Income Tax Act with Master Guide to Income Tax Act

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SECTION PAGE

DIVISION ONE

1 Income-tax Act, 1961

PAGE

◆ Arrangement of Sections I-3

◆ Text of the Income-tax Act, 1961 as amended

by the Finance Act, 2012 1.1

◆ Appendix : Text of remaining provisions of Allied

Acts referred to in Income-tax Act 1.1057

◆ Subject Index 1.1123

DIVISION TWO

₂

Finance Act, 2012

◆ Arrangement of Sections 2.3

◆ Text of the Finance Act, 2012 2.7

DIVISION THREE

3 National Tax Tribunal Act, 2005

◆ Text of the National Tax Tribunal Act, 2005 as amended

up to date 3.5

DIVISION FOUR

4 Securities Transaction Tax

◆ Text of the Securities Transaction Tax as amended

by the Finance Act, 2012 4.5

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Income Tax Act with Master Guide to Income Tax Act

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I-7

DIVISION ONE

Commentary on Finance Act, 2012

u Amendments made by Finance Act, 2012 at a glance 1.3

1

GENERAL ANTI AVOIDANCE RULE (‘GAAR’)

1.1 Introduction 1.83 1.1.1 Nature of provisions 1.84 1.2 Objective 1.85 1.3 Arrangement 1.87 1.3.1 Definition 1.87 1.3.2 Analysis 1.87

1.4 Arrangement ‘entered’ into by assessee ‘may’ be declared to be

an impermissible avoidance arrangement (IAA) 1.90

1.4.1 Onus 1.90

1.4.2 May 1.90

1.5 Impermissible Avoidance Arrangement (IAA) 1.91

1.5.1 Conditions 1.91 1.5.2 Illustrations 1.92 1.5.3 Factual exercise 1.92 1.6 Explanation to section 95 1.92 1.6.1 May 1.93 1.6.2 Onus 1.93

1.7 Options available to Assessing Officer for invoking GAAR 1.93

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PAGE 1.8 Tax benefit 1.94 1.8.1 Definition 1.94 1.8.2 Analysis 1.94 1.9 Main purpose 1.95 1.9.1 Main 1.95 1.9.2 Purpose 1.97 1.10 Statutory presumption 1.101 1.10.1 Shall presume 1.102 1.11 Alternate Conditions 1.104 1.11.1 Onus 1.104

1.12 Creation of rights or obligations which are not ordinarily

created [section 96(1)(a)] 1.104

1.12.1 Ordinarily 1.104

1.12.2 Arm’s length 1.104

1.13 Misuse or abuse of the provisions of the Act [section 96(1)(b)] 1.106

1.13.1 Abuse 1.106

1.13.2 Objective behind introduction of a provision 1.106

1.13.3 Benefit of a provision in the Act does not per se

result in abuse/misuse 1.106

1.14 Lack of commercial substance [Section 96(1)(c)] 1.107

1.14.1 Arrangement lacking or deemed to lack commercial

substance 1.107

1.14.2 Meaning of commercial substance 1.107

1.14.3 Illustration 1.107

1.14.4 Deemed lack of commercial substance 1.107

1.14.5 Irrelevant factors 1.108

1.14.6 Direct Taxes Code 1.108

1.14.7 Round trip financing 1.109

1.14.8 Accommodating Party 1.110

1.15 Carried out by means or manner not ordinarily employed for

bona fide purposes 1.111

1.15.1 Ordinarily 1.111

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1.16 Arrangement to be ‘declared’ to be an IAA 1.112

1.17 Consequences of applicability of Chapter X-A [section 98] 1.113

1.17.1 Statutory provisions 1.113

1.17.2 Analysis 1.114

1.18 Application of GAAR (section 100) 1.115

1.19 Chapter to be applied in accordance with prescribed guidelines

etc. 1.115

1.20 Procedure regarding application of GAAR by Income tax

department (section 144BA) 1.116

1.20.1 Steps 1.116 1.20.2 Consequences of directions 1.117 1.20.3 Other matters 1.117 1.20.4 Analysis 1.118 1.20.5 AO’s reference 1.119 1.20.6 Assessment proceedings 1.120 1.20.7 Opinion by Commissioner 1.120 1.20.8 Approving Panel 1.121

1.20.9 Prior approval of the Commissioner 1.122

1.20.10 Nature of proceedings before the AO in relation to

determination of consequences 1.124

1.20.11 Tremendous sanctity of the review by the

Commissioner/Approving Panel 1.125

1.21 Appeal against assessment order 1.125

1.22 Advance ruling in respect of an impermissible avoidance

arrangement 1.125

1.22.1 Background 1.125

1.22.2 Amendments 1.126

1.22.3 Analysis 1.126

1.22A GAAR vis-à-vis binding force of AAR’s rulings 1.127

1.23 Other aspects of GAAR and applicability of GAAR to other

provisions 1.127

1.23.1 Complex and interlinked provisions 1.127

1.23.2 Benefit 1.128

1.23.3 Relevance of Finance Minister’s speech and

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1.23.4 No threshold limit 1.129

1.23.5 Legal or genuine arrangements are also covered 1.129

1.23.6 Non-related parties 1.129

1.23.7 Whether applicable to past transactions? 1.129

1.23.8 Non obstante provisions 1.130

1.23.9 Year of application of Chapter XA 1.131

1.23.10 GAAR and DTAA 1.132

1.23.11 Applicability to Court sanctioned schemes 1.135

1.23.12 Specific Anti Avoidance Regulations (SAAR) v. General

Anti Avoidance Regulations (GAAR) 1.137

1.23.13 Assessment of representative assessee 1.137

1.23.14 TDS 1.138

1.23.15 Penalties 1.140

1.23.16 Recommendations by the Standing Committee of the

Parliament 1.141

1.23.17 Onus 1.142

1.23.18 Implications under other laws 1.142

Annex 1.1 Reliance on Memorandum explaining the provisions of the

Finance Bill 1.143

2

TAXATION OF NON-RESIDENTS

2.1 Amendment to definition of property 1.146

2.1-1 Amendment 1.146

2.1-2 Analysis 1.146

2.2 Amendment to definition of transfer 1.148

2.2-1 Amendment 1.148

2.2-2 Analysis 1.149

2.3 Amendment to section 9(1)(i) 1.150

2.3-1 Brief description of amendments in section 9(1)(i) 1.150

2.4 Statutory explanation regarding the amendment in section 9(1)(i) 1.150

2.4.1 Notes on Clauses to Finance Bill, 2012 1.151

2.4.2 Explanatory Memorandum to Finance Bill, 2012 1.151

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2.5 Analysis of amendment in section 9(1)(i) 1.153

2.5-1 Explanation 4 1.153

2.5-2 Explanation 5 1.153

2.6 Consequences of the amendments in section 9(1)(i) 1.154

2.6.1 No threshold for smaller transactions 1.154

2.6.2 No exception to listed companies 1.154

2.6.3 No limit to tiers 1.154

2.6.4 Illustration 1.154

2.6-5 Interest in any entity is covered by the amendment 1.156

2.6-6 No proportionate abatement qua value derived from

non India assets 1.156

2.6.7 Determination of value 1.156

2.6-8 Taxation of transfer of shares in all holding companies

situated in the UK/USA 1.157

2.6-9 No step up of cost 1.158

2.6.10 ‘Through’ qualifies all the limbs of section 9(1)(i) 1.158

2.6-11 Substantial 1.158

2.7 Retrospectivity 1.160

2.7.1 General principles regarding retrospective amendment 1.160

2.7-2 Retrospective legislation and Income-tax 1.161

2.7-3 Restrictions on retrospective amendments 1.161

2.7-4 Retrospective amendment when permissible 1.163

2.7-5 Onus to prove that amendment not permissible 1.164

2.7-6 Factors considered relevant in assessing

unreason-ableness of amendment 1.164

2.7.7 View 1 : Retrospective amendment to section 9(1)(i)

is permissible 1.165

2.7.8 View 2 : Retrospective amendment to section 9(1) and allied provisions is not permissible (see paras

2.7.8 to 2.7.12) 1.167

2.7-9 Amendment to ‘through’ 1.168

2.7-10 Explanation 5 regarding ‘deemed’ location in India 1.171

2.7-11 Fresh imposition of levy 1.176

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2.8 Amendments to section 9(1)(vi) 1.178

2.8.1 Amendments 1.178 2.8-2 Object 1.178 2.8-3 Analysis 1.179 2.9 Amendment to section 90 1.181 2.9-1 Amendment 1.181 2.9-2 Analysis 1.182

2.10 Amendments to section 90A 1.190

2.11 Section 115A 1.191

2.12 Amendment in relation to taxation of non-resident entertainers

(Section 115BBA) 1.191

2.12-1 Analysis 1.191

2.13 Validation of Demand 1.192

Annex 2.1 Meaning of the word “Management” 1.194

3

EXEMPTIONS

3.1 Exemption of maturity proceeds of Life Insurance Policy

[Section 10(10D)] 1.197

3.1-1 Amendment 1.197

3.1-2 Effects of the amendment 1.198

3.1-3 Analysis 1.198

3.1A Exemption to Prasar Bharati 1.199

3.2 Application of first proviso to section 2(15) (‘First proviso’)

and effects on exemption to charitable trusts 1.199

3.2-1 First proviso 1.199

3.2-2 Amendment 1.200

3.2-3 Analysis 1.200

3.3 Amendment in the definition of Venture Capital Undertaking

[Section 10(23FB)] 1.203

3.3-1 Background and Amendment 1.203

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3.4 Exemption to income of a foreign company on account of sale

of crude oil [section 10(48)] 1.204

3.4-1 Amendment 1.204

3.4-2 Analysis 1.205

4

BUSINESS INCOME

4.1 Additional depreciation - Extension to the business of generation

or generation and distribution of power 1.206

4.1-1 Background 1.206

4.1-2 Amendment 1.206

4.1-3 Analysis 1.207

4.2 Weighted Deduction for Scientific Research and Development 1.207

4.3 Deduction in respect of capital expenditure on specified business 1.207

4.3-1 Amendment 1.207

4.3.2 Analysis 1.208

4.4 Expenditure on agricultural extension project [Section 35CCC] 1.213

4.4-1 Agricultural extension project meaning of 1.214

4.4-2 Expenditure 1.214

4.4-3 An assessee 1.215

4.4-4 Other issues 1.215

4.5 Expenditure on skill development project [Section 35CCD] 1.215

4.5-1 Skill Development project 1.216

4.5-2 Expenditure 1.216

4.6 Disallowance under section 40(a)(ia) 1.216

4.6-1 Present provision 1.216

4.6-2 Amendment 1.217

4.6-3 Analysis 1.217

4.7 Amendment to section 40A(2) in respect of disallowance of

unreasonable or excessive expenditure 1.220

4.7-2 Amendment relating to specified domestic transactions 1.220

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4.8 Threshold limit for Tax Audit [Section 44AB] 1.222

4.8-1 Amendment 1.222

4.8-2 Analysis 1.222

4.8A Specified Date for Furnishing Tax Audit Report 1.223

4.9 Tax on presumptive basis in case of certain eligible business 1.224

4.9-1 Person carrying on profession referred to in

section 44AA 1.224

4.9-2 Person earning brokerage/commission income 1.225

4.9-3 Agency Business 1.230

4.9-4 Increase in threshold limit to Rs. 1 crore 1.231

Annex 4.1 Relevant extracts from National Manufacturing Policy 1.232

5

CAPITAL GAINS

5.1 Demerger 1.236

5.1-1 Amendment 1.236

5.1-2 Analysis 1.237

5.2 Exemption from capital gains to a shareholder in case of

amalgamation [Section 47] 1.238

5.3 Cost of capital asset in case of succession to business by

companies [Section 49] 1.238

5.4 Fair Market Value to be deemed as full value of consideration

in certain cases [Section 50D] 1.240

5.4-1 Objects of the provision 1.240

5.4-2 Rulings neutralised 1.241

5.5 Exemption of Capital Gain on transfer of land used for

agriculture purpose [Section 54B] 1.243

5.6 Exemption to capital gains on transfer of residential property

not to be charged in certain cases [Section 54GB] 1.243

5.6-1 Salient Features of the provision 1.244

5.6-2 Analysis of the provision 1.245

5.6-3 Residential property 1.245

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5.6-5 Eligible assessee 1.253

5.6-6 Utilisation of the net consideration for subscribing

to shares 1.253

5.6-7 Eligible company 1.258

5.6-8 Utilisation by the company 1.264

5.6-9 Quantum of capital gains exempt 1.274

5.6-10 Cost of new asset 1.274

5.6-11 Withdrawal of exemption in case of certain transfers

within 5 years [Sub-section (4)] 1.277

5.7 Reference to Valuation Officer 1.283

5.7-1 Amendment 1.283

5.8 Tax on short-term capital gains [Section 111A] 1.284

5.9 Tax on long-term capital gains [Section 112] 1.284

5.9-1 Amendment 1.284

5.9-2 Analysis 1.284

5.10 Special provisions relating to conversion of Indian branch of a

foreign bank into a subsidiary company 1.286

5.10-1 Initial failure to comply with the conditions 1.287

5.10-2 Subsequent failure 1.287

6

INCOME FROM OTHER SOURCES

6.1 Exemption of any sum or property received by HUF from its

members 1.289

6.1-1 Amendment 1.290

6.2 Share premium in excess of the fair market value deemed

as income 1.290

6.2-1 Salient features of the provision 1.291

6.2-2 Objective of the amendment 1.292

6.2-3 Certain aspects relevant for interpreting clause 1.292

6.2-4 Analysis of the clause 1.294

6.2-5 Allowance of expenditure 1.311

6.2-6 Applicability of section 55A 1.312

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7

DEDUCTION UNDER CHAPTER VI-A

7.1 Amendment to the definition of market value in section 80A(6) 1.314

7.1.1 Amendment 1.314

7.1.1A Analysis of amendment 1.314

7.2 Deduction in respect of Life Insurance Premium 1.315

7.2-1 Effects of the amendments 1.316

7.3 Deduction in respect of health insurance premium 1.316

7.3-1 Amendment 1.317

7.3-2 Analysis 1.317

7.4 Deduction in respect of medical treatment, etc. [Section 80DDB] 1.318

7.5 Deductions in respect of certain donations under sections 80G

and 80GGA - Mode of Payment 1.318

7.6 Extension of sunset clause for tax holiday under section 80-IA 1.319

7.7 Amendment to the definition of market value in section

80-IA(8)/(10) 1.319

7.7-1 Amendment to section 80-IA(8) 1.319

7.7-2 Amendment to section 80-IA(10) 1.319

7.8 Deduction of interest on savings account deposit 1.321

7.8-1 Analysis 1.321

7.9 Deduction for investment under equity saving scheme 1.322

7.9-1 Salient features of the provision 1.322

7.9-2 Analysis 1.323

8

TRANSFER PRICING

8.1 Extension of transfer pricing provisions to specified domestic

transactions (SDT) 1.324

8.1.1 Amendment 1.324

8.1-2 Analysis 1.325

8.2 Amendment to section 92C(2) regarding deviation from

arithmetic mean (AM) 1.332

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8.2-3 Amendments relating to first proviso 1.332

8.2-4 Analysis 1.333

8.3 Amendment relating to transactions not reported in the Audit

Report under section 92E 1.336

8.4 Amendment in definition of international transaction 1.336

8.4.1 Amendment 1.336

8.4-2 Analysis 1.338

8.5 Advance Pricing Agreement [section 92CC] 1.339

8.5-1 Amendment 1.339

8.5-2 Analysis 1.340

8.6 Effect of APA in term of return of income/assessment

(section 92CD) 1.345

8.6-1 Analysis 1.346

9

MINIMUM ALTERNATE TAX (‘MAT’) AND ALTERNATE MINIMUM TAX (‘AMT’)

9.1 Minimum Alternate Tax (MAT) 1.347

9.1.1 Preparation of accounts 1.347

9.1-2 Adjustment of amount standing to the credit of

revaluation reserve 1.348

9.1-3 Option for preparation of accounts 1.349

9.1-4 Exemption to life insurance business 1.350

9.2 Alternate Minimum Tax (‘AMT’) 1.350

9.2-1 The Provision 1.350

9.2-2 Amendment 1.351

9.2-3 Analysis 1.351

10

RETURN, ASSESSMENT AND APPEALS

10.1 Furnishing return of income by certain resident 1.353

10.1-1 Amendment 1.353

10.2 Assessment 1.357

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10.2-2 Analysis 1.358

10.2-3 Third Proviso 1.358

10.3/4 Dispute Resolution Panel 1.358

10.3/4-1 Background 1.358

10.3/4-2 Amendments 1.358

10.3/4-3 Analysis 1.359

10.5 Amendment relating to reassessment of income [section 147] 1.359

10.5-2 Amendments 1.360

10.5-3 Analysis 1.360

10.6 Amendment relating to provisions relating to time limit for

notice under section 148 1.363

10.6-3 Analysis 1.363

10.7 Time limit for completion of assessment or reassessment 1.364

10.7.1 Amendments 1.364

10.8 Notice for assessment in search or requisition or other cases 1.366

10.8-1 Amendment 1.366

10.9 Amendments to section 153B 1.366

10.10 Rectification of mistakes 1.368

10.10-1 Amendment 1.368

10.11 Section 156 - Notice of Demand 1.369

10.12 Appeal to Commissioner (Appeals) 1.369

10.12-1 Rights of appeal to deductor 1.370

10.122 Appeal against assessment order under section 143(3)

-Exceptions 1.370

10.123 Appeal against assessment etc. under section 147

-Exceptions 1.370

10.12-4 Assessment or reassessment pursuant to search 1.371

10.12-5 Appeal against assessment or reassessment or recomputation of total income pursuant to Advance

Pricing Agreement (‘APA’) 1.371

10.12-6 Appeal against rectification orders - Exceptions 1.371

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10.13 Appeal to the Appellate Tribunal 1.372

10.13-1 Appeal against certain orders passed under section

153A/153C 1.372

10.13-2 Appeal against order passed under section 144BA(12) 1.372

10.13-3 Appeal by AO against own order, pursuant to

objection to DRP 1.372

10.13-4 Cross objections 1.373

10.14 Disposal of appeal by ITAT within specified period 1.373

11

DEDUCTION AND COLLECTION OF TAX AT SOURCE

11.1 TDS from interest on securities 1.374

11.1-1 Amendment 1.374

11.2 TDS from payments to non-resident sportsmen etc. 1.375

11.3 TDS from fees for professional or technical services 1.375

11.3-1 Analysis 1.375

11.4 TDS from payment of compensation on acquisition of certain

immovable property 1.376

11.5 TDS from interest payable by specified Indian company 1.376

11.5-1 Insertion of section 194LC 1.376

11.5-2 Analysis 1.377

11.6 Amendments to section 195 1.377

11.6-2 Analysis 1.378

11.7 Amendment in section 197A 1.385

11.7-1 No deduction of tax to be made 1.385

11.7-2 No TDS in case of certain payments to notified

institutions etc. 1.385

11.8 Person deemed to be assessee in default 1.386

11.8-1 Amendment 1.386

11.8-2 Conditions 1.386

11.8-3 Analysis 1.387

11.8-4 Amendment in section 206C 1.388

11.8-5 Consequences where person responsible treated as

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11.8-6 Interest under section 201(1A) 1.389

11.8-7 Limitation period under section 201(3) 1.389

11.9 Interest under section 220(2) 1.390

11.10 Person responsible for paying 1.390

11.11 Collection of tax from buyers of coal or lignite or iron ore

or bullion or jewellery 1.391

11.11-1 Amendment 1.391

11.11-2 Inclusion of specified minerals 1.391

11.11-3 Goods utilised for power generation - Not subject to

tax collection 1.392

11.11-4 Bullion or Jewellery 1.392

11.11-5 Interest under section 206C(7) 1.392

11.12 Fees for default in furnishing statements in respect of tax

deductible or collectible 1.393

11.12-1 Amendment 1.393

11.12-2 Analysis 1.394

12

TAX & INTEREST PAYMENTS

12.1 Credit for payment of Alternate Minimum Tax (AMT) 1.396

12.1-1 Amendment 1.396

12.1-2 Effect of the amendment 1.396

12.2 Advance tax - Exemption to resident senior citizen having

non-business income 1.397

12.2-1 Amendment 1.397

12.2-2 Analysis 1.397

12.3 Computation of advance tax 1.398

12.3.2 Analysis 1.398

12.4 Interest under section 234A and AMT Credit 1.399

12.4-2 Amendment 1.400

12.5 Interest under section 234B and AMT Credit 1.400

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12.6 Interest under section 234C 1.401

12.6-2 Amendment 1.401

12.7 Interest on excess refund 1.402

12.7-1 Amendment 1.402

13

PENALTIES

13.1 Penalty for concealment of income in respect of ‘Specified

Domestic Transaction’ (SDT) 1.403

13.1-2 Amendment 1.403

13.2 Penalty for failure to keep and maintain documentation in

respect of SDT [Section 271AA] 1.404

13.3 Penalty in search cases 1.404

13.3-1 Penalty under section 271AAB 1.404

13.3-2 Analysis 1.406

13.4 Penalty for failure to furnish information or document under

section 92D 1.411

13.5 Penalty for failure to furnish statements etc. 1.411

13.5-1 TDS statements 1.412

13.5-2 TCS statements 1.414

13.5-3 Failure to furnish TDS/TCS statements 1.414

13.5-4 Furnishing incorrect information 1.415

13.6 Penalty under section 272A(2)(k) 1.415

13.7 Reasonable cause 1.415

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PROSECUTION 14.1 Prosecution provisions 1.417 14.2 Amendments 1.417 14.2-1 Details 1.417

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14.2-3 Increasing threshold and reduction in period 1.418

14.2-4 Special Court 1.419

14.2-5 Compounding 1.421

15

MISCELLANEOUS

15.1 Definition of ‘Commissioner’ 1.422

15.2 Cash credits under section 68 of the Act 1.422

15.2-2 Amendment 1.423

15.2-3 Salient features of the first proviso 1.425

15.2-4 Analysis 1.426

15.3 Taxation of income referred to in section 68, etc. 1.430

15.3.1 Amendment 1.430

15.3-2 Objective of the amendment 1.430

15.3-3 Illustration 1.431

15.4 Tax on dividends received from foreign companies 1.432

15.5 Dividend distribution tax 1.432

15.5-1 Amendment 1.432

15.5-2 Analysis 1.433

15.6 Taxation of investors in VCC/VCF [Section 115U] 1.433

15.6-3 Analysis 1.435

15.7 Amendment to taxation of tonnage income 1.436

15.8 Settlement of cases 1.436

15.9 Application for Advance Ruling [Section 245Q] 1.437

15.10 Authorisation and assessment in case of search or requisition 1.437

15.10-1 Background 1.437

15.10-2 Amendment 1.438

15.11 Consequential amendment in section 296 1.438

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15.13 Definition of asset under section 2(ea) of the Wealth-tax Act 1.439

15.14 Reassessment of wealth escaping assessment [Section 17] 1.439

15.15 Exemption to RBI from Wealth-tax 1.440

15.16 Retrospective amendments and its practical effects 1.440

15.16-1 Mode and manner in which effect can be given 1.440

15.16-2 Retrospective amendments, whether retrospective or

prospective 1.442

15.17 Amendment to securities transaction tax 1.443

DIVISION TWO

Practice Manual

1

CHARTS & TABLES UNDER INCOME-TAX ACT

u List of tax-free incomes 2.3 u Deductions/Allowances 2.19 u Periods of limitation 2.41

u Penalties 2.68

u Offences and prosecutions 2.72

2

IMPORTANT PROCEDURES UNDER INCOME-TAX ACT

u Deduction of tax at source 2.75

- Salary [Section 192] 2.75

- Interest on securities [Section 193] 2.79

- Dividends [Section 194] 2.84

- Interest other than interest on securities [Section 194A] 2.88

- Winnings from lottery or crossword puzzle [Section 194B] 2.93

- Winnings from horse races [Section 194BB] 2.96

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- Insurance commission [Section 194D] 2.102

- Payments to non-resident sportsmen/sports associations

[Section 194E] 2.105

- Payments in respect of deposits under NSS, etc. [Section 194EE] 2.108

- Payments on account of repurchase of units by UTI/Mutual

Fund [Section 194F] 2.112

- Commission on sale of lottery tickets [Section 194G] 2.114

- Commission or brokerage [Section 194H] 2.117

- Rent payments [Section 194-I] 2.120

- Fees for professional or technical services, etc. [Section 194J] 2.123

- Payment of compensation on acquisition of certain immovable

property [Section 194LA] 2.126

- Income by way of Interest from Infrastructure Debt Fund

[Section 194LB] 2.129

- Interest from specified Indian Company

[Section 194LC] (From 1-7-2012) 2.129

- Payments to non-residents [Section 195] 2.130

- Income from units in case of offshore fund [Section 196B] 2.134

- Income from foreign currency bonds or global depository

receipts of Indian companies [Section 196C] 2.136

- Income of foreign institutional investors from securities

[Section 196D] 2.139

- Processing of TDS statements [Section 200A] 2.141

- Effect of non-furnishing of PAN [Section 206AA] 2.142

u Tax Deduction and Collection Account Number [Section 203A] 2.142 u Collection of tax at source [Section 206C] 2.143 u Advance tax [Section 211] 2.146

u e-Payment of tax 2.149

u Self-assessment tax [Section 140A] 2.149 u Return of income [Section 139] 2.150 u Summary assessment [Section 143(1)] 2.152

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u Scrutiny assessment [Section 143(2)/(3)] 2.153 u Refunds [Section 237] 2.154 u Interest chargeable [Sections 201(1A), 220(2), 234A to 234D &

244A] 2.155

u Permanent Account Number [Section 139A] 2.160 u Quoting of Permanent Account Number in documents pertaining

to certain prescribed transactions [Section 139A] 2.167

u Rectification of mistakes [Section 154] 2.172 u Revision of orders by Commissioner [Sections 263 & 264] 2.173 u Waiver of penalty by Commissioner [Section 273A] 2.174 u Waiver of penalty under section 273AA 2.175 u Appeals to Commissioner (Appeals) [Sections 246A to 249] 2.175 u Appeals to Tribunal [Sections 252 to 255] 2.176 u Appeal to High Court [Section 260A] 2.178 u Advance rulings [Sections 245N to 245V] 2.179 u Survey [Section 133A] 2.180 u Search and seizure [Section 132] 2.181 u Annual information returns [Section 285BA] 2.184

3

TAX RATES

u Tax liability - How to find out 2.190

u Income-tax 2.191

u Compulsory deposit 2.198

u Wealth-tax 2.198

u Gift-tax 2.198

u Estate duty 2.198

u Rates for tax deduction at source 2.198 u Rates for tax collection at source 2.202 u Dividend tax under section 115-O 2.203

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u Tax on income distributed by UTI/Mutual Fund under section 115R 2.203

u Other taxes 2.204

4

TAX RATES FOR THE LAST TEN ASSESSMENT YEARS

u Income-tax rates for individuals, HUFs, associations of persons

and body of individuals 2.206

u Income-tax rates for firms (PFAs) 2.208 u Income-tax rates for companies 2.208 u Dividend tax rates under section 115-O 2.209 u Income-tax rates for co-operative societies 2.209 u Rates of wealth-tax 2.209 u Rates of gift-tax 2.209

5

GOLD AND SILVER RATES FOR THE CURRENT YEAR, LAST TEN ASSESSMENT YEARS

AND ON APRIL 1, 1981

u Gold and Silver rates for the current year, last ten assessment years

and on April 1, 1981 2.210

DIVISION THREE

Circulars, Clarifications & Notifications [1961 - March

2012]

u Section key to Circulars, Clarifications & Notifications

issued by CBDT [1961 - March 2012] 3.i

u Alphabetical key to Circulars, Clarifications & Notifications

issued by CBDT [1961 - March 2012] 3.v

(22)

PAGE

DIVISION FOUR

Case Laws [1922 - March 2012]

u Section key to Landmark Rulings of Supreme Court/High Courts

[1922 - March 2012] 4.i

u Alphabetical key to Landmark Rulings of Supreme Court/

High Courts [1922 - March 2012] 4.v

Income Tax Act with Master Guide to Income Tax Act

CONTENTS

DIVISION ONE

1

Income-tax Act, 1961

DIVISION TWO

2

Finance Act, 2012

DIVISION THREE

3

National Tax Tribunal Act, 2005

DIVISION FOUR

4

Securities Transaction Tax

Income Tax Act with Master Guide to Income Tax Act

DIVISION ONE

Commentary on Finance Act, 2012

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

DIVISION TWO

Practice Manual

1

2

3

4

5

DIVISION THREE

Circulars, Clarifications & Notifications [1961 - March

2012]

DIVISION FOUR

Case Laws [1922 - March 2012]

₂