Income Tax Act with Master Guide to Income Tax Act Act with Master... · 1.20 Procedure regarding...

SECTION PAGE

CONTENTS

DIVISION ONE 1Income-tax Act, 1961

PAGE

u Arrangement of Sections I-3

u Text of the Income-tax Act, 1961 as amendedby the Finance Act, 2012 1.1

u Appendix : Text of remaining provisions of AlliedActs referred to in Income-tax Act 1.1057

u Subject Index 1.1123

DIVISION TWO 2Finance Act, 2012

u Arrangement of Sections 2.3

u Text of the Finance Act, 2012 2.7

DIVISION THREE 3National Tax Tribunal Act, 2005

u Arrangement of Sections 3.3

u Text of the National Tax Tribunal Act, 2005 as amendedup to date 3.5

DIVISION FOUR 4Securities Transaction Tax

u Arrangement of Sections 4.3u Text of the Securities Transaction Tax as amended

by the Finance Act, 2012 4.5

v

Income Tax Act with Master Guide to Income Tax Act

Income Tax Act

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CONTENTS

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DIVISION ONECommentary on Finance Act, 2012

u Amendments made by Finance Act, 2012 at a glance 1.3

1GENERAL ANTI AVOIDANCE RULE (‘GAAR’)

1.1 Introduction 1.83

1.1.1 Nature of provisions 1.841.2 Objective 1.85

1.3 Arrangement 1.87

1.3.1 Definition 1.871.3.2 Analysis 1.87

1.4 Arrangement ‘entered’ into by assessee ‘may’ be declared to bean impermissible avoidance arrangement (IAA) 1.90

1.4.1 Onus 1.901.4.2 May 1.90

1.5 Impermissible Avoidance Arrangement (IAA) 1.91

1.5.1 Conditions 1.911.5.2 Illustrations 1.921.5.3 Factual exercise 1.92

1.6 Explanation to section 95 1.92

1.6.1 May 1.931.6.2 Onus 1.93

1.7 Options available to Assessing Officer for invoking GAAR 1.93

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CONTENTS

Master Guide to Income Tax Act

CONTENTS

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I-8

1.8 Tax benefit 1.94

1.8.1 Definition 1.941.8.2 Analysis 1.94

1.9 Main purpose 1.95

1.9.1 Main 1.951.9.2 Purpose 1.97

1.10 Statutory presumption 1.101

1.10.1 Shall presume 1.1021.11 Alternate Conditions 1.104

1.11.1 Onus 1.1041.12 Creation of rights or obligations which are not ordinarily

created [section 96(1)(a)] 1.104

1.12.1 Ordinarily 1.1041.12.2 Arm’s length 1.104

1.13 Misuse or abuse of the provisions of the Act [section 96(1)(b)] 1.106

1.13.1 Abuse 1.1061.13.2 Objective behind introduction of a provision 1.1061.13.3 Benefit of a provision in the Act does not per se

result in abuse/misuse 1.1061.14 Lack of commercial substance [Section 96(1)(c)] 1.107

1.14.1 Arrangement lacking or deemed to lack commercialsubstance 1.107

1.14.2 Meaning of commercial substance 1.1071.14.3 Illustration 1.1071.14.4 Deemed lack of commercial substance 1.1071.14.5 Irrelevant factors 1.1081.14.6 Direct Taxes Code 1.1081.14.7 Round trip financing 1.1091.14.8 Accommodating Party 1.110

1.15 Carried out by means or manner not ordinarily employed forbona fide purposes 1.111

1.15.1 Ordinarily 1.1111.15.2 Bona fide purpose 1.111

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CONTENTS

1.16 Arrangement to be ‘declared’ to be an IAA 1.112

1.17 Consequences of applicability of Chapter X-A [section 98] 1.113

1.17.1 Statutory provisions 1.1131.17.2 Analysis 1.114

1.18 Application of GAAR (section 100) 1.115

1.19 Chapter to be applied in accordance with prescribed guidelinesetc. 1.115

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

1.20.1 Steps 1.1161.20.2 Consequences of directions 1.1171.20.3 Other matters 1.1171.20.4 Analysis 1.1181.20.5 AO’s reference 1.1191.20.6 Assessment proceedings 1.1201.20.7 Opinion by Commissioner 1.1201.20.8 Approving Panel 1.1211.20.9 Prior approval of the Commissioner 1.1221.20.10 Nature of proceedings before the AO in relation to

determination of consequences 1.1241.20.11 Tremendous sanctity of the review by the

Commissioner/Approving Panel 1.1251.21 Appeal against assessment order 1.125

1.22 Advance ruling in respect of an impermissible avoidancearrangement 1.125

1.22.1 Background 1.1251.22.2 Amendments 1.1261.22.3 Analysis 1.126

1.22A GAAR vis-à-vis binding force of AAR’s rulings 1.127

1.23 Other aspects of GAAR and applicability of GAAR to otherprovisions 1.127

1.23.1 Complex and interlinked provisions 1.1271.23.2 Benefit 1.1281.23.3 Relevance of Finance Minister’s speech and

Explanatory Memorandum 1.128

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CONTENTS

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1.23.4 No threshold limit 1.1291.23.5 Legal or genuine arrangements are also covered 1.1291.23.6 Non-related parties 1.1291.23.7 Whether applicable to past transactions? 1.1291.23.8 Non obstante provisions 1.1301.23.9 Year of application of Chapter XA 1.1311.23.10 GAAR and DTAA 1.1321.23.11 Applicability to Court sanctioned schemes 1.1351.23.12 Specific Anti Avoidance Regulations (SAAR) v. General

Anti Avoidance Regulations (GAAR) 1.1371.23.13 Assessment of representative assessee 1.1371.23.14 TDS 1.1381.23.15 Penalties 1.1401.23.16 Recommendations by the Standing Committee of the

Parliament 1.1411.23.17 Onus 1.1421.23.18 Implications under other laws 1.142

Annex 1.1 Reliance on Memorandum explaining the provisions of theFinance Bill 1.143

2TAXATION OF NON-RESIDENTS

2.1 Amendment to definition of property 1.146

2.1-1 Amendment 1.1462.1-2 Analysis 1.146

2.2 Amendment to definition of transfer 1.148


2.3 Amendment to section 9(1)(i) 1.150

2.3-1 Brief description of amendments in section 9(1)(i) 1.1502.4 Statutory explanation regarding the amendment in section 9(1)(i) 1.150

2.4.1 Notes on Clauses to Finance Bill, 2012 1.1512.4.2 Explanatory Memorandum to Finance Bill, 2012 1.1512.4-3 Finance Minister’s Speech 1.153

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CONTENTS

2.5 Analysis of amendment in section 9(1)(i) 1.153

2.5-1 Explanation 4 1.1532.5-2 Explanation 5 1.153

2.6 Consequences of the amendments in section 9(1)(i) 1.154

2.6.1 No threshold for smaller transactions 1.1542.6.2 No exception to listed companies 1.1542.6.3 No limit to tiers 1.1542.6.4 Illustration 1.1542.6-5 Interest in any entity is covered by the amendment 1.1562.6-6 No proportionate abatement qua value derived from

non India assets 1.1562.6.7 Determination of value 1.1562.6-8 Taxation of transfer of shares in all holding companies

situated in the UK/USA 1.1572.6-9 No step up of cost 1.1582.6.10 ‘Through’ qualifies all the limbs of section 9(1)(i) 1.1582.6-11 Substantial 1.158

2.7 Retrospectivity 1.160

2.7.1 General principles regarding retrospective amendment 1.1602.7-2 Retrospective legislation and Income-tax 1.1612.7-3 Restrictions on retrospective amendments 1.1612.7-4 Retrospective amendment when permissible 1.1632.7-5 Onus to prove that amendment not permissible 1.1642.7-6 Factors considered relevant in assessing unreason-

ableness of amendment 1.1642.7.7 View 1 : Retrospective amendment to section 9(1)(i)

is permissible 1.1652.7.8 View 2 : Retrospective amendment to section 9(1)

and allied provisions is not permissible (see paras2.7.8 to 2.7.12) 1.167

2.7-9 Amendment to ‘through’ 1.1682.7-10 Explanation 5 regarding ‘deemed’ location in India 1.1712.7-11 Fresh imposition of levy 1.1762.7-12 Validation clause 1.177

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CONTENTS

PAGE2.8 Amendments to section 9(1)(vi) 1.178

2.8.1 Amendments 1.1782.8-2 Object 1.1782.8-3 Analysis 1.179

2.9 Amendment to section 90 1.181


2.10 Amendments to section 90A 1.190

2.11 Section 115A 1.191

2.12 Amendment in relation to taxation of non-resident entertainers(Section 115BBA) 1.191

2.12-1 Analysis 1.1912.13 Validation of Demand 1.192

Annex 2.1 Meaning of the word “Management” 1.194

3EXEMPTIONS

3.1 Exemption of maturity proceeds of Life Insurance Policy[Section 10(10D)] 1.197

3.1-1 Amendment 1.1973.1-2 Effects of the amendment 1.1983.1-3 Analysis 1.198

3.1A Exemption to Prasar Bharati 1.199

3.2 Application of first proviso to section 2(15) (‘First proviso’)and effects on exemption to charitable trusts 1.199

3.2-1 First proviso 1.1993.2-2 Amendment 1.2003.2-3 Analysis 1.200

3.3 Amendment in the definition of Venture Capital Undertaking[Section 10(23FB)] 1.203

3.3-1 Background and Amendment 1.2033.3-2 Analysis 1.203

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CONTENTS

3.4 Exemption to income of a foreign company on account of saleof crude oil [section 10(48)] 1.204


4BUSINESS INCOME

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

4.1-1 Background 1.2064.1-2 Amendment 1.2064.1-3 Analysis 1.207

4.2 Weighted Deduction for Scientific Research and Development 1.207

4.3 Deduction in respect of capital expenditure on specified business 1.207

4.3-1 Amendment 1.2074.3.2 Analysis 1.208

4.4 Expenditure on agricultural extension project [Section 35CCC] 1.213

4.4-1 Agricultural extension project meaning of 1.2144.4-2 Expenditure 1.2144.4-3 An assessee 1.2154.4-4 Other issues 1.215

4.5 Expenditure on skill development project [Section 35CCD] 1.215

4.5-1 Skill Development project 1.2164.5-2 Expenditure 1.2164.5-3 Other issues 1.216

4.6 Disallowance under section 40(a)(ia) 1.216

4.6-1 Present provision 1.2164.6-2 Amendment 1.2174.6-3 Analysis 1.217

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

4.7-1 Background 1.2204.7-2 Amendment relating to specified domestic transactions 1.2204.7-3 Amendment relating to list of ‘specified persons’ 1.221

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4.8 Threshold limit for Tax Audit [Section 44AB] 1.222


4.8A Specified Date for Furnishing Tax Audit Report 1.223

4.9 Tax on presumptive basis in case of certain eligible business 1.224

4.9-1 Person carrying on profession referred to insection 44AA 1.224

4.9-2 Person earning brokerage/commission income 1.2254.9-3 Agency Business 1.2304.9-4 Increase in threshold limit to Rs. 1 crore 1.231

Annex 4.1 Relevant extracts from National Manufacturing Policy 1.232

5CAPITAL GAINS

5.1 Demerger 1.236


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

5.3 Cost of capital asset in case of succession to business bycompanies [Section 49] 1.238

5.4 Fair Market Value to be deemed as full value of considerationin certain cases [Section 50D] 1.240

5.4-1 Objects of the provision 1.2405.4-2 Rulings neutralised 1.2415.4-3 Other issues 1.241

5.5 Exemption of Capital Gain on transfer of land used foragriculture purpose [Section 54B] 1.243

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

5.6-1 Salient Features of the provision 1.2445.6-2 Analysis of the provision 1.2455.6-3 Residential property 1.2455.6-4 Owned by 1.252

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CONTENTSI-15

5.6-5 Eligible assessee 1.2535.6-6 Utilisation of the net consideration for subscribing

to shares 1.2535.6-7 Eligible company 1.2585.6-8 Utilisation by the company 1.2645.6-9 Quantum of capital gains exempt 1.2745.6-10 Cost of new asset 1.2745.6-11 Withdrawal of exemption in case of certain transfers

within 5 years [Sub-section (4)] 1.2775.7 Reference to Valuation Officer 1.283

5.7-1 Amendment 1.2835.8 Tax on short-term capital gains [Section 111A] 1.284

5.9 Tax on long-term capital gains [Section 112] 1.284


5.10 Special provisions relating to conversion of Indian branch of aforeign bank into a subsidiary company 1.286

5.10-1 Initial failure to comply with the conditions 1.2875.10-2 Subsequent failure 1.287

6INCOME FROM OTHER SOURCES

6.1 Exemption of any sum or property received by HUF from itsmembers 1.289

6.1-1 Amendment 1.2906.2 Share premium in excess of the fair market value deemed

as income 1.290

6.2-1 Salient features of the provision 1.2916.2-2 Objective of the amendment 1.2926.2-3 Certain aspects relevant for interpreting clause 1.2926.2-4 Analysis of the clause 1.2946.2-5 Allowance of expenditure 1.3116.2-6 Applicability of section 55A 1.3126.2-7 Effects 1.312

CONTENTS

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7DEDUCTION UNDER CHAPTER VI-A

7.1 Amendment to the definition of market value in section 80A(6) 1.314

7.1.1 Amendment 1.3147.1.1A Analysis of amendment 1.314

7.2 Deduction in respect of Life Insurance Premium 1.315

7.2-1 Effects of the amendments 1.3167.3 Deduction in respect of health insurance premium 1.316


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

7.5 Deductions in respect of certain donations under sections 80Gand 80GGA - Mode of Payment 1.318

7.6 Extension of sunset clause for tax holiday under section 80-IA 1.319

7.7 Amendment to the definition of market value in section80-IA(8)/(10) 1.319

7.7-1 Amendment to section 80-IA(8) 1.3197.7-2 Amendment to section 80-IA(10) 1.319

7.8 Deduction of interest on savings account deposit 1.321

7.8-1 Analysis 1.3217.9 Deduction for investment under equity saving scheme 1.322

7.9-1 Salient features of the provision 1.3227.9-2 Analysis 1.323

8TRANSFER PRICING

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

8.1.1 Amendment 1.3248.1-2 Analysis 1.325

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

8.2-1 Background 1.3328.2-2 Amendments relating to second proviso 1.332

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CONTENTS

8.2-3 Amendments relating to first proviso 1.3328.2-4 Analysis 1.333

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

8.4 Amendment in definition of international transaction 1.336

8.4.1 Amendment 1.3368.4-2 Analysis 1.338

8.5 Advance Pricing Agreement [section 92CC] 1.339


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

8.6-1 Analysis 1.346

9MINIMUM ALTERNATE TAX (‘MAT’) AND

ALTERNATE MINIMUM TAX (‘AMT’)

9.1 Minimum Alternate Tax (MAT) 1.347

9.1.1 Preparation of accounts 1.3479.1-2 Adjustment of amount standing to the credit of

revaluation reserve 1.3489.1-3 Option for preparation of accounts 1.3499.1-4 Exemption to life insurance business 1.350

9.2 Alternate Minimum Tax (‘AMT’) 1.350

9.2-1 The Provision 1.3509.2-2 Amendment 1.3519.2-3 Analysis 1.351

10RETURN, ASSESSMENT AND APPEALS

10.1 Furnishing return of income by certain resident 1.353

10.1-1 Amendment 1.35310.2 Assessment 1.357

10.2-1 Amendment 1.357

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CONTENTS

PAGE10.2-2 Analysis 1.35810.2-3 Third Proviso 1.358

10.3/4 Dispute Resolution Panel 1.358

10.3/4-1 Background 1.35810.3/4-2 Amendments 1.35810.3/4-3 Analysis 1.359

10.5 Amendment relating to reassessment of income [section 147] 1.359

10.5-1 Background 1.35910.5-2 Amendments 1.36010.5-3 Analysis 1.360

10.6 Amendment relating to provisions relating to time limit fornotice under section 148 1.363


10.7 Time limit for completion of assessment or reassessment 1.364

10.7.1 Amendments 1.36410.8 Notice for assessment in search or requisition or other cases 1.366

10.8-1 Amendment 1.36610.9 Amendments to section 153B 1.366

10.10 Rectification of mistakes 1.368

10.10-1 Amendment 1.36810.11 Section 156 - Notice of Demand 1.369

10.12 Appeal to Commissioner (Appeals) 1.369

10.12-1 Rights of appeal to deductor 1.37010.12-2 Appeal against assessment order under section 143(3) -

Exceptions 1.37010.12-3 Appeal against assessment etc. under section 147 -

Exceptions 1.37010.12-4 Assessment or reassessment pursuant to search 1.37110.12-5 Appeal against assessment or reassessment or

recomputation of total income pursuant to AdvancePricing Agreement (‘APA’) 1.371

10.12-6 Appeal against rectification orders - Exceptions 1.37110.12-7 Appeal against penalty order under section 271AAB 1.371

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10.13 Appeal to the Appellate Tribunal 1.372

10.13-1 Appeal against certain orders passed under section153A/153C 1.372

10.13-2 Appeal against order passed under section 144BA(12) 1.37210.13-3 Appeal by AO against own order, pursuant to

objection to DRP 1.37210.13-4 Cross objections 1.373

10.14 Disposal of appeal by ITAT within specified period 1.373

11DEDUCTION AND COLLECTION OF

TAX AT SOURCE

11.1 TDS from interest on securities 1.374

11.1-1 Amendment 1.37411.2 TDS from payments to non-resident sportsmen etc. 1.375

11.3 TDS from fees for professional or technical services 1.375

11.3-1 Analysis 1.37511.4 TDS from payment of compensation on acquisition of certain

immovable property 1.376

11.5 TDS from interest payable by specified Indian company 1.376

11.5-1 Insertion of section 194LC 1.37611.5-2 Analysis 1.377

11.6 Amendments to section 195 1.377

11.6-2 Analysis 1.37811.7 Amendment in section 197A 1.385

11.7-1 No deduction of tax to be made 1.38511.7-2 No TDS in case of certain payments to notified

institutions etc. 1.38511.8 Person deemed to be assessee in default 1.386

11.8-1 Amendment 1.38611.8-2 Conditions 1.38611.8-3 Analysis 1.38711.8-4 Amendment in section 206C 1.38811.8-5 Consequences where person responsible treated as

assessee in default 1.388

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CONTENTS

PAGE11.8-6 Interest under section 201(1A) 1.38911.8-7 Limitation period under section 201(3) 1.389

11.9 Interest under section 220(2) 1.390

11.10 Person responsible for paying 1.390

11.11 Collection of tax from buyers of coal or lignite or iron oreor bullion or jewellery 1.391

11.11-1 Amendment 1.39111.11-2 Inclusion of specified minerals 1.39111.11-3 Goods utilised for power generation - Not subject to

tax collection 1.39211.11-4 Bullion or Jewellery 1.39211.11-5 Interest under section 206C(7) 1.392

11.12 Fees for default in furnishing statements in respect of taxdeductible or collectible 1.393


12TAX & INTEREST PAYMENTS

12.1 Credit for payment of Alternate Minimum Tax (AMT) 1.396

12.1-1 Amendment 1.39612.1-2 Effect of the amendment 1.396

12.2 Advance tax - Exemption to resident senior citizen havingnon-business income 1.397


12.3 Computation of advance tax 1.398

12.3-1 Background 1.39812.3.2 Analysis 1.398

12.4 Interest under section 234A and AMT Credit 1.399

12.4-1 Background 1.39912.4-2 Amendment 1.400

12.5 Interest under section 234B and AMT Credit 1.400


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CONTENTS

12.6 Interest under section 234C 1.401


12.7 Interest on excess refund 1.402

12.7-1 Amendment 1.402

13PENALTIES

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


13.2 Penalty for failure to keep and maintain documentation inrespect of SDT [Section 271AA] 1.404

13.3 Penalty in search cases 1.404

13.3-1 Penalty under section 271AAB 1.40413.3-2 Analysis 1.406

13.4 Penalty for failure to furnish information or document undersection 92D 1.411

13.5 Penalty for failure to furnish statements etc. 1.411

13.5-1 TDS statements 1.41213.5-2 TCS statements 1.41413.5-3 Failure to furnish TDS/TCS statements 1.41413.5-4 Furnishing incorrect information 1.415

13.6 Penalty under section 272A(2)(k) 1.415

13.7 Reasonable cause 1.415

14PROSECUTION

14.1 Prosecution provisions 1.417

14.2 Amendments 1.417

14.2-1 Details 1.41714.2-2 Objectives of the amendments 1.417

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CONTENTS

PAGE14.2-3 Increasing threshold and reduction in period 1.41814.2-4 Special Court 1.41914.2-5 Compounding 1.421

15MISCELLANEOUS

15.1 Definition of ‘Commissioner’ 1.422

15.2 Cash credits under section 68 of the Act 1.422

15.2-1 Background 1.42215.2-2 Amendment 1.42315.2-3 Salient features of the first proviso 1.42515.2-4 Analysis 1.426

15.3 Taxation of income referred to in section 68, etc. 1.430

15.3.1 Amendment 1.43015.3-2 Objective of the amendment 1.43015.3-3 Illustration 1.43115.3-4 Other issues 1.431

15.4 Tax on dividends received from foreign companies 1.432

15.5 Dividend distribution tax 1.432


15.6 Taxation of investors in VCC/VCF [Section 115U] 1.433


15.7 Amendment to taxation of tonnage income 1.436

15.8 Settlement of cases 1.436

15.9 Application for Advance Ruling [Section 245Q] 1.437

15.10 Authorisation and assessment in case of search or requisition 1.437


15.11 Consequential amendment in section 296 1.438

15.12 Amendment in Schedule IV 1.438

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CONTENTS

15.13 Definition of asset under section 2(ea) of the Wealth-tax Act 1.439

15.14 Reassessment of wealth escaping assessment [Section 17] 1.439

15.15 Exemption to RBI from Wealth-tax 1.440

15.16 Retrospective amendments and its practical effects 1.440

15.16-1 Mode and manner in which effect can be given 1.44015.16-2 Retrospective amendments, whether retrospective or

prospective 1.44215.17 Amendment to securities transaction tax 1.443

DIVISION TWOPractice Manual

1CHARTS & TABLES UNDER INCOME-TAX ACT

u List of tax-free incomes 2.3

u Deductions/Allowances 2.19

u Periods of limitation 2.41

u Penalties 2.68

u Offences and prosecutions 2.72

2IMPORTANT PROCEDURES UNDER

INCOME-TAX ACT

u Deduction of tax at source 2.75

- Salary [Section 192] 2.75

- Interest on securities [Section 193] 2.79

- Dividends [Section 194] 2.84

- Interest other than interest on securities [Section 194A] 2.88

- Winnings from lottery or crossword puzzle [Section 194B] 2.93

- Winnings from horse races [Section 194BB] 2.96

- Payments to contractors [Section 194C] 2.98

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CONTENTS

PAGE- Insurance commission [Section 194D] 2.102

- Payments to non-resident sportsmen/sports associations[Section 194E] 2.105

- Payments in respect of deposits under NSS, etc. [Section 194EE] 2.108

- Payments on account of repurchase of units by UTI/MutualFund [Section 194F] 2.112

- Commission on sale of lottery tickets [Section 194G] 2.114

- Commission or brokerage [Section 194H] 2.117

- Rent payments [Section 194-I] 2.120

- Fees for professional or technical services, etc. [Section 194J] 2.123

- Payment of compensation on acquisition of certain immovableproperty [Section 194LA] 2.126

- Income by way of Interest from Infrastructure Debt Fund[Section 194LB] 2.129

- Interest from specified Indian Company[Section 194LC] (From 1-7-2012) 2.129

- Payments to non-residents [Section 195] 2.130

- Income from units in case of offshore fund [Section 196B] 2.134

- Income from foreign currency bonds or global depositoryreceipts of Indian companies [Section 196C] 2.136

- Income of foreign institutional investors from securities[Section 196D] 2.139

- Processing of TDS statements [Section 200A] 2.141

- Effect of non-furnishing of PAN [Section 206AA] 2.142

u Tax Deduction and Collection Account Number [Section 203A] 2.142

u Collection of tax at source [Section 206C] 2.143

u Advance tax [Section 211] 2.146

u e-Payment of tax 2.149

u Self-assessment tax [Section 140A] 2.149

u Return of income [Section 139] 2.150

u Summary assessment [Section 143(1)] 2.152

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CONTENTS

u Scrutiny assessment [Section 143(2)/(3)] 2.153

u Refunds [Section 237] 2.154

u Interest chargeable [Sections 201(1A), 220(2), 234A to 234D &244A] 2.155

u Permanent Account Number [Section 139A] 2.160

u Quoting of Permanent Account Number in documents pertainingto certain prescribed transactions [Section 139A] 2.167

u Rectification of mistakes [Section 154] 2.172

u Revision of orders by Commissioner [Sections 263 & 264] 2.173

u Waiver of penalty by Commissioner [Section 273A] 2.174

u Waiver of penalty under section 273AA 2.175

u Appeals to Commissioner (Appeals) [Sections 246A to 249] 2.175

u Appeals to Tribunal [Sections 252 to 255] 2.176

u Appeal to High Court [Section 260A] 2.178

u Advance rulings [Sections 245N to 245V] 2.179

u Survey [Section 133A] 2.180

u Search and seizure [Section 132] 2.181

u Annual information returns [Section 285BA] 2.184

3TAX RATES

u Tax liability - How to find out 2.190

u Income-tax 2.191

u Compulsory deposit 2.198

u Wealth-tax 2.198

u Gift-tax 2.198

u Estate duty 2.198

u Rates for tax deduction at source 2.198

u Rates for tax collection at source 2.202

u Dividend tax under section 115-O 2.203

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CONTENTS

PAGEu Tax on income distributed by UTI/Mutual Fund under section 115R 2.203

u Other taxes 2.204

4TAX RATES FOR THE LAST TEN

ASSESSMENT YEARS

u Income-tax rates for individuals, HUFs, associations of personsand body of individuals 2.206

u Income-tax rates for firms (PFAs) 2.208

u Income-tax rates for companies 2.208

u Dividend tax rates under section 115-O 2.209

u Income-tax rates for co-operative societies 2.209

u Rates of wealth-tax 2.209

u Rates of gift-tax 2.209

5GOLD AND SILVER RATES FOR THE CURRENT YEAR,

LAST TEN ASSESSMENT YEARSAND ON APRIL 1, 1981

u Gold and Silver rates for the current year, last ten assessment yearsand on April 1, 1981 2.210

DIVISION THREECirculars, Clarifications & Notifications [1961 - March2012]

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

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

u Circulars, Clarifications & Notifications [1961 - March 2012] 3.3

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CONTENTS

DIVISION FOURCase Laws [1922 - March 2012]

u Section key to Landmark Rulings of Supreme Court/High Courts[1922 - March 2012] 4.i

u Alphabetical key to Landmark Rulings of Supreme Court/High Courts [1922 - March 2012] 4.v

u Case Laws [1922 - March 2012] 4.3

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