Section A : Amendments by the Finance Act, 2021 |
1
| >> |
| Income Tax Act, 1961 |
1
| >> |
| Prohibition of Benami Property Transaction Act, 1988 |
105
| >> |
| Finance (No. 2) Act, 2004 [Securities Transaction Tax] |
105
| >> |
| Finance Act, 2016 [Equalisation Levy] |
106
| >> |
| Income Declaration Scheme, 2016 |
110
| >> |
| Direct Tax Vivad se Vishwas Act, 2020 |
110
| >> |
| Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 |
111
| >> |
Section B : Ready Referencer |
112
| >> |
| Tax Rates for Current Assessment Years |
112
| >> |
| Specified Tax Rates under Income Tax Act |
116
| >> |
| TDS Rates [for Financial Year 2021-22] |
122
| >> |
| Rates for Tax Collection at Source [For Financial Year 2021-22] |
132
| >> |
| Rates for Minimum Alternate Tax |
135
| >> |
| Tax Rates for Last Ten Assessment Years |
136
| >> |
| Rates for Dividend Distribution Tax under Section 115-O |
140
| >> |
| Rates of Wealth Tax |
140
| >> |
| Market Rates of Gold and Silver for Last Ten Assessment Years, as on 31-3-2021 and 1-4-1981 |
141
| >> |
| TDS Chart |
142
| >> |
| Fee Structure for Appeals |
150
| >> |
| Tax Saving Schemes |
150
| >> |
| Accrued Interest on NSC (VIII Issue) |
156
| >> |
| Tax Calendar for Recurring Work |
157
| >> |
| Audit Reports under Income Tax Act, 1961 |
166
| >> |
| Period of Limitation under Income Tax |
169
| >> |
| Withholding Tax Rates under DTAA |
213
| >> |
| List of Bonus Issue of Shares During 1-4-2020 to 31-3-2021 |
223
| >> |
Section C : Basic Concepts |
224
| >> |
| Definition of Assessee, Assessment Year, Income, Interest, Liable to Tax, Manufacture, Maximum Marginal Rate, Person, Tax and Previous Year [Sections 2(7), 2(9), 2(24), 2(28A), 2(29A), 2(29BA), 2(29C), 2(31), 2(43) and 3] |
224
| >> |
| Chargeability of Income, Scope of Total Income and Income deemed to be Received [Sections 2(45), 4, 5 and 7] |
228
| >> |
| Residential Status [Section 6] |
229
| >> |
| Income Deemed to Accrue or Arise in India [Section 9] |
241
| >> |
| Income on Receipt of Capital Asset or Stock in Trade by Specified Person from Specified Entity [Section 9B Inserted by Finance Act, 2021 from Assessment Year 2021-22] |
255
| >> |
| New Taxation Regime for Individual/HUF [Section 115BAC] |
256
| >> |
Section D : Exempt Incomes |
266
| >> |
| Generally Exempt Incomes [Section 10] |
266
| >> |
| Agricultural Income [Section 2(1A)] |
287
| >> |
| Exemption to Units Located in Special Economic Zone [Section 10AA] |
292
| >> |
Section E : Taxation of Salary Income |
300
| >> |
| Salary : Meaning and Chargeability [Sections 5A, 15 and 17] |
300
| >> |
| Special Receipts Taxable as Salary |
305
| >> |
| Taxability Issues Regarding Various Funds |
316
| >> |
| Tax Treatment of Allowances |
319
| >> |
| Perquisites : General [Sections 10(10CC) and 17] |
329
| >> |
| Valuation of Perquisites [Section 17] |
334
| >> |
| Perquisite and Stock Options [Section 17] |
360
| >> |
| Deductions from Salary Income [Section 16] |
369
| >> |
| Profits in Lieu of Salary [Section 17(3)] |
371
| >> |
| Individuals Opting for Special Taxation Regime under Section 115BAC and Salary income |
371
| >> |
| Relief under Section 89 [Section 89] |
373
| >> |
| Tax Planning and Salary Income |
376
| >> |
| General Illustrations Applicable for Assessment Year 2021-22 |
377
| >> |
Section F : Income from House Property |
382
| >> |
| Chargeability [Sections 22 and 27] |
382
| >> |
| Annual Value of a Let Out Property [Section 23] |
386
| >> |
| Deductions from Annual Value [Section 24] |
397
| >> |
| Other Issues [Sections 25, 25A and 26] |
403
| >> |
| Planning in Respect of Property Income |
404
| >> |
| Illustrations of Income from House Property |
405
| >> |
Section G : Profits and Gains of Business or Profession |
414
| >> |
| Business and Business Income [Section 2(13), 2(36) and Section 28] |
414
| >> |
| Rent, Rates, Taxes, Repairs and Insurance for Premises [Section 30] |
418
| >> |
| Repairs and Insurance of Machinery, Plant and Furniture [Section 31] |
418
| >> |
| Depreciation Allowance and Investment Allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C] |
418
| >> |
| Business Deductions in Respect of Specified Businesses/Activities [Sections 33AB to 35E] |
449
| >> |
| Specific Business Deductions [Section 36 and 94B] |
471
| >> |
| Disallowance of Expenditure Against Exempt Income [Section 14A] |
480
| >> |
| Business Expenditure [Section 37(1) and 37(2B)] |
481
| >> |
| CBDT’s Clarifications as to Allowability of Particular Business Expenses |
481
| >> |
| Expenses under Sections 30, 31 and 32, Where Assets Used Partly for Business and Partly for Personal Purposes [Section 38] |
485
| >> |
| Special Deductions for Agents of Insurance, Mutual Funds, Etc. |
485
| >> |
| Amounts not Deductible [Sections 40(a) and 40(b)] |
486
| >> |
| Expenditures not Deductible [Sections 40A and 43B] |
495
| >> |
| Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB] |
505
| >> |
| Accounts and Audit [Sections 44AA and 44AB] |
517
| >> |
| Presumptive Incomes [Sections 44AD to 44BBB] |
525
| >> |
Section H : Capital Gains |
535
| >> |
| Chargeability and Capital Asset [Sections 2(14) and 45(1)] |
535
| >> |
| Transfer, Transactions not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47A] |
538
| >> |
| Types of Capital Assets, Gain and Determination of Period of Holding [Sections 2(29A), 2(29B), 2(42A) and 2(42b)] |
545
| >> |
| Computation of Capital Gains [Sections 48, 49, 50A, 50D, 51 and 55] |
548
| >> |
| Special Provisions for Computation of Capital Gains Arising from Shares, Units and Zero Coupon Bonds, Etc. [Sections 2(48), 10(33), 10(36), 10(38), 48, 111A, 112 and 112A] |
552
| >> |
| Exemption from Capital Gain on Compulsory Acquisition of Agricultural Land [Section 10(37)] |
578
| >> |
| Exemption to Capital Gains Arising from Transfer of Specified Capital Asset in Certain Cases [Section 10(37A)] [From Assessment Year 2015-16] |
579
| >> |
| Taxation of Capital Gain in Certain Specific Instances [Sections 2(19AA), 45, 46, 46A, 49(2C), 49(2D), 50, 50B, 50C, 50CA and 51] |
580
| >> |
| Deep Discount Bonds and Strips [Section 45] |
604
| >> |
| Employees Stock Options : Tax Implications [Sections 47(iii), 49(2AA) and 49(2AB)] |
606
| >> |
| Conversion of Private Company/Unlisted Public Company into LLP and Tax Consequences [Section 47(xiiib), 47A(4), 49(1)(iii)(e) and 49(2AAA)] |
606
| >> |
| Deductions from Capital Gains [Sections 54 to 54H] |
608
| >> |
| Reference to Valuation Officer [Section 55A and 2(22B)] |
629
| >> |
| Rates of Capital Gains Tax [Assessment Years 2021-22 and 2022-23] |
629
| >> |
Section I : Income from Other Sources, Clubbing, Undisclosed Sources |
638
| >> |
| Income from Other Sources [Sections 56 to 58] |
638
| >> |
| Clubbing of Income [Sections 60 to 64] |
672
| >> |
| Income from Undisclosed Sources [Sections 68 to 69D] |
681
| >> |
| Set Off and Carry Forward of Losses [Sections 70 to 80 and Section 157] |
684
| >> |
Section J : Deductions Under Chapter VI-A |
718
| >> |
| General Provisions as to Deduction from Total Income [Sections 80A to 80B] |
718
| >> |
| Extension of Time Limit for Investment/Payment [Section 80C to 80GGC] |
720
| >> |
| 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] |
720
| >> |
| Deduction from Total Income Concerning Payments-II : [Sections 80CCA, 80CCB, 80CCC, 80CCD, 80CCE, 80CCF, 80CCG, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB and 80GGC] |
729
| >> |
| Deduction in Respect of Certain Incomes [Sections 80JJA, 80JJAA, 80LA, 80M, 80QQB, 80RRB, 80TTA, 80TTB and 80U] |
761
| >> |
| Deductions in Respect of Income from New Industries, New Hotels and New Convention Centres [Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID and 80-IE] |
769
| >> |
Section K : Specific Tax Entities |
793
| >> |
| Individuals |
793
| >> |
| Hindu Undivided Family [Section 171] |
798
| >> |
| Assessment of Partnership Firms and Limited Liability Partnership [Sections 2(23), 10(2A), 28(v), 40(b), 115JC to 115JF, 167C, 184, 185, 188 and 189] |
800
| >> |
| Taxation of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A] |
815
| >> |
| Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company [Sections 115JC to 115JF] |
820
| >> |
| Taxation of Companies, MAT and Dividend Distribution Tax [Sections 2(17), 2(18), 2(19AA), 2(22A), 2(23A), 2(26), 2(32), 2(35), 2(36A), 2(41A), 115BBD, 115JAA, 115JB, 115JG, 115JH, 115-O to 115Q and 115QA to 115QC] |
824
| >> |
| Taxation of Mutual Funds, New Pension System Trust and Securitisation Trust [Sections 10(23D), 10(23DA), 10(33), 10(35), 10(35A), 10(44), 115R to 115T, 115TA to 115TC and 197A(1E)] |
849
| >> |
| Taxation of Charitable Trusts [Sections 2(15), 2(22AAA), 11 to 13, 13B, 115BBC, 115TD to 115TE and 164] |
850
| >> |
| Private Trusts, Oral Trusts & Wakfs [Sections 161(1), 161(1A), 164(1), 164(A), 165, 166, 167] |
892
| >> |
| Taxation of Co-operative Societies and Producer Companies [Sections 2(19), 2(24)(viia), 80P, 80PA and 115BAD] |
896
| >> |
| Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG] |
901
| >> |
| Taxation of Political Parties [Sections 13A and 139(4B)] |
903
| >> |
| Taxation of Non-Residents |
904
| >> |
| Foreign Tax Credit [Section 90, 91 and Rule 128] |
915
| >> |
| Tonnage Tax on Shipping Companies [Sections 115V to 115VZC] |
919
| >> |
Section L : General Illustrations |
923
| >> |
| Partnership Firm Assessed as Such and Partners |
923
| >> |
| Personal Taxation |
924
| >> |
| Company Taxation |
934
| >> |
| All Assessees : Capital Gains |
939
| >> |
Section M : Tax Deduction at Source and Tax Collection at Source |
941
| >> |
| Tax Deduction from Salaries [Section 192] |
941
| >> |
| Tax Deduction from Payment of Accumulated Balance of Employees’ Provident Fund Due to an Employee [Section 192A] |
951
| >> |
| TDS from Interest on Securities [Section 193] |
952
| >> |
| TDS from Dividends in Case of Residents [Section 194, 196 and Section 2(35)] |
954
| >> |
| TDS on Interest Other than Interest on Securities [Section 194A and Section 2(28A)] |
956
| >> |
| TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B] |
962
| >> |
| TDS on Winnings from Horse Races [Section 194BB] |
963
| >> |
| TDS on Payment to Contractors/Sub-Contractors [Section 194C] |
963
| >> |
| TDS on Insurance Commission [Section 194D] |
975
| >> |
| TDS on Payments under Life Insurance Policy [Section 194DA] |
976
| >> |
| TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E] |
977
| >> |
| TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE] |
978
| >> |
| TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F] |
978
| >> |
| TDS from Commission on Sale of Lottery Tickets [Section 194G] |
978
| >> |
| TDS on Commission or Brokerage [Section 194H] |
979
| >> |
| TDS on Rent Payments [Section 194-I] |
980
| >> |
| TDS on Payment on Transfer of Certain Immovable Property Other than Agricultural land [Section 194-IA] |
984
| >> |
| TDS on Rent Payment by Individual/HUF in Certain Cases [Section 194-IB] |
986
| >> |
| TDS on Payment under Specified Agreement [Section 194-IC] |
987
| >> |
| TDS on Payment of Fees for Professional or Technical Services [Section 194-J] |
988
| >> |
| TDS in Respect of Income in Respect of Units [Section 194K, from 1-4-2020] |
993
| >> |
| TDS from Payment of Compensation on Compulsory Acquisition of Immovable Property [Section 194LA] |
994
| >> |
| TDS on Income by Way of Interest from Infrastructure Debt Fund [Section 194LB] [From 1-6-2011] |
995
| >> |
| TDS on Certain Income from Units of a Business Trust [Section 194LBA] |
995
| >> |
| TDS on Income in Respect of Units of Investment Fund [Section 194LBB] |
996
| >> |
| TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC] [From 1-6-2016] |
997
| >> |
| TDS on Income by Way of Interest from Indian Company or Business Trust [Section 194LC] |
997
| >> |
| TDS on Income by Way of Interest on Certain Bonds and Government Securities [Section 194LD] |
999
| >> |
| Tax Deduction at Source on Payment Towards Contract, Commission or Brokerage or Fees for Professional Services Where Paid to a Resident by Certain Individual/HUF [Section 194M] |
1000
| >> |
| TDS on Cash Withdrawals [Section 194N] |
1003
| >> |
| TDS on Payment of Certain Sums by e-Commerce operator to e-Commerce Participant [Section 194-O, from 1-10-2020] |
1009
| >> |
| Tax Deduction in Case of Specified Senior Citizens [Section 194P from 1-4-2021] |
1012
| >> |
| TDS on Payment Towards Purchase of Goods [Section 194Q, from 1-7-2021] |
1013
| >> |
| TDS from Payments to Non-residents [Section 195] |
1013
| >> |
| Interest or Dividend Payable to Government or RBI or Certain Corporations [Section 196] |
1022
| >> |
| TDS on Income from Units in Case of Non-Residents [Section 196A] |
1022
| >> |
| TDS from Payment to Offshore Fund [Section 196B] |
1023
| >> |
| TDS on Income from FCCB, GDRS [Section 196C] |
1023
| >> |
| TDS on Income of Foreign Institutional Investor from Securities [Section 196D] |
1023
| >> |
| Residuary Provisions Related to TDS and Procedural Aspects |
1023
| >> |
| Furnishing of Quarterly Return in Respect of Payment of Interest to Residents without Deduction of Tax [Section 206A] |
1049
| >> |
| Collection of Tax at Source [Sections 206C, 206CA, 206CB, 206CC, 206CCA and 271CA] |
1049
| >> |
| Fee for Defaults in Furnishing TDS/TCS Statements [Section 234E] |
1072
| >> |
Section N : Advance Income Tax |
1074
| >> |
| Advance Tax Liability [Sections 207 to 210] |
1074
| >> |
| Advance Tax Instalments [Sections 211, 218 and 219] |
1080
| >> |
Section O : Interest and Fee |
1081
| >> |
| Interest Related Provision at a Glance [Sections 115P, 115-S, 115WK, 201(1A), 206C(7), 220(2), 234A to 234D and 244A] |
1081
| >> |
| Interest Under Section 220 [Section 220] |
1083
| >> |
| Interest for Defaults in Furnishing Return of Income [Section 234A] |
1084
| >> |
| Interest for Default in Payment of Advance Tax [Section 234B] |
1088
| >> |
| Interest for Deferment of Advance Tax [Section 234C] |
1090
| >> |
| Interest on Refund Granted under Section 143(1) [Section 234D] |
1092
| >> |
| Common Issues |
1093
| >> |
| Fee Payable under Income Tax Act [Sections 234E to 234H] |
1094
| >> |
| Interest on Refunds [Section 244A] |
1095
| >> |
| Tax Clearance Certificate [Section 230] |
1097
| >> |
Section P : Penalties |
1100
| >> |
| Penalties Imposable [Section 140A(3), 221, 271(1)(b), Sections 271A to 272BB] |
1100
| >> |
| Penalty for Under-Reporting or Mis-Reporting of Income [Sections 270A and 270AA] [From Assessment Year 2017-18] |
1107
| >> |
| Penalty in Search Cases [Section 271AAB and Section 271AAC] |
1117
| >> |
| Penalty for False Entry, etc. in Books of Accounts [Section 271AAD] |
1122
| >> |
| Common Issues [Sections 273AA, 273B, 274 and 275] |
1131
| >> |
| Offences and Prosecution [Sections 275A to 280D] |
1133
| >> |
Section Q : Assessment |
1137
| >> |
| Return of Income [Sections 139, 139C, 139D, 140 and 234F] |
1137
| >> |
| Permanent Account Number [PAN] [Section 139A] |
1155
| >> |
| Self-Assessment [Section 140A] |
1170
| >> |
| Summary Assessment [Section 143(1)] |
1172
| >> |
| Limitation as to Assessment and Reassessment [Section 153] |
1174
| >> |
| Method of Accounting and Income Computation and Disclosure Standards [Section 145, 145A and 145B] |
1178
| >> |
Section R : Rectification |
1202
| >> |
| Rectification of Mistakes [Section 154] |
1202
| >> |
| Rectification in Certain Specific Cases [Section 155] |
1203
| >> |
Section S : Miscellaneous |
1204
| >> |
| Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA and 285BA] |
1204
| >> |
| Statement by Non-Residents [Section 285 and 285A] |
1208
| >> |
| Annual Statement [Section 285BB from 1-6-2020 as per Finance Act, 2020] |
1209
| >> |
| Cash Transactions [Sections 269SS to 269T and Section 271D to 271E] |
1209
| >> |
Section T : Other Direct Taxes |
1215
| >> |
| Securities Transaction Tax and Income Tax Treatment of Gains from Sale of Equity Shares, etc., At a Glance |
1215
| >> |
| Equalisation Levy |
1217
| >> |
| Notes on Tax Tables |
1222
| >> |
Income Tax & Advance Tax Calculation Tables |
1230
| >> |
| Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Ys. 2021-22 & 2022-23] |
1230
| >> |
| Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Ys. 2021-22 & 2022-23] |
1241
| >> |
| Resident Individual Equal to or Above 80 Years [For A.Ys. 2021-22 & 2022-23] |
1252
| >> |
| Individual/HUF [Opting for Section 115BAC] [For A.Ys. 2021-22 & 2022-23] |
1261
| >> |
| Firm & Domestic Co. [For A.Ys. 2021-22 & 2022-23] |
1274
| >> |
| Firm [For A.Ys. 2021-22 & 2022-23] |
1276
| >> |
| Domestic Co. [For A.Ys. 2021-22 & 2022-23] |
1279
| >> |
| Special Domestic Co. [For A.Ys. 2021-22 & 2022-23] |
1285
| >> |
| Co-operative Society [For A.Ys. 2021-22 & 2022-23] |
1292
| >> |
| Foreign Companies [For A.Ys. 2021-22 & 2022-23] |
1295
| >> |