it act with master guide to income tax act

8/22/2019 IT Act With Master Guide to Income Tax Act

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SECTION PAGE

CONTENTS

DIVISIONONE 1

Income-tax Act, 1961

PAGE

N Arrangement of Sections I-3

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

by the Finance Act, 2012 1.1

N Appendix : Text of remaining provisions of Allied

Acts referred to in Income-tax Act 1.1057

N Subject Index 1.1123

DIVISIONTWO 2Finance Act, 2012

N Arrangement of Sections 2.3

N Text of the Finance Act, 2012 2.7

DIVISIONTHREE 3National Tax Tribunal Act, 2005


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

up to date 3.5

DIVISIONFOUR 4

SecuritiesTransactionTax


N Text of the Securities Transaction Tax as amended

by the Finance Act, 2012 4.5

v

Income Tax Act with Master Guide to Income Tax Act

Income Tax Act


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CONTENTS

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DIVISIONONE

Commentary onFinance 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

1.4Arrangement entered into by assessee may be declared to bean 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 1.931.7 Options available to Assessing Officer for invoking GAAR 1.93

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CONTENTS

Master Guide to Income Tax Act


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CONTENTS

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1.8Tax benefit 1.941.8.1 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 ordinarilycreated [section 96(1)(a)] 1.104

1.12.1 Ordinarily 1.104

1.12.2 Arms 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 seresult 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 commercialsubstance 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 fidepurposes 1.1111.15.1 Ordinarily 1.111

1.15.2 Bona fidepurpose 1.111


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1.16Arrangement 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 guidelinesetc. 1.115

1.20 Procedure regarding application of GAAR by Income taxdepartment (section 144BA) 1.116

1.20.1 Steps 1.116

1.20.2 Consequences of directions 1.1171.20.3 Other matters 1.117

1.20.4 Analysis 1.118

1.20.5 AOs 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 todetermination of consequences 1.124

1.20.11Tremendous sanctity of the review by theCommissioner/Approving Panel 1.125

1.21 Appeal against assessment order 1.125

1.22 Advance ruling in respect of an impermissible avoidancearrangement 1.125

1.22.1 Background 1.125

1.22.2 Amendments 1.126

1.22.3 Analysis 1.126

1.22A GAAR vis--vis binding force of AARs rulings 1.127

1.23 Other aspects of GAAR and applicability of GAAR to other

provisions 1.1271.23.1 Complex and interlinked provisions 1.127

1.23.2 Benefit 1.128

1.23.3 Relevance of Finance Ministers speech andExplanatory Memorandum 1.128

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1.23.4No 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. GeneralAnti Avoidance Regulations (GAAR) 1.137

1.23.13Assessment of representative assessee 1.137

1.23.14TDS 1.138

1.23.15 Penalties 1.140

1.23.16 Recommendations by the Standing Committee of theParliament 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 theFinance 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



2.3 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) 1.1502.4.1 Notes on Clauses to Finance Bill, 2012 1.151

2.4.2 Explanatory Memorandum to Finance Bill, 2012 1.151

2.4-3 Finance Ministers Speech 1.153


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CONTENTS

2.5Analysis of amendment in section 9(1)(i) 1.1532.5-1 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 quavalue derived from

non India assets 1.1562.6.7 Determination of value 1.156

2.6-8 Taxation of transfer of shares in all holding companiessituated 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 1.1612.7-4 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 (seeparas2.7.8 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

2.7-12 Validation clause 1.177

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2.8Amendments to section 9(1)(vi) 1.1782.8.1 Amendments 1.178

2.8-2 Object 1.178


2.9 Amendment to section 90 1.181



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) 1.1912.12-1 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


3.1-2 Effects of the amendment 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



3.3 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 saleof crude oil [section 10(48)] 1.204



4

BUSINESS INCOME

4.1 Additional depreciation - Extension to the business of generationor generation and distribution of power 1.206

4.1-1 Background 1.206

4.1-2 Amendment 1.2064.1-3 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


4.3.2 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



4.7 Amendment to section 40A(2) in respect of disallowance ofunreasonable or excessive expenditure 1.220


4.7-2 Amendment relating to specified domestic transactions 1.220

4.7-3 Amendment relating to list of specified persons 1.221

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4.8Threshold limit for Tax Audit [Section 44AB] 1.2224.8-1 Amendment 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 insection 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



5.2 Exemption from capital gains to a shareholder in case ofamalgamation [Section 47] 1.238

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

companies [Section 49] 1.2385.4 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 foragriculture purpose [Section 54B] 1.243

5.6 Exemption to capital gains on transfer of residential propertynot to be charged in certain cases [Section 54GB] 1.243

5.6-1 Salient Features of the provision 1.2445.6-2 Analysis of the provision 1.245

5.6-3 Residential property 1.245

5.6-4 Owned by 1.252


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5.6-5Eligible assessee 1.253

5.6-6 Utilisation of the net consideration for subscribingto 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 transferswithin 5 years [Sub-section (4)] 1.277

5.7 Reference to Valuation Officer 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



5.10 Special provisions relating to conversion of Indian branch of aforeign 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 itsmembers 1.289


6.2 Share premium in excess of the fair market value deemedas 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 1.2946.2-5 Allowance of expenditure 1.311

6.2-6 Applicability of section 55A 1.312

6.2-7 Effects 1.312


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7DEDUCTION 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



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

7.5 Deductions in respect of certain donations under sections 80Gand 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 section80-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


7.9 Deduction for investment under equity saving scheme 1.322

7.9-1 Salient features of the provision 1.322


8

TRANSFER PRICING

8.1 Extension of transfer pricing provisions to specified domestictransactions (SDT) 1.324


8.1-2Analysis 1.325

8.2 Amendment to section 92C(2) regarding deviation fromarithmetic mean (AM) 1.332


8.2-2 Amendments relating to second proviso 1.332

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8.2-3Amendments relating to first proviso 1.332


8.3 Amendment relating to transactions not reported in the AuditReport under section 92E 1.336

8.4 Amendment in definition of international transaction 1.336



8.5 Advance Pricing Agreement [section 92CC] 1.339



8.6 Effect of APA in term of return of income/assessment(section 92CD) 1.345


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 1.3489.1-3 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



10

RETURN, ASSESSMENT AND APPEALS

10.1 Furnishing return of income by certain resident 1.35310.1-1 Amendment 1.353

10.2 Assessment 1.357


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10.2-2Analysis 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 fornotice 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


10.9 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

10.12-2 Appeal against assessment order under section 143(3) -Exceptions 1.370

10.12-3 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 orrecomputation of total income pursuant to AdvancePricing Agreement (APA) 1.371

10.12-6 Appeal against rectification orders - Exceptions 1.371

10.12-7 Appeal against penalty order under section 271AAB 1.371

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10.13Appeal to the Appellate Tribunal 1.37210.13-1 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 toobjection 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


11.2 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 certainimmovable property 1.376

11.5 TDS from interest payable by specified Indian company 1.376

11.5-1 Insertion of section 194LC 1.37611.5-2 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 notifiedinstitutions etc. 1.385

11.8 Person deemed to be assessee in default 1.386


11.8-2 Conditions 1.38611.8-3 Analysis 1.387

11.8-4 Amendment in section 206C 1.388

11.8-5 Consequences where person responsible treated asassessee in default 1.388

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11.8-6Interest 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 oreor 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 totax collection 1.392

11.11-4Bullion 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 taxdeductible 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 1.39612.1-2 Effect of the amendment 1.396

12.2 Advance tax - Exemption to resident senior citizen havingnon-business income 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



12.5 Interest under section 234B and AMT Credit 1.400



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12.6Interest under section 234C 1.40112.6-1 Background 1.401


12.7 Interest on excess refund 1.402


13

PENALTIES

13.1 Penalty for concealment of income in respect of SpecifiedDomestic Transaction (SDT) 1.403

13.1-1 Background 1.40313.1-2 Amendment 1.403

13.2 Penalty for failure to keep and maintain documentation inrespect 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 undersection 92D 1.411

13.5 Penalty for failure to furnish statements etc. 1.411

13.5-1 TDS statements 1.41213.5-2 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

14

PROSECUTION

14.1 Prosecution provisions 1.417

14.2 Amendments 1.417

14.2-1 Details 1.417

14.2-2 Objectives of the amendments 1.417

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14.2-3Increasing 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



15.2-3 Salient features of the first proviso 1.42515.2-4 Analysis 1.426

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


15.5-2 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 1.43715.10-2 Amendment 1.438

15.11 Consequential amendment in section 296 1.438

15.12 Amendment in Schedule IV 1.438

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15.13Definition 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 orprospective 1.442

15.17 Amendment to securities transaction tax 1.443

DIVISIONTWO

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

- Payments to contractors [Section 194C] 2.98

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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/MutualFund [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 immovableproperty [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

uTax 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)] 2.153u 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 pertainingto 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

uTax 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 2.203u Other taxes 2.204

4

TAX RATES FOR THE LAST TEN

ASSESSMENT YEARS

u Income-tax rates for individuals, HUFs, associations of personsand 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 yearsand on April 1, 1981 2.210

DIVISIONTHREE

Circulars, Clarifications&Notifications[1961- March2012]

u Section key to Circulars, Clarifications & Notificationsissued by CBDT [1961 - March 2012] 3.i

u Alphabetical key to Circulars, Clarifications & Notifications

issued by CBDT [1961 - March 2012] 3.vu Circulars, Clarifications & Notifications [1961 - March 2012] 3.3

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DIVISIONFOURCase Laws[1922 - March2012]

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

u Case Laws [1922 - March 2012] 4.3

I-27

it act with master guide to income tax act

Documents