Government of India is expected to release soon, the much awaited The Income Tax Bill 2025 which is an exhaustive legislation covering all the aspects related to taxes on income in India. There are 23 chapters, 16 schedules, and 536 sections in this bill.
As per STATEMENT OF OBJECTS AND REASONS to this bill, since its enactment in 1961, the Income-tax Act has undergone numerous amendments. These amendments have overloaded the basic structure of the Act, making the language complex, increasing compliance costs for taxpayers, and hampering the efficiency of direct-tax administration. Tax administrators, practitioners, and taxpayers have raised concerns about the complicated provisions and structure of the Income-tax Act.
In response, the Government announced in the July 2024 budget a time-bound comprehensive review of the Income-tax Act, 1961 to make it concise, clear, and easy to read and understand. Consequently, the Income-tax Bill 2025 has been prepared, proposing to repeal and replace the Income-tax Act, 1961.
As per FINANCIAL MEMORANDUM of this Bill, this Bill seeks to repeal the Income-tax Act, 1961 and re-enact the proposed legislation so that no additional expenditure of significance, apart from what is being spent on the administration of the said Act, is contemplated by reason merely of passing of this Bill.
Structure of this bill is as follows:
| CHAPTER | HEADING | CLAUSES |
| CHAPTER I | PRELIMINARY | 1-3 |
| CHAPTER II | BASIS OF CHARGE | 4-10 |
| CHAPTER III | INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME | 11-12 |
| CHAPTER IV | COMPUTATION OF TOTAL INCOME | 13- 1a Part A.—Heads of Income |
| 15- 19 Part B.—Salaries | ||
| 20 -25 Part C.—Income from house property | ||
| 26-66 Part D.—Profits and gains of business or profession | ||
| 67-91 Part E.—Capital gains | ||
| 92-95 Part F.—Income from other sources | ||
| CHAPTER V | INCOME OF OTHER PERSONS, INCLUDED IN TOTAL INCOME OF ASSESSEE | 96-100 |
| CHAPTER VI | AGGREGATION OF INCOME | 101-107 |
| CHAPTER VII | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | 108-121 |
| CHAPTER VIII | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | 122-122 Part A.—General |
| 123-137 Part B.—Deductions in respect of certain payments | ||
| 138-152 Part C.—Deductions in respect of certain incomes. | ||
| 153-153 Part D.—Deductions in respect of other incomes | ||
| 154-154 Part E.—Other deductions | ||
| CHAPTER IX | REBATES AND RELIEFS | 155- 158 Part A.—Rebates and reliefs |
| 159-160 Part B.—Double taxation relief | ||
| CHAPTER X | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | 161-177 |
| CHAPTER XI | GENERAL ANTI-AVOIDANCE RULE | 178-184 |
| CHAPTER XII | MODE OF PAYMENT IN CERTAIN CASES, ETC. | 185-189 |
| CHAPTER XIII | DETERMINATION OF TAX IN SPECIAL CASES | 190-195 Part A.—Determination of tax in certain special cases |
| 196-198 Part B.—Special provisions relating to tax on capital gains | ||
| 199-205 Part C.—New tax regime | ||
| 206-206 Part D.––Special provisions relating to minimum alternate tax and alternate minimum tax | ||
| 207-220 Part E.—Special provisions relating to non-residents and foreign company | ||
| 221-224 Part F.—Special provisions relating to pass-through entities | ||
| 225-235 Part G.––Special provisions relating to income of shipping companies | ||
| CHAPTER XIV | TAX ADMINISTRATION | 236-245 Part A.—Authorities, jurisdiction and functions |
| 246-261 Part B.—Powers | ||
| CHAPTER XV | RETURN OF INCOME | 262-262 Part-A.––Allotment of Permanent Account Number |
| 263-267 Part B.––Filing of return of income and processing | ||
| CHAPTER XVI | PROCEDURE FOR ASSESSMENT | 268-291 Part A.—Procedure for assessment |
| 292-301 Part B.––Special procedure for assessment of search cases | ||
| CHAPTER XVII | SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS | 302-331 Part A.––Association of persons, firm, Hindu undivided family, etc. |
| 332-355 Part B.––Special Provisions for Registered non-profit organisation | ||
| CHAPTER XVIII | APPEALS, REVISION AND ALTERNATE DISPUTE RESOLUTIONS | 356-374 Part A.––Appeals |
| 375-376 Part B.––Special provisions for avoiding repetitive appeals | ||
| 377-378 Part C.––Revision by the Principal Commissioner or Commissioner. | ||
| 379-389 Part D.––Alternate dispute resolutions | ||
| CHAPTER XIX | COLLECTION AND RECOVERY OF TAX | 390-391 Part A.––General |
| 392-402 Part B.––Deduction and collection at source | ||
| 403-410 Part C.––Advance payment of tax | ||
| 411-422 Part D.––Collection and recovery | ||
| 423-430 Part E.––Interest chargeable in certain cases | ||
| CHAPTER XX | REFUNDS | 431-438 |
| CHAPTER XXI | PENALTIES | 439-472 |
| CHAPTER XXII | OFFENCES AND PROSECUTION | 473-498 |
| CHAPTER XXIII | MISCELLANEOUS | 499-536 |
| SCHEDULE I | CONDITIONS FOR CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS CONNECTION IN INDIA | 9(12) |
| SCHEDULE II | INCOME NOT TO BE INCLUDED IN TOTAL INCOME | 11 |
| SCHEDULE III | INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS | 11 |
| SCHEDULE IV | INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE NON-RESIDENTS, FOREIGN COMPANIES AND OTHER SUCH PERSONS | 11 |
| SCHEDULE V | INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCLUDING INVESTMENT FUNDS, BUSINESS TRUSTS AND THEIR UNIT HOLDERS | 11 |
| SCHEDULE VI | INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN INTERNATIONAL FINANCIAL SERVICES CENTRE OR HAVING INCOME THEREFROM | 11 |
| SCHEDULE VII | PERSONS EXEMPT FROM TAX | 11 |
| SCHEDULE VIII | INCOME NOT TO BE INCLUDED IN THE TOTAL INCOME OF POLITICAL PARTIES AND ELECTORAL TRUSTS | 12 |
| 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” | 48 |
| SCHEDULE X | DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD “PROFITS AND GAINS OF BUSINESS OR PROFESSION | 49 |
| SCHEDULE XI | PART A RECOGNISED PROVIDENT FUNDS PART B APPROVED SUPERANNUATION FUNDS AND GRATUITY FUNDS 2(9) & 2(10) PART C POWER TO MAKE RULES FOR PROVIDENT FUNDS, SUPERANNUATION FUNDS AND GRATUITY FUNDS |
2(91) |
| SCHEDULE XII | PART A MINERALS PART B GROUPS OF ASSOCIATED MINERALS |
51 |
| SCHEDULE XIII | LIST OF ARTICLES OR THINGS | 45(2)(c) and (d) |
| SCHEDULE XIV | INSURANCE BUSINESS | 55 |
| SCHEDULE XV | DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC. | 123 |
| SCHEDULE XVI | PERMITTED MODES OF INVESTMENT OR DEPOSITS FORMS OR MODES OF INVESTMENT OR DEPOSITS BY A CHARITABLE OR RELIGIOUS TRUST OR INSTITUTION | 350 |
Arrangement of clauses in this bill is as follows:
| Clauses | Headings |
| 1 | Short title, extent and commencement |
| 2 | Definitions |
| 3 | Definition of “tax year” |
| 4 | Charge of income-tax |
| 5 | Scope of total income |
| 6 | Residence in India |
| 7 | Income deemed to be received |
| 8 | Income on receipt of capital asset or stock-in-trade by specified person from specified entity |
| 9 | Income deemed to accrue or arise in India |
| 10 | Apportionment of income between spouses governed by Portuguese Civil Code |
| 11 | Incomes not included in total income. |
| 12 | Incomes not included in total income of political parties and electoral trusts |
| 13 | Heads of income |
| 14 | Income not forming part of total income and expenditure in relation to such income |
| 15 | Salaries |
| 16 | Income from salary |
| 17 | Perquisite |
| 18 | Profits in lieu of salary |
| 19 | Deductions from salaries |
| 20 | Income from house property |
| 21 | Determination of annual value |
| 22 | Deductions from income from house property |
| 23 | Arrears of rent and unrealised rent received subsequently |
| 24 | Property owned by co-owners |
| 25 | Interpretation |
| 26 | Income under head “Profits and gains of business or profession” |
| 27 | Manner of computing profits and gains of business or profession |
| 28 | Rent, rates, taxes, repairs and insurance |
| 29 | Deductions related to employee welfare |
| 30 | Deduction on certain premium |
| 31 | Deduction for bad debt and provision for bad and doubtful debt |
| 32 | Other deductions |
| 33 | Deduction for depreciation |
| 34 | General conditions for allowable deductions |
| 35 | Amounts not deductible in certain circumstances |
| 36 | Expenses or payments not deductible in certain circumstances |
| 37 | Certain deductions allowed on actual payment basis only |
| 38 | Certain sums deemed as profits and gains of business or profession |
| 39 | Computation of actual cost |
| 40 | Special provision for computation of cost of acquisition of certain assets |
| 41 | Written down value of depreciable asset |
| 42 | Capitalising the impact of foreign exchange fluctuation |
| 43 | Taxation of foreign exchange fluctuation |
| 44 | Amortisation of certain preliminary expenses |
| 45 | Expenditure on scientific research |
| 46 | Capital expenditure of specified business |
| 47 | Expenditure on agricultural extension project and skill development project |
| 48 | Tea development account, coffee development account and rubber development account |
| 49 | Site Restoration Fund |
| 50 | Special provision in the case of trade, profession or similar association |
| 51 | Amortisation of expenditure for prospecting certain minerals |
| 52 | Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc |
| 53 | Full value of consideration for transfer of assets other than capital assets in certain cases |
| 54 | Business of prospecting for mineral oils |
| 55 | Insurance business |
| 56 | Special provision in case of interest income of specified financial institutions |
| 57 | Revenue recognition for construction and service contracts |
| 58 | Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents |
| 59 | Chargeability of royalty and fee for technical services in hands of non-residents |
| 60 | Deduction of head office expenditure in case of non-residents |
| 61 | Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents |
| 62 | Maintenance of books of account |
| 63 | Tax audit |
| 64 | Facilitating payments in electronic modes |
| 65 | Special provision for computing deductions in case of business reorganisation of co-operative banks |
| 66 | Interpretation |
| 67 | Capital gains |
| 68 | Capital gains on distribution of assets by companies in liquidation |
| 69 | Capital gains on purchase by company of its own shares or other specified securities |
| 70 | Transactions not regarded as transfer |
| 71 | Withdrawal of exemption in certain cases |
| 72 | Mode of computation of capital gains |
| 73 | Cost with reference to certain modes of acquisition |
| 74 | Special provision for computation of capital gains in case of depreciable assets |
| 75 | Special provision for cost of acquisition in case of depreciable asset |
| 76 | Special provision for computation of capital gains in case of Market Linked Debenture |
| 77 | Special provision for computation of capital gains in case of slump sale |
| 78 | Special provision for full value of consideration in certain cases |
| 79 | Special provision for full value of consideration for transfer of share other than quoted share |
| 80 | Fair market value deemed to be full value of consideration in certain cases |
| 81 | Advance money received |
| 82 | Profit on sale of property used for residence |
| 83 | Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases |
| 84 | Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases |
| 85 | Capital gains not to be charged on investment in certain bonds |
| 86 | Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house |
| 87 | Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area |
| 88 | Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone |
| 89 | Extension of time for acquiring new asset or depositing or investing amount of capital gains |
| 90 | Meaning of “adjusted”, “cost of improvement” and “cost of acquisition” |
| 91 | Reference to Valuation Officer |
| 92 | Income from other sources |
| 93 | Deductions |
| 94 | Amounts not deductible |
| 95 | Profits chargeable to tax |
| 96 | Transfer of income without transfer of assets |
| 97 | Chargeability of income in transfer of assets |
| 98 | “Transfer” and “revocable transfer” defined |
| 99 | Income of individual to include income of spouse, minor child, etc |
| 100 | Liability of person in respect of income included in income of another person |
| 101 | Total income |
| 102 | Unexplained credits |
| 103 | Unexplained investment |
| 104 | Unexplained asset |
| 105 | Unexplained expenditure |
| 106 | Amount borrowed or repaid through negotiable instrument, hundi, etc |
| 107 | Charge of tax |
| 108 | Set off of losses under the same head of income |
| 109 | Set off of losses under any other head of income |
| 110 | Carry forward and set off of loss from house property |
| 111 | Carry forward and set off of loss from capital gains |
| 112 | Carry forward and set off of business loss |
| 113 | Set off and carry forward of losses from speculation business |
| 114 | Set off and carry forward of losses from specified business |
| 115 | Set off and carry forward of losses from specified activity |
| 116 | Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc |
| 117 | Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases |
| 118 | Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks |
| 119 | Carry forward and set off of losses not permissible in certain cases |
| 120 | No set off of losses against undisclosed income consequent to search, requisition and survey |
| 121 | Submission of return for losses |
| 122 | Deductions to be made in computing total income |
| 123 | Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc |
| 124 | Deduction in respect of employer contribution to pension scheme of Central Government |
| 125 | Deduction in respect of contribution to Agnipath Scheme |
| 126 | Deduction in respect of health insurance premia |
| 127 | Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability |
| 128 | Deduction in respect of medical treatment, etc |
| 129 | Deduction in respect of interest on loan taken for higher education |
| 130 | Deduction in respect of interest on loan taken for residential house property |
| 131 | Deduction in respect of interest on loan taken for certain house property |
| 132 | Deduction in respect of purchase of electric vehicle |
| 133 | Deduction in respect of donations to certain funds, charitable institutions, etc |
| 134 | Deductions in respect of rents paid |
| 135 | Deduction in respect of certain donations for scientific research or rural development |
| 136 | Deduction in respect of contributions given by companies to political parties |
| 137 | Deduction in respect of contributions given by any person to political parties |
| 138 | Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc |
| 139 | Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone |
| 140 | Special provision in respect of specified business |
| 141 | Deduction in respect of profits and gains from certain industrial undertakings |
| 142 | Deductions in respect of profits and gains from housing projects |
| 143 | Special provisions in respect of certain undertakings in North-Eastern States |
| 144 | Special provisions in respect of newly established Units in Special Economic Zones |
| 145 | Deduction for businesses engaged in collecting and processing of bio-degradable waste |
| 146 | Deduction in respect of additional employee cost |
| 147 | Deductions for income of Offshore Banking Units and Units of International Financial Services Centre |
| 148 | Deduction in respect of certain inter-corporate dividends |
| 149 | Deduction in respect of income of co-operative societies |
| 150 | Deduction in respect of certain income of Producer Companies |
| 151 | Deduction in respect of royalty income, etc. , of authors of certain books other than text-books |
| 152 | Deduction in respect of royalty on patents |
| 153 | Deduction for interest on deposits |
| 154 | Deduction in case of a person with disability |
| 155 | Rebate to be allowed in computing income-tax |
| 156 | Rebate of income-tax in case of certain individuals |
| 157 | Relief when salary, etc. , is paid in arrears or in advance |
| 158 | Relief from taxation in income from retirement benefit account maintained in a notified country |
| 159 | Agreement with foreign countries or specified territories and adoption by Central Government of agreement between specified associations for double taxation relief |
| 160 | Countries with which no agreement exists |
| 161 | Computation of income from international transaction and specified domestic transaction having regard to arm’s length price |
| 162 | Meaning of associated enterprise |
| 163 | Meaning of international transaction |
| 164 | Meaning of specified domestic transaction |
| 165 | Determination of arm’s length price |
| 166 | Reference to Transfer Pricing Officer |
| 167 | Power of Board to make safe harbour rules |
| 168 | Advance pricing agreement |
| 169 | Effect to advance pricing agreement |
| 170 | Secondary adjustment in certain cases |
| 171 | Maintenance, keeping and furnishing of information and document by certain persons |
| 172 | Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction |
| 173 | Definitions of certain terms relevant to determination of arm’s length price, etc |
| 174 | Avoidance of income-tax by transactions resulting in transfer of income to non-residents |
| 175 | Avoidance of tax by certain transactions in securities |
| 176 | Special measures in respect of transactions with persons located in notified jurisdictional area |
| 177 | Limitation on interest deduction in certain cases |
| 178 | Applicability of General Anti-Avoidance Rule |
| 179 | Impermissible avoidance arrangement |
| 180 | Arrangement to lack commercial substance |
| 181 | Consequences of impermissible avoidance arrangement |
| 182 | Treatment of connected person and accommodating party |
| 183 | Application of this Chapter |
| 184 | Interpretation |
| 185 | Mode of taking or accepting certain loans, deposits and specified sum |
| 186 | Mode of undertaking transactions |
| 187 | Acceptance of payment through prescribed electronic modes |
| 188 | Mode of repayment of certain loans or deposits |
| 189 | Interpretation |
| 190 | Determination of tax where total income includes income on which no tax is payable |
| 191 | Tax on accumulated balance of recognised provident fund |
| 192 | Tax in case of block assessment of search cases |
| 193 | Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer |
| 194 | Tax on certain incomes |
| 195 | Tax on income referred to in section 102 or 103 or 104 or 105 or 106 |
| 196 | Tax on short-term capital gains in certain cases |
| 197 | Tax on long-term capital gains |
| 198 | Tax on long-term capital gains in certain cases |
| 199 | Tax on income of certain manufacturing domestic companies |
| 200 | Tax on income of certain domestic companies |
| 201 | Tax on income of new manufacturing domestic companies |
| 202 | New tax regime for individuals, Hindu undivided family and others |
| 203 | Tax on income of certain resident co-operative societies |
| 204 | Tax on income of certain new manufacturing co-operative societies |
| 205 | Conditions for tax on income of certain companies and cooperative societies |
| 206 | Special provision for minimum alternate tax and alternate minimum tax |
| 207 | Tax on dividends, royalty and technical service fees in case of foreign companies |
| 208 | Tax on income from units purchased in foreign currency or capital gains arising from their transfer |
| 209 | Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer |
| 210 | Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer |
| 211 | Tax on non-resident sportsmen or sports associations |
| 212 | Interpretation |
| 213 | Special provision for computation of total income of non-residents |
| 214 | Tax on investment income and long-term capital gains |
| 215 | Capital gains on transfer of foreign exchange assets not to be charged in certain cases |
| 216 | Return of income not to be furnished in certain cases |
| 217 | Benefit to be available in certain cases even after assessee becomes resident |
| 218 | Provisions not to apply if the assessee so chooses |
| 219 | Conversion of an Indian branch of foreign company into subsidiary Indian company |
| 220 | Foreign company said to be resident in India |
| 221 | Tax on income from securitisation trusts |
| 222 | Tax on income in case of venture capital undertakings |
| 223 | Tax on income of unit holder and business trust |
| 224 | Tax on income of investment fund and its unit holders |
| 225 | Income from the business of operating qualifying ships |
| 226 | Tonnage tax scheme |
| 227 | Computation of tonnage income |
| 228 | Relevant shipping income and exclusion from book profit |
| 229 | Depreciation and gains relating to tonnage tax assets |
| 230 | Exclusion of deduction, loss, set off, etc |
| 231 | Method of opting of tonnage tax scheme and validity |
| 232 | Certain conditions for applicability of tonnage tax scheme |
| 233 | Amalgamation and demerger |
| 234 | Avoidance of tax and exclusion from tonnage tax scheme |
| 235 | Interpretation |
| 236 | Income-tax authorities |
| 237 | Appointment of income-tax authorities |
| 238 | Control of income-tax authorities |
| 239 | Instructions to subordinate authorities |
| 240 | Taxpayer’s Charter |
| 241 | Jurisdiction of income-tax authorities |
| 242 | Jurisdiction of Assessing Officers |
| 243 | Power to transfer cases |
| 244 | Change of incumbent of an office |
| 245 | Faceless jurisdiction of income-tax authorities |
| 246 | Power regarding discovery, production of evidence, etc |
| 247 | Search and seizure |
| 248 | Powers to requisition |
| 249 | Reasons not to be disclosed |
| 250 | Application of seized or requisitioned assets |
| 251 | Copying, extraction, retention and release of books of account and documents seized or requisitioned |
| 252 | Power to call for information |
| 253 | Powers of survey |
| 254 | Power to collect certain information |
| 255 | Power to inspect registers of companies |
| 256 | Power of competent authority |
| 257 | Proceedings before income-tax authorities to be judicial proceedings |
| 258 | Disclosure of information relating to assessees |
| 259 | Power to call for information by prescribed income-tax authority |
| 260 | Faceless collection of information |
| 261 | Interpretation |
| 262 | Permanent Account Number |
| 263 | Return of income |
| 264 | Scheme for submission of returns through tax return preparers |
| 265 | Return by whom to be verified |
| 266 | Self-assessment |
| 267 | Tax on updated return |
| 268 | Inquiry before assessment |
| 269 | Estimation of value of assets by Valuation Officer |
| 270 | Assessment |
| 271 | Best judgment assessment |
| 272 | Power of Joint Commissioner to issue directions in certain cases |
| 273 | Faceless Assessment |
| 274 | Reference to Principal Commissioner or Commissioner in certain cases |
| 275 | Reference to Dispute Resolution Panel |
| 276 | Method of accounting |
| 277 | Method of accounting in certain cases |
| 278 | Taxability of certain income |
| 279 | Income escaping assessment |
| 280 | Issue of notice |
| 281 | Procedure before issuance of notice under section 280 |
| 282 | Time limit for notices under sections 280 and 281 |
| 283 | Provision for cases where assessment is in pursuance of an order on appeal, etc |
| 284 | Sanction for issue of notice |
| 285 | Other provisions |
| 286 | Time limit for completion of assessment, reassessment and recomputation |
| 287 | Rectification of mistake |
| 288 | Other amendments |
| 289 | Notice of demand |
| 290 | Modification and revision of notice in certain cases |
| 291 | Intimation of loss |
| 292 | Assessment of income pertaining to the block period |
| 293 | Computation of total income of block period |
| 294 | Procedure for block assessment |
| 295 | Undisclosed income of any other person |
| 296 | Time-limit for completion of block assessment |
| 297 | Certain interests and penalties not to be levied or imposed |
| 298 | Levy of interest and penalty in certain cases |
| 299 | Authority competent to make assessment of block period |
| 300 | Application of other provisions of Act |
| 301 | Interpretation |
| 302 | Legal representative |
| 303 | Representative assessee |
| 304 | Liability of representative assessee |
| 305 | Right of representative assessee to recover tax paid |
| 306 | Who may be regarded as agent |
| 307 | Charge of tax where share of beneficiaries unknown |
| 308 | Charge of tax in case of oral trust |
| 309 | Method of computing a member’s share in income of association of persons or body of individuals |
| 310 | Share of member of an association of persons or body of individuals in income of association or body |
| 311 | Charge of tax where shares of members in association of persons or body of individuals unknown, etc |
| 312 | Executor |
| 313 | Succession to business or profession otherwise than on death |
| 314 | Effect of order of tribunal or court in respect of business reorganisation |
| 315 | Assessment after partition of a Hindu undivided family |
| 316 | Shipping business of non-residents |
| 317 | Assessment of persons leaving India. |
| 318 | Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose |
| 319 | Assessment of persons likely to transfer property to avoid tax |
| 320 | Discontinued business |
| 321 | Association dissolved or business discontinued |
| 322 | Company in liquidation |
| 323 | Liability of directors of private company |
| 324 | Charge of tax in case of a firm |
| 325 | Assessment as a Firm |
| 326 | Assessment when section 325 not complied with |
| 327 | Change in constitution of a firm |
| 328 | Succession of one firm by another firm |
| 329 | Joint and several liability of partners for tax payable by firm |
| 330 | Firm dissolved or business discontinued |
| 331 | Liability of partners of limited liability partnership in liquidation |
| 332 | Application for registration |
| 333 | Switching over of regimes |
| 334 | Tax on income of registered non-profit organisation |
| 335 | Regular income |
| 336 | Taxable regular income |
| 337 | Specified income |
| 338 | Income not to be included in regular income |
| 339 | Corpus donation |
| 340 | Deemed corpus donation |
| 341 | Application of income |
| 342 | Accumulated income |
| 343 | Deemed accumulated income |
| 344 | Business undertaking held as property |
| 345 | Restriction on commercial activities by a registered non-profit organisation |
| 346 | Restriction on commercial activities by registered non-profit organisation carrying out advancement of any other object of general public utility |
| 347 | Books of account |
| 348 | Audit |
| 349 | Return of income |
| 350 | Permitted modes of investment |
| 351 | Specified violation |
| 352 | Tax on accreted income |
| 353 | Other violations |
| 354 | Application for approval for purpose of section 133(1)(b)(ii) |
| 355 | Interpretation |
| 356 | Appealable orders before Joint Commissioner (Appeals) |
| 357 | Appealable orders before Commissioner (Appeals) |
| 358 | Form of appeal and limitation |
| 359 | Procedure in appeal |
| 360 | Powers of Joint Commissioner (Appeals) or Commissioner (Appeals) |
| 361 | Appellate Tribunal |
| 362 | Appeals to Appellate Tribunal |
| 363 | Orders of Appellate Tribunal |
| 364 | Procedure of Appellate Tribunal |
| 365 | Appeal to High Court |
| 366 | Case before High Court to be heard by not less than two Judges |
| 367 | Appeal to Supreme Court |
| 368 | Hearing before Supreme Court |
| 369 | Tax to be paid irrespective of appeal, etc |
| 370 | Execution for costs awarded by Supreme Court |
| 371 | Amendment of assessment on appeal |
| 372 | Exclusion of time taken for copy |
| 373 | Filing of appeal by income-tax authority |
| 374 | Interpretation of “High Court” |
| 375 | Procedure when assessee claims identical question of law is pending before High Court or Supreme Court |
| 376 | Procedure where an identical question of law is pending before High Courts or Supreme Court |
| 377 | Revision of orders prejudicial to revenue |
| 378 | Revision of other orders |
| 379 | Dispute Resolution Committee |
| 380 | Interpretation |
| 381 | Board for Advance Rulings |
| 382 | Vacancies, etc. , not to invalidate proceedings |
| 383 | Application for advance ruling |
| 384 | Procedure on receipt of application |
| 385 | Appellate authority not to proceed in certain cases |
| 386 | Advance ruling to be void in certain circumstances |
| 387 | Powers of the Board for Advance Rulings |
| 388 | Procedure of Board for Advance Rulings |
| 389 | Appeal |
| 390 | Deduction or collection at source and advance payment |
| 391 | Direct payment |
| 392 | Salary and accumulated balance due to an employee |
| 393 | Tax to be deducted at source |
| 394 | Collection of tax at source |
| 395 | Certificates |
| 396 | Tax deducted is income received |
| 397 | Compliance and reporting |
| 398 | Consequences of failure to deduct or pay or, collect or pay |
| 399 | Processing |
| 400 | Power of Central Government to relax provisions of this Chapter |
| 401 | Bar against direct demand on assessee |
| 402 | Interpretation |
| 403 | Liability for payment of advance tax |
| 404 | Conditions of liability to pay advance tax |
| 405 | Computation of advance tax |
| 406 | Payment of advance tax by assessee on his own accord |
| 407 | Payment of advance tax by assessee in pursuance of order of Assessing Officer |
| 408 | Instalments of advance tax and due dates |
| 409 | When assessee is deemed to be in default |
| 410 | Credit for advance tax |
| 411 | When tax payable and when assessee deemed in default |
| 412 | Penalty payable when tax in default |
| 413 | Certificate by Tax Recovery Officer and Validity thereof |
| 414 | Tax Recovery Officer by whom recovery is to be effected |
| 415 | Stay of proceedings in pursuance of certificate and amendment or cancellation thereof |
| 416 | Other modes of recovery |
| 417 | Recovery through State Government |
| 418 | Recovery of tax in pursuance of agreements with foreign countries |
| 419 | Recovery of penalties, fine, interest and other sums |
| 420 | Tax clearance certificate |
| 421 | Recovery by suit or under other law not affected |
| 422 | Recovery of tax arrear in respect of non-resident from his assets |
| 423 | Interest for defaults in furnishing return of income |
| 424 | Interest for defaults in payment of advance tax |
| 425 | Interest for deferment of advance tax |
| 426 | Interest on excess refund |
| 427 | Fee for default in furnishing statements |
| 428 | Fee for default in furnishing return of income |
| 429 | Fee for default relating to statement or certificate |
| 430 | Fee for default relating to intimation of aadhaar number |
| 431 | Refunds |
| 432 | Person entitled to claim refund in certain special cases |
| 433 | Form of claim for refund and limitation |
| 434 | Refund for denying liability to deduct tax in certain cases |
| 435 | Refund on appeal, etc |
| 436 | Correctness of assessment not to be questioned |
| 437 | Interest on refunds |
| 438 | Set off and withholding of refunds in certain cases |
| 439 | Penalty for under-reporting and misreporting of income |
| 440 | Immunity from imposition of penalty, etc |
| 441 | Failure to keep, maintain or retain books of account, documents, etc |
| 442 | Penalty for failure to keep and maintain information and document, etc. , in respect of certain transactions |
| 443 | Penalty in respect of certain income |
| 444 | Penalty for false entry, etc. , in books of account |
| 445 | Benefits to related persons |
| 446 | Failure to get accounts audited |
| 447 | Penalty for failure to furnish report under section 172 |
| 448 | Penalty for failure to deduct tax at source |
| 449 | Penalty for failure to collect tax at source |
| 450 | Penalty for failure to comply with the provisions of section 185 |
| 451 | Penalty for failure to comply with provisions of section 186 |
| 452 | Penalty for failure to comply with provisions of section 187 |
| 453 | Penalty for failure to comply with provisions of section 188 |
| 454 | Penalty for failure to furnish statement of financial transaction or reportable account |
| 455 | Penalty for furnishing inaccurate statement of financial transaction or reportable account |
| 456 | Penalty for failure to furnish statement or information or document by an eligible investment fund |
| 457 | Penalty for failure to furnish information or document under section 171 |
| 458 | Penalty for failure to furnish information or document under section 506 |
| 459 | Penalty for failure to furnish report or for furnishing inaccurate report under section 511 |
| 460 | Penalty for failure to submit statement under section 505 |
| 461 | Penalty for failure to furnish statements, etc |
| 462 | Penalty for failure to furnish information or furnishing inaccurate information under section 397(3)(d) |
| 463 | Penalty for furnishing incorrect information in reports or certificates |
| 464 | Penalty for failure to furnish statements, etc |
| 465 | Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc |
| 466 | Penalty for failure to comply with the provisions of section 254 |
| 467 | Penalty for failure to comply with the provisions of section 262 |
| 468 | Penalty for failure to comply with the provisions of section 397(1) |
| 469 | Power to reduce or waive penalty, etc. , in certain cases |
| 470 | Penalty not to be imposed in certain cases |
| 471 | Procedure |
| 472 | Bar of limitation for imposing penalties |
| 473 | Contravention of order made under section 247 |
| 474 | Failure to comply with section 247(1)(b)(ii) |
| 475 | Removal, concealment, transfer or delivery of property to prevent tax recovery |
| 476 | Failure to pay tax to credit of Central Government under Chapter XIX-B |
| 477 | Failure to pay tax collected at source |
| 478 | Wilful attempt to evade tax, etc |
| 479 | Failure to furnish returns of income |
| 480 | Failure to furnish return of income in search cases |
| 481 | Failure to produce accounts and documents |
| 482 | False statement in verification, etc |
| 483 | Falsification of books of account or document, etc |
| 484 | Abetment of false return, etc |
| 485 | Punishment for second and subsequent offences |
| 486 | Punishment not to be imposed in certain cases |
| 487 | Offences by companies |
| 488 | Offences by Hindu undivided family |
| 489 | Presumption as to assets, books of account, etc. , in certain cases |
| 490 | Presumption as to culpable mental state |
| 491 | Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner |
| 492 | Certain offences to be non-cognizable |
| 493 | Proof of entries in records or documents |
| 494 | Disclosure of particulars by public servants |
| 495 | Special Courts |
| 496 | Offences triable by Special Court |
| 497 | Trial of offences as summons case |
| 498 | Application of Bharatiya Nagarik Suraksha Sanhita, 2023 to proceedings before Special Court |
| 499 | Certain transfers to be void |
| 500 | Provisional attachment to protect revenue in certain cases |
| 501 | Service of notice, generally |
| 502 | Authentication of notices and other documents |
| 503 | Service of notice when family is disrupted or firm, etc. , is dissolved |
| 504 | Service of notice in case of discontinued business |
| 505 | Submission of statement by a non-resident having liaison office |
| 506 | Furnishing of information or documents by an Indian concern in certain cases |
| 507 | Submission of statements by producers of cinematograph films or persons engaged in specified activity |
| 508 | Obligation to furnish statement of financial transaction or reportable account |
| 509 | Obligation to furnish information on transaction of crypto-asset |
| 510 | Annual information statement |
| 511 | Furnishing of report in respect of international group |
| 512 | Publication of information respecting assessees in certain cases |
| 513 | Appearance by registered valuer in certain matters |
| 514 | Registration of Valuers |
| 515 | Appearance by authorised representative |
| 516 | Rounding off of amount of total income, or tax payable or refundable |
| 517 | Receipt to be given |
| 518 | Indemnity |
| 519 | Power to tender immunity from prosecution |
| 520 | Cognizance of offences |
| 521 | Probation of Offenders Act, 1958 and section 401 of Bharatiya Nagarik Suraksha Sanhita, 2023, not to apply |
| 522 | Return of income, etc. , not to be invalid on certain grounds |
| 523 | Notice deemed to be valid in certain circumstances |
| 524 | Presumption as to assets, books of account, etc |
| 525 | Authorisation and assessment in case of search or requisition |
| 526 | Bar of suits in civil courts |
| 527 | Power to make exemption, etc. , in relation to participation in business of prospecting for, extraction, etc. , of mineral oils. |
| 528 | Power of Central Government or Board to condone delays in obtaining approval |
| 529 | Power to withdraw approval |
| 530 | Act to have effect pending legislative provision for charge of tax |
| 531 | Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961 |
| 532 | Power to frame Schemes |
| 533 | Power to make rules |
| 534 | Laying before Parliament |
| 535 | Removal of difficulties |
| 536 | Repeal and savings |
According to Notes on Clauses on this bill:
Clause 1 of the Bill provides for the short title, extent and commencement of the proposed legislation.
Clause 2 of the Bill provides for definition of various terms and expressions used in the proposed legislation.
Clause 3 of the Bill provides for definition of “tax year”. Clause 4 of the Bill provides for charge of income-tax.
Clause 5 of the Bill defines the scope of total income for a person who is a resident or a non-resident in India.
Clause 6 of the Bill seeks to provide for the conditions for determining the residential status of a person in India.
Clause 7 of the Bill seeks to deal with income deemed to be received.
Clause 8 of the Bill provides for income on receipt of capital asset or stock in trade by specified person from specified entity.
Clause 9 of the Bill provides for income deemed to accrue or arise in India, including those from a business connection and provides the source rule for income from Interest, dividend, royalty, fee for technical services, transfer of a capital asset situated in India, etc.
Clause 10 of the Bill deals with apportionment of income between spouses governed by Portuguese Civil Code.
Clause 11 of the Bill seeks to provide for incomes not included in total income and, inter alia, provides for details of certain income enumerated in Schedules II, III, IV, V and VI which are not to be included in computing the total income of any person for a tax year. It also deals with certain persons enumerated in Schedule VII who are not chargeable to tax under the proposed legislation for a tax year.
Clause 12 of the Bill provides for income not to be included in total income of political parties and electoral trust enumerated in Schedule VIII which are not to be included in computing their total income for a tax year.
Clause 13 of the Bill provides for classification under various heads of income for the purposes of charge of income-tax and computation of total income.
Clause 14 of the Bill provides for disallowance of certain expenditure incurred in relation to income which does not form part of the total income and expenditure in relation to such income.
Clause 15 of the Bill provides for under the head salaries.
Clause 16 of the Bill provides for different payments made by an employer to an employee which may be taxed under this head of income which include wages, annuity or pension, gratuity, commission, perquisites, profits in lieu of salary, leave encashment, etc.
Clause 17 of the Bill provides for exclusion of certain benefits from the definition of perquisites.
Clause 18 of the Bill seeks to define different payments in the nature of “profits in lieu of salary” and also seeks to specify the payments that are not to be regarded as “profits in lieu of salary”.
Clause 19 of the Bill provides for deductions available against salary income. It also seeks to provide for calculation of the eligible amount of deduction with the help of formula.
Clause 20 of the Bill provides for the charge of income-tax under the head “Income from house property” on the annual value of property consisting of any buildings or lands appurtenant thereto.
Clause 21 of the Bill provides for determination of annual value and also seeks to define the annual value of property.
Clause 22 of the Bill provides for deductions from income from house property.
Clause 23 of the Bill provides for taxability of arrears or unrealised rent received subsequently irrespective of ownership of the property in tax year.
Clause 24 of the Bill provides for taxability of co-owners of the property with definite and ascertainable shares.
Clause 25 of the Bill provides for interpretation relating to Chapter IV-C and definition of an “owner” in relation to a property.
Clause 26 of the Bill seeks to provide charging of income-tax on income under the head “Profits and gains of business or profession”. It further seeks to provide inclusive definition of income under the head “Profits and gains of business or profession”.
Clause 27 of the Bill provides for the manner of computing income under the head “Profits and gains of business or profession”.
Clause 28 of the Bill provides for deduction for expenses on account of rent, repairs, insurance premium, local taxes, etc.
Clause 29 of the Bill seeks to provide the deduction related to employee welfare including contribution to various funds, etc., that need to be allowed while computing the income under the head “Profits and gains of business or profession”.
Clauses 30 to 32 of the Bill provides for deduction on expenditure incurred towards insurance premium relating to destruction of stock, provision for bad debts, written off, bonus, commission paid to employees, interest paid on borrowed capital.
Clause 33 of the Bill provides for deduction in respect of tangible and intangible assets owned and used for the purposes of business.
Clause 34 of the Bill provides for general conditions for allowing expenditure (other than capital and personal expenditure) incurred wholly and exclusively for the purposes of business or profession being carried on by assessee.
Clauses 35 and 36 of the Bill provides for amounts not to be allowed while computing the income under the head “Profit and gains of business or profession”. 37 of the Bill provides for certain deductions allowed on certain expenditures which is to be made only on actual payment basis.
Clause 38 of the Bill provides for certain sums that are liable to be deemed as profit and gains of business or profession where the sums have been earlier allowed as expenditure or deduction for the purpose of computation of income.
Clause 39 of the Bill provides for certain definitions such as actual cost, written down value, speculative transactions, etc.
Clause 40 of the Bill provides for special provision for computation of cost of acquisition of certain assets.
Clause 41 of the Bill provides for written down value of depreciable asset and, inter alia, provides certain definitions such as actual cost, written down value, speculative transactions, etc.
Clauses 42 and 43 of the Bill provide for capitalising the impact of foreign exchange fluctuation and taxation of foreign exchange fluctuation at the time of acquisition of assets and payments therefor in foreign currency by appropriately adding or reducing the quantum of variation in such liability. The said clauses further provide for treating profits or loss on account of fluctuation in exchange rate.
Clause 44 of the Bill provides for amortisation of certain preliminary expenses insured by specified businesses before commencement of such businesses.
Clause 45 of the Bill provides for deduction of certain capital expenditure (other than cost of land) or revenue expenditure incurred for scientific research.
Clause 46 of the Bill provides for deduction of certain capital expenditure of specified business incurred subject to fulfilment of certain conditions.
Clause 47 of the Bill provides for deduction of expenses incurred for agricultural extension projects and skill development projects.
Clauses 48 and 49 of the Bill provide for tea development account, coffee development account and rubber development account and Site Restoration Fund which, inter alia, seek to deal with deduction of deposits in tea, coffee or rubber development accounts by the assessee or site restoration account engaged in prospecting or extracting or producing petroleum or natural gas or both.
Clause 50 of the Bill provides for deduction in the case of specified associations for the interest and welfare of members of such association when there is a shortfall in expenditure for the welfare of its members with reference to contributions by its members.
Clause 51 of the Bill provides for amortisation of expenditure for prospecting certain minerals.
Clause 52 of the Bill provides for amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc., and deductions for spectrum or license fee paid in the telecommunication business.
Clause 53 of the Bill provides for full value of consideration for transfer of assets other than capital assets in certain cases and for adoption of stamp duty value as full value of consideration at the time of transfer of assets (other than capital assets) in specific cases.
Clause 54 of the Bill provides for deduction of certain capital expenditure / expenses incurred in business of prospecting for mineral oils
Clause 55 of the Bill provides for the manner of computation of profits or gains in cases of insurance business.
Clause 56 of the Bill provides for computation of interest income of specified financial institutions.
Clause 57 of the Bill provides for revenue recognition for construction and service contracts.
Clause 58 of the Bill provides for special provision for computing profits and gains of business of profession on presumptive basis in case of certain residents.
Clause 59 of the Bill provides for chargeability of royalty and fee for technical services in hands of non-residents.
Clause 60 of the Bill seeks to provide the manner for computation for allowing the deduction of head office expenditure in case of non-residents.
Clause 61 of the Bill provides for special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
Clause 62 of the Bill provides for maintenance of books of accounts and seeks to deal with maintenance of books of account.
Clause 63 of the Bill provides for tax audit and also provides for auditing of books account by specified accountant under certain conditions.
Clause 64 of the Bill provides for facilitating payments in electronic modes.
Clause 65 of the Bill provides for special provision for computing deductions in case of business reorganisation of co-operative banks.
Clause 66 of the Bill provides for interpretation of Chapter IV-D which deals with various definitions related to income under the head “Profit and gains of business or profession”.
Clause 67 of the Bill provides for capital gains and also seeks to provide the chargeability of Income-tax under the head “Capital gains” for various kinds of transfer of capital assets.
Clause 68 of the Bill provides for capital gains on distribution of assets by companies in liquidation.
Clause 69 of the Bill provides for capital gains arising to shareholders or holders of specified securities, when a company purchases its own shares or specified securities.
Clause 70 of the Bill provides for delineation all the transactions which will not be regarded as transfer of capital asset for taxation as capital gains.
Clause 71 of the Bill provides for conditions wherein exemption from taxation as capital gains are withdrawn.
Clause 72 of the Bill provides for mode of computation of capital gains.
Clause 73 of the Bill provides for the cost of acquisition of the asset with reference to certain modes of acquisition.
Clause 74 of the Bill provides for special provision for computation of capital gains in case of depreciable assets. The said clause seeks to tabulate the methodology for arriving at the cost of acquisition for different capital assets.
Clause 75 of the Bill provides for computation of capital gains with respect to assets that are depreciable, as well as the provision for their cost of acquisition.
Clause 76 of the Bill provides for special provision for computation of capital gains in case of Market Linked Debenture.
Clause 77 of the Bill provides for the computation of capital gains in the scenario of a slump sale of a capital asset.
Clauses 78 and 79 of the Bill provide for special provision for full value of consideration in certain cases and special provision for full value of consideration for transfer of share other than quoted share, respectively.
Clause 80 of the Bill provides for the fair market value shall be deemed to the full value of consideration as a result of transfer of a capital asset by an assessee where the consideration is not ascertainable or cannot be determined.
Clause 81 of the Bill provides for advance money received regarding the transfer of a capital asset.
Clause 82 of the Bill provides for the capital gains arising from profits on sale of residential properties.
Clause 83 of the Bill provides for capital gains on transfer of land used for agricultural purposes not to be charged in certain cases.
Clause 84 of the Bill provides for capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases.
Clause 85 of the Bill provides for capital gains not to be charged on investment in certain specific bonds.
Clause 86 of the Bill provides for non-chargeability of capital gains in specific scenarios of investment in residential house.
Clauses 87 and 88 of the Bill provide for exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area and exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone.
Clause 89 of the Bill provides for scenarios for extension of time for acquiring new assets or depositing or investing amounts, with respect to capital gains.
Clause 90 of the Bill provides for meaning of “adjusted”, “cost of improvement” and “cost of acquisition” and also seeks to delineate the meaning of terms and expressions with respect to capital gains.
Clause 91 of the Bill provides for reference to Valuation Officer for ascertaining the fair market value of a capital asset.
Clause 92 of the Bill provides for a non-exhaustive list of the incomes which are chargeable to tax under the head “Income from other sources”.
Clause 93 of the Bill provides for deductions for eligible expenses for computing the taxable income under the head “Income from other sources”.
Clause 94 of the Bill seeks to enumerate the deductions that are allowable to be set off against incomes referred to in clause 92.
Clause 95 of the Bill seeks to propose that any benefit in cash or otherwise obtained on account of remission or cessation of any liability, for which a deduction has been allowed in an earlier year, shall be taxable in the year in which the benefit has been obtained.
Clause 96 of the Bill seeks to provide that the income which is transferred to any other person without the transfer of the assets from which such income arises shall be clubbed in the income of the transferor but not the transferee (person to whom such income has been transferred).
Clause 97 of the Bill seeks to propose that the provisions relating to the clubbing of income in the hands of transferor and transferee in case where transfer of assets is revocable and the transfer of assets is irrevocable for a specified period.
Clause 98 of the Bill provides for definitions of the expressions “Transfer” and “revocable transfer”.
Clause 99 of the Bill provides for clubbing of income which means adding or including the income of another person (mostly family members) to one’s own income.
Clause 100 of the Bill provides for the tax liability of the person in respect of the income which is included in the income of any other person.
Clause 101 of the Bill provides that in computing the total income of an assessee, there shall be included all income on which no income-tax is payable under sub-part 4 of part A of Chapter XVII.
Clause 102 of the Bill provides for the circumstances or conditions in which any sum found credited in the books of account maintained by the assessee shall be considered as unexplained credits and be included in the total income of the assessee.
Clause 103 of the Bill provides for unexplained investment. It also seeks to provide the circumstances or conditions in which any investment made by the assessee shall be deemed as unexplained investment and be included in the total income of the assessee.
Clause 104 of the Bill provides for the circumstances or conditions in which any asset owned by or belonging to the assessee shall be deemed as unexplained asset and be included in the total income of the assessee.
Clause 105 of the Bill provides for the circumstances or conditions in which any expenditure incurred by the assessee shall be deemed to be unexplained expenditure and be included in the total income of the assessee.
Clause 106 of the Bill seeks to provide that where any amount is borrowed on a hundi and other instruments like hundi from, or any amount due thereon is repaid to, any person otherwise than through an account payee cheque drawn on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or repaying the amount.
Clause 107 of the Bill seeks to provide that income referred to in clauses 102, 103, 104, 105 and 106 shall be charged to tax as per the provisions of clause 195.
Clause 108 of the Bill provides for set off of losses under the same head of income in the manner specified therein.
Clause 109 of the Bill provides for set off of losses under any other head of income in the manner provided therein.
Clause 110 of the Bill provides for carry forward and set off of loss against income from house property.
Clause 111 of the Bill provides for carry forward and set off of loss from capital gains and seeks to provide for carry forward and set off of loss from capital gains. The said clause further defines “unabsorbed capital loss” for this purpose.
Clause 112 of the Bill provides for carry forward and set off of business loss. It further defines the expression “unabsorbed business loss”.
Clause 113 of the Bill provides for set off and carry forward of losses from speculation business and provides for set off and carry forward of losses from speculation business. It also defines the expressions “speculation business” and “unabsorbed speculation business loss”.
Clause 114 of the Bill provides for set off and carry forward of losses from specified business. The said clause also defines the expressions “specified business” and “unabsorbed loss from the specified business”.
Clause 115 of the Bill seeks to provide for set off and carry forward of losses from specified activity.
Clause 116 of the Bill seeks to provide for carry forward and set off of losses and unabsorbed depreciation in case of specified business amalgamation.
Clause 117 of the Bill provides that in a case of amalgamation the accumulated loss and depreciation of amalgamating entity shall be deemed to be loss and depreciation of amalgamated entity specified therein.
Clause 118 of the Bill seeks to provide for carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks.
Clause 119 of the Bill provides for carry forward and set off of losses not permissible in certain cases and also provides that subject to certain conditions specified therein, carry forward and set off of losses shall not be permissible in cases including constitution of firm and on succession of a business or profession by another person in such capacity or shall be permissible in case of change in shareholding of a company.
Clause 120 of the Bill seeks to provide that no set off of loss or unabsorbed depreciation shall be allowed against undisclosed income, consequent to search, requisition and survey.
Clause 121 of the Bill provides for submission of return for losses and also that no loss shall be carried forward and set off which has not been determined in pursuance of a return filed.
Clause 122 of the Bill provides for the statutory compliance requirements, time limits and overall limits for claiming the deductions enumerated in Chapter VIII to eligible.
Clause 123 of the Bill provides for deduction for insurance premia, deferred annuity, contributions to provident fund, etc. and to provide deduction to an assessee being an individual or Hindu undivided family in respect of payments made on account of insurance premia, deferred annuity, contribution to provident fund etc. specified in the relevant proposed Schedule.
Clause 124 of the Bill seeks to provide for deduction in respect of employer contribution to pension scheme of Central Government.
Clause 125 of the Bill seeks to provide for deduction in respect of contribution to Agnipath Scheme.
Clause 126 of the Bill seeks to provide for deduction in respect of health insurance premia.
Clause 127 of the Bill seeks to provide for deduction in respect of maintenance including medical treatment of a dependant who is a person with disability.
Clause 128 of the Bill seeks to provide for deduction in respect of medical treatment, etc.
Clause 129 of the Bill seeks to provide for deduction in respect of interest on loan taken for higher education.
Clause 130 of the Bill seeks to provide for deduction in respect of interest on loan taken for certain house property.
Clause 131 of the Bill provides for deduction in respect of interest on loan taken for certain house property and to provide for deduction in respect of interest on loan taken for certain house property in case of an individual to whom clause 130 is not applicable.
Clause 132 of the Bill seeks to provide for deduction in respect of purchase of electric vehicle.
Clause 133 of the Bill seeks to provide for deduction in respect of donations to certain funds, charitable institutions, etc.
Clause 134 of the Bill seeks to provide that deduction to an assessee being an individual in respect of any expenditure incurred by him towards payment of rent for any accommodation occupied by him for the purpose of his own residence.
Clause 135 of the Bill seeks to provide for deduction in respect of certain donations for scientific research or rural development.
Clause 136 of the Bill seeks to provide for deduction in respect of contributions given by companies to political parties.
Clause 137 of the Bill seeks to provide for deduction in respect of contributions given by any person to political parties.
Clause 138 of the Bill seeks to provide for deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
Clause 139 of the Bill seeks to provide for deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone.
Clause 140 of the Bill seeks to provide deduction to eligible start up in respect of profits and gains of eligible businesses, which have high potential of employment generation, subject to certain conditions specified therein.
Clause 141 of the Bill provides for deduction in respect of profits and gains from certain industrial undertakings and provides for deduction for industrial undertakings in North-eastern region and also in respect of undertakings promoting housing projects.
Clause 142 of the Bill provides for deductions in respect of profits and gains of business of developing and building housing projects.
Clause 143 of the Bill provides for special provisions in respect of profits and gains of certain undertakings with respect to production of eligible article or things in North-Eastern States.
Clause 144 of the Bill provides for deduction in respect of profits and gains of newly established units in Special Economic Zones.
Clause 145 of the Bill seeks to provide for deduction for businesses engaged in collecting and processing of bio-degradable waste.
Clause 146 of the Bill provides for deduction in respect of additional employee cost and deduction in respect of additional employee cost in certain cases for specified period and shall be subject to conditions specified therein.
Clause 147 of the Bill provides for deductions for income of Offshore Banking Units and Units of International Financial Services Centre. The said clause also seeks to provide for deductions for income of Offshore Banking Units and Units of International Financial Services Centre.
Clause 148 of the Bill seeks to provide for deduction in respect of certain inter-corporate dividends.
Clause 149 of the Bill seeks to provide for deduction in respect of income of co-operative societies.
Clause 150 of the Bill seeks to provide for deduction in respect of certain income of Producer Companies.
Clause 151 of the Bill provides for deduction in respect of royalty income, etc., of authors of certain books other than text-books.
Clause 152 of the Bill provides for deduction in respect of royalty on patents.
Clause 153 of the Bill provides for certain deduction for interest on savings account deposits (excluding time deposits) for individuals and Hindu undivided families.
Clause 154 of the Bill provides for deduction in case of a person with disability and to provide for deduction for an individual resident who is certified by a medical authority as a person with disability or severe disability.
Clause 155 of the Bill seeks to provide for rebate to be allowed in computing income-tax.
Clause 156 of the Bill seeks to provide for rebate of income-tax in case of certain individuals.
Clause 157 of the Bill seeks to provide for relief when salary, etc, is paid in arrears or in advance.
Clause 158 of the Bill seeks to provide for relief from taxation in income from retirement benefit account maintained in a notified country.Clause 159 of the Bill provides for agreement with foreign countries or specified territories and adoption by the Central Government of agreement between specified associations for double taxation relief. It also seeks to provide for double taxation relief where the Central Government has entered into an agreement with other countries. The said clause further provides for exchange of information for the prevention of evasion, avoidance and recovery of income-tax.
Clause 160 of the Bill seeks to provide for deduction from the Indian income-tax payable by a person who has paid tax outside India in a country with which no agreement exists in respect of his income which accrued or arose during that tax year outside India.
Clause 161 of the Bill provides for computation of income from international transaction and specified domestic transaction having regard to arm’s length price.
Clause 162 of the Bill seeks to define the expression “associated enterprise”.
Clause 163 of the Bill seeks to define the expression “international transaction”.
Clause 164 of the Bill seeks to define the expression “specified domestic transaction”.
Clause 165 of the Bill provides for determination of arm’s length price and the methods for determining the arm’s length price.
Clause 166 of the Bill provides for referral of cases by the Assessing Officer to the Transfer Pricing Officer for determining the arm’s length price.
Clause 167 of the Bill provides for power of Board to make safe harbour rules to simplify compliance and reduce litigation.
Clause 168 of the Bill provides for advance pricing agreement between the taxpayer and the tax authorities to pre-determine the arm’s length price for specified transactions.
Clause 169 of the Bill, inter alia, seeks to provide for giving effect to advance pricing agreement entered into by an assessee and consequential procedures.
Clause 170 of the Bill provides for secondary adjustment in certain cases to ensure that the actual allocation of profits between the associated enterprises aligns with the arm’s length price.
Clause 171 of the Bill provides for maintenance, keeping and furnishing of information and document by certain persons and documents by entities involved in international or specified domestic transactions.
Clause 172 of the Bill provides for report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction.
Clause 173 of the Bill provides for definitions of certain terms relevant to determination of arm’s length price, etc.
Clause 174 of the Bill provides for avoidance of income-tax by transactions resulting in transfer of income to non-residents also that the income arising of such transaction be deemed to be income.
Clause 175 of the Bill provides for avoidance of tax by certain transactions in securities arising from such securities for such year shall be deemed to be the income of persons specified therein.
Clause 176 of the Bill seeks to provide for special measures in respect of transactions with persons located in notified jurisdictional area.
Clause 177 of the Bill seeks to provide for limitation on interest deduction in certain cases.
Clause 178 of the Bill provides for the framework for the applicability of General Anti-Avoidance Rule.
Clause 179 of the Bill seeks to define impermissible avoidance arrangements under the General Anti-Avoidance Rule.
Clause 180 of the Bill seeks to outline the conditions under which an arrangement shall be deemed to lack commercial substance.
Clause 181 of the Bill provides for consequences of impermissible avoidance arrangement under the General Anti-Avoidance Rule.
Clause 182 of the Bill provides for treatment of connected person and accommodating party under the General Anti-Avoidance Rule.
Clause 183 of the Bill seeks to provide for the applicability of General Anti-Avoidance Rule.
Clause 184 of the Bill seeks to provide for definition of General Anti-Avoidance Rule.
Clause 185 of the Bill seeks to provide, inter alia, for restrictions on taking or accepting loan, deposit and specified sum in cash with certain exceptions.
Clause 186 of the Bill provides, inter alia, for restriction on receiving an amount of rupees two lakh and above in the modes other than the modes specified therein.
Clause 187 of the Bill seeks to provide for accepting payment through prescribed electronic modes.
Clause 188 of the Bill provides, inter alia, for restrictions on repayment of certain loans, deposit or specified advance in cash with certain exceptions.
Clause 189 of the Bill seeks to provide for definitions of certain expressions which, inter alia, includes banking company, specified sum, etc.
Clause 190 of the Bill provides for the mode of computation of total income if it includes any income on which no income tax is payable.
Clause 191 of the Bill seeks to provide for tax on accumulated balance of recognised provident fund.
Clause 192 of the Bill provides for the tax liability on the total income in search cases.
Clause 193 of the Bill provides for, inter alia, for special rates of tax on resident individuals employed by an entity engaged in a specified knowledge-based industry or services on income from Global Depository Receipts.
Clause 194 of the Bill provides for taxation of earnings from lotteries, cross word puzzles, horse race, card games, online games, income from transfer of virtual digital assets. The said clause further provides for a concessional tax rate on royalty income on patents earned by a resident, income on transfer of carbon credits and profits and gains from insurance business.
Clause 195 of the Bill provides for tax on certain income referred to in clauses 102 to 106.
Clause 196 of the Bill provides for taxation of short-term capital gains in case of a transfer of short-term capital asset, being an equity share in a company or a unit of an equity-oriented fund or a unit of a business trust subject to certain conditions.
Clause 197 of the Bill provides for taxation of long-term capital gains where the capital gains arise from the transfer of a long-term capital asset (other than an equity share in a company or a unit of an equity-oriented fund or a unit of a business trust).
Clause 198 of the Bill provides for taxation of long-term capital gains where the capital gains arise from the transfer of a long-term capital asset being an equity share in a company or a unit of an equity-oriented fund or a unit of a business trust.
Clause 199 of the Bill provides for beneficial rate of tax on manufacturing companies subject to satisfaction of certain conditions.
Clause 200 of the Bill provides for the (optional) concessional tax rate applicable to companies other than those covered under clauses 199 and 201, if they do not claim specific deductions. The said clause further provides for the manner of opting, method of computing the income and also implications for Unit in the International Financial Services Centre.
Clause 201 of the Bill provides for an incentivized tax rate on income of new manufacturing domestic companies subject to satisfaction of certain conditions.
Clause 202 of the Bill provides for a simplified tax regime for individuals, Hindu undivided families and other specified persons.
Clause 203 of the Bill provides for the (optional) concessional tax rate applicable to co-operative societies other than those covered under clause 204, if they do not claim specific deductions.
Clause 204 of the Bill provides for an incentivized tax rate of 15% on the manufacturing income of new manufacturing co-operative societies subject to satisfaction of certain conditions.
Clause 205 of the Bill provides for the conditions for the concessional rate of taxes applicable under clauses 199, 200, 201, 203 and 204.
Clause 206 of the Bill provides for provisions relating to taxation on book profits and deals with minimum alternate tax and alternate minimum tax.
Clause 207 of the Bill provides special rates of taxes for non-residents on certain types of income (like dividends, interest, distributed income, income in respect of units, royalties and fees for technical services).
Clause 208 of the Bill provides for special rates of taxes for offshore funds on investments made in foreign currency.
Clause 209 of the Bill provides for special rates of taxes for non-residents on Global Depository Receipts including income by way of interest, dividend and income on transfer of such Global Depository Receipts.
Clause 210 of the Bill provides for special rates of tax on income earned by Foreign Institutions Investors including dividend and interest on securities and capital gains on transfer of their securities.
Clause 211 of the Bill provides for special rates of tax on non-residents sportsmen or sports associations with respect to certain incomes earned in India.
Clause 212 of the Bill provides for Interpretation relating to Chapter XIII-E. The said clause seeks to provide the definitions of certain terms for the purposes of clauses 213 to 218.
Clause 213 of the Bill provides for the method of computing the taxable income for non-resident Indians.
Clause 214 of the Bill provides for the special rates of taxes on investment income and long terms capital gains earned by non-resident Indians.
Clause 215 of the Bill provides for the non-taxation of long term capital gains earned by non-resident Indians, if they make specific investment(s).
Clause 216 of the Bill provides for the exemption from filing of the return of income of non-resident Indians, if certain conditions are satisfied.
Clause 217 of the Bill provides for the optional grandfathering of the taxation of income from investments made by a non-resident Indian if he becomes a resident at a later year.
Clause 218 of the Bill provides for the method for opting out of the provisions of the clauses 212 to 217.
Clause 219 of the Bill provides for relaxation from capital gains tax and entitlement to carry forward losses, etc., when an Indian branch of a foreign bank is converted into an Indian company.
Clause 220 of the Bill provides for the implications where a foreign company is said to be a resident in India.
Clause 221 of the Bill provides for special taxation regime for income from a securitization trust earned by its investors.
Clause 222 of the Bill seeks to provide for tax on income in case of venture capital undertakings.
Clause 223 of the Bill provides for special taxation regime for Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 and Real Estate Investment Trust under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 and their unit holders.
Clause 224 of the Bill provides for special taxation regime for income of investment fund and its unit holders.
Clause 225 of the Bill seeks to provide for income from the business of operating qualifying ships and the option to tax payers to opt for the scheme of tonnage tax.
Clause 226 of the Bill seeks to provide for tonnage tax scheme and defines that a company operating ships and giving the manner of computation of income under tonnage tax scheme for a tonnage tax company for its tonnage income.
Clause 227 of the Bill seeks to provide for computation of tonnage income.
Clause 228 of the Bill seeks to provide for relevant shipping income and exclusion from book profit.
Clause 229 of the Bill provides for manner of calculation of depreciation along with treatment of capital gains in case of the transfer of capital asset forming part of qualifying assets as well as treatment given to the written down value of the qualifying assets and other assets whenever they are moved between the qualifying and non- qualifying businesses.
Clause 230 of the Bill seeks to provide for general exclusion of losses, deductions and set off including the accrued losses incurred or claimed prior to opting of tonnage tax scheme by the company.
Clause 231 of the Bill seeks to provide for the method of opting of tonnage tax scheme and validity.
Clause 232 of the Bill seeks to provide for certain conditions for applicability of tonnage tax scheme.
Clause 233 of the Bill seeks to provide for continuance of and validity of the scheme in the case of amalgamation and demerger.
Clause 234 of the Bill seeks to provide for avoidance of tax and exclusion from tonnage tax scheme in case of abuse of the provisions by way of any arrangement made to avail tax advantage.
Clause 235 of the Bill provides for definition of certain terms relating to tonnage tax scheme.
Clause 236 of the Bill provides for various classes of income-tax authorities beginning from, the Central Board of Direct Taxes and up to Inspectors of Income-tax.
Clause 237 of the Bill seeks to provide for the appointment of income-tax authorities by the Central Government by framing rules and orders for regulating conditions of service and to authorise the Board or subordinate authorities, to appoint income-tax authorities below the rank of a Deputy or Assistant Commissioner and also other executive or ministerial staff.
Clause 238 of the Bill provides for the income-tax authorities to be subordinate to another income-tax authorities as per the notification issued by the Board.
Clause 239 of the Bill provides for the power of the Board to issue orders, instructions and directions to other income-tax authorities.
Clause 240 of the Bill empowers the Board towards administration of Charter for Taxpayers.
Clause 241 of the Bill provides for the power and performance of the income-tax authorities in accordance with such directions as the Board may issue or by other income-tax authorities as specified by the Board.
Clause 242 of the Bill provides for jurisdiction of Assessing Officers over an area.
Clause 243 of the Bill provides for the power of the specified income-tax authority to transfer any case from one Assessing Officer to another Assessing Officer.
Clause 244 of the Bill provides for the jurisdiction of the succeeding income-tax authority to continue with any proceeding from the stage at which his predecessor has left.
Clause 245 of the Bill seeks to provide for the faceless jurisdiction of the income-tax authorities who will exercise all powers and performance assigned leading to greater efficiency, transparency and accountability among other things.
Clause 246 of the Bill seeks to provide for powers of income tax authorities regarding discovery or production of evidence etc. as are vested in court under Code of Civil Procedure, 1908 in respect of specified matters.
Clause 247 of the Bill provides for dealing with powers and procedures relating to search and seizure under the proposed legislation.
Clause 248 of the Bill provides for powers to requisition books of account, etc., which have been taken into custody by any officer or authority under any other law.
Clause 249 of the Bill provides for reasons for search and seizure not to be disclosed.
Clause 250 of the Bill seeks to provide for application of seized or requisitioned assets under the provisions of the proposed legislation.
Clause 251 of the Bill seeks to provide for authority and procedures to deal with books of accounts and documents seized or requisitioned under clauses 247 and 248 of the proposed legislation and provides time limitations for their retention by the authorities concerned.
Clause 252 of the Bill provides for power to call for information of the income-tax authorities to call for information.
Clause 253 of the Bill provides for powers of survey, i.e., entry into business premises of an assessee, restrictions imposed in exercises of this power and duties of the assesses during survey action.
Clause 254 of the Bill seeks to provide for powers of authorities to collect certain information which may be useful, or relevant to the purposes of the proposed legislation.
Clause 255 of the Bill seeks to provide for power to inspect registers of companies by income-tax authorities.
Clause 256 of the Bill seeks to provide for the powers of Assessing Officer under the proposed legislation in relation to making enquiries to competent authority, i.e., higher authorities.
Clause 257 of the Bill provides to treat proceedings before the income-tax authorities at par with the judicial proceedings.
Clause 258 of the Bill provides for restrictions on disclosure of information in respect of assessees by income-tax authorities.
Clause 259 of the Bill provides the power of income-tax authority to call for information by prescribed income-tax authority.
Clause 260 of the Bill empowers the Board to make any scheme by notification for faceless collection of information under certain clauses.
Clause 261 of the Bill provides for definitions of various expressions used in this Chapter XIV.
Clause 262 of the Bill seeks to provide for obtaining and quoting of Permanent Account Number and linking of Aadhar Number to Permanent Account Number.
Clause 263 of the Bill provides for obligation of persons to file return of income and timelines for filing of return of income.
Clause 264 of the Bill seeks to provide for scheme for submission of return through Tax Return Preparer.
Clause 265 of the Bill seeks to provide for verification of returns of income by assessee and the persons competent to verify the returns of income.
Clause 266 of the Bill provides for payment of tax together with interest and fee while filing return of income.
Clause 267 of the Bill provides for payment of self-assessment tax on updated return along with the interest and fee payable.
Clause 268 of the Bill seeks to provide for inquiry before assessment, to call for statement of all assets and liabilities and making a reference for special audit.
Clause 269 of the Bill seeks to provide for making a reference by Assessing Officer to a Valuation Officer to estimate the fair market value of any asset, property or investment.
Clause 270 of the Bill seeks to provide for processing of returns filed and the powers to make prima facie adjustments and also selecting returns for the assessment.
Clause 271 of the Bill seeks to provide for completion of assessment to the best of judgment of the assessing officer.
Clause 272 of the Bill empowers the Joint Commissioner to issue directions to the assessing officer during assessment proceedings.
Clause 273 of the Bill seeks to provide for faceless assessment of eligible cases assigned by National Faceless Assessment Centre to a specific Assessment Unit through an automated allocation system.
Clause 274 of the Bill seeks to provide for making a reference by Assessing Officer to the Principal Commissioner or Commissioner during the course of pending assessments or reassessments to declare an arrangement as an impermissible tax avoidance arrangement and determining the consequences of such an alignment.
Clause 275 of the Bill provides for scheme for reference to the Dispute Resolution Panel.
Clause 276 of the Bill seeks to provide for method of accounting to be followed for computation of income under the heads “Profits and gains of business or profession” and “Income from Other sources”.
Clause 277 of the Bill seeks to provide for valuation of inventory and securities as per income computation and disclosure standards.
Clause 278 of the Bill seeks to provide for taxability of interest, compensation or enhanced compensation and escalation claims in respect of contract or export incentives.
Clause 279 of the Bill seeks to provide for assessment of any income chargeable to tax which has escaped assessment.
Clause 280 of the Bill seeks to provide for issue of notice where income has escaped assessment.
Clause 281 of the Bill seeks to provide for procedure to be followed before issuance of notice under clause 280.
Clause 282 of the Bill provides for time limit for notices in the cases of income escaping assessment.
Clause 283 of the Bill seeks to provide provision for cases where assessment is in pursuance of an order on appeal, directions from approving panel.
Clause 284 of the Bill provides for sanction for issue of notice in cases of income escaping assessment.
Clause 285 of the Bill provides for other provisions pertaining to assessment or re-assessment or re-computation made.
Clause 286 of the Bill provides for time limits for completion of assessment, re-assessment and re-computation in various situations.
Clause 287 of the Bill provides for rectifying any mistake apparent on the face of the record by amending orders passed by an income-tax Authority under the provisions of the proposed legislation.
Clause 288 of the Bill provides for time limits for passing of rectification orders in certain cases.
Clause 289 of the Bill provides for notice of demand payable (tax, interest, penalty, fine or any other sum).
Clause 290 of the Bill provides for modification and revision of demand notice issued in certain cases.
Clause 291 of the Bill seeks to provide for intimation of loss the purposes of carrying forward and set-off of such losses.
Clause 292 of the Bill provides for scheme of block assessment in a search case.
Clause 293 of the Bill provides for computation of total income of block period in search cases.
Clause 294 of the Bill seeks to provide procedure for block assessment.
Clause 295 of the Bill seeks to provide for procedure for block assessment of any other person in search cases.
Clause 296 of the Bill seeks to provide time limit for completion of block assessment.
Clause 297 of the Bill seeks to provide that certain interests and penalties not to be imposed in case of assessment of search cases.
Clause 298 of the Bill seeks to provide for levy of interest and penalty in search cases.
Clause 299 of the Bill seeks to provide authorities competent to make assessments of block period.
Clause 300 of the Bill provides for saving clause with respect to application of other provisions of the Act.
Clause 301 of the Bill provides for interpretation of various expressions related to assessment of search cases.
Clause 302 of the Bill provides for tax liability of the legal representative in the event of the demise of the assessee.
Clause 303 of the Bill explains the concept of representative assessee for the income of a non-resident or trust or minor, lunatic or idiot, etc.
Clause 304 of the Bill provides for the responsibility of the representative assessee and taxation of income received in the capacity of representative assessee.
Clause 305 of the Bill deals with the rights of the representative assessee to recover the taxes paid by him in his capacity as representative assessee.
Clause 306 of the Bill seeks to deal with persons to act as an agent in relation to a non-resident.
Clause 307 of the Bill seeks to provide for the charge of tax of certain representative assesses in a situation where the share of the beneficiaries is unknown or indeterminate.
Clause 308 of the Bill provides for charge of tax in case of oral trust.
Clause 309 of the Bill seeks to provide for the method of computing a member’s share in income of association of persons or body of individuals.
Clause 310 of the Bill deals with share of member of an association of persons or body of individuals in income of association or body.
Clause 311 of the Bill seeks to provide for charge of tax in the hands of the association of persons or body of individuals where shares of members in such association or body is either known or unknown, represented in the form of a table.
Clause 312 of the Bill seeks to provide for the chargeability of tax on the income of the estate of the deceased in the hands of the Executor and the right of the executor to recover the tax paid.
Clause 313 of the Bill seeks to deal with the assessment of the income and the taxability of the same pertaining to a business in which there is a succession otherwise than a death.
Clause 314 of the Bill seeks to deal with effect of order of tribunal or court in respect of business reorganisation in cases where either proceeding is pending or an assessment is completed.
Clause 315 of the Bill seeks to deal with assessment of the income of a Hindu undivided family where a partition has taken place and the joint and several liability of the members of such family.
Clause 316 of the Bill provides for levy and recovery of tax in the case of any ship, belonging to or chartered by a non-resident, which carries passengers, livestock, mail or goods shipped at a port in India.
Clause 317 of the Bill provides for taxability of income of any individual who may leave India.
Clause 318 of the Bill seeks to provide for the taxation of the income of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose and likely to be dissolved soon after that event.
Clause 319 of the Bill provides for assessment of the income of persons who are likely to transfer any property with a view to avoiding payment of any liability under the proposed legislation.
Clause 320 of the Bill seeks to provide for accelerated assessment in cases of discontinuance of business or profession in any year.
Clause 321 of the Bill seeks to provide for chargeability of any liability under the proposed legislation in cases of discontinuance of business or profession or dissolution of an association of persons.
Clause 322 of the Bill provides for the procedures to be followed by companies in liquidation and the responsibilities of the liquidator
Clause 323 of the Bill seeks to provide for the liability of the directors of a private company on tax and other dues as per the provisions of this Bill.
Clause 324 of the Bill seeks to provide for the charge of tax in case of a firm.
Clause 325 of the Bill deals with the provisions of assessment of a partnership firm including compliances to certain conditions.
Clause 326 of the Bill deals with consequences in the assessment of a partnership firm in case of non-compliance to the conditions made by rules.
Clause 327 of the Bill seeks to provide for assessment of a partnership firm in cases where there is a change in constitution of the firm.
Clause 328 of the Bill provides for taxation in the hands of the predecessor and successor in the case of succession of one firm by another firm.
Clause 329 of the Bill seeks to provide for joint and several liability of partners for tax payable by firm.
Clause 330 of the Bill seeks to provide for assessment and liability in the hands of the firm even after its dissolution or discontinuance of the business.
Clause 331 of the Bill provides for joint and several liability of partners of a limited liability partnership in liquidation.
Clause 332 of the Bill provides for provisions related to registration of non-profit organisation.
Clause 333 of the Bill seeks to provide provision related to switching over of regimes by a registered non-profit organisation .
Clause 334 of the Bill seeks to provide taxability of income of a registered non-profit organisation.
Clause 335 of the Bill provides the meaning of regular income of a registered non-profit organisation.
Clause 336 of the Bill seeks to deal with the taxable regular income of a registered non-profit organisation.
Clause 337 of the Bill provides for the provisions related to specified income of a registered non-profit organisation.
Clause 338 of the Bill seeks to provide for the provisions related to income not to be included in regular income of a registered non-profit organisation.
Clause 339 of the Bill provides for the meaning of corpus donation of a registered non-profit organisation.
Clause 340 of the Bill provides for the provision related to deemed corpus donation of a registered non-profit organisation.
Clause 341 of the Bill provides for the provision related to application of income of a registered non-profit organisation.
Clause 342 of the Bill seeks to provide the provision related to accumulated income of a registered non-profit organisation.
Clause 343 of the Bill provides for the provisions related to deemed accumulated income of a registered non-profit organisation.
Clause 344 of the Bill seeks to provide for the provisions related to business undertaking held as property of a registered non-profit organisation.
Clause 345 of the Bill seeks to provide the provision related to restriction on commercial activities of a registered non-profit organisation.
Clause 346 of the Bill seeks to provide for the provisions relating to restriction on commercial activities of a registered non-profit organisation which has advancement of any other object of general public utility as any of its objects.
Clause 347 of the Bill provides for provision related to books of account of a registered non-profit organisation.
Clause 348 of the Bill seeks to provide the provision related to audit of a registered non-profit organisation.
Clause 349 of the Bill seeks to provide the provision related to return of income of a registered non-profit organisation.
Clause 350 of the Bill seeks to provide provision related to permitted modes of investment.
Clause 351 of the Bill seeks to provide provisions related to specified violation of a registered non-profit organisation.
Clause 352 of the Bill seeks to provide provision related to tax on accreted income of a registered non-profit organisation.
Clause 353 of the Bill seeks to provide provision related to other violations of a registered non-profit organisation.
Clause 354 of the Bill seeks to provide provisions related to approval for purpose of exemption on donation.
Clause 355 of the Bill seeks to provide the meaning of different terms used in this Chapter.
Clause 356 of the Bill seeks to provide for appeals to Joint Commissioner (Appeals) against certain orders.
Clause 357 of the Bill seeks to provide for appeals to Commissioner (Appeals) against certain orders.
Clause 358 of the Bill seeks to provide for form of appeal and limitation.
Clause 359 of the Bill seeks to provide for procedure in appeal.
Clause 360 of the Bill deal with the powers of Joint Commissioner (Appeals) and the Commissioner (Appeals).
Clause 361 of the Bill provides for constitution of Income tax Appellate Tribunal.
Clause 362 of the Bill seeks to provide for appeals to the Income tax Appellate Tribunal.
Clause 363 of the Bill seeks to provide for the orders passed by the Income tax Appellate Tribunal.
Clause 364 of the Bill seeks to provide for the powers and functions of the Income tax Appellate Tribunal.
Clause 365 of the Bill seeks to provide for appeals to the High Court.
Clause 366 of the Bill provide for appeals to the High Court to be heard by not less than two Judges.
Clause 367 of the Bill seeks to provide for appeals to Supreme Court.
Clause 368 of the Bill seeks to provide for hearing before the Supreme Court.
Clause 369 of the Bill seeks to provide that tax to be paid irrespective of filing of appeal before High Court or Supreme Court.
Clause 370 of the Bill seeks to provide for execution for costs awarded by Supreme Court.
Clause 371 of the Bill provides for amendment of assessment on account of appeal in certain cases.
Clause 372 of the Bill seeks to provide for exclusion of time taken to obtain copy of the order.
Clause 373 of the Bill seeks to provide for filing of appeals by income tax authority and empowers Board to issue instructions from time to time.
Clause 374 of the Bill provides for the definition of “High Court” for the purpose of filing of appeal under this Chapter.
Clause 375 of the Bill provides for procedure when assessee claims identical question of law is pending before High Court or Supreme Court.
Clause 376 of the Bill seeks to prescribe procedure where an identical question of law is pending before High Courts or Supreme Court.
Clause 377 of the Bill provides for revision of orders prejudicial to Revenue by Principal Commissioner or Commissioner.
Clause 378 of the Bill seeks to provide for revision of orders in certain cases which are not prejudicial to revenue.
Clause 379 of the Bill provides for constitution of Dispute Resolution Committee to resolve disputes in certain cases.
Clause 380 of the Bill seeks to define certain expressions used in the context of Advance Rulings.
Clause 381 of the Bill provides for constitution of Board for Advance Rulings.
Clause 382 of the Bill seeks to deal with proceedings in case of vacancies in the Board for Advance Rulings.
Clause 383 of the Bill provides for filing of application before the Board for Advance Rulings.
Clause 384 of the Bill seeks to provide for procedure to process the application made for advance rulings.
Clause 385 of the Bill seeks to provide that certain authorities not to proceed to decide in certain cases where application for advance ruling has been made.
Clause 386 of the Bill seeks to provide that advance ruling to be void in certain circumstances.
Clause 387 of the Bill seeks to provide for powers of the Board for Advance Rulings.
Clause 388 of the Bill seeks to empower the Board for Advance Rulings to regulate its own procedure.
Clause 389 of the Bill provides for appeal to High Court on the rulings pronounced by the Board for Advance Rulings.
Clause 390 of the Bill provides for the provisions relating to tax deduction at source, tax collection at source, advance payment, etc., as modes of tax payment.
Clause 391 of the Bill provides for provisions relating to direct payment of tax by assessee in certain conditions.
Clause 392 of the Bill provides for provisions relating to tax deduction at source on salary and accumulated balance to an employee.
Clause 393 of the Bill provides for provisions relating to tax deduction at source on various payments.
Clause 394 of the Bill provides for provisions relating to tax collection at source on various transactions.
Clause 395 of the Bill provides for provisions relating to issuance of certificate for lower deduction of tax.
Clause 396 of the Bill seeks to provide the certain sums which shall be deemed as income received for the purposes of computing the income of the assessee.
397 of the Bill seeks to provide for compliance and reporting requirements for tax deduction at source and tax collection at source.
Clause 398 of the Bill seeks to provide for consequence for failure to deduct or collect or pay tax.
Clause 399 of the Bill seeks to provide for processing of statements of tax deduction at source and tax collection at source filed.
Clause 400 of the Bill empowers the Central Government to relax the provisions of tax deduction at source and tax collection source.
Clause 401 of the Bill seeks to provide for provisions relating to bar against the demand on assessee to the extent tax has been deducted.
Clause 402 of the Bill seeks to provides for definition of certain expressions used in the chapter of collection and recovery of tax.
Clause 403 of the Bill seeks to provide for liability for payment of advance tax during the tax year in respect of total income of an assessee.
Clause 404 of the Bill seeks to provide for conditions where assessee shall be required to pay advance tax.
Clause 405 of the Bill seeks to provides for the provisions relating to the method for computation of advance tax payable in a tax year.
Clause 406 of the Bill seeks to provide for payment of advance tax by assessee on his own accord.
Clause 407 of the Bill provides for payment of advance tax by an assessee in pursuance of an order of the Assessing Officer.
Clause 408 of the Bill provides for payment of advance tax in four instalments and by the due dates as made by the rules.
Clause 409 of the Bill seeks to provide for deeming an assessee to be in default for failure to pay advance tax as per the order of the Assessing Officer.
Clause 410 of the Bill seeks to provide for giving credit for advance tax paid by or recovered from an assessee as a payment of tax in respect of the income of the tax year.
Clause 411 of the Bill seeks to provide for the provisions relating to notice of demand, tax payable and when assessee is deemed to be in default.
Clause 412 of the Bill seeks to provide for penalty which shall be payable when assessee is in tax default.
Clause 413 of the Bill seeks to provide for drawing up of a certificate in respect of an assessee in default by the Tax Recovery Officer, specifying the amount of arrears due from the assessee and the recovery thereof.
Clause 414 of the Bill seeks to specify the Tax Recovery Officer by whom recovery is to be effected.
Clause 415 of the Bill empowers the Tax Recovery Officer to stay the recovery proceedings of his own accord or in pursuance of reduction in demand because of an appeal or other proceedings under the proposed legislation.
Clause 416 of the Bill empowers the Assessing Officer with modes of recovery where no certificate is drawn up by the Tax Recovery Officer.
Clause 417 of the Bill provides for recovery of tax through State Government in any area where recovery of tax has been entrusted to a State Government under article 258(1) of the Constitution.
Clause 418 of the Bill provides for recovery of tax on behalf of the Government of any foreign country under an agreement between the two Governments from a resident of India or a person having any property in India through a Tax Recovery Officer.
Clause 419 of the Bill provides for the provisions relating to recovery of penalties, fine, interest and other sums in the same manner as provided for recovery of tax.
Clause 420 of the Bill seeks to provide for the requirement of a no objection certificate to be issued by the prescribed authority to a person who is not domiciled in India and has come to India in connection with business, profession or employment and who has income derived from any source in India for leaving India.
Clause 421 of the Bill seeks to provide that recovery by suit or under other law will not be affected notwithstanding tax due being recovered under any mode prescribed in the proposed legislation.
Clause 422 of the Bill seeks to provide for recovery of tax arrears from a non-resident from his assets.
Clause 423 of the Bill seeks to provide that the assessee shall be liable to pay interest for default in furnishing return of income.
Clause 424 of the Bill seeks to provide that the assessee shall be liable to pay interest for failure to pay advance tax or where the advance tax paid by the assessee falls short of 90% of the assessed tax.
Clause 425 of the Bill seeks to provide that the assessee shall be liable to pay interest for failure to pay full amount of any instalment of advance tax by the due date for that instalment.
Clause 426 of the Bill seeks to provide that the assessee shall be liable to pay interest on any amount refunded to him in excess of the refund actually due.
Clause 427 of the Bill seeks to provide that the assessee shall be liable to pay fee of for delay in furnishing of statement regarding taxes deducted or collected at source.
Clause 428 of the Bill seeks to provide that the assessee shall be liable to pay a fee for failure to furnish a return of income by the prescribed due date.
Clause 429 of the Bill seeks to provide that the assessee shall be liable to pay a fee of for delay in furnishing of prescribed statement or certificate relating to expenditure on scientific research and by an institution or fund established in India for charitable purposes.
Clause 430 of the Bill seeks to provide that the assessee shall be liable to pay a fee for failure to intimate his Aadhaar number by the prescribed date.
Clause 431 of the Bill provides for refund of excess amount paid by an assessee where the tax paid is more than the tax actually chargeable.
Clause 432 of the Bill provides that the legal representative or the trustee or guardian or receiver, to claim or receive refund for the benefit of a person who is unable to claim or receive the refund due to him on account of death, incapacity, insolvency, liquidation or other cause or his estate.
Clause 433 of the Bill seeks to provide that every claim of refund shall be made by furnishing a return of income.
Clause 434 of the Bill seeks to provide for refund of tax deducted and paid to the Central Government by a person by whom the income is payable and who was required by an agreement to bear such tax deductible on the income on a claim made by him that no tax was required to be deducted on such income.
Clause 435 of the Bill seeks to provide that the Assessing Officer shall refund any amount becoming due to the assessee as a result of any appellate order without the assessee being required to make any claim in this regard.
Clause 436 of the Bill seeks to provide that the assessee shall not be entitled to question the correctness of any assessment or other matter which has become final or to claim any other relief except refund of tax wrongly paid or paid in excess.
Clause 437 of the Bill seeks to provide that the assessee shall be entitled to receive interest in addition to the refund due to him.
Clause 438 of the Bill seeks to provide for setting off the amount to be refunded or any part of that amount, against any sum remaining payable under this Bill by such person after giving prior intimation to such person.
Clause 439 of the Bill seeks to impose penalty for under-reporting and misreporting of income.
Clause 440 of the Bill deals with the conditions and circumstances under which immunity from imposition of penalty and initiation of prosecution proceedings.
Clause 441 of the Bill seeks to impose penalty for failure to keep, maintain or retain books of account, documents, etc.
Clause 442 of the Bill seeks to impose penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
Clause 443 of the Bill seeks to provide for imposition of penalty, if the income which includes any cash credits, unexplained investment, unexplained money, unexplained expenditure, amount of investment, etc., not fully disclosed in books of account and amount borrowed or repaid on hundi.
Clause 444 of the Bill seeks to impose penalty for false entry or omitted entry in the books of account.
Clause 445 of the Bill seeks to impose penalty for violation of certain provisions by specified persons.
Clause 446 of the Bill seeks to provide for imposition of penalty for failure to get accounts audited.
Clause 447 of the Bill seeks to provide for imposition of penalty for failure to furnish a report from an accountant as required by clause 172.
Clause 448 of the Bill seeks to provide for imposition of penalty for failure to deduct tax at source.
Clause 449 of the Bill seeks to provide for imposition of penalty for failure to collect tax at source.
Clause 450 of the Bill provides for imposition of penalty if a person takes or accepts any loan or deposit or specified sum in contravention of the provisions of clause 185.
Clause 451 of the Bill provides for imposition of penalty for failure to comply with the provisions of clause 186.
Clause 452 of the Bill provides for imposition of penalty for failure to comply with the provisions of clause 187.
Clause 453 of the Bill provides for imposition of penalty for failure to comply with the provision of clause 188.
Clause 454 of the Bill seeks to provide for imposition of penalty for failure to furnish statement of financial transaction or reportable account.
Clause 455 of the Bill seeks to provide for imposition of penalty for furnishing inaccurate statement of financial transaction or reportable account.
Clause 456 of the Bill seeks to provide for imposition of penalty for failure to furnish statement or information or document by an eligible investment fund.
Clause 457 of the Bill seeks to provide for imposition of penalty for failure to furnish statement or information or document under clause 171.
Clause 458 of the Bill seeks to provide for imposition of penalty for failure to furnish information or document under clause 506.
Clause 459 of the Bill seeks to provide for imposition of penalty for failure to furnish report or for furnishing inaccurate report under clause 511.
Clause 460 of the Bill seeks to provide for imposition of penalty for failure to submit statement under clause 505.
Clause 461 of the Bill seeks to provide for imposition of penalty for failure to submit statement as required under clause 397(3)(b).
Clause 462 of the Bill seeks to provide for imposition of penalty for failure to furnish information or furnishing inaccurate information as required under clause 397(3)(d).
Clause 463 of the Bill seeks to provide for imposition of penalty for furnishing incorrect information in reports or certificates by any accountant or merchant banker or registered valuer.
Clause 464 of the Bill seeks to provide for imposition of penalty for failure to furnish statements by certain institutions or funds.
Clause 465 of the Bill seeks to provide for imposition of penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.
Clause 466 of the Bill seeks to provide for imposition of penalty for failure to comply with the provisions of clause 254.
Clause 467 of the Bill seeks to provide for imposition of penalty for failure to comply with the provisions of clause 262.
Clause 468 of the Bill seeks to provide for imposition of penalty for failure to comply with the provisions of clause 397(1).
Clause 469 of the Bill seeks to provide for power to reduce or waive penalty, etc., in certain cases.
Clause 470 of the Bill seeks to provide that penalty in certain cases shall not be imposed for reasonable cause.
Clause 471 of the Bill seeks to provide for the procedure for levy of penalty. Clause 472 of the Bill provides for bar of limitation for imposing penalty.
Clause 473 of the Bill seeks to provide for punishment for contravention of order passed under clause 247 (1)(viii) or (4).
Clause 474 of the Bill seeks to provide for punishment for failure to comply with clause 247 (1)(b)(ii).
Clause 475 of the Bill seeks to provide for punishment for the removal, concealment, transfer or delivery of property to evade tax recovery.
Clause 476 of the Bill seeks to provide for punishment for failure to pay tax to the credit of Central Government as required under Chapter XIX-B.
Clause 477 of the Bill seeks to provide for punishment for failure to pay collected tax to the credit of Central Government.
Clause 478 of the Bill seeks to provide for punishment for wilful attempt to evade tax, penalty, etc.
Clause 479 of the Bill seeks to provide for punishment for failure to furnish return of income.
Clause 480 of the Bill seeks to provide for punishment for failure to furnish return of income in search cases.
Clause 481 of the Bill seeks to provide for punishment for failure to produce accounts and documents.
Clause 482 of the Bill seeks to provide for punishment for making of false statement in verification, etc.
Clause 483 of the Bill seeks to provide for punishment for falsification of books of account or document, etc., to evade tax.
Clause 484 of the Bill seeks to provide for punishment for abetment of false return, etc.
Clause 485 of the Bill seeks to provide for punishment for second and subsequent offences.
Clause 486 of the Bill seeks to provide for that punishment shall not be imposed in certain cases for reasonable cause.
Clause 487 of the Bill seeks to provide for punishment for offences by companies.
Clause 488 of the Bill seeks to provide for punishment for Hindu undivided family.
Clause 489 of the Bill seeks to provide for presumption as to assets, book of accounts, etc., in certain cases.
Clause 490 of the Bill seeks to provide for presumption as to culpable mental state.
Clause 491 of the Bill seeks to provide for previous sanction of the Commissioner or Principal Commissioner or Joint Commissioner (Appeals) or Commissioner (Appeals) or Principal Chief Commissioner to launch prosecution of certain offences.
Clause 492 of the Bill seeks to provide for certain offences to be noncognizable irrespective of the provisions contained in the Bharatiya Nagarik Suraksha Sanhita, 2023.
Clause 493 of the Bill seeks to provide that entries in the records or other documents in the custody of an income-tax authority shall be admitted in evidence in any proceedings for the prosecution of any person for an offence.
Clause 494 of the Bill provides for punishment for contravention of clause 258(3) relating to disclosure of information by public servants.
Clause 495 of the Bill seeks to provide for trial of offences under the Bill by special Court.
Clause 496 of the Bill seeks to provide for trial of offences under the Bill by special Court irrespective of the provisions of the Bharatiya Nagarik Suraksha Sanhita, 2023.
Clause 497 of the Bill seeks to provide for trial of offences as summons case.
Clause 498 of the Bill seeks to provide for application of the Bharatiya Nagarik Suraksha Sanhita, 2023 to proceedings before Special Court.
Clause 499 of the Bill seeks to provide that transfers of assets shall be void as against any claim in respect of any tax payable by the assessee as a result of the completion of the pending proceeding or otherwise.
Clause 500 of the Bill empowers the Assessing Officer to provisionally attach any property belonging to the assessee during the pendency of an assessment, reassessment or penalty proceeding, to protect the interests of the revenue.
Clause 501 of the Bill seeks to provide mode of service of a notice, summon, requisition, order or any other communication.
Clause 502 of the Bill provides for manner of authentication of a notice or other document shall be issued by any income-tax authority.
Clause 503 of the Bill seeks to provide for service of notice on partition of a Hindu undivided family or on dissolution of a firm.
Clause 504 of the Bill seeks to provide for service of notice to be made in the case of a discontinued business or profession.
Clause 505 of the Bill provides for submission of statement a non-resident, having a liaison office in India set up as per the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999.
Clause 506 of the Bill seeks to provide for furnishing information or documents by an Indian concern in certain cases to the prescribed income-tax authority.
Clause 507 of the Bill seeks to provide for submission of statements by persons carrying on the production of a cinematograph film or engaged in any specified activity.
Clause 508 of the Bill seeks to provide for furnishing of statement by a prescribed reporting financial institution in respect of a specified financial transaction or reportable account to the prescribed income-tax authority.
Clause 509 of the Bill seeks to provide for furnishing of information in respect of a transaction of a crypto-asset.
Clause 510 of the Bill seeks to provide that the prescribed income-tax authority or the person authorised by such authority shall provide an annual information statement in the prescribed manner.
Clause 511 of the Bill seeks to provide for furnishing of reports in respect of international group.
Clause 512 of the Bill seeks to provide for publication of information in respect of proceedings or prosecution in certain cases.
Clause 513 of the Bill seeks to provide that any assessee who is entitled or required to attend before any income-tax authority or the Appellate Tribunal in connection with any proceeding relating to valuation of any asset may be represented by a registered valuer.
Clause 514 of the Bill seeks to provide for the procedure for registration of valuers.
Clause 515 of the Bill seeks to provide that an assessee, entitled or required to attend before an income-tax authority or Appellate Tribunal for any proceeding under this Bill, may attend through an authorised representative.
Clause 516 of the Bill seeks to provide for rounding off of amount of total income, or tax payable or payable or refundable.
Clause 517 of the Bill seeks to provide that a receipt shall be given for any money paid or recovered under this Bill.
Clause 518 of the Bill seeks to provide that every person deducting, retaining, or paying any tax in pursuance of this clause in respect of an income belonging to another person shall be indemnified for the deduction, retention, or payment thereof.
Clause 519 of the Bill seeks to provide for the power to tender immunity from prosecution to the Central Government.
Clause 520 of the Bill provides that no court inferior to that of a Judicial Magistrate of First Class shall try any offence under this Bill.
Clause 521 of the Bill seeks to provide for the barring of the application of the Probation of Offenders Act, 1958 and section 401 of the Bharatiya Nagarik Suraksha Sanhita, 2023 to persons convicted under the Bill who are not under the age of 18 years.
Clause 522 of the Bill seeks to that no return of income, assessment, notice, summons or other proceeding shall be invalid merely by reason of any mistake, defect or omission.
Clause 523 of the Bill seeks to provide that where an assessee has appeared in any proceeding or cooperated in any inquiry related to an assessment or reassessment, it shall be deemed that any notice has been duly served upon him.
Clause 524 of the Bill provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewellery or other valuable article or thing found in the possession or control of any person in the course of a search or survey.
Clause 525 of the Bill seeks to provide for authorisation and assessment in case of search or requisition.
Clause 526 of the Bill seeks to provide for bar of suits in civil courts in relation to proceedings under the Bill.
Clause 527 of the Bill seeks to empower the Central Government to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils.
Clause 528 of the Bill seeks to empower the Central Government or Board to condone delays in obtaining approval.
Clause 529 of the Bill seeks to specify for withdrawal of approval where Central Government or Board have the power to grant any such approval.
Clause 530 of the Bill seeks to provide for effectivity for charge of tax in case of pending legislative provision.
Clause 531 of the Bill seeks to provide for rescinding exemption in relation to certain Union territories already granted.
Clause 532 of the Bill seeks to empower the Board, subject to the control of the Central Government, to make Schemes.
Clause 533 of the Bill seeks to empower the Board, subject to the control of the Central Government, to make rules.
Clause 534 of the Bill seeks to provide for laying of rules and certain notifications before Parliament.
Clause 535 of the Bill seeks to empower the Central Government to remove difficulties.
Clause 536 of the Bill seeks to provide for repeal of the Income-tax Act, 1961 and saving of certain actions taken thereunder.
*****
Disclaimer: The content of this article is based upon a copy of the Income Tax Bill 2025 as downloaded from [www.taxguru.in](https://www.taxguru.in). This article is for educational and informational purposes only. The author does not bear any responsibilities or any legal or financial liabilities for any losses, damages, or consequences incurred by any individual or entity relying on the information contained in this article. The opinions expressed in this article are solely those of the author and do not reflect the views of any affiliated organizations, institutions, or entities. The information presented is subject to change without notice and should not be construed as financial, legal, or professional advice. Readers are encouraged to consult with appropriate professionals for advice tailored to their specific circumstances. The author has made every effort to ensure the accuracy and completeness of the information provided in this article. However, the author makes no guarantees or warranties regarding the accuracy, completeness, reliability, or suitability of the information contained herein. By reading this article, you agree to hold the author harmless from any and all liabilities, losses, or damages that may arise from your use of or reliance on the information provided. The author reserves the right to update, modify, or remove this content without prior notice.
Author Bio
