International Businesses Sections to be remembered

Relevant provisions of Income-tax Act to be complied with by non-residents planning to set up business in India; and residents dealing with non residents

S. No.SectionParticulars
1.2Definitions
2.4Charge of income-tax.
3.5Scope of total income.
4.6Residence in India.
5.7Income deemed to be received in India
6.9Income deemed to accrue or arise in India.
7.9ACertain activities not to constitute business connection in India
8.10Incomes not included in total income
9.28Profits and gains of business or profession
10.40(a)(i)Amounts not deductible in case of TDS default
11.40(a) (iii)Salary payable outside India or to a non-resident not deductible in case of TDS default
12.44BSpecial provision for computing profits and gains of shipping business in the case of non-residents
13.44BBSpecial provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils.
14.44BBASpecial provision for computing profits and gains of the business of operation of aircraft in the case of non-residents.
15.44BBBSpecial provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects.
16.44CDeduction of head office expenditure in the case of non-residents
17.44DSpecial provisions for computing income by way of royalties, etc., in the case of foreign companies.
18.44DASpecial provision for computing income by way of royalties, etc., in case of non-residents.
19.45Capital gains
20.47Transactions not regarded as transfer
21.48Mode of computation
22.49Cost with reference to certain modes of acquisition
22A80-IACDeduction for start-ups
23.90Agreement with foreign countries or specified territories
24.90AAdoption by Central Government of agreement between specified associations for double taxation relief.
25.91Countries with which no agreement exists.
26.92Computation of income from international transaction having regard to arm’s length price.
27.92AMeaning of associated enterprise.
28.92BMeaning of international transaction.
29.92BAMeaning of specified domestic transaction.
30.92CComputation of arm’s length price
31.92CAReference to Transfer Pricing Officer.
32.92CBPower of Board to make safe harbour rules.
33.92CCAdvance pricing agreement.
34.92CDEffect to advance pricing agreement.
35.92DMaintenance and keeping of information and document by persons entering into an international transaction [or specified domestic transaction]
36.92EReport from an accountant to be furnished by persons entering into international transaction [or specified domestic transaction].
37.92FDefinitions of certain terms relevant to computation of arm’s length price, etc.
38.93Avoidance of income-tax by transactions resulting in transfer of income to non-residents.
39.94Avoidance of tax by certain transactions in securities.
40.94ASpecial measures in respect of transactions with persons located in notified jurisdictional area.
41.95Applicability of General Anti-Avoidance Rule.
42.96Impermissible avoidance arrangement.
43.97Arrangement to lack commercial substance
44.98Consequences of impermissible avoidance arrangement.
45.99Treatment of connected person and accommodating party.
46.100Application of this Chapter.
47.101Framing of guidelines.
48.102Definitions.
49.111ATax on short term capital gain in certain cases
50.112Tax on long term capital gains
51.115ATax on dividends, royalty and technical service fees in the case of foreign companies.
52.115ABTax on income from units purchased in foreign currency or capital gains arising from their transfer
53.115ACTax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.
54.115ACATax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
55.115ADTax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
56.115BBATax on non-resident sportsmen or sports associations.
57.115BBDTax on certain dividends received from foreign companies
58.115CDefinitions relating to chapter on ‘Special provisions relating to certain incomes of non-resident’
59.115DSpecial provision for computation of total income of non-residents.
60.115ETax on investment income and long-term capital gains
61.115FCapital gains on transfer of foreign exchange assets not to be charged in certain cases.
62.115GReturn of income not to be filed in certain cases.
63.115HBenefit under Chapter to be available in certain cases even after the assessee becomes resident.
64.115-IChapter on ‘Special provisions relating to certain incomes of non-resident’ not to apply if the assessee so chooses.
65.115JAASpecial provision relating to Minimum Alternate Tax (MAT) Credit
66.115JBSpecial provisions relating to payment of Minimum Alternate Tax (MAT) by certain companies
67.115JCSpecial provisions relating to payment of Alternate Minimum Tax (AMT) by certain persons other than a company
68.115JDTax credit for Alternate Minimum Tax (AMT)
69.115JEApplication of other provisions of Act to a person liable to pay Alternate Minimum Tax (AMT)
70.115JEEApplication of provisions relating to Alternate Minimum Tax (AMT) to certain persons
71.115JFInterpretation of certain terms referred to in chapter relating to Alternate Minimum Tax (AMT)
72.115JGConversion of an Indian branch of foreign company into subsidiary Indian company
72A115JHSpecial provisions relating to foreign company said to be resident in India
72B115TCATax on income from securitisation trusts
73.115USpecial provisions relating to tax on income received from venture capital companies and venture capital funds
74.115UASpecial provisions relating to Business Trust
75.115UBSpecial provisions relating to tax on income of investment funds and income received from such funds
76.139Return of income
77.139APermanent account number
78.140Return by whom to be signed
79.140ASelf-assessment
80.160Representative assessee
81.161Liability of representative assessee
82.162Right of representative assessee to recover taxes paid
83.163Who may be regarded as agent
84.166Direct assessment or recovery not barred
85.167Remedies against property in cases of representative assessee
86.172Shipping business of non-residents.
87.173Recovery of tax in respect of non-resident from his assets
88.174Assessment of persons leaving India.
89.192Payment of Salary
90.192APayment of taxable accumulated balance of provident fund to an employee
91.194BIncome by way of winnings from lotteries, crossword puzzles, card games and other games of any sort
92.194BBIncome by way of winnings from horse races
93.194EPayments to non-resident sportsmen or sports associations.
94.194GPayment on account of repurchase of unit by Mutual Fund or Unit Trust of India
95.194LBPayment of interest on infrastructure debt fund
96.194LBACertain income distributed by a business trust to its unit holder
97.194LBBIncome in respect of units of investment fund
97A194LBCIncome in respect of investment in securitisation trust
98.194LCPayment of interest by an Indian Company or a business trust in respect of money borrowed in foreign currency under a loan agreement or by way of issue of long-term bonds (including long-term infrastructure bond)
99.194LDPayment of interest on rupee denominated bond of an Indian Company or Government securities to a Foreign Institutional Investor or a Qualified Foreign Investor
100.195Payment of any other sums to a non-resident or to a foreign company
101.195AIncome payable “net of tax”
102.196BIncome from units (including long-term capital gain on transfer of such units) to an offshore fund
103.196CIncome from foreign currency bonds or shares of Indian company.
104.196DIncome of Foreign Institutional Investors from securities.
105.197Certificate of deduction at lower rate
106.199Credit for tax deducted
107.200Duty of person deducting tax
108.201Consequences of failure to deduct or pay
109.204Meaning of person responsible for paying
110.205Bar against direct demand on assessee
111.206AARequirement to furnish Permanent Account Number
112.207Liability for payment of advance tax
113.208Conditions of liability to pay advance tax
114.209Computation of advance tax
115.210Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer
116.211Instalment of advance tax and due taxes
117.218When assessee deemed to be in default
118.219Credit for advance tax
119.220When tax payable and when assessee deemed in default
120.221Penalty payable when tax in default
121.222Certificate to tax recovery officer
122.226Other modes of recovery
123.228ARecovery of tax in pursuance of agreements with foreign countries.
124.230Tax clearance certificate
125.234AInterest for default in furnishing return of income
126.234BInterest for default in payment of advance tax
127.234CInterest for deferment of advance tax
128.245NProvisions relating to advance rulings- Definitions.
129.245-OAuthority for Advance Rulings.
130.245PVacancies, etc., not to invalidate proceedings.
131.245QApplication for advance ruling.
132.245RProcedure on receipt of application.
133.245RRAppellate authority not to proceed in certain cases.
134.245SApplicability of advance ruling.
135.245TAdvance ruling to be void in certain circumstances
136.245UPowers of the Authority.
137.245VProcedure of Authority
138.271BAPenalty for failure to furnish report under section 92E.
139.271CPenalty for failure to deduct tax at source
140.271FABPenalty for failure to furnish statement or information or document by an eligible investment fund
141.271GPenalty for failure to furnish information or document under section 92D
142.271GAPenalty for failure to furnish information or document under section 285A
142A271GBPenalty for failure to furnish report or for furnishing inaccurate report in respect of international group as per section 286
143.271-IPenalty for failure furnish information or furnish inaccurate information under Section 195
144.285Submission of statement by a non-resident having liaison office
145.285AFurnishing or information or documents by an Indian concern, through or in which the Indian assets are held by the foreign company or the entity, in certain cases
146286Furnishing of report in respect of international group

(Source- Income Tax India Website, Republished with Amendments by Finance Act, 2016)

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