Income Tax Act Sections
What is Income Tax?
Income tax is a tax levied on the income of an individual or an entity. It is one of the primary source of revenue of the government of India. The government undertakes various functions including welfare and development activities related to health, education and rural development etc. for which it requires public finance. Taxes are one of the major source through which the government raises revenue for public spending and it has been broadly categorized into the following two sections:
- Direct taxes- These include taxes which are paid by the person on whom these are levied like income tax, corporation tax, etc.
- Indirect taxes- These include taxes levied on goods and services rather than on income or profits like Goods and Services Tax.
Law Governing Income Tax in India
Income Tax is usually the most visible and discussed component of the Indian tax system. It is generally believed that taxes on income are phenomena of modern days. However, there is enough evidence to show that taxes on income were levied in ancient days in India as well. In this regard, references can be made to the ancient scriptures like Manusmriti and Kautiliyan Arthashastra.
In the modern India, the law related to income tax was introduced for the first time in 1860 to overcome the financial crisis of 1857. Thereafter, the Income Tax (IT) Act of 1886, IT Act of 1918 and IT Act of 1922 were introduced, however, these acts were repealed later due to their inconsistency with the changing requirements of the Indian society. Later, with the consultation of the Ministry of Law the Income Tax Act 1961 was brought into effect which is currently operative in India.
Provisions under the Income Tax Act
The Income Tax Act, 1961 is the Indian statute that provides for levy, administration, collection and recovery of income tax in India. It contains 23 chapters, 298 sections and 14 schedules in total. Under the Income Tax Act, every person, who is an assessee and whose income exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates prescribed in the Finance Act, such income tax will be paid on the total income of the previous year in the relevant assessment year. Assessment year is a period of 12 months starting from 1st day of April every year and ending on 31st day of March of the next year and previous year/financial year is the 12 months period before the assessment year.
Though there is no specific definition of the term, income as per section 2(24) of the Act means and includes salary, income from house property, profits and gains of business and profession, capital gains and income from other sources. Income tax returns has to be filed compulsorily by every tax payer such as individual, Hindu Undivided Family (HUF), firms, companies etc. whose income exceeds the exemption limit. Income Tax Act, provides penalty for non-filing of income tax returns. The last date of filing income tax return is July 31 in case of individuals but in case of business or professional, the last date for filing the return is 31st October and the penalty for non-filing of income tax returns is Rs. 5,000.
The income tax to be paid by any person/assessee is based on his residential status and place of receipt of income. Section 6 of the income tax Act, 1961 specifies the basis for determination of residential status. The assessee becomes resident and ordinarily resident in India, if he/she satisfies any one of the basic and both the additional conditions stated under section 6 of the Act. If an individual satisfies any one of the basic conditions and any one or none of the additional conditions, he/she shall be treated as resident but not ordinarily resident in India but any individual who does not fulfil any of the basic conditions laid down under section 6 of the Act shall be treated as a non-resident. The conditions are:
- Presence in India for a period of 182 days or more in the relevant previous year;
- Presence in India during relevant previous year for 60 days or more and presence in India for 365 days or more during 4 years immediately preceding the previous year;
- He has been resident in India in at least 2 out of 10 years immediately preceding the relevant previous year;
- Presence in India for more than 730 days during 7 years immediately preceding the relevant previous year. But in case of companies the residential status is based on the location of the head office of the company it can be resident or Non-resident Company.
The taxes are levied/ decided based on the cannons of taxation and distinction between capital and revenue receipt, expenditure and losses are very important because capital items are exempted from tax unless they are expressly taxable and revenue receipts, expenditure and losses are taxable unless they are expressly exempted. While computing taxable income of an assessee certain exemptions are allowed under section 10 of the Income Tax Act 1961 to encourage the tax payers like agricultural income, share of income from Hindu Undivided Family, share of income from partnership firm, life insurance policy, allowances to MLA’s, MP’s, awards made by the government in public interest, family pension, dividends from domestic company, income from units of mutual fund etc. A tax payer may get varieties of income in a period of 12 months starting from 1st day of April every year and ending on 31st day of March of the next year. All these incomes are grouped in to five heads of income for computation of taxable income i.e., income from salaries, house properties, business or profession, capital gains and other sources.
What are the categories under which income tax is calculated?
To levy income tax, one must have an understanding of the various concepts related to the charge of tax like previous year, assessment year, income, total income, person etc.
Income has been classified under five categories in the Indian Income Tax Act –
INCOME FROM SALARY
As per Section 15, the income chargeable to income tax under the head salaries would include:
Any salary due to an employee from an employer or a former employer to an assessee during the previous year irrespective of the fact whether it is paid or not.
Any salary paid or allowed to the employee during the previous year by or on behalf of an employer, or former employer, would be taxable under this head even though such amounts are not due to him during the accounting year.
Arrears of salary paid or allowed to the employee during the previous year by or on behalf of an employer or a former employer would be chargeable to tax during the previous year in cases where such arrears were not charged to tax in any earlier year.
Illustration
Meera is an employee of Tara Pvt Ltd. getting a salary of Rs 40,000 per month which becomes due on the last day of the month but is paid on the 7th of next month. Salary for which months will be taxable for AY 2015-16?
Solution: the salary for the months of April 2014 to March 2015 will be taxable for the Assessment Year 2015-16 because salary for April 2014 will be due on 30th April, 2014 (i.e. within the same month).
INCOME FROM HOUSE PROPERTY
SECTION 22 of the Act provides as follows:
“The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner other than such portions of such property as he may occupy for the purposes of any business or Profession carried on by him, the profits of which are chargeable to income tax, shall be chargeable to income tax under the head from House Property.”
Tax is charged on income from the buildings or lands appurtenant thereto: the buildings include residential buildings, buildings let out for business or profession or auditoriums for entertainment purposes.
Tax is charged on income from lands appurtenant to buildings: the lands appurtenant to buildings include approach roads to and from public streets, courtyards, compound, playground, motor garage. In case of non-residential buildings, car parking spaces, drying grounds shall be the lands appurtenant to buildings.
Tax is charged from the owner of the buildings and lands appurtenant thereto: where the recipient of the Income from House Property is not the owner of the building, the income is not chargeable under this head but under the head ‘Income from Business or Other Sources.’
INCOME FROM BUSINESS OR PROFESSION
The provisions of Sections 28 to 44D deal with the method of computing income under head “ Profits and Gains of Business or Profession.”
The meaning of the expression ‘Business’ has been defined in Section 2(13) of the Income Tax Act. According to this definition, business includes any trade, commerce or manufacture or any adventure or concern in the nature of trade commerce or manufacture.
The concept of business presupposes the carrying on of any activity for profit, the definition of business given in the Act does not make it essential for any taxpayer to carry on his activities constituting business for a considerable length of time.
The expression ‘profession’ has been defined in Section 2 (36) of the Act to include any vocation. The term profession includes the concept of an occupation requiring either intellectual skill or manual skill controlled and directed by the intellectual skill of the creator. For instance an auditor, a lawyer or a doctor carrying on their profession and not business.
The common feature in the case of both profession as well as business is that the object of carrying them out is to derive income or to make profit.
INCOME FROM CAPITAL GAINS
Sections 45 of the Act provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in Sections 54, 54B, 54D, 54EC, 54ED, 54F, 54G, 54GA and 54H be chargeable to income tax under the head “Capital Gains” and shall be deemed to be the income of the previous year in which the transfer took place. The requisites of a charge to income tax, of capital gains under Section 45 (1) are:
- There must be a capital asset
- The capital asset must have been transferred
- The transfer must have been effected in the previous year
- There must be a gain arising on such transfer of a capital asset
- Such capital gain should not be exempt under Sections 54, 54B, 54D, 54EC, 54ED, 54F, 54G or 54GA.
INCOME FROM OTHER SOURCES
Income chargeable under Income Tax Act which does not specifically fall for assessment under any of the heads discussed earlier, must be charged to tax as “Income from Other Sources.”
Sections 56 (2) specifically provides for the certain items of incomes as being chargeable to tax under the head as dividend , keyman insurance policy , winnings from lotteries, contribution to provident fund , money gifts, share premiums in excess of the fair market value to be treated as income, income by way of interest received on compensation.
The entire income of winnings, without any expenditure or allowance or deductions under Sections 80C will be taxable. However, expenses relating to the activity of owning and maintaining race horses are allowable. Further, such income is taxable at a special rate of income tax i.e. 30% + surcharge + cess @ 3%
The income chargeable under the head “Income from Other Sources” is the income after making the deductions such as sum paid by way of commission or remuneration to a banker or any other person for the purpose of realising such interest or a deduction of a sum equal to 50% of from interest on compensation or enhanced compensation and any other expenditure laid out or expended wholly.
FAQs Related to Income Tax
• What is Income-tax?
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.
• What is the period for which a person’s income is taken into account for the purpose of Income-tax?
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.
The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year. e.g., Income earned during the period of 1st April, 2015 to 31st March, 2016 is treated as income of the previous year 2015-16. Income of the previous year 2015-16 will be charged to tax in the next year, i.e., in the assessment year 2016-17.
• Who is supposed to pay Income-tax?
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act covers in its ambit natural as well as artificial persons (companies).
For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, local authority and any artificial juridical person not covered under any of the above.
Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.
• How does the Government collect Income-tax?
Taxes are collected by the Government through three means:
- voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self-Assessment Tax paid by the taxpayers,
- Taxes deducted at source [TDS] from the income of the receiver, and
- Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.
• How will I know how much Income-tax I have to pay?
The rates of Income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year. You can also check your tax liability by using the free online tax calculator available at www.incometaxindia.gov.in.
• When do I have to pay the taxes on my income?
Generally, the tax on income crystallizes only on completion of the previous year. However, for ease of collection and regularity of flow of funds to the Government for its various activities, the Income Tax Act has laid down the provisions for payment of taxes in advance during the year of earning itself. It is called as ‘pay as you earn’ concept. Taxes may also be collected on your behalf during the previous year itself through TDS and TCS mode. If at the time of filing of return you find that you have some balance tax to be paid after taking into account the credit of your advance tax, TDS & TCS, the shortfall is to be deposited as Self-Assessment Tax.
• What are the precautions that I should take while filling-up the tax payment challan?
While making payment of tax, apart from other things, one should clearly mention following:
- Head of payment, i.e., Corporation Tax/Income-tax (other than companies)
- Amount and mode of payment of tax
- Type of payment (i.e., Advance tax/Self-assessment tax/Tax on regular assessment/Tax on Dividend/Tax on distributed Income to Unit holders/Surtax)
- Assessment year
- The unique identification number called as PAN (Permanent Account Number) allotted by the IT Department.
• Do I need to insist on some proof of payment from the Banker to whom I have submitted the challan?
The filled-up taxpayer’s counterfoil will be stamped and returned to you by the bank. Please ensure that the bank’s stamp contains BSR Code [Bankers Serial Number Code], Challan Identification Number [CIN], and the date of payment. In case of e-payment a computer generated copy will be issued.
• How can I know that the Government has received the amount deposited by me as taxes in the bank?
You can check your tax credit by viewing your Form 26AS from your e-filing account at www.incometaxindiaefiling.gov.in. Form 26AS will also disclose the credit of TDS/TCS in your account.
• Who is an Assessing Officer?
An assessing officer is an officer of the Income-tax Department who has been given jurisdiction over a particular geographical area in a city/town or over a class of persons. You can find out from the PRO or from the Departmental website http://www.incometaxindia.gov.in about the officer administering the law which could be based on your geographical jurisdiction or the nature of income earned by you.
• Income-tax is levied on the income of every person. As per Income-tax Law what constitutes income?
Under the Income-tax Law, the word income has a very broad and inclusive meaning. In case of a salaried person all that is received from an employer in cash, kind or as a facility is considered as an income. For a businessman his net profit will constitute his income. Income may also flow from investments in the form of Interest, Dividend, Commission, etc. Further, income may be earned on account of sale of capital assets like building, gold, etc.
Income shall be computed as per relevant provision of Income-tax Act, 1961 which lays down detail condition for computation of income chargeable to tax under various heads of income.
• What is exempt income and taxable income?
An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.
E.g., Dividend income from an Indian company is granted specific exemption and, hence, the same is not liable to tax in the hands of the shareholders. However, dividend from a foreign company is taxable.
• What is revenue receipt and capital receipt?
Revenue receipts are recurring in nature like salary, profit from business, interest income, etc. Capital receipts are generally of isolated nature like receipt on account of sale of residential building, personal jewellery, etc.
• Are all receipts, i.e., capital and revenue receipts, taxable under the Income Tax Act?
The general rule under the Income-tax Law is that all revenue receipts are taxable, unless they are specifically granted exemption from tax and all capital receipts are exempt from tax, unless there is a specific provision for taxing them.
• I am an agriculturist. Is my income taxable?
Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for rate purpose. For the meaning of Agricultural Income refer section 2(IA) of the Income-tax Act.
• Do I need to maintain any records or proof of earnings?
For every source of income you have to maintain proof of earning and the records specified under the Income-tax Act. In case no such records are prescribed, you should maintain reasonable records with which you can support the claim of income.
• As an agriculturist, am I required to maintain any proof of earnings and expenditures incurred?
Even if you have only agricultural income, you are advised to maintain some proof of your agricultural earnings/expenses.
• If I win a lottery or prize money in a competition, am I required to pay Income-tax on it?
Yes, such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount.
• If my income is taxed in India as well as abroad, can I claim any sort of relief on account of double taxation?
Yes, you can claim relief in respect of income which is charged to tax both in India as well as abroad. Relief is either granted as per the provisions of double taxation avoidance agreement entered into with that country (if any) by the Government of India or by allowing relief as per section 91 of the Act in respect of tax paid in the foreign country.
• What books of account have been prescribed to be maintained by a person carrying on business/profession under the Income-tax Act?
The Income-tax Act does not prescribe any specific books of account for a person engaged in business or in non-specified profession. However, such a person is expected to keep and maintain such book of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of the Act.
For companies the books of account are prescribed under the Companies Act. Further, the Institute of Chartered Accountants of India has prescribed various Accounting Standards and Guidelines that are required to be followed by the business entities as regards the maintenance of books of account by a professional, who is engaged in specified profession has to maintain certain prescribed books of account, if the annual receipts from the profession exceed Rs. 1,50,000 in all the three years immediately preceding year (in case of newly set up profession, his annual receipts in the profession for that year are likely to exceed Rs. 1,50,000).
Specified profession covers profession of legal, medical, engineering, architectural, accountancy, company secretary, technical consultancy, interior decoration, authorized representative, film artist or information technology.
For more details on the provisions relating to maintenance of books of account you may refer to section 44AA read with Rule 6F of the Income-tax Rules, 1962.
- Income Tax Act Section 2 - Definations
- Income Tax Act Section 4 - Basis Of Charge
- Income Tax Act Section 5 - Scope of total income
- Income Tax Act Section 6 - Residence in India
- Income Tax Act Section 9 - Income deemed to accrue or arise in India
- Income Tax Act Section 10 - Incomes not included in total income
- Income Tax Act Section 10AA - Special provisions in respect of newly established Units in Special Economic Zones
- Income Tax Act Section 14A - Expenditure incurred in relation to income not includible in total income
- Income Tax Act Section 16 - Deductions from salaries
- Income Tax Act Section 17 - "Salary", "perquisite" and "profits in lieu of salary" defined.
- Income Tax Act Section 22 - Income from house property
- Income Tax Act Section 23 - Annual value how determined
- Income Tax Act Section 24 - Deductions from income from house property
- Income Tax Act Section 28 - Profits and gains of business or profession
- Income Tax Act Section 32 - Depreciation
- Income Tax Act Section 32AC - Investment in new plant or machinery
- Income Tax Act Section 32AD - Investment in new plant or machinery in notified backward areas in certain States
- Income Tax Act Section 35 - Expenditure on scientific research
- Income Tax Act Section 35AD - Deduction in respect of expenditure on specified business
- Income Tax Act Section 35D - Amortisation of certain preliminary expenses
- Income Tax Act Section 36 - Other deductions
- Income Tax Act Section 37 - General
- Income Tax Act Section 40A - Expenses or payments not deductible in certain circumstances
- Income Tax Act Section 41 - Profits chargeable to tax
- Income Tax Act Section 43 - Definitions of certain terms relevant to income from profits and gains of business or profession
- Income Tax Act Section 43B - Certain deductions to be only on actual payment
- Income Tax Act Section 43CA - Special provision for full value of consideration for transfer of assets other than capital assets in certain cases
- Income Tax Act Section 44 - Insurance business
- Income Tax Act Section 44AA - Maintenance of accounts by certain persons carrying on profession or business
- Income Tax Act Section 44AD - Special provision for computing profits and gains of business on presumptive basis
- Income Tax Act Section 44AB - Audit of accounts of certain persons carrying on business or profession
- Income Tax Act Section 44ADA - Special provision for computing profits and gains of profession on presumptive basis
- Income Tax Act Section 44AE - Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
- Income Tax Act Section 45 - Capital gains
- Income Tax Act Section 47 - Transactions not regarded as transfer
- Income Tax Act Section 48 - Mode of computation
- Income Tax Act Section 49 - Cost with reference to certain modes of acquisition
- Income Tax Act Section 50C - Special provision for full value of consideration in certain cases
- Income Tax Act Section 54 - Profit on sale of property used for residence
- Income Tax Act Section 54B - Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
- Income Tax Act Section 54EC - Capital gain not to be charged on investment in certain bonds
- Income Tax Act Section 54F - Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house
- Income Tax Act Section 56 - Income from other sources
- Income Tax Act Section 57 - Deductions
- Income Tax Act Section 64 - Income of individual to include income of spouse, minor child, etc
- Income Tax Act Section 68 - Cash credits
- Income Tax Act Section 69 - Unexplained investments
- Income Tax Act Section 71 - Set off of loss from one head against income from another
- Income Tax Act Section 72 - Carry forward and set off of business losses
- Income Tax Act Section 72A - Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc
- Income Tax Act Section 73 - Losses in speculation business
- Income Tax Act Section 79 - Carry forward and set off of losses in case of certain companies
- Income Tax Act Section 80 - Submission of return for losses
- Income Tax Act Section 80C - Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc
- Income Tax Act Section 80CCC - Deduction in respect of contribution to certain pension funds
- Income Tax Act Section 80CCD - Deduction in respect of contribution to pension scheme of Central Government
- Income Tax Act Section 80D - Deduction in respect of health insurance premia
- Income Tax Act Section 80DD - Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability
- Income Tax Act Section 80DDB - Deduction in respect of medical treatment, etc
- Income Tax Act Section 80E - Deduction in respect of interest on loan taken for higher education
- Income Tax Act Section 80EE - Deduction in respect of interest on loan taken for residential house property
- Income Tax Act Section 80G - Deduction in respect of donations to certain funds, charitable institutions, etc
- Income Tax Act Section 80GG - Deductions in respect of rents paid
- Income Tax Act Section 80GGC - Deduction in respect of contributions given by any person to political parties
- Income Tax Act Section 80JJAA - Deduction in respect of employment of new employees
- Income Tax Act Section 80P - Deduction in respect of income of co-operative societies
- Income Tax Act Section 80TTA - Deduction in respect of interest on deposits in savings account
- Income Tax Act Section 80U - Deduction in case of a person with disability
- Income Tax Act Section 87A - Rebate of income-tax in case of certain individuals
- Income Tax Act Section 88 - Rebate on life insurance premia, contribution to provident fund, etc
- Income Tax Act Section 89 - Relief when salary, etc., is paid in arrears or in advance
- Income Tax Act Section 90 - Agreement with foreign countries or specified territories
- Income Tax Act Section 91 - Countries with which no agreement exists
- Income Tax Act Section 92 - Computation of income from international transaction having regard to arm's length price
- Income Tax Act Section 92CD - Effect to advance pricing agreement
- Income Tax Act Section 92E - Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction
- Income Tax Act Section 94A - Special measures in respect of transactions with persons located in notified jurisdictional area
- Income Tax Act Section 94B - Limitation on interest deduction in certain cases
- Income Tax Act Section 96 - Impermissible avoidance arrangement
- Income Tax Act Section 111A - Tax on short-term capital gains in certain cases
- Income Tax Act Section 112 - Tax on long-term capital gains
- Income Tax Act Section 115 - Tax on capital gains in case of companies
- Income Tax Act Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies
- Income Tax Act Section 115BA - Tax on income of certain domestic companies
- Income Tax Act Section 115BBE - Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D
- Income Tax Act Section 115H - Benefit under Chapter to be available in certain cases even after the assessee becomes resident
- Income Tax Act Section 115JB - Special provision for payment of tax by certain companies
- Income Tax Act Section 119 - Instructions to subordinate authorities
- Income Tax Act Section 131 - Power regarding discovery, production of evidence, etc
- Income Tax Act Section 132 - Search and seizure
- Income Tax Act Section 133 - Power to call for information
- Income Tax Act Section 139 - Return of income
- Income Tax Act Section 140 - Return by whom to be verified
- Income Tax Act Section 142 - Inquiry before assessment
- Income Tax Act Section 143 - Assessment
- Income Tax Act Section 144 - Best judgment assessment
- Income Tax Act Section 145 - Method of accounting
- Income Tax Act Section 145A - Method of accounting in certain cases
- Income Tax Act Section 147 - Income escaping assessment
- Income Tax Act Section 148 - Issue of notice where income has escaped assessment
- Income Tax Act Section 153 - Time limit for completion of assessment, reassessment and recomputation
- Income Tax Act Section 153A - Assessment in case of search or requisition
- Income Tax Act Section 154 - Rectification of mistake
- Income Tax Act Section 156 - Notice of demand
- Income Tax Act Section 172 - Shipping business of non-residents
- Income Tax Act Section 179 - Liability of directors of private company in liquidation
- Income Tax Act Section 192 - Salary
- Income Tax Act Section 192A - Payment of accumulated balance due to an employee
- Income Tax Act Section 193 - Interest on securities
- Income Tax Act Section 194 - Dividends
- Income Tax Act Section 194A - Interest other than "Interest on securities
- Income Tax Act Section 194C - Payments to contractors
- Income Tax Act Section 194D - Insurance commission
- Income Tax Act Section 194DA - Payment in respect of life insurance policy
- Income Tax Act Section 194H - Commission or brokerage
- Income Tax Act Section 194IB - Payment of rent by certain individuals or Hindu undivided family
- Income Tax Act Section 194J - Fees for professional or technical services
- Income Tax Act Section 195 - Other sums
- Income Tax Act Section 196 - Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations
- Income Tax Act Section 197 - Certificate for deduction at lower rate
- Income Tax Act Section 200 - Duty of person deducting tax
- Income Tax Act Section 201 - Consequences of failure to deduct or pay
- Income Tax Act Section 203 - Certificate for tax deducted
- Income Tax Act Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc
- Income Tax Act Section 215 - Interest payable by assessee
- Income Tax Act Section 220 - When tax payable and when assessee deemed in default
- Income Tax Act Section 222 - Certificate to Tax Recovery Officer
- Income Tax Act Section 234 - Tax paid by deduction or advance payment
- Income Tax Act Section 234A - Interest for defaults in furnishing return of income
- Income Tax Act Section 234B - Interest for defaults in payment of advance tax
- Income Tax Act Section 234C - Interest for deferment of advance tax
- Income Tax Act Section 234E - Fee for default in furnishing statements
- Income Tax Act Section 234F - Fee for default in furnishing return of income
- Income Tax Act Section 245 - Set off of refunds against tax remaining payable
- Income Tax Act Section 250 - Procedure in appeal
- Income Tax Act Section 263 - Revision of orders prejudicial to revenue
- Income Tax Act Section 264 - Revision of other orders
- Income Tax Act Section 269SS - Mode of taking or accepting certain loans, deposits and specified sum
- Income Tax Act Section 269ST - Mode of undertaking transactions
- Income Tax Act Section 269T - Mode of repayment of certain loans or deposits
- Income Tax Act Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc
- Income Tax Act Section 271F - Penalty for failure to furnish return of income
- Income Tax Act Section 274 - Procedure
- Income Tax Act Section 276B - Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.
- Income Tax Act Section 276CC - Failure to furnish returns of income
- Income Tax Act Section 281 - Certain transfers to be void
- Income Tax Act Section 285BA - Obligation to furnish statement of financial transaction or reportable account
- Income Tax Act Section 286 - Furnishing of report in respect of international group
- Income Tax Act Section 288 - Appearance by authorised representative