was paid later on
	Interest under section 234C be chargeable, subject to maximum of three months, irrespective of the period of default
	When interest under section 234C not leviable
	Chargeability of interest under section 234C in the absence of a specific direction in the assessment order
	Position vis-a-vis section 234C where there was TDS in excess of the tax payable on returned income
	Necessity of rejecting application for waiver of interest under section 234C to be a speaking order
	Where cheque issued by the assessee got cleared after the due date of payment of advance tax
	Where income arose after payment of the last instalment of advance tax
	Income offered in return filed in response to notice under section 148
	Where return filed pursuant to reassess-ment notice
	Returned income vis-a-vis assessed income
	Considerable advance tax paid by assessee
327.	Issues Common to Sections 234A/234B/234C
	A. Waiver or Reduction of Interest
	Waiver of interest by Settlement Commission
	Powers of CBDT in regard to waiver or reduction of interest under sections 234A, 234B and 234C
	Powers delegated to Chief CIT or CIT vis-a-vis reduction or waiver of interest
	Waiver or reduction of interest permissible where return was filed after a search
	Duty of Chief CIT while dealing with an application for waiver of interest
	Possibility of waiver of interest in absence of seizure of any cash
	Where conditions laid down for waiver are not satisfied
	Reduction/waiver of interest be justified where interest was levied under section 234B on retrospective amendment of the Act
	Reducton or waiver of interest under section 234B, where assessee was under bona fide belief that he would get exemption under section 54EC
	Reassessed tax paid along with interest after reassessment order passed
	B. Other Issues
	Procedure to be followed for calculation of the interest amount
	Where the last day for payment of advance tax was a holiday and tax was deposited on the next following working day
	Levy of interest mandatory
	Levy of interest through a notice of demand
	No direction to charge interest in the assessment order but interest was charged in ITNS 150
	Order not charging or incorrectly charging interest under sections 234A, 234B and 234C be rectifiable under section 154
	Treatment of cash seized during search and interest liability be determined accordingly
	Treatment of gold ornaments and jewellery seized during search
	Liability company paying MAT to pay interest under sections 234B and 234C
	Assessing officer to pass a specific order charging interest under sections 234A, 234B or 234C
	Necessity of opportunity of being heard before charging interest under section 234A, 234B or 234C
	Where assessee offers additional income at the time of assessment
	Interest under sections 234A and 234B be chargeable on the assessed income
	Adjustment of credit of Minimum Alternate Tax (MAT) under section 115JAA and of tax paid outside India under sections 90 and 91 before charging interest under sections 234A, 234B or 234C
	Credit of Alternate Minimum Tax (AMT) allowable before charging of interest under sections 234A, 234B and 234C
	Chargeability of interest under sections 234A and 234B where the assessee was not in a position to estimate income
	Interest under sections 234B and 234C be charged upto which date in case of a settlement
	Interest under section 234A and extention of due date of filing of return by the CBDT
	Appeal lie against charge of interest under sections 234A, 234B or 234C
	Retrospective amendment of law
	Shortfall due to retrospective statutory amendment
	Estimation of accrual or receipt of windfall gain/unexpected income, whether possible
328.	Interest on Excess Refund [Section 234D]
	Chargeability of interest on the refund granted but later on found to be excessive on regular assessment
	Reduction of interest amount where the refunded amount was later on found to be correct
	Applicability of section 234D in assessment year commencing as before 1-6-2003
	Chargeability of interest under section 234D at the time of reassessment under section 147 where assessment had already been completed under section 143(3)
	Chargeability of interest under section 234D where refund is granted pursuant to order of Commissioner (Appeals)
	Interest not restricted to demand
	Refund not arisen due to order under section 143(1)
	Whether assessment under section 143(3) or later assessment under section 147 is regular assessment
329.	Late Fee for Delayed Filing of TDS Return [Section 234E]
	Fee payable for delay/failure to file state-ment of tax deduction at source under section 200(3) or the statement of tax collection at source under section 206C(3)
	Quarterly period for which late fee under section 234E be chargeable
	Before furnishing quarterly TDS/TCS state-ments
	Necessity of passing separate order impos-ing late fee under section 234E
	Appeal lies against demand of late fee under section 234E
	Late fee leviable from date of deposit of tax, where tax deposited belatedly
	Assessee filed From No. 26QB instead of Form No. 27Q
	Default in filing quarterly returns--Order passed under section 200A, whether time barred
	Occurrence of technical error--No loss to revenue
	Section introduced w.e.f. 1-6-2015--Leviability of late fees for period prior to it
	Levy of section 234E prior to 1-6-2015 and inordinate delay in appealing against the same
	Mistake in filing TDS return--Assessee filed Form No. 26QB instead of Form No. 27Q
330.	Late Fee for Delayed Filing of Return of Income [Section 234F]
331.	Fee for Defaults Relating to Statement or Certificate [Section 234G]
	Fee for defaults relating to statement or certificate
332.	Fee for Default Relating to Intimation of Aadhaar Number [Insertion of Section 234H]
	Part XXXV--Refunds [Sections 237 to 245]
333.	Refunds to Assessee and Person Entitled to Claim Refund [Sections 237, 238 and 239]
	When does refund arise to an assessee
	Necessity of filing claim of refund
	Possibly of any person other than the assessee claiming refund of tax
	Rejection of refund claim merely because there is mismatch between the details uploaded by tax deductor and those furnished by the assessee
334.	Refund for Denying Liability to Deduct Tax in Certain Cases [Section 239A]
	Making of application for refund
	Conditions precedent
	Order by assessing officer
	Time limit for order
	Order under section 239A made appealable before CIT(A)
	Consequential amendments
	Interest on refund
	Issues in section 239A
335.	Refund in Appeal, Etc. [Sections 240 and 242]
	Granting of refund where the same becomes due as a result of any order passed in appeal or other proceedings
	Claim refund of the entire amount of tax paid by assessee where an assessment order is held to be void
	Assessee became entitled to refund of tax paid on an invalid revised return
	Assessee cannot question correctness of assessment while making claim for refund
336.	Interest on Refund [Section 244A]
	Refund due being of advance tax or tax deducted or collected at source
	Assessee entitled to interest on delayed refunds
	Refund being of tax other than advance tax or tax deducted at source or penalty
	Delay in granting refund arising as a result of an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 to attract interest [Section 244A (1A)]--Effective from 1-6-2016
	Interest on delayed payment of interest on refund
	Interest on self assessment tax being refunded
	Assessee entitled to interest in case of delayed refund of TDS
	Interest on interest
	Assessee entitled to interest on refund of penalty amount
	Assessee be entitled to receive interest on refund under section 244A on excess TDS deposited under section 195
	Necessary to grant interest on refund simultaneously with the issue of refund.
	Entitlement of assessee to interest on delayed payment of refund even when the delay was attributable to assessee himself
	Interest on unpaid interest component
	Addition on account of interest income
	Allowability of interest on self-assessment tax paid
	Availability of interest under section 244A prior to amendment made by Finance Act, 2016
	Delay in refund--Delay being not attribut-able to assessee
	Amount due from assessee and adjustment against interest on refund
	Payment of interest on interest on refund due to inordinate delay
	Interest on delayed refund--To include interest on principal amount
	Interest under section 244A whether also includes interest on delayed refund
	Period for which interest on refund payable --Date of refund voucher being relevant
	Period of interest--Tax paid on last day of month
	AO computed interest under section 244A adjusting amount of refund towards tax component
	Period for which allowable--Interest to be granted upto date of refund
	Interest on refund arising due to rectification under section 155(20)
337.	Set off of Refund Against Outstanding Demand [Section 245]
	Adjustment of refund payable to the assessee against tax demand of an earlier period
	Adjustment of refund against the demand due to the assessee without any prior information to the assessee
	Necessity of show cause notice before making adjustment of refund against an outstanding demand
	Refund due to the firm cannot be adjusted against the demand against the individual partners
	Refund due to the son cannot be adjusted against the outstanding tax demand of father
	Withholding of refund and other consequences [Position from 1-4-2023]
	Part XXXVI--Settlement of Cases and Advance Ruling [Sections 245A to 245L and Sections 245N to 245V]
338.	Settlement of Cases [Sections 245A to 245L]
	Abolishing settlement commission
	Amendments giving effect to abolishment of settlement commission
	Admissibility of pending applications
	Provisions relating to interim settlement board
	Exclusion of certain time limits
	Powers of Settlement Commission
	Furnishing of copies of reports given by income-tax authority
	Power of Settlement Commission to grant immunity from prosecution and penalty
	Option to withdraw application for settle-ment
	Impact of abolishment
	E-Settlement scheme
339.	Dispute Resolution Committee
	Constitution of Dispute Resolution Committee by Central Government
	Specified order
	Specified conditions
	Power of DRC to reduce or waive penalty or grant immunity from prosecution
	DRC and DRP cases
	Central Government empowered to make a scheme for purpose of Dispute Resolution
	Application for resolution of dispute before the Dispute Resolution Committee [Rule 44DAB]
	Power to reduce or waive penalty imposable or grant immunity from prosecution or both under the Act [Rule 44DAC]
340.	Advance Rulings [Sections 245N to 245V]
	What is advance ruling and which is applicant
	Constitution of authority for advance ruling
	Constitution of Board for Advance Rulings
	Authority for advance ruling cease to operate from specified date
	Vacancies, etc., not to invalidate proceed-ings
	Transfer of application for advance ruling to Board for Advance Ruling
	Procedure of advance ruling before Board of Advance rulings
	Proceedings before Board for Advance Rulings shall be faceless
	Advance ruling to be void in certain circum-stances
	Powers of the Authority
	Procedure of Authority
	Filing of return whether amounts to pendency of the question before any income tax authority
	Rejection of application on account of pendency of proceeding under the Companies Act
	No income-tax authority and Appellate Tribunal proceed to decide any issue raised in application for advance ruling
	Applicability of advance ruling
	Appealability of order of advance ruling
	e-Advance Rulings Scheme, 2022
	Part XXXVII--Appeals [Sections 246 to 262 and Sections 265 to 268A]
341.	Appeal Before Joint Commissioner (Appeals) and Commissioner (Appeals) [Sections 246 to 251]
	Appeal before Joint Commissioner (Appeals)
	Orders appealable before Commissioner (Appeals)
	Orders not appealable before any appellate authority
	Appeal against order of assessing officer giving effect to the appellate order
	Appeal under section 246A where revision under section 264 becomes unsuccessful
	Filing of objections before DRP vis-a-vis appeal before Commissioner (Appeals)
	Maintainability of appeal where addition is made by the AO on agreed basis
	Filing of appeal by person other than the aggrieved person
	Filing of single composite appeal on two or more issues arising out of same order
	Appeal against levy of interest under sections 220(2), 234D etc
	Appeal against liability to deduct tax at source
	Time limit for filing of appeal to the Joint Commissioner (Appeals) or Commissioner (Appeals)
	Condonation of delay in filing appeal
	Procedure for furnishing appeal before Joint Commissioner (Appeals) or Commissioner (Appeals)
	Fees payable for filing of appeal
	Requirement as to payment of tax
	Rejection of appeal due to non-payment of tax
	Procedure for hearing of appeal
	Time limit for disposal of appeal
	Introduction of e-appeal facility
	Communication of order passed by Joint Commissioner (Appeals) or Commissioner (Appeals)
	Power to recall exparte order
	Withdrawal of appeal
	Reference to DVO during appellate proceedings
	Direction to assessing officer for sub-mission of remand report not where properly adhered to
	Powers of Joint Commissioner (Appeals) or the Commissioner (Appeals) in disposing of appeal
	No power to set aside assessment for fresh assessment
	Power to consider issues not being subject matter of appeal
	Power to decide an issue pending before assessing officer for rectification under section 154
	Power to rectify own order
	Power to give direction or finding in respect of years other than the year in appeal
	Powers as to enhancement of income
	Admission of fresh evidence
	Admission of additional ground
	Admission of additional claim towards any deduction or exemption not where made by assessee in the return
	Entertainment of legal issue raised first time before CIT (A)
	Admissibility of alternative plea
	Power to grant stay from recovery of demand
	Powers to declare TDS return non est
	Dismissal for non-prosecution
	Conversion of protective assessment in hands of individual into substantive assess-ment in HUF's hands
	Duty to pass speaking order
	Passing of ex-parte without providing proper opportunity of hearing to assessee
342.	Appeal Before Tribunal [Sections 252 to 255]
	Orders appealable before Tribunal by assessee
	Orders appealable before Tribunal by Revenue
	Appeal against order passed in consequence of direction in order under section 263
	Time limit for filing appeal before Tribunal
	Condonation of delay in filing of appeal
	Fees for filing of appeal
	Fees when not payable
	Fee for filing of appeal against the order of penalty
	Fee where income assessed is loss
	Payment of fee on the basis of income adjusted after giving effect of the relief granted by the CIT(A)
	Filing of memorandum of appeal
	Filing of memorandum of cross objection
	Procedure for filing of appeal before Tribunal
	Procedure for filing of paper book before Tribunal
	Non-filing of revised Form 36 after death of assessee--Maintainability of appeal
	Powers conferred upon Tribunal while passing order
	Power confined to subject matter of appeal only
	Procedure for hearing and disposal of appeal by Tribunal
	Time limit for passing of order by Tribunal
	Admission of additional evidence
	Admissibility of additional ground
	Entertainment of new question of law raised for the first time
	Procedure of filing and disposal of stay petitions
	Admissibility of new ground involving investigation of new or fresh facts
	Entertainment of grounds which go to the root of the matter
	Power as to enhancement of the assess-ment
	Claim of deduction not made in original return
	Tribunal not empowered to grant relief more than that asked by assessee
	Tribunal bound to follow order of the jurisdictional High Court
	Dismissal of appeal on account of non-prosecution thereof
	Validity of exparte order
	Power to recall exparte order
	Central Government empowered to make scheme of faceless appeal
	Power to rectify its order
	Scope of power of rectification under section 254(2)
	No power to condone delay in filing of miscellaneous petition
	Procedure as to dealing with rectification application
	No power to review of its own order in garb of rectification
	Limitation period and power to pass order of stay
	Requirement as regards communication of orders by Tribunal to the parties
	Tribunal require to pass reasoned order
	Pronouncement of order by Tribunal
	Tribunal's jurisdiction to give finding in respect of the period not covered by the appeal
	Duty of Tribunal to consider the case cited by the assessee
	Non-consideration of the decision ren-dered by the Co-ordinate Bench on identical issue
	Non-adjudication of two issues specifically raised in the ground of appeal by assessee
	Monetary limits for filing departmental appeals as currently applicable
	Various benches of Tribunal and their functions
	Tribunal's power to regulate its own procedure and procedure of its Benches
	Tribunal, when bound to follow decision of Co-ordinate Bench
	Special Bench not to be constituted where there is already a Special Bench decision
	Special Bench decision binding upon the decision of Division Bench
	Restrictions on powers exercisable by the Third Member
	Appeal before ITAT to be faceless w.e.f. 1-4-2021
343.	Appeal to High Court [Sections 260A and 260B]
	Appeal, when lies before High Court
	Persons entitled to file appeal before High Court
	Definition of High Court
	Substantial question of law is sine qua non for maintainability of appeal before High Court
	Meaning of substantial question of law
	Monetary limit for filing of appeal to High Court by Department
	Maintainability of appeal where tax effect is Nil
	Form, fee and time limit for filing appeal to the High Court
	Power as to condonation of delay in filing appeal
	Formulation of substantial question of law
	Respondent can argue that case does not involve substantial question of law so formulated
	Power to hear a substantial question of law not formulated by Tribunal
	Instances of no question of law
	Maintainability of appeal against an interim order of the Tribunal
	High Court's power to admit additional ground of appeal
	High Court's power to remand an issue not decided by the Tribunal
	Delivery of judgment by High Court
	Determination of an issue not determined by Tribunal
	Determination of issue not raised before Tribunal
	Appreciation of evidence does not fall within jurisdiction of High Court
	Scope of jurisdiction under section 260A
	Recalling of its own order by High Court
	Entertainment of a petition for review of order passed
	Applicability of provisions of Code of Civil Procedure, 1908
	Appeal not maintainable where matter seized and pending for consideration before Supreme Court
	Hearing before High Court
344.	Appeal to Supreme Court [Sections 261 and 262]
	Orders appealable before Supreme Court
	Monetary limit of the tax effect for filing of appeal to the Supreme Court
	Points to be taken into consideration while granting certificate of fitness
	Condition precedent for filing of appeal
	Filing of Special Leave Petition (SLP) under article 136 of the Constitution of India
	Jurisdiction of the Supreme Court while hearing of an appeal against the order of the High Court
	Raising of contention not raised before the Tribunal
	Question of fact, when can be raised before Supreme Court
	Cost of appeal
	Effect of Supreme Court's decision to be given to the judgment of High Court
	Impact of dismissal of SLP
	Applicability of Code of Civil Procedure
	Condonation of delay
345.	Miscellaneous Provisions Relating to Appeals [Sections 158A, 158AB and 265 to 268A]
	Requirement as to payment of tax
	Execution of costs awarded by Supreme Court
	Amendment of assessment on appeal
	Exclusion of time taken for copy
	Board empowered to issue instruction fixing monetary limits to regulate filing of depart-mental appeal
	Monetary limits for filing departmental appeals as currently applicable
	Maintainability of appeal where tax effect is below monetary limit
	Procedure where assessee claims identical question of law is pending before High Court or Supreme Court
	Consequences of admission of claim
	Procedure where an identical question of law is pending before High Courts or Supreme Court
	Revision of exceptions to monetary limits for filing appeals deferred under provisions of Section 158AB
	Part XXXVIII--Revision [Sections 263 and 264]
346.	Revision of Erroneous Orders Being Prejudicial to Revenue [Section 263]
	A. General
	Revision of an order passed by the assessing officer
	Under what circumstances, order passed by assessing officer can be revised under section 263
	Orders that can be revised under section 263
	Revision proceeding not sustainable where initial notice for revision was signed by ITO (Technical) instead of CIT
	Pre-requisites for exercising power of revision under section 263
	Commissioner to point out the exact error in the order to be revised, while providing opportunity to assessee
	Intimation under section 143(1)(a) cannot be revised under section 263
	Invocation of jurisdiction on the basis of audit objection
	Faceless revision
	Faceless effect of orders
	B. Record--Meaning and Scope
	Meaning of 'record' for the purposes of section 263
	Valuation report submitted by valuation officer after passing of assessment order, a part of record
	Records pertaining to other person cannot be taken into account for the purpose of section 263
	Material made available after completion of assessment be taken into consideration by Commissioner
	Material collected during survey conducted under section 133A after completion of assessment can be said to be part of record
	ITNS 150 can be said to be an order for the purpose of section 263
	Where statement recorded in search operation carried out in relation to another person
	CIT can make an enquiry for invoking section 263 on the basis of records of other persons
	C. Order Erroneous and Prejudicial to Interest of Revenue--Meaning and Scope
	Order passed by the assessing officer deemed to be erroneous in so far as it is prejudicial to the interest of the revenue
	Lack of enquiry v. inadequate enquiry
	Order passed by assessing officer which is not erroneous but is prejudicial to the assessee cannot be revised under section 263
	Assessment order passed in accordance with the guidelines issued by the CBDT cannot be said to be erroneous
	Reasonn for order being erroneous and prejudicial to revenue being stated
	Failure to initiate penalty proceeding at the time of passing of assessment order does not render the order erroneous
	Order passed by AO cannot be said to be erroneous where he adopts one possible view out of two
	Order which is not prejudicial to interest of revenue cannot be revised under section 263
	Action under section 263 cannot be taken where assessing officer made proper enquiries
	Order passed by the AO cannot be be said to erroneous where he passed an order after considering the relevant facts and provisions of law
	Where only one item in the assessment order is found prejudicial to the interest of revenue
	Order erroneous where the AO did not apply the correct law
	Revision proceeding initiated only on the basis of audit objection not sustainable
	Failure to take recourse to the provisions of section 14A
	Lack of proper enquiry render order passed by assessing officer erroneous
	Lack of enquiry as regards capital infusion by assessee firm in certain joint venture out of borrowed funds
	Lack of enquiry as regards deposit of cash in bank account of lender--Just before unsecured loan was given to assessee-firm
	AO granted deduction under section 80P without enquiry
	Lack of enquiry as regards increase in partner's capital account
	Lack of enquiry as regards to reflection of individual partner's bank account in the balance sheet of assessee firm
	Assessing officer's order passed after necessary enquiry--Whether erroneous and prejudicial order
	No lack of enquiry on AO's part
	AO failed to make any enquiry with regard to claim of assessee for deduction under section 80-IB(10)
	Due examination and enquiry conducted by AO
	Order passed by the assessing officer getting reopened, not erroneous
	Assessment under section 263 on the ground that the assessee did not file tax audit report
	Commissioner can revise assessment where certain deductions have been allowed in ignorance of provisions of law or without proper verification
	Non-examining loans and credit balances of partners
	Where assessing officer has followed order of higher appellate authorities
	Failure to make elaborate discussion in the assessment order would not render the order erroneous
	CIT asking AO for further enquiry and de novo assessment
	Income surrendered during survey of firm--Treated as business income for section 40(b) only after due satisfaction--Whether order erroneous
	No detailed discussion regarding certain issue in assessment order--AO taking a plausible view of the matter
	Where exercise under section 263 out-sourced by Commissioner to assessing officer
	No incriminating material found against assessee during search hence AO could not make any addition in view of law laid down under section 153A
	Computation of long-term capital gain--Assessee claimed deduction towards indexed cost of construction of compound wall and cost of improvements
	Deemed dividend under section 2(22)(e)--No material unearthed during search
	Where AO had taken a judicial view
	Rejection of book results vis-a-vis ad hoc addition without considering substantial increase in turnover and violation of section 40A(3)
	Non-application of section 115BBE to undisclosed amount in bank account treated as undisclosed business receipts/turnover
	Assessee wrongly showed this income under head of capital gains which was actually business income--View of AO, whether possible view precluding PCIT to invoke revisionary jurisdiction
	Where relevant facts not examined by AO
	AO examined entire case and than decided for non-invocation of section 14A
	Invocation of jurisdiction for expending the jurisdiction of AO to examine issues beyond the scope of limited scrutiny
	Set off of Interest on fixed deposits--Against interest paid on loans taken on security of those fixed deposits
	No examination as regards issue of eligibility of exemption under section 54/54F while framing assessment under section 153A
	Invocation of jurisdiction--No dispute as regards due verification carried out by AO as regards impugned issue
	Setting off of brought forward loss against dividend income held as business income
	AO having taken one of the possible views on taxability of incentive being refund of VAT
	Disallowance of provision for warranty--Provision made on scientific and reasonable basis
	Erroneous and prejudicial order--Professional fees paid to doctors
	Erroneous and prejudicial order--Non-invocation of section 50C
	AO's order being erroneous and prejudicial to interest of Revenue--Assessee had not offered notional rent on its unsold flats
	Difference between amount of service income on which tax was deducted by service provider and income which was shown in profit and loss account by assessee
	AO made addition on grounds, which were beyond purpose for taking limited scrutiny
	Alleged non-discussion on part of AO in relation to eligibility of exemption from capital gains from sale of shares
	Lack of enquiry on AO's part as regards eligibility for claim of deduction under section 54B
	Revision triggered only on basis of mere apprehension and doubts
	Assessment order only modified, not set aside
	No enquiry by CIT on his own
	AO having allowed assessee's claim of deduction under section 54F taking furniture and fixtures as part of cost
	Assessee pleading assessment order to have been passed after obtaining approval under section 153D
	AO ignored relevent provisions before allowing loss on 'OTS'
	Proceedings initiated in the name of non-existent entity
	AO made assessment without verification of assessee's claim of written off bad debts
	Due application of mind by AO on stated issue
	Order of AO, whether erroneous and prejudicial to the interest of revenue
	Assessment framed under section 153A read with sections 153C and 143 held void
	Enquiry made by AO was inadequate
	AO passed assessment order after verification of details
	Plausible view taken by AO
	Allowability of deduction under section 80P(2)(a)(i) as regards interest on fixed deposits with co-operative banks
	Debatable issue is beyond the purview of section 263
	Disallowance of exemption granted under section 10(23C)(iiiae)--Assessee fulfilled all conditions prescribed under section 10(23C) (iiiae)
	Pr. CIT traversed beyond the jurisdiction that was vested with AO while framing assessment--Impugned issue not being subject-matter of limited scrutiny
	Assessment order under section 153C itself being invalid--No document belonging to assessee was found--Validity
	Denial of exemption under section 10(23C) (iiiab)
	Limited scrutiny on issue in notice--CIT examined the issue other than one considered by AO
	Failure of AO to levy tax as per section 115BBE--Order passed erroneous
	D. Passing of Order Under Section 263
	Kind of orders that can be passed under section 263
	Procedure required to be followed
	Necessity of granting opportunity of being heard
	Commissioner not providing opportunity of hearing to assessee--Validity of revision
	Necessary to record satisfaction before issuance of the show-cause notice
	CIT cannot give direction to the assessing officer to complete the assessment following a particular procedure
	Jurisdiction to revise an assessment order which was made subject matter of appeal before Commissioner (Appeals)
	Invocation of jurisdiction--Appeal pending before CIT(A)
	Invocation of jurisdiction in respect of issue decided in-appeal by CIT(A)
	Commissioner to record basis on which he deems that order passed AO is erroneous and prejudicial to the interest of the revenue
	Commissioner cannot initiate proceeding under section 263 merely on the ground that the enquiry conducted by the assessing officer was inadequate
	Revision on the basis of fresh facts or any subsequent event
	Powers under section 263 cannot be used for directing a re-verification
	While making fresh assessment in pursu-ance of revisional order under section 263, the assessing officer is not entitled to examine the items which did not form part of revisional proceedings
	Lack of natural justice on part of PCIT
	E. Time Limit for Passing of Revisional Order
	Time-limit for exercise of power of revision
	When time limit of two years for passing of revisional order would not apply
	Limitation where reassessment order is sought to be revised
	Limitation where original assessment order is rectified under section 154
	Initial order passed under section 143(3)--Fresh order passed on directions of CIT(A)--Reckoning of limitation period
	Bar of limitation--Issue pertained to original assessment and not the reopened assessment
	Period of limitation for issuance of notice prescribed under section 263(2)--Where assessment under section 153A
	F. Miscellaneous Issues
	Remedy available to assessee against order passed by Principal Commissioner or Commissioner under section 263
	Consequential validity of assessment order
	Invocation of second time revisional juris-diction
	Assessment order being void ab initio treated as erroneous by CIT
	Original assessment order was liable to be considered to reckon the limitation
	Issue sought to be revised covered by original assessment and not by reassessment order
	Where the assessing officer did not commit any error
	Share application money is also required to be considered in the net worth of the assessee
	Pr. CIT in his order passed under section 263 made reference to Expln. 2 of section 263--No mention of Expln. 2 to section 263 in show-cause notice
	PCIT cannot enlarge scope of reopening
	AO taken a particular cost of acquisition on the basis of valuer's report
347.	Revision of Orders to Which Section 263 Not Applicable [Section 264]
	Kinds of orders that can be revised under section 264 of the Act
	Faceless revision
	Kinds of orders that are not revisable under section 264
	Intimation under section 143(1)--Whether revisionable under section 264
	Order prejudicial to assessee cannot be passed under section 264
	When would an order passed by Commi-ssioner under section 264 be said to be pre-judicial to the interest of assessee
	Order passed by the Commissioner declining to interfere
	Limitation period for invoking suo motu revisional powers
	Time limit for filing application for revision under section 264 by an assessee
	Admission of application for revision under section 264 after the expiry of one year
	Principles required to be observed by Assessing Authority while deciding application for condonation of delay
	Form in which application for revision under section 264 required to be made
	Fee payable for filing an application for revision
	Time limit for passing an order under section 264
	Where Principal Commissioner/Commiss-ioner does not pass revisional order under section 264 within prescribed time limit
	Assessee can withdraw appeal filed to CIT(A) and then file a revision petition under section 264 before the CIT
	Where limitation period for passing order of revision under section 264 would not apply
	Order in revision has to be a speaking order
	Where Commissioner (Appeals) has rejected the appeal against an order as time barred or unmaintainable
	Commissioner can consider both the points of law as well as points of facts while deciding an application under section 264
	Commissioner can re-revise an order passed under section 264 on a fresh appli-cation by the assessee
	Opportunity of being heard is required to be given to assessee before disposing of application under section 264 by the Commi-ssioner
	Order passed under section 264 is not appealable before the Tribunal
	Principal Commissioner/Commissioner can entertain a new ground which was not urged before the lower authorities
	Where return furnished by assessee is accepted by the assessing officer
	Where Commissioner sets aside an assess-ment by exercising revisional powers under section 264
	Necessity to serve a copy of AO's report on the assessee
	Section 54F benefit, whether could be granted in revision when not claimed during assessment proceedings
	Assessee failing to exercise appeal right in time--Justification for revision petition
	Writ petition against rejection of appli-cation for revision under section 264
	Loss on account of derivative transactions accepted as speculative loss by assessee
	Pr. CIT passed an ex parte order--No opportunity was granted
	Excess tax collected from assessee
	Part XXXIX--Mode of Acceptance, Payment or Repayment in Certain Cases [Sections 269SS, 269ST, 269SU & 269T]
348.	Restriction on Acceptance of Loan, Deposit Etc., in Cash [Section 269SS]
	Restriction on accepting any loan, deposit or specified sum in cash of an amount Rs. 20,000 or more
	Restriction, when not applicable
	Terminologies defined
	Limit of section 269SS and 269T raised to Rs. 2,00,000 from Rs. 20,000 in certain cases of co-operative society
	What is loan or deposit
	Consequences of violation of section 269SS
	Interest also covered by section 269SS
	Section 40A(3) vis-a-vis section 269SS
	Transfer of money by mere book entries attracts section 269SS
	Cash received from MD for meeting of day-to-day emergency expenses
	Where each deposit did not exceed Rs. 20,000
	Cash deposit from director towards share application money
	Transaction between firm and partner
	Transactions between company and director
	Capital contribution to proposed partner-ship in cash
	Assessee being a finance company
	Cash loan deposited in company account
	Acceptance and repayment of loan/deposits in cash by assessee non-banking financial company
	Amount received back from borrower in cash
	Agents acting as behalf of principal
	Cash accepted from agriculturists
	Amount paid by director to company
	Amount received from directors in the shape of share application money
	Applicability where assessee acted as agent
	Amount received with no obligation to return
	Section 269SS not applicable where related amount neither loan nor deposit
	Director of a company not covered by section 269SS
	Share application Money
	Payment made by sister concern on behalf of assessee--Alleged receipt of cash loan by assessee
	Contravention of provision of section 269SS--Bank deposit treated as business receipt and not loan
	Receipt of loan in cash from relatives
	Allegation that assessee received amounts in cash as loan from HUF--HUF deposited amounts with assessee company for redemption of jewellery purchased under gold savings scheme
	Loan accepted though bearer cheque--Loan accepted from father
	Both creditor and borrower being agriculturist
	Acceptance of cash exceeding the limit prescribed under section 269SS from assessee's own HUF
	Loan transactions made before incorpor-ation of assessee company
	Cash received by assessee from the commission agent against the crops
	Loan taken through director
	Assessee received unsecured loan in cash--Director of assessee-company received cash loan from his father
	Contravention of section 269SS to meet urgent requirements of business
	Alleged violation of section 269SS--Entries passed out of business constraints and exigencies
	Cash received from MD for meeting of day-to-day emergency expenses
	Acceptance repayment via Journal entries
	Where amounts adjusted by journal entries were receivable
	Deposits/loans received by assessee through journal entries
	Cash receipts against sale of immovable properties duly disclosed by assessee
	Acceptance of cash from spouse and father for acquisition of immovable property
	Loan/deposits taken paid by the assessee was more than Rs. 20,000--How limit of Rs. 20,000 be counted
349.	Restriction on Cash Receipts of Rs. 2 Lakh or More [Section 269ST]
	Restriction imposed on cash receipts of Rs. 2 lakh or more
	Circumstances when section 269ST not applicable
	Transaction specified in section 269SS out of purview of section 269ST
	Status of transactions not within the ambit of section 269SS
	Loan transaction with NBFC/HFC
	Clarification on cash sale of agricultural produce by cultivators/agriculturist
	Provisions of section 269ST shall not apply to receipt by any person from an entity referred to in sub-clause (b) of clause (i) of the proviso to section 269ST
	Central Government specifies entities to whom provisions of section 269ST shall not apply
	Clarification for the purposes of clause (c) of section 269ST of the Income Tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies
	Penalty to be levied on violation of section 269ST
	Illustration showing applicability of section 269ST in varied situations
350.	Acceptance of Payment Through Prescribed Electronic Modes [Section 269SU]
	Mandating acceptance of payments through prescribed electronic modes
	Prescribed electronic modes for purposes of section 269SU
	Non-applicability of section 269SU
	Penalty for failure to comply with provisions of section 269SU
351.	Restriction on Repayment of Loan or Deposit or Specified Amount [Section 269T]
	Scheme of section 269T
	Loan or deposit
	Specified sum
	Repayment of any loan, deposit or other sum by way of making credit in the saving bank account or the current account
	Non-applicability of section 269T
	Limit of section 269SS and 269T raised to Rs. 2,00,000 from Rs. 20,000 in certain cases of co-operative society
	Terminologies defined
	Applicability of section 269T in case of repayment of credit facilities
	Institutions specified for purpose of section 269SS
	Scope of applicability to kacha arhatiyas
	Consequences of violation of section 269T
	Payment to a deceased person
	Payment made in pursuance of a court order
	Applicability in case of Kachcha Arhatiyas
	Aggregation of deposits with all branches of bank
	Applicability or otherwise of section 269T
	Journal entries passed for squaring up of transactions or adjustment of entries
	Refund of advance taken for share application money in cash
	Payment by HUF to its member or vice versa
	Current account transactions
	Repayment of deposit/loan in cash on a single day not exceeding Rs. 20,000
	Payment to firms exceeding specified limits in cash
	Re-payment of capital balance in cash
	Capital contribution to proposed partner-ship
	Repayment of deposit/loan in cash on a single day not exceeding Rs. 20,000
	Cash payment, out of closing balance in capital accounts of retired partners
	Loan squared off by assessee by way of conversion of the loan into equity
	Loan from directors
	Receipt of cash from HUF entity
	Repayment of loan in cash by assessee
	Journal entries passed for squaring up of transactions or adjustment of entries
	Part XL--Penalties and Offences & Prosecution [Sections 270A to 280D]
352.	Penalty for Underreporting and Misreporting of Income [Sections 270A and 270AA]
	Penalty for underreporting and misreporting of income
	Penalty, when can be levied under section 270A
	Instances of underreported income
	Circumstances when income would not be considered as underreported
	Computation of underreported income
	Determination of underreported income where source of receipt related to earlier years
	Manner of computing underreported income in case of intangible addition
	Quantum of penalty leviable under section 270A
	Misreporting of income
	Computation of tax payable in respect of underreported income
	Illustrations showing computation of tax payable on underreported income and penalty under section 270A
	No double penalty
	Order of penalty
	No penalty shall be levied under section 270A where penalty is levied under section 271AAC in respect of undisclosed income
	Illustrations
	Illustration showing different situations of underreporting of income
	Illustration showing determination of underreported income in loss cases and computation of tax payable and penalty leviable thereon
	Illustration clarifying determination of underreported income where section 115JB or 115JC applicable
	Illustration clarifying leviability of penalty under section 270A where underreported income is claimed to be covered by additions made in earlier years
	Where income got enhanced due to increase in the disallowance voluntarily estimated by the assessee
	Estimation of income and penalty
	Merely mentioning that the appellant has misreported income without bringing out how the additions has lead to misreporting of income--Whether penalty justified
	Possibility of immunity from penalty to be levied under section 270A and from pro-secution under section 276C or 276CC [Section 270AA]
353.	Penalties Other than Penalty for Underreporting of Income
	A. Penalties Under Sections 271A to 272BB--AT a Glance
	B. Penalty for Failure to Keep, Maintain or Retain Proper Books of Account, Documents, Etc. [Section 271A]
	Penalty not to be levied where assessing officer is able to compute income
	Validity of penalty levied before completion of assessment proceedings
	Penalty to be levied where no reasonable cause advanced or proved
	Non-maintenance of bank account is no ground for levying penalty
	C. Penalty for Failure to Keep and Maintain Information and Document in Respect of Certain Transactions [Section 271AA]
	No penalty to be levied in case of reason-able cause
	No penalty to be levied where no adverse finding recorded by TPO
	No penalty for non-maintenance of contem-porary documentation in respect of inter-national transactions where requisite infor-mation furnished and no upward adjustment required
	Penalty on non-disclosure of details of specified domestic transaction in ITR
	D. Penalty on Undisclosed Incomes Found in Search Cases [Section 271AAB]
	Penalty in search cases leviable under section 271AAB
	Quantum of penalty after amendment by Taxation Laws (Second Amendment) Act, 2016
	Meaning of "undisclosed income"
	No penalty in case of survey
	E. Penalty in Respect of Incomes Referred to in Sections 68 to 69D [Section 271AAC]
	Penalty in respect of income referred to in sections 68 to 69D
	Cumulative impact of sections 115BBE, 271AAC and 271AAB(1A)
	Illustration
	F. Penalty for False Entry, etc. in Book of Account [Section 271AAD]
	Penalty under section 271AAD
	Levy of penalty on any other person who causes to make false enter
	Meaning of false entry
	Power to attach
	G. Penalty for Benefit to Related Persons [Section 271AAE]
	H. Penalty for Failure to Get Accounts Audited [Section 271B]
	No penalty where assessing officer not recorded his satisfaction
	No penalty in case of inadvertent mistake in filing e-return
	Penalty to be levied even where books of accounts not maintained
	Penalty not leviable in case of there being reasonable cause
	I. Penalty for Failure to Furnish Report Under Section 92E [Section 271BA]
	J. Penalty for Failure to Deduct Tax at Source [Section 271C]
	K. Penalty for Failure to Collect Tax at Source [Section 271CA]
	L. Penalty for Failure to Comply with Section 269SS [Section 271D]
	M. Penalty for Failure to Comply with Section 269ST [Section 271DA]
	Levy of penalty under section 271DA
	What section 269ST provides
	No penalty to be levied where sufficient reasons exist for contravention
	Authority empowered to impose penalty
	N. Penalty for Failure to Comply with Section 269SU [Section 271DB]
	Acceptance of payment through prescribed electronic modes
	Penalty under section 271DB(1)
	No penalty in case of good and sufficient reason
	Authority empowered to levy penalty
	O. Penalty for Failure to Comply with Provisions of Section 269T [Section 271E]
	P. Penalty for Failure to Furnish Statement of Financial Transaction or Reportable Account or for Furnishing Inaccurate Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA]
	Penalty, when leviable under section 271FA
	No penalty under section 271FA where breach of provision was technical and venial
	Q. Penalty for Failure to Furnish Information or Document Under Section 92D [Section 271G]
	R. Penalty for Failure to Furnish Statement etc. [Section 271K]
	S. Penalty for Failure to Answer Questions, Sign Statements, Furnish Information, Returns or Statements, Allow Inspections, Etc. [Section 272A]
	Certain acts liable to penalty under sub-section (2) of section 272A
	Case law relevant to section 272A(2)(c)/272A(2)(k)
	Failure to file return under section 139(4A) or section 139(4C)
	Failure to furnish certificate under section 203 or 206C
	Penalty to be levied where no plausible explanation for delay
	No penalty in absence of deliberate defiance of law by assessee
	T. Penalty for Failure to Comply with Provisions of Section 139A [Section 272B]
	U. Common Issues Pertaining to Penalties
	Power to grant immunity from penalty [Section 273AA]
	Penalty not to be imposed in certain cases [Section 273B]
	Procedure regarding imposition of penalty [Section 274]
	Provision for e-penalty
	Faceless Penalty Scheme
	Limitation for imposition of penalty [Section 275]
	Time limit for initiation of penalty under section 271C
354.	Offences and Prosecution [Sections 275A to 280D]
	Prosecution provisions at a glance
	Power of Principal Commissioner or Commi-ssioner to grant immunity from prosecution
	Scheme for granting immunity
	Presumption as to assets, books of accounts, etc., in certain cases
	Presumption as to culpable mental state
	Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner
	Compounding of offences
	Central Government to make scheme for faceless sanction or compounding
	Offence regarded as non-cognizable
	Proof of entries in records and documents
	Disclosure of particulars by public servants
	Trial of offences by Special Court
	Part XLI--Residuary Miscellaneous Provisions [Sections 281 to 294]
355.	Certain Transfers to be Void [Section 281]
	Transfer of any asset by assessee when regarded as void
	Transfer of any asset, when not be void
	Application for seeking permission under section 281
	Validity of permission granted by the assessing officer
	Guidelines to be observed by the assessing officer for granting permission under section 281
	Monetary limits for applicability of section 281
	Meaning of expression "assets" for the purpose of section 281
	Assessing officer empowered decide as to which of the assets or property of the assessee could be attached
	No adjudicatory machinery is provided under the Act for declaring any charge of transfer void
	Assessing officer cannot pass an order declaring a transaction void under section 281 independent of any judicial proceeding
	Assessing officer cannot invoke section 281 in case of compulsory acquisition of an undertaking by State Government
	Time limits for granting/refusing permission under section 281
	Power of Tax Recovery Officer to declare a transfer of property
	Assessing officer cannot summarily reject an application for permission sought under section 281
	Provisional attachment of bank account of assessee
	Right in property purchased of purchaser and landlord
	Mortgage to property during recovery proceedup--Validity
356.	Provisional Attachment to Protect Revenue in Certain Cases [Section 281B]
	Power of assessing officer to make provisional attachment
	Validity of order of provisional attachment
	Revocation of attachment
	Determination of value of the property provisionally attached
	Period during which order revoking the provisional attachment be made
	Revoking of guarantee furnished by assessee
	Release of guarantee by assessing officer
	Provisional attachment in Fake Invoice cases [Amendment of sub-section (1) of section 281B]--Effective from 1-4-2021
	Attachment of land of partnership property--Rights of transferree of partner's interest
	As per section 281B it is only property of assessee that can be attached
	Scope of section 281B
357.	Service of Notice, Summons, Requisition, Order and Other Communication [Section 282]
	Service of notice, summons, requisitions, etc
	CBDT empowered to make rules for providing addresses
	Addresses as provided by the Board
	Addresses for communication in the manner provided in clause (a) or clause (b) of section 282(1)
	Addresses for communication transmitted electronically
	Authority competent to specify related procedure, etc
	Service of notice to an agent
	Where assessee refuses to accept a registered envelope
	Validity of service of notice where notice was incorrectly addressed
	Service of a notice under section 143(2) sent through speed post
	Service of notice on a relative of the assessee
	Burden of proof as to service of notice
	Assessee be deemed to have waived irregularity in service of notice where he asked for adjournment in respect of such proceeding
	Notice served on assessee's father
	Notice issued in the name of a dead person
	Service at old address where department already informed of the new address
	Service at old address where new address was not intimated by assessee
	Service at old address where department already informed of the new address
	Service at old address where new address was not intimated by assessee
	When notice or document communicated in electronic form shall be deemed to be authenticated
	Authority who will specify the related procedures
	Meaning of 'electronic mail' and 'electronical mail' message
	Meaning of 'electronic record'
358.	Authentication of Notices and Other Documents [Section 282A]
	Manner of authentication of notices and other documents under the Act
	Signed--Meaning of for the purposes of section 282A
359.	Service of Notice When Family is Disrupted or Firm, Etc., is Dissloved [Section 283]
	Service of notice where a Hindu Undivided Family is disrupted or a firm dissolved
360.	Service of Notice in Case of Discontinued Business [Section 284]
	Service of notice in the case of a discontinued business
361.	Submission of Statement by a Non-Resident Liaison Office [Section 285]
	Statement by a non-resident by liaison office
362.	Furnishing of Information or Documents by an Indian Concern in Certain Cases [Section 285A]
	Information required to be furnished by an Indian entity, where its share derives its value substantially from the assets located in India
	Information or documents to be furnished under section 285A
363.	Submission of Statements by Producers of Cinematograph Films [Section 285B]
	Information required to be submitted by a person carrying on the business of production of a cinematograph film
364.	Annual Statement [Section 285BB]
365.	Statements of Financial Transaction or Reportable Account [Section 285BA]
	Specified financial transactions--Meaning of
	Who shall furnish statement and in respect which transaction it shall be furnished
	Reporting of certain incomes by specified persons
	Aggregation of transactions
	Manner of furnishing return in Form No. 61A
	Time limit for furnishing of statement of financial transaction
	Verification statement
	Penalty for failure to furnish statement of financial transaction or reportable account [Section 271FA]
	Penalty for furnishing inaccurate statement of financial transaction or reportable account [Section 271FAA]
366.	Furnishing of Report in Respect of International Group [Section 286]
	Furnishing of report in respect of an international group
	Notice to prescribed income-tax authority
	Inclusions in the report to be furnished in respect of an international group
	Report by a constituent entity of an international group
	No report to be furnished by a constituent entity of an international group
	Prescribed authority may require an entity to produce specified information and document
	When international group is not required to furnish report in respect of international group
367.	Publication of Information Respecting Assessees in Certain Cases [Section 287]
	Publishing name of any assessee and any other particulars relating to any proceedings or prosecution taken against them
	Central Government cannot publish the name of an assessee where the assessee first files an appeal and but the same is not yet disposed of
	Case of company/firm/AOP
368.	Appearance by Registered Valuer in Certain Matters [Section 287A]
	Representation on behalf of assessee
369.	Appearance by Authorised Representative [Section 288]
	Assessee can be represented by an authorised representative
	Who can be an authorised representative
	Certain accountants not to give reports under the Act
	Who cannot be appointed as accountant
	What is the meaning of relative in relation to an individual for the purpose of section 288
	Certain persons not entitled to represent
	Person found guilty of professional misconduct
	Condition subject to which order under section 288(4)(b)/288(5)(b) be passed
	Appearance by Authorised Representative in certain cases
370.	Rounding Off of Income [Section 288A]
	Rounding off of income
371.	Rounding Off of Tax, Etc. [Section 288B]
	Rounding off of tax payable by an assessee
372.	Receipt to be Given [Section 289]
	Is it necessary to give a receipt in reference to any money paid or recovered
373.	Indemnity [Section 290]
	When would a person be indemnified for deduction or retention of payment of tax
374.	Power to Tender Immunity from Prosecution [Section 291]
	Central Government can tender immunity from prosecution for any offence under the Act or under the Indian Penal Code, or under any other Central Act
	Limitations as to such tendering of immunity
	Withdrawal of immunity granted to any person
375.	Cognizance of Offences [Section 292]
	Who can authority try any offence under the Act
376.	Section 360 of the Code of Criminal Procedure, 1973, and the Probation of Offenders Act, 1958, Not to Apply [Section 292A]
	Provisions of Code of Criminal Procedure, 1973 and the Probation of Offenders Act, 1958 not to apply to a person convicted of an offence under the Income Tax Act
377.	Return of Income, Etc., Not to be Invalid on Certain Grounds [Section 292B]
	Return of income, assessment, notice, summons or other proceedings cannot be rendered invalid merely by reason of any mistake, defect or omission in such return of income
378.	Notice Deemed to be Valid in Certain Circumstances [Section 292BB]
	Assessee in certain circumstances not to challenge notice
379.	Presumption as to Assets, Books of Account, Etc. [Section 292C]
	Presumption to be taken in respect of any books of account, other documents, money, bullion, jewellery or other valuable article or things found in the possession or control of any person in the course of a search
380.	Authorisation of Assessment in Case of Search or Requisition [Section 292CC]
	Necessity to issue authorisation under section 132 or make a requisition under section 132A separately in the name of each person
	Mentioning of the name of more than one person in the authorisation
381.	Bar of Suits in Civil Courts [Section 293]
	Protection provided to the officers of the income tax department under the Act
	Validity of suit filed against the department where there was no allegation of fraud against the departement
382.	Power to Make Exemption, Etc., in Relation to Participation in the Business of Prospecting for, Extraction, Etc., of Mineral Oils [Section 293A]
	Class of persons granted any exemption, reduction in rate or other modification in respect of income-tax
383.	Power of Central Government or Board to Condone Delays in Obtaining Approval [Section 293B]
	Condonation of delay in obtaining any approval under the Act
384.	Power to Withdraw Approval [Section 293C]
	Withdrawal of approval granted by income-tax authority
385.	Faceless Approval or Registration [Section 293D]
386.	Act to Have Effect Pending Legislative Provision for Charge of Tax [Section 294]
	Affect of provisions of Income Tax Act where Finance Act for any assessment year, charging income-tax, is not enacted by 1st April of that year
387.	Power to Make Rules [Section 295]
	Power to make rules
388.	Rules and Certain Notifications to be Placed before Parliament [Section 296]
	Rules and certain notifications to be placed before Parliament
	Part XLII--Other Laws
389.	Equalisation Levy [By Finance Act, 2016]
	I. Equalisation Levy on Specified Services [From 1-6-2016]
	Scope and date effective of equalization levy
	Applicability of equalization levy
	Specified service
	Rate of levy on specified services
	How equalization levy is levied
	When equalisation levy shall not be charged
	Who shall collect equalization levy on specified services
	Equalisation levy
	Online
	Permanent establishment
	II. Equalisation levy on non-resident "e-commerce operators" [From 1-4-2020]
	Charge of equalisation levy on e-commerce supply or services
	Terminologies defined
	Enlargement of scope of "e-commerce supply or services"
	Ownership of goods and provision of services by e-commerce operator not to be pre-requisite for equalisation levy
	Impact of new equalisation levy
	Parallel taxation under two laws
	Treaty situations
	Situation of company having PE and that not having PE
	Double taxation
	Credit of Equalisation levy where assessing officer concludes that assessee was having PE
	Unresolved issues
	Why equalisation levy provisions introduced
	III. Procedural Aspects
	Rounding off of consideration for specified services, equalisation levy, etc
	Payment of Equalisation levy
	Collection and recovery of equalisation levy on e-commerce supply or services
	Furnishing of statement
	Notice of demand
	Interest on delayed payment of equalisation levy
	Penalty for failure to deduct or pay equalisation levy
	Penalty for failure to furnish statement
	No penalty in certain cases
	Punishment for false statement
	No prosecution in certain cases
	Appellate mechanism
	Application of certain provisions of Income-tax Act
	Exemption to income arising from any e-commerce supply or services made or provided in certain cases [Section 10(50)]
	IV. No Equilisation Levy
	Consideration liable to tax as royalty or fees for technical services under Income Tax Act not to be liable to Equalisation levy
390.	Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
	A. Brief Overview of Related Provisions
	Who is assessee under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
	Participant
	Unincorporated body
	Charge of tax
	What is undisclosed foreign income and asset
	What is "undisclosed asset located outside India"
	How to determine value of an undisclosed asset
	Scope of total undisclosed foreign income and asset
	Computation of total undisclosed foreign income and asset
	Who will administer the Black Money Act
	Penal consequences or punishment
	Proof of entries in records or documents
	B. Important Rulings
	Beneficial owner--Who is
	Mere mention of name of assessee on account opening form--Not to make the assessee, a beneficial owner
	Applicability of Act to foreign accounts
	Penalty under section 43 and disclosure of foreign account in return of income
	Return filed in response to notice under section 153A and disclosure of foreign assets made therein
	Mere non-disclosure in return--Not to invite penalty under section 43
	Foreign account disclosed in revised return--No penalty leviable under section 50
	Valuation of foreign assets--How to be determined
	When section 4 of BMA applies
	Once the foreign income and assets remain undisclosed no explanation need be called for
	Scope of Schedule FA in ITR
	Section 49 v. Section 50 of BMA
	Application of section 2(11)
	When section 50 applies
	Decision in Rasheshmanhar Bhansali v. Addl. CIT 2021 TaxPub(DT) 6353 (Mum-Trib) : (2022) 193 ITD (Mum) 141
	When accounts could be charged
	What constitutes undisclosed asset
	Whether the appellant has discharged the onus placed upon him to satisfactorily explain the source of the investment in the assets, i.e., foreign bank accounts where he is listed as the sole beneficial owner?
	Assets acquired before BMA coming into force
	Interplay between black money Act and Income Tax Act
	Double taxation not possible