Income Tax Act -- Sections
on: November 03, 2008, 01:26:27 AM
Section 2(7): "Assessee" means a person by whom any tax or any other sum of money is payable under this Act. And it includes (a) Every person in respect of whom any proceeding under this Act has been taken for the assessment of his income, loss or refund due to him, or the income, loss or refund of any other person in respect of which he is assessable; (b) Every person who is deemed to be an assessee under any provision of this Act; (c) Every person who is deemed to be an assessee in default under any provision of this Act. Section 2(9): "Assessment year" means the period of twelve months commencing on the 1st day of April every year. Section 3(1): Save as otherwise provided in this section, "previous year" for the purposes of this Act, means the financial year immediately preceding the assessment year: Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year. For example, if a business is set up on October 21, 2008, the previous year of the assessement year 2009-10 is period from October 21, 2008 to March 21, 2009. Section 5. Incidence of tax on a taxpayer depends on his residential status and also on the place and time of accrual or receipt of income. Section 5(1). Incidence of tax for Resident in India http://mytaxes.in/index.php?topic=100.0 Section 5(2). Incidence of tax for Nonresident in India http://mytaxes.in/index.php?topic=100.0 Section 6. An individual may be (a) resident and ordinary resident, (b) resident but not ordinary resident, or (c) non-resident. http://mytaxes.in/index.php?topic=55.0 Section 9. INCOME DEEMED TO ACCRUE OR ARISE IN INDIA http://mytaxes.in/index.php?topic=172.0 Section 10(5). Leave Travel Concession [sec 10(5)] http://mytaxes.in/index.php?topic=17.0 Section 10(10). Gratuity http://mytaxes.in/index.php?topic=17.0 Section 10(10AA). Leave Encashment http://mytaxes.in/index.php?topic=17.0 Section 10(10C). Voluntary Retirement or Separation Compensation [section 10(10C)] http://mytaxes.in/index.php?topic=17.0 Section 10(13A). House Rent Allowance [Section 10(13A) and rule 2A] http://mytaxes.in/index.php?topic=17.0 Section 10(14). Transport/Conveyance allowance [Section 10(14) and rule 2BB] http://mytaxes.in/index.php?topic=17.0 Section 10(38). Long term capital gain in respect of shares/mutual funds chargeable to STT are completely exempt from tax under section 10(38). Section 14. The income of an individual falls in five heads: 1. Salaries, 2. Income from House Property, 3. Income from Business or Profession, 4. Capital Gains and 5. Income from Other Sources. The aggregate income under these heads is "gross total income". Section 17(1). Salary Defined. http://mytaxes.in/index.php?topic=17.0 Section 22. Chargeability. The owner of a house property (consisting of any building or land appurtenant thereto) is taxed on the income in the form of its annual value under the head "Income from house property".
Section 24(b) Interest on Borrowed Capital http://mytaxes.in/index.php?topic=9.0 Section 27. Who is owner of house property? http://mytaxes.in/index.php?topic=192.0 Section 37(1). The professional tax paid by a person carrying on a business or trade, can be allowed to him as a deduction u/s 37(1). Sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA. Exemption from capital gains http://mytaxes.in/index.php?topic=31.0 Section 56(1). The source of income that does not specifically fall under any of the four heads of income (viz. Salaries, Income from house property, Profits and gains of business or profession or Capital gains) is to be computed and brought to charge under section 56 under the head "Income from other sources." Section 56(2)(vi). Receipts of gifts without consideration http://mytaxes.in/index.php?topic=19.0 Section 57. Deductions. http://mytaxes.in/index.php?topic=386.0 Section 60. If any person transfers income without transferring the ownership of the assets, such income is taxable in the hands of transferor. Section 61. Income arising by virtue of a revocable transfer of assets is taxable in the hands of transferor. Section 64(1)(iv). Income of an asset (other than house property) transferred by an individual to his spouse directly or indirectly, without adequate consideration or in connection with an arrangement to live apart, is deemed to be income of the transferor. Section 64(1)(vi). Income of an asset (other than house property) transferred by an individual to his son's wife directly or indirectly without adequate consideration is income of the transferor. Section 80C. Deduction for Investments including Life Insurance and Provident Fund http://mytaxes.in/index.php?topic=24.0 Section 80CCC. Deduction for Contribution to Pension Funds http://mytaxes.in/index.php?topic=24.0 Section 80CCD. Deduction for contribution to pension scheme of Central Government http://mytaxes.in/index.php?topic=24.0 Section 80CCE. The aggregate amount of deductions under section 80C, section 80CCC and section 80CCD shall not, in any case, exceed Rs. 1,00,000. Section 80E. Deduction for Loan for Higher Education http://mytaxes.in/index.php?topic=46.0 Sections 80D, 80DD, 80DDB, 80U. Medical based Deductions from the Income http://mytaxes.in/index.php?topic=27.0 Section 80G. Deduction in respect of donations to certain funds, charitable institutions http://mytaxes.in/index.php?topic=57.0 Section 80GG. Deductions in respect of rent paid http://mytaxes.in/index.php?topic=57.0 Section 80GGA. Deduction in respect of certain donations for scientific research or rural development http://mytaxes.in/index.php?topic=57.0 80GGC. Deduction in respect of contributions given by any person to political parties http://mytaxes.in/index.php?topic=57.0 Section 89. If salary is received in arrears or in advance, or receives profit in lieu of salary, it can be spread over the years to which it relates and be taxed accordingly as per section 89(1). The relief is also available on family pension received in arrears. Section 89(1). Computation of relief when salary or family pension is received in arrear or in advance. http://mytaxes.in/index.php?topic=197.0 Sections 90. Double Taxation Relief; Agreement with foreign countries http://mytaxes.in/index.php?topic=146.0 Sections 91. Double Taxation Relief; Countries with which no agreement exists http://mytaxes.in/index.php?topic=146.0
Section 111A. Income Tax Rate on Short Term Capital Gains (section 111A) http://mytaxes.in/index.php?topic=30.0 Section 112. Income Tax Rate on Long Term Capital Gains http://mytaxes.in/index.php?topic=30.0 Sections 115C to 115I. Special Provisions for the Benefit of Non-resident Indians http://mytaxes.in/index.php?topic=55.0 Section 115JB. This section is applicable from assessment year 2001-02. If tax liability of a company under normal provisions is lower than 10 per cent (7.5% for the assessment years 2001-02 to 2006-07) of "book profit", book profit shall be deemed as total income and 10 per cent (7.5% for the assessment years 2001-02 to 2006-07) of book profit should be deemed as tax liability. Exception: There is an exception for companies in SEZ. Section 139(1). Read Statutory Obligation to file return (Section 139(1)) http://mytaxes.in/index.php?topic=32.0 Section 139(4). Belated Return. If a return is not furnished within the time allowed under section 139(1) or within the time allowed under notice issued under section 142(1), the person may, furnish the return at any time before the end of one year from the end of relevant assessment year. Section 139(5). If a person furnishes return u/s 139(1) or u/s 142(1) discovers any omission or wrong statement therein, he may furnish a revised return within one year from the end of the relevant assessment year or before the assessment is made, whichever is earlier. Belated return can not be revised. Section 139A. Obligation to apply for Permanent Account Number (PAN) (section 139A) http://mytaxes.in/index.php?topic=42.0 Section 143(1). Summary assessment without calling assessee (section 143(1)). An Assessing Officer can complete the assessment without passing a regular assessment order. Any intimation for tax due shall be sent within 1 year from the end of the financial year in which the return of income is made. For instant if an individual submitted his tax return for the assessment year 2008-2009 on November 12, 2008, then the intimation must be sent on or before March 31, 2010. Section 192. Deduction of tax at source from salaries http://mytaxes.in/index.php?topic=8.0 Section 192(2). Where, during the financial year, an assessee has worked for more than one employer, he may furnish to the person responsible for making the payment referred to in sub-section (1), such details of the income under the head Salaries due or received by him from the other employer or employers, the tax deducted at source therefrom and such other particulars, in such form and verified in such manner as may be prescribed, and thereupon the person responsible for making the payment referred to above shall take into account the details so furnished for the purposes of making the deduction under sub-section (1). section 194A. Deduction of tax at source from interest other than interest on securities http://mytaxes.in/index.php?topic=8.0 section 193. Deduction of tax at source from interest on securities http://mytaxes.in/index.php?topic=8.0 Section 194. Deduction of tax at source from dividend to a resident http://mytaxes.in/index.php?topic=8.0 Section 194A. Deduction of tax at source from interest other than interest on securities http://mytaxes.in/index.php?topic=8.0 Section 194B. Deduction of tax at source from winnings from lottery or crossword puzzle or card game or any other game http://mytaxes.in/index.php?topic=8.0 Section 194BB. Deduction of tax at source from winnings from Horse race http://mytaxes.in/index.php?topic=8.0
Section 194C. Deduction of tax at source from payments to resident contractors and subcontractors http://mytaxes.in/index.php?topic=8.0 Section 194D. Deduction of tax at source from insurance Commission to a resident http://mytaxes.in/index.php?topic=8.0 Section 194E. Deduction of tax at source from payment to a non-resident sportsman or sports association http://mytaxes.in/index.php?topic=8.0 Section 194EE. Deduction of tax at source from payments in respect of NSS. The person responsible for paying any amount as per clause (a) of sub-section (2) of section 80CCA must deduct tax at 20 per cent at the time of payment. Section 194F. Deduction of tax at source from payments on purchase of Mutual Funds or UTI. The person responsible for paying any amount as per section 80CCB must deduct tax at 20 per cent at the time of payment. Section 194G. Deduction of tax at source from commission on sale of lottery tickets http://mytaxes.in/index.php?topic=8.0 Section 194H. Deduction of tax at source from commission and brokerage to a resident http://mytaxes.in/index.php?topic=8.0 Section 194-I. Deduction of tax at source from rent of land, building or furniture, plant, machinery or equipment to a resident http://mytaxes.in/index.php?topic=8.0 Section 194J. Deduction of tax at source from Professional and Technical Services to a resident http://mytaxes.in/index.php?topic=8.0 Section 195; Deduction of tax at source from Other Sums http://mytaxes.in/index.php?topic=173.0 Section 197A. You can file Form 15H/15G so that no tax is deducted at source. Read http://mytaxes.in/index.php?topic=39.0 Sections 201(1A) and 206C(7). Failure to Deduct or Pay Tax at Source (TDS) http://mytaxes.in/index.php?topic=77.0 Section 208. Conditions of liability to pay advance tax http://mytaxes.in/index.php?topic=77.0 Section 234A. Interest for Late Filing of Return of Income http://mytaxes.in/index.php?topic=77.0 Section 234B. Interest for defaults in payment of advance tax http://mytaxes.in/index.php?topic=77.0 Section 234C. Interest for Deferment of Advance Tax http://mytaxes.in/index.php?topic=77.0 Section 245. SET OFF OF REFUNDS AGAINST TAX REMAINING PAYABLE. Where under any of the provisions of this Act, a refund is found to be due to any person, the Assessing Officer, Deputy Commissioner (Appeals), Commissioner (Appeals) or Chief Commissioner or Commissioner, as the case may be, may, in lieu of payment of the refund, set off the amount to be refunded or any part of that amount, against the sum, if any, remaining payable under this Act by the person to whom the refund is due, after giving an intimation in writing to such person of the action proposed to be taken under this section. Section 271F. If a person who is required to furnish a return of his income, as required under section 139 or under the proviso to that section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay a penalty of Rs. 5000.
