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Income-tax Act, 2025
CHAPTER IV — COMPUTATION OF TOTAL INCOME

Act · Income-tax Act, 2025

Chapter IV — COMPUTATION OF TOTAL INCOME

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This legal material is provided for educational and informational purposes only. AskLawIndia does not claim this to be the official or certified version of any Act, rule, notification, circular, order, or legal instrument. Users must verify the latest and official version from the concerned government, court, tribunal, gazette, or authority before relying on it.

COMPUTATION OF TOTAL INCOME

Sub-sections

Section 13 — Heads of income
Section 14 — Income not forming part of total income and expenditure in relation to such income
Section 15 — Salaries
Section 16 — Income from salary
Section 17 — Perquisite
Section 18 — Profits in lieu of salary
Section 19 — Deductions from salaries
Section 20 — Income from house property
Section 21 — Determination of annual value
Section 22 — Deductions from income from house property
Section 23 — Arrears of rent and unrealised rent received subsequently
Section 24 — Property owned by co-owners
Section 25 — Interpretation
Section 26 — Income under head “Profits and gains of business or profession”
Section 27 — Manner of computing profits and gains of business or profession
Section 28 — Rent, rates, taxes, repairs and insurance
Section 29 — Deductions related to employee welfare
Section 30 — Deduction on certain premium
Section 31 — Deduction for bad debt and provision for bad and doubtful debt
Section 32 — Other deductions
Section 33 — Deduction for depreciation
Section 34 — General conditions for allowable deductions
Section 35 — Amounts not deductible in certain circumstances
Section 36 — Expenses or payments not deductible in certain circumstances
Section 37 — Certain deductions allowed on actual payment basis only
Section 38 — Certain sums deemed as profits and gains of business or profession
Section 39 — Computation of actual cost
Section 40 — Special provision for computation of cost of acquisition of certain assets
Section 41 — Written down value of depreciable asset
Section 42 — Capitalising impact of foreign exchange fluctuation
Section 43 — Taxation of foreign exchange fluctuation
Section 44 — Amortisation of certain preliminary expenses
Section 45 — Expenditure on scientific research
Section 46 — Capital expenditure of specified business
Section 47 — Expenditure on agricultural extension project and skill development project
Section 48 — Tea development account, coffee development account and rubber development account
Section 49 — Site Restoration Fund
Section 50 — Special provision in case of trade, profession or similar association
Section 51 — Amortisation of expenditure for prospecting certain minerals
Section 52 — Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc
Section 53 — Full value of consideration for transfer of assets other than capital assets in certain cases
Section 54 — Business of prospecting for mineral oils
Section 55 — Insurance business
Section 56 — Special provision in case of interest income of specified financial institutions
Section 57 — Revenue recognition for construction and service contracts
Section 58 — Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
Section 59 — Computation of royalty and fee for technical services in hands of non-residents
Section 60 — Deduction of head office expenditure in case of non-residents
Section 61 — Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
Section 62 — Maintenance of books of account
Section 63 — Tax audit
Section 64 — Special provision for computing deductions in case of business reorganisation of co-operative banks
Section 65 — Interpretation for purposes of section 64
Section 66 — Interpretation
Section 67 — Capital gains
Section 68 — Capital gains on distribution of assets by companies in liquidation
Section 69 — Capital gains on purchase by company of its own shares or other specified securities
Section 70 — Transactions not regarded as transfer
Section 71 — Withdrawal of exemption in certain cases
Section 72 — Mode of computation of capital gains
Section 73 — Cost with reference to certain modes of acquisition
Section 74 — Special provision for computation of capital gains in case of depreciable assets
Section 75 — Special provision for cost of acquisition in case of depreciable asset
Section 76 — Special provision for computation of capital gains in case of Market Linked Debenture
Section 77 — Special provision for computation of capital gains in case of slump sale
Section 78 — Special provision for full value of consideration in certain cases
Section 79 — Special provision for full value of consideration for transfer of share other than quoted share
Section 80 — Fair market value deemed to be full value of consideration in certain cases
Section 81 — Advance money received
Section 82 — Profit on sale of property used for residence
Section 83 — Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
Section 84 — Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
Section 85 — Capital gains not to be charged on investment in certain bonds
Section 86 — Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
Section 87 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
Section 88 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
Section 89 — Extension of time for acquiring new asset or depositing or investing amount of capital gains
Section 90 — Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
Section 91 — Reference to Valuation Officer
Section 92 — Income from other sources
Section 93 — Deductions
Section 94 — Amounts not deductible
Section 95 — Profits chargeable to tax

Related sections

Chapter I — PRELIMINARY
Chapter II — BASIS OF CHARGE
Chapter III — INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
Chapter V — INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME OF ASSESSEE
Chapter VI — AGGREGATION OF INCOME
Chapter VII — SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES
Chapter VIII — DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME
Chapter IX — REBATES AND RELIEFS
Chapter X — SPECIAL PROVISIONS RELATING TO A VOIDANCE OF TAX
Chapter XI — GENERAL ANTI-A VOIDANCE RULE
Chapter XII — MODE OF PAYMENT IN CERTAIN CASES, ETC.
Chapter XIII — DETERMINATION OF TAX IN SPECIAL CASES
Chapter XIV — TAX ADMINISTRATION
Chapter XV — RETURN OF INCOME
Chapter XVI — PROCEDURE FOR ASSESSMENT
Chapter XVII — SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS
Chapter XVIII — APPEALS, REVISIONS AND ALTERNATE DISPUTE RESOLUTIONS
Chapter XIX — COLLECTION AND RECOVERY OF TAX
Chapter XX — REFUNDS
Chapter XXI — PENALTIES
Chapter XXII — OFFENCES AND PROSECUTION
Chapter XXIII — MISCELLANEOUS
Schedule I — CONDITIONS FOR CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS CONNECTION IN INDIA
Schedule II — INCOME NOT TO BE INCLUDED IN TOTAL INCOME
Schedule III — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS
Schedule IV — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE NON- RESIDENTS, FOREIGN COMPANIES AND OTHER SUCH PERSONS
Schedule V — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERS
Schedule VI — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN INTERNATIONAL FINANCIAL SERVICES CENTRE OR HAVING INCOME THEREFROM
Schedule VII — PERSONS EXEMPT FROM TAX
Schedule VIII — INCOME NOT TO BE INCLUDED IN THE TOTAL INCOME OF POLITICAL PARTIES AND ELECTORAL TRUSTS
Schedule IX — DEDUCTION FOR TEA DEVELOPMENT ACCOUNT, COFFEE DEVELOPMENT ACCOUNT AND RUBBER DEVELOPMENT ACCOUNT FOR COMPUTING INCOME UNDER THE HEAD “PROFITS AND GAINS OF BUSINESS OR PROFESSION”
Schedule X — DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD “PROFITS AND GAINS OF BUSINESS OR PROFESSION”
Schedule XI — PART A RECOGNISED PROVIDENT FUNDS
Schedule XII — PART A MINERALS
Schedule XIII — LIST OF ARTICLES OR THINGS
Schedule XIV — INSURANCE BUSINESS
Schedule XV — DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC.
Schedule XVI — PERMITTED MODES OF INVESTMENT OR DEPOSITS

Contents

Chapter I — PRELIMINARY

Section 1 — Short title, extent and commencement

Section 2 — Definitions

Section 3 — Six kilometres

Chapter II — BASIS OF CHARGE

Section 4 — Charge of Income-tax

Section 5 — Scope of total income

Section 6 — Residence in India

Section 7 — Income deemed to be received and dividend deemed to be income in a tax year

Section 8 — Income on receipt of capital asset or stock-in-trade by specified person from specified entity

Section 9 — Income deemed to accrue or arise in India

Section 10 — Apportionment of income between spouses governed by Portuguese Civil Code

Chapter III — INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME

Section 11 — Incomes not included in total income

Section 12 — Incomes not included in total income of political parties and electoral trusts

Chapter IV — COMPUTATION OF TOTAL INCOME

Section 13 — Heads of income

Section 14 — Income not forming part of total income and expenditure in relation to such income

Section 15 — Salaries

Section 16 — Income from salary

Section 17 — Perquisite

Section 18 — Profits in lieu of salary

Section 19 — Deductions from salaries

Section 20 — Income from house property

Section 21 — Determination of annual value

Section 22 — Deductions from income from house property

Section 23 — Arrears of rent and unrealised rent received subsequently

Section 24 — Property owned by co-owners

Section 25 — Interpretation

Section 26 — Income under head “Profits and gains of business or profession”

Section 27 — Manner of computing profits and gains of business or profession

Section 28 — Rent, rates, taxes, repairs and insurance

Section 29 — Deductions related to employee welfare

Section 30 — Deduction on certain premium

Section 31 — Deduction for bad debt and provision for bad and doubtful debt

Section 32 — Other deductions

Section 33 — Deduction for depreciation

Section 34 — General conditions for allowable deductions

Section 35 — Amounts not deductible in certain circumstances

Section 36 — Expenses or payments not deductible in certain circumstances

Section 37 — Certain deductions allowed on actual payment basis only

Section 38 — Certain sums deemed as profits and gains of business or profession

Section 39 — Computation of actual cost

Section 40 — Special provision for computation of cost of acquisition of certain assets

Section 41 — Written down value of depreciable asset

Section 42 — Capitalising impact of foreign exchange fluctuation

Section 43 — Taxation of foreign exchange fluctuation

Section 44 — Amortisation of certain preliminary expenses

Section 45 — Expenditure on scientific research

Section 46 — Capital expenditure of specified business

Section 47 — Expenditure on agricultural extension project and skill development project

Section 48 — Tea development account, coffee development account and rubber development account

Section 49 — Site Restoration Fund

Section 50 — Special provision in case of trade, profession or similar association

Section 51 — Amortisation of expenditure for prospecting certain minerals

Section 52 — Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc

Section 53 — Full value of consideration for transfer of assets other than capital assets in certain cases

Section 54 — Business of prospecting for mineral oils

Section 55 — Insurance business

Section 56 — Special provision in case of interest income of specified financial institutions

Section 57 — Revenue recognition for construction and service contracts

Section 58 — Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents

Section 59 — Computation of royalty and fee for technical services in hands of non-residents

Section 60 — Deduction of head office expenditure in case of non-residents

Section 61 — Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents

Section 62 — Maintenance of books of account

Section 63 — Tax audit

Section 64 — Special provision for computing deductions in case of business reorganisation of co-operative banks

Section 65 — Interpretation for purposes of section 64

Section 66 — Interpretation

Section 67 — Capital gains

Section 68 — Capital gains on distribution of assets by companies in liquidation

Section 69 — Capital gains on purchase by company of its own shares or other specified securities

Section 70 — Transactions not regarded as transfer

Section 71 — Withdrawal of exemption in certain cases

Section 72 — Mode of computation of capital gains

Section 73 — Cost with reference to certain modes of acquisition

Section 74 — Special provision for computation of capital gains in case of depreciable assets

Section 75 — Special provision for cost of acquisition in case of depreciable asset

Section 76 — Special provision for computation of capital gains in case of Market Linked Debenture

Section 77 — Special provision for computation of capital gains in case of slump sale

Section 78 — Special provision for full value of consideration in certain cases

Section 79 — Special provision for full value of consideration for transfer of share other than quoted share

Section 80 — Fair market value deemed to be full value of consideration in certain cases

Section 81 — Advance money received

Section 82 — Profit on sale of property used for residence

Section 83 — Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases

Section 84 — Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases

Section 85 — Capital gains not to be charged on investment in certain bonds

Section 86 — Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house

Section 87 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area

Section 88 — Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone

Section 89 — Extension of time for acquiring new asset or depositing or investing amount of capital gains

Section 90 — Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”

Section 91 — Reference to Valuation Officer

Section 92 — Income from other sources

Section 93 — Deductions

Section 94 — Amounts not deductible

Section 95 — Profits chargeable to tax

Chapter V — INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME OF ASSESSEE

Section 96 — Transfer of income without transfer of assets

Section 97 — Chargeability of income in transfer of assets

Section 98 — “Transfer” and “revocable transfer” defined

Section 99 — Income of individual to include income of spouse, minor child, etc

Section 100 — Liability of person in respect of income included in income of another person

Chapter VI — AGGREGATION OF INCOME

Section 101 — Total income

Section 102 — Unexplained credits

Section 103 — Unexplained investment

Section 104 — Unexplained asset

Section 105 — Unexplained expenditure

Section 106 — Amount borrowed or repaid through negotiable instrument, hundi, etc

Section 107 — Charge of tax

Chapter VII — SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES

Section 108 — Set off of losses under same head of income

Section 109 — Set off of losses under any other head of income

Section 110 — Carry forward and set off of loss from house property

Section 111 — Carry forward and set off of loss from Capital gains

Section 112 — Carry forward and set off of business loss

Section 113 — Set off and carry forward of losses computed in respect of speculation business

Section 114 — Set off and carry forward of losses computed in respect of specified business

Section 115 — Set off and carry forward of losses from specified activity

Section 116 — Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc

Section 117 — Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases

Section 118 — Carry forward and set off of losses and unabsorbed depreciation in business reorganization of co-operative banks

Section 119 — Carry forward and set off of losses not permissible in certain cases

Section 120 — No set off of losses against undisclosed income consequent to search, requi-sition and survey

Section 121 — Submission of return for losses

Chapter VIII — DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME

Section 122 — Deductions to be made in computing total income

Section 123 — Deduction for life insurance premia, deferred annuity, contributions to pro-vident fund, etc

Section 124 — Deduction in respect of employer and assessee contribution to pension scheme of Central Government

Section 125 — Deduction in respect of contribution to Agnipath Scheme

Section 126 — Deduction in respect of health insurance premia

Section 127 — Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability

Section 128 — Deduction in respect of medical treatment, etc

Section 129 — Deduction in respect of interest on loan taken for higher education

Section 130 — Deduction in respect of interest on loan taken for residential house property

Section 131 — Deduction in respect of interest on loan taken for certain house property

Section 132 — Deduction in respect of purchase of electric vehicle

Section 133 — Deduction in respect of donations to certain funds, charitable institutions, etc

Section 134 — Deductions in respect of rents paid

Section 135 — Deduction in respect of certain donations for scientific research or rural development

Section 136 — Deduction in respect of contributions given by companies to political parties

Section 137 — Deduction in respect of contributions given by any person to political parties

Section 138 — Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc

Section 139 — Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone

Section 140 — Special provision in respect of specified business

Section 141 — Deduction in respect of profits and gains from certain industrial under-takings

Section 142 — Deductions in respect of profits and gains from housing projects

Section 143 — Special provisions in respect of certain undertakings in North-Eastern States

Section 144 — Special provisions in respect of newly established Units in Special Economic Zones

Section 145 — Deduction for businesses engaged in collecting and processing of bio-de - gradable waste

Section 146 — Deduction in respect of additional employee cost

Section 147 — Deductions for income of Offshore Banking Units and Units of International Financial Services Centre

Section 148 — Deduction in respect of certain inter-corporate dividends

Section 149 — Deduction in respect of income of co-operative societies

Section 150 — Deduction in respect of income of federal co-operative

Section 151 — Deduction in respect of royalty income, etc., of authors of certain books other than text-books

Section 152 — Deduction in respect of royalty on patents

Section 153 — Deduction for interest on deposits

Section 154 — Deduction in case of a person with disability

Chapter IX — REBATES AND RELIEFS

Section 155 — Rebate to be allowed in computing income-tax

Section 156 — Rebate of income-tax in case of certain individuals

Section 157 — Relief when salary, etc., is paid in arrears or in advance

Section 158 — Relief from taxation in income from retirement benefit account maintained in a notified country

Section 159 — Agreement with foreign countries or specified territories and adoption by Central Government of agreement between specified associations for double taxation relief

Section 160 — Countries with which no agreement exists

Chapter X — SPECIAL PROVISIONS RELATING TO A VOIDANCE OF TAX

Section 161 — Computation of income from international transaction and specified domestic transaction having regard to arm’s length price

Section 162 — Meaning of associated enterprise

Section 163 — Meaning of international transaction. [S. 92B of the 1961 Act]

Section 164 — Meaning of specified domestic transaction

Section 165 — Determination of arm’s length price

Section 166 — Reference to Transfer Pricing Officer

Section 167 — Power of Board to make safe harbour rules

Section 168 — Advance pricing agreement

Section 169 — Effect to advance pricing agreement

Section 170 — Secondary adjustment in certain cases

Section 171 — Maintenance, keeping and furnishing of information and document by certain persons

Section 172 — Report from an accountant to be furnished by persons entering into inter-national transaction or specified domestic transaction

Section 173 — Definitions of certain terms relevant to determination of arm’s length price, etc

Section 174 — Avoidance of income-tax by transactions resulting in transfer of income to non-residents

Section 175 — Avoidance of tax by certain transactions in securities

Section 176 — Special measures in respect of transactions with persons located in notified jurisdictional area

Section 177 — Limitation on interest deduction in certain cases

Chapter XI — GENERAL ANTI-A VOIDANCE RULE

Section 178 — Applicability of General Anti-Avoidance Rule

Section 179 — Impermissible avoidance arrangement

Section 180 — Arrangement to lack commercial substance

Section 181 — Consequences of impermissible avoidance arrangement. [S. 98 of the 1961 Act]

Section 182 — Treatment of connected person and accommodating party

Section 183 — Application of this Chapter

Section 184 — Interpretation

Chapter XII — MODE OF PAYMENT IN CERTAIN CASES, ETC.

Section 185 — Mode of taking or accepting certain loans, deposits and specified sum

Section 186 — Mode of undertaking transactions

Section 187 — Acceptance of payment through prescribed electronic modes

Section 188 — Mode of repayment of certain loans or deposits or specified advances

Section 189 — Interpretation

Chapter XIII — DETERMINATION OF TAX IN SPECIAL CASES

Section 190 — Determination of tax where total income includes income on which no tax is payable

Section 191 — Tax on accumulated balance of recognised provident fund

Section 192 — Tax in case of block assessment of search cases

Section 193 — Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer

Section 194 — [Ss. 115B, 115BB, 115BBF, 115BBG, 115BBH and 115BBJ of the 1961 Act]

Section 195 — Tax on income referred to in sections 102 to 106

Section 196 — Tax on short-term capital gains in certain cases

Section 197 — Tax on long-term capital gains

Section 198 — Tax on long-term capital gains in certain cases

Section 199 — Tax on income of certain manufacturing domestic companies

Section 200 — Tax on income of certain domestic companies

Section 201 — Tax on income of new manufacturing domestic companies

Section 202 — New tax regime for individuals, Hindu undivided family and others

Section 203 — Tax on income of certain resident co-operative societies

Section 204 — Tax on income of certain new manufacturing co-operative societies

Section 205 — Conditions for tax on income of certain companies and co-operative societies

Section 206 — Special provision for minimum alternate tax and alternate minimum tax

Section 207 — Tax on dividends, royalty and fees for technical service in case of foreign companies

Section 208 — Tax on income from units purchased in foreign currency or capital gains arising from their transfer

Section 209 — Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer

Section 210 — Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer

Section 211 — Tax on non-resident sportsmen or sports associations

Section 212 — Interpretation

Section 213 — Special provision for computation of total income of non-residents

Section 214 — Tax on investment income and long-term capital gains

Section 215 — Capital gains on transfer of foreign exchange assets not to be charged in certain cases

Section 216 — Return of income not to be furnished in certain cases

Section 217 — Application of benefits under sections 212 to 216

Section 218 — Tax on business income of Offshore Banking Units or International Financial Services Centre unit

Section 219 — Conversion of an Indian branch of foreign company into subsidiary Indian company

Section 220 — Foreign company said to be resident in India

Section 221 — Tax on income from securitisation trusts

Section 222 — Tax on income in case of venture capital undertakings

Section 223 — Tax on income of unit holder and business trust

Section 224 — Tax on income of investment fund and its unit holders

Section 225 — Income from business of operating qualifying ships

Section 226 — Tonnage tax scheme

Section 227 — Computation of tonnage income

Section 228 — Relevant shipping income and exclusion from book profit

Section 229 — Depreciation and gains relating to tonnage tax assets

Section 230 — Exclusion of deduction, loss, set off, etc

Section 231 — Method of opting of tonnage tax scheme and validity

Section 232 — Certain conditions for applicability of tonnage tax scheme

Section 233 — Amalgamation and demerger

Section 234 — Avoidance of tax and exclusion from tonnage tax scheme

Section 235 — Interpretation

Chapter XIV — TAX ADMINISTRATION

Section 236 — Income-tax authorities

Section 237 — Appointment of income-tax authorities

Section 238 — Control of income-tax authorities

Section 239 — Instructions to subordinate authorities

Section 240 — Taxpayer’s Charter

Section 241 — Jurisdiction of income-tax authorities

Section 242 — Jurisdiction of Assessing Officers

Section 243 — Power to transfer cases

Section 244 — Change of incumbent of an office

Section 245 — Faceless jurisdiction of income-tax authorities

Section 246 — Power regarding discovery, production of evidence, etc

Section 247 — Search and seizure

Section 248 — Powers to requisition

Section 249 — Reasons not to be disclosed

Section 250 — Application of seized or requisitioned assets

Section 251 — Copying, extraction, retention and release of books of account and documents seized or requisitioned

Section 252 — Power to call for information

Section 253 — Powers of survey

Section 254 — Power to collect certain information

Section 255 — Power to inspect registers of companies

Section 256 — Power of certain income-tax authorities

Section 257 — Proceedings before income-tax authorities to be judicial proceedings

Section 258 — Disclosure of information relating to assessees

Section 259 — Power to call for information by prescribed income-tax authority

Section 260 — Faceless collection of information

Section 261 — Interpretation

Chapter XV — RETURN OF INCOME

Section 262 — Permanent Account Number

Section 263 — Return of income

Section 264 — Scheme for submission of returns through tax return preparers

Section 265 — Return by whom to be verified

Section 266 — Self-assessment

Section 267 — Tax on updated return

Chapter XVI — PROCEDURE FOR ASSESSMENT

Section 268 — Inquiry before assessment

Section 269 — Estimation of value of assets by Valuation Officer

Section 270 — Assessment

Section 271 — Best judgment assessment

Section 272 — Power of Joint Commissioner to issue directions in certain cases

Section 273 — Faceless Assessment

Section 274 — Reference to Principal Commissioner or Commissioner in certain cases

Section 275 — Reference to Dispute Resolution Panel

Section 276 — Method of accounting

Section 277 — Method of accounting in certain cases

Section 278 — Taxability of certain income

Section 279 — Income escaping assessment

Section 280 — Issue of notice where income has escaped assessment

Section 281 — Procedure before issuance of notice under section 280

Section 282 — Time limit for notices under sections 280 and 281

Section 283 — Provision for cases where assessment is in pursuance of an order on appeal, etc

Section 284 — Sanction for issue of notice

Section 285 — Other provisions

Section 286 — Time limit for completion of assessment, reassessment and recomputation

Section 287 — Rectification of mistake

Section 288 — Other amendments

Section 289 — Notice of demand

Section 290 — Modification and revision of notice in certain cases

Section 291 — Intimation of loss

Section 292 — Assessment of total undisclosed income as a result of search

Section 293 — Computation of total undisclosed income of block period

Section 294 — Procedure for block assessment

Section 295 — Undisclosed income of any other person

Section 296 — Time-limit for completion of block assessment

Section 297 — Certain interests and penalties not to be levied or imposed

Section 298 — Levy of interest and penalty in certain cases. [S. 158BFA of the 1961 Act]

Section 299 — Authority competent to make assessment of block period

Section 300 — Application of other provisions of Act

Section 301 — Interpretation

Chapter XVII — SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS

Section 302 — 1.—Legal representatives Legal representative

Section 303 — 2.—Representative assessees—General provisions Representative assessee

Section 304 — Liability of representative assessee

Section 305 — Right of representative assessee to recover tax paid

Section 306 — Who may be regarded as agent

Section 307 — Charge of tax where share of beneficiaries unknown

Section 308 — Charge of tax in case of oral trust

Section 309 — Method of computing a member’s share in income of association of persons or body of individuals

Section 310 — Share of member of association of persons or body of individuals in income of association or body

Section 311 — Charge of tax where shares of members in association of persons or body of individuals unknown, etc

Section 312 — Executor

Section 313 — Succession to business or profession otherwise than on death

Section 314 — Effect of order of tribunal or court in respect of business reorganisation

Section 315 — Assessment after partition of Hindu undivided family

Section 316 — Shipping business of non-residents

Section 317 — Assessment of persons leaving India

Section 318 — Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose

Section 319 — Assessment of persons likely to transfer property to avoid tax

Section 320 — Discontinued business

Section 321 — Association dissolved or business discontinued

Section 322 — Company in liquidation

Section 323 — 13.—Private companies Liability of directors of private company

Section 324 — 14.—Assessment of firms Charge of tax in case of a firm

Section 325 — Assessment as a firm

Section 326 — Assessment when section 325 not complied with

Section 327 — 15.—Change in constitution, succession and dissolution Change in constitution of a firm

Section 328 — Succession of one firm by another firm

Section 329 — Joint and several liability of partners for tax payable by firm

Section 330 — Firm dissolved or business discontinued

Section 331 — 16.—Liability of partners of limited liability partnership in liquidation Liability of partners of limited liability partnership in liquidation

Section 332 — Application for registration

Section 333 — Switching over of regimes

Section 334 — Tax on income of registered non-profit organisation

Section 335 — Regular income

Section 336 — Taxable regular income

Section 337 — Specified income

Section 338 — Income not to be included in regular income

Section 339 — Corpus donation

Section 340 — Deemed corpus donation

Section 341 — Application of income

Section 342 — Accumulated income

Section 343 — Deemed accumulated income

Section 344 — Business undertaking held as property

Section 345 — Restriction on commercial activities by a registered non-profit organisation

Section 346 — Restriction on commercial activities by registered non-profit organisation, carrying out advancement of any other object of general public utility

Section 347 — Books of account

Section 348 — Audit

Section 349 — Return of income

Section 350 — Permitted modes of investment

Section 351 — Specified violation

Section 352 — Tax on accreted income

Section 353 — Other violations

Section 354 — Application for approval for purpose of section 133(1)(b)(ii)

Section 355 — Interpretation

Chapter XVIII — APPEALS, REVISIONS AND ALTERNATE DISPUTE RESOLUTIONS

Section 356 — Appealable orders before Joint Commissioner (Appeals)

Section 357 — Appealable orders before Commissioner (Appeals)

Section 358 — Form of appeal and limitation

Section 359 — Procedure in appeal

Section 360 — Powers of Joint Commissioner (Appeals) or Commissioner (Appeals)

Section 361 — Appellate Tribunal

Section 362 — Appeals to Appellate Tribunal

Section 363 — Orders of Appellate Tribunal

Section 364 — Procedure of Appellate Tribunal

Section 365 — Appeal to High Court

Section 366 — Case before High Court to be heard by not less than two Judges

Section 367 — Appeal to Supreme Court

Section 368 — Hearing before Supreme Court

Section 369 — Tax to be paid irrespective of appeal, etc

Section 370 — Execution for costs awarded by Supreme Court

Section 371 — Amendment of assessment on appeal

Section 372 — Exclusion of time taken for copy

Section 373 — Filing of appeal by income-tax authority

Section 374 — Interpretation of “High Court”

Section 375 — Procedure when assessee claims identical question of law is pending before High Court or Supreme Court

Section 376 — Procedure where an identical question of law is pending before High Courts or Supreme Court

Section 377 — Commissioner or Principal Commissioner or Commissioner Revision of orders prejudicial to revenue

Section 378 — Revision of other orders

Section 379 — 1.—Dispute Resolution Committee in certain cases Dispute Resolution Committee

Section 380 — 2.—Advance rulings Interpretation

Section 381 — Board for Advance Rulings

Section 382 — Vacancies, etc., not to invalidate proceedings

Section 383 — Application for advance ruling

Section 384 — Procedure on receipt of application

Section 385 — Appellate authority not to proceed in certain cases

Section 386 — Advance ruling to be void in certain circumstances

Section 387 — Powers of the Board for Advance Rulings

Section 388 — Procedure of Board for Advance Rulings

Section 389 — Appeal

Chapter XIX — COLLECTION AND RECOVERY OF TAX

Section 390 — Deduction or collection at source and advance payment

Section 391 — Direct payment

Section 392 — Salary and accumulated balance due to an employee

Section 393 — Tax to be deducted at source

Section 394 — Collection of tax at source

Section 395 — Certificates

Section 396 — Tax deducted is income received

Section 397 — Compliance and reporting

Section 398 — Consequences of failure to deduct or pay or, collect or pay

Section 399 — Processing

Section 400 — Power of Central Government to relax provisions of this Chapter

Section 401 — Bar against direct demand on assessee

Section 402 — Interpretation

Section 403 — Liability for payment of advance tax

Section 404 — Conditions of liability to pay advance tax

Section 405 — Computation of advance tax

Section 406 — Payment of advance tax by assessee on his own accord

Section 407 — Payment of advance tax by assessee in pursuance of order of Assessing Officer

Section 408 — Instalments of advance tax and due dates

Section 409 — When assessee is deemed to be in default

Section 410 — Credit for advance tax

Section 411 — When tax payable and when assessee deemed in default

Section 412 — Penalty payable when tax in default

Section 413 — Certificate by Tax Recovery Officer and validity thereof

Section 414 — Tax Recovery Officer by whom recovery is to be effected

Section 415 — Stay of proceedings in pursuance of certificate and amendment or cancella-tion thereof

Section 416 — Other modes of recovery

Section 417 — Recovery through State Government

Section 418 — Recovery of tax in pursuance of agreements with foreign countries

Section 419 — Recovery of penalties, fine, interest and other sums

Section 420 — Tax clearance certificate

Section 421 — Recovery by suit or under other law not affected

Section 422 — Recovery of tax arrear in respect of non-resident from his assets

Section 423 — Interest for defaults in furnishing return of income

Section 424 — Interest for defaults in payment of advance tax

Section 425 — Interest for deferment of advance tax

Section 426 — Interest on excess refund

Section 427 — Fee for default in furnishing statements

Section 428 — Fee for default in furnishing return of income, audited accounts and reports

Section 429 — Fee for default relating to statement or certificate

Section 430 — Fee for default relating to intimation of Aadhaar number

Chapter XX — REFUNDS

Section 431 — Refunds

Section 432 — Person entitled to claim refund in certain special cases

Section 433 — Form of claim for refund and limitation

Section 434 — Refund for denying liability to deduct tax in certain cases

Section 435 — Refund on appeal, etc

Section 436 — Correctness of assessment not to be questioned

Section 437 — Interest on refunds

Section 438 — Set off and withholding of refunds in certain cases

Chapter XXI — PENALTIES

Section 439 — Penalty for under-reporting and misreporting of income

Section 440 — Waiver of penalty and immunity from prosecution.]

Section 441 — Failure to keep, maintain or retain books of account, documents, etc

Section 442 — Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Section 443 — Penalty in respect of certain income

Section 444 — Penalty for false entry, etc., in books of account

Section 445 — Benefits to related persons

Section 446 — Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset

Section 447 — Penalty for failure to furnish report under section 172

Section 448 — Penalty for failure to deduct tax at source

Section 449 — Penalty for failure to collect tax at source

Section 450 — Penalty for failure to comply with provisions of section 185

Section 451 — Penalty for failure to comply with provisions of section 186

Section 452 — Penalty for failure to comply with provisions of section 187

Section 453 — Penalty for failure to comply with provisions of section 188

Section 454 — Penalty for failure to furnish statement of financial transaction or reportable account after a notice

Section 455 — Penalty for furnishing inaccurate statement of financial transaction or reportable account

Section 456 — Penalty for failure to furnish statement or information or document by an eligible investment fund

Section 457 — Penalty for failure to furnish information or document under section 171

Section 458 — Penalty for failure to furnish information or document under section 506

Section 459 — Penalty for failure to furnish report or for furnishing inaccurate report under section 511

Section 460 — Penalty for failure to submit statement under section 505

Section 461 — Penalty for failure to furnish statements, etc

Section 462 — Penalty for failure to furnish information or furnishing inaccurate information under section 397(3)(d)

Section 463 — Penalty for furnishing incorrect information in reports or certificates

Section 464 — Penalty for failure to furnish statements, etc

Section 465 — Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc

Section 466 — Penalty for failure to comply with the provisions of section 254

Section 467 — Penalty for failure to comply with the provisions of 14[sections 262 and 397]

Section 468 — Penalty for failure to comply with the provisions of section 397

Section 469 — Power to reduce or waive penalty, etc., in certain cases

Section 470 — Penalty not to be imposed in certain cases

Section 471 — Procedure

Section 472 — Bar of limitation for imposing penalties

Chapter XXII — OFFENCES AND PROSECUTION

Section 473 — Contravention of order made during search action.]

Section 474 — Failure to afford facility for inspection of books of account during search.]

Section 475 — Removal, concealment, transfer or delivery of property to prevent tax recovery

Section 476 — Failure to pay tax to credit of Central Government under Chapter XIX-B

Section 477 — Failure to pay tax collected at source

Section 478 — Wilful attempt to evade tax, etc

Section 479 — Failure to furnish returns of income

Section 480 — Failure to furnish return of income setting forth undisclosed income

Section 481 — Failure to comply with a direction of special audit or valuation

Section 482 — False statement in verification, etc

Section 483 — Falsification of books of account or document, etc

Section 484 — Abetment of false return, etc

Section 485 — Punishment for second and subsequent offences

Section 486 — Punishment not to be imposed in certain cases

Section 487 — Offences by companies

Section 488 — Offences by Hindu undivided family

Section 489 — Presumption as to assets, books of account, etc., in certain cases

Section 490 — Presumption as to culpable mental state

Section 491 — Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner

Section 492 — Certain offences to be non-cognizable

Section 493 — Proof of entries in records or documents

Section 494 — Disclosure of particulars by public servants

Section 495 — Special Courts

Section 496 — Offences triable by Special Court

Section 497 — Trial of offences as summons case

Section 498 — Application of Bharatiya Nagarik Suraksha Sanhita, 2023 to proceedings before Special Court

Chapter XXIII — MISCELLANEOUS

Section 499 — Certain transfers to be void

Section 500 — Provisional attachment to protect revenue in certain cases

Section 501 — Service of notice, generally

Section 502 — Authentication of notices and other documents

Section 503 — Service of notice when family is disrupted or firm etc., is dissolved

Section 504 — Service of notice in case of discontinued business

Section 505 — Submission of statement by a non-resident having liaison office

Section 506 — Furnishing of information or documents by an Indian concern in certain cases

Section 507 — Submission of statements by producers of cinematograph films or persons engaged in specified activity

Section 508 — Obligation to furnish statement of financial transaction or reportable account

Section 509 — Obligation to furnish information on transaction of crypto-asset

Section 510 — Annual information statement

Section 511 — Furnishing of report in respect of international group

Section 512 — Publication of information respecting assessees in certain cases

Section 513 — Appearance by registered valuer in certain matters

Section 514 — Registration of valuers

Section 515 — Appearance by authorised representative

Section 516 — Rounding off of amount of total income, or amount payable or refundable

Section 517 — Receipt to be given

Section 518 — Indemnity

Section 519 — Power to tender immunity from prosecution

Section 520 — Cognizance of offences

Section 521 — Probation of Offenders Act, 1958 and section 401 of Bharatiya Nagarik Sura-ksha Sanhita, 2023, not to apply

Section 522 — Circumstances in which return of income, assessment, approvals, etc., not to be invalid

Section 523 — Notice deemed to be valid in certain circumstances

Section 524 — Presumption as to assets, books of account, etc

Section 525 — Authorisation and assessment in case of search or requisition

Section 526 — Bar of suits in civil courts

Section 527 — Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils

Section 528 — Power of Central Government or Board to condone delays in obtaining approval

Section 529 — Power to withdraw approval

Section 530 — Act to have effect pending legislative provision for charge of tax

Section 531 — Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961

Section 532 — Power to frame schemes

Section 533 — Power to make rules

Section 534 — Laying before Parliament

Section 535 — Removal of difficulties

Section 536 — Repeal and savings

Schedule I — CONDITIONS FOR CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS CONNECTION IN INDIA

Schedule II — INCOME NOT TO BE INCLUDED IN TOTAL INCOME

Schedule III — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS

Schedule IV — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE NON- RESIDENTS, FOREIGN COMPANIES AND OTHER SUCH PERSONS

Schedule V — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERS

Schedule VI — INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN INTERNATIONAL FINANCIAL SERVICES CENTRE OR HAVING INCOME THEREFROM

Schedule VII — PERSONS EXEMPT FROM TAX

Schedule VIII — INCOME NOT TO BE INCLUDED IN THE TOTAL INCOME OF POLITICAL PARTIES AND ELECTORAL TRUSTS

Schedule IX — DEDUCTION FOR TEA DEVELOPMENT ACCOUNT, COFFEE DEVELOPMENT ACCOUNT AND RUBBER DEVELOPMENT ACCOUNT FOR COMPUTING INCOME UNDER THE HEAD “PROFITS AND GAINS OF BUSINESS OR PROFESSION”

Schedule X — DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD “PROFITS AND GAINS OF BUSINESS OR PROFESSION”

Schedule XI — PART A RECOGNISED PROVIDENT FUNDS

Schedule XII — PART A MINERALS

Schedule XIII — LIST OF ARTICLES OR THINGS

Schedule XIV — INSURANCE BUSINESS

Schedule XV — DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC.

Schedule XVI — PERMITTED MODES OF INVESTMENT OR DEPOSITS

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