Income Tax Act 1961-2021

Chapter-wise list ofall sections under lncome-taic Act 1961 as amended by the Finance Act, 2021.
These are applicable for Assessment Year (A Y) 2022-23 to assess income earned during previous
year 2021-2022.
CHAPTER-I Preliminary
~ : Short title, extent and commencement

~ : Definitions
~ : "Previous year" defined

CHAPTER-II Basis of charge

~ : Charge of income-tax
~ : Scope of total income
Section SA: Apportionment of income between spouses governed by Portuguese Civil Code
~ : Residence in India
.5ruifilL7: Income deemed to be received
.5l:la.ion..l!: Dividend income
~ : Income deemed to accrue or arise in India
Section 9A: Certain activities not to constitute business connection in India
Section 9B: Income on receipt of capital asset or stock in trade by specified person from specified
entity
CHAPTER-Ill Incomes which do not form part of total income
Sec(jon I 0: Incomes not included in total income
Section JOA: Special provision in respect of newly established undertakings in free trade zone,
etc.
Section IOAA: Special provisions in respect of newly established Units in Special Economic Zones
Section I OB: Special provisions in respect ofnewly established hundred per cent export-oriented
undertakings
Sec1ion IOBA: Special provisions in respect of export of certain articles or things
Sec1jon I OBB: Meaning of computer programmes in certain cases.
Section IOC: Special provision in respect of certain industrial undertakings in North- Eastern
Region
Finance Act 2021 AH Sections of Income Tax Act .GSI I Company Law

Section 11: Income from property held for charitable or religious purposes.
Section I 2: Income of trusts or institutions from contributions
Section !2A: Conditions for applicability ofsections 11 and 12
Section I2AA: Procedure for Registration
Seciion I2AB: Procedure for fresh registration
Section I 3: Section 11 not to apply in certain cases
Section )3A: Special provision relating to incomes of political parties
Section 13B: Special provisions relating to voluntary contributions received by electoral trust
CHAPTER-IV Comput.;tion of total income
Section I4: Heads of income
Section 14A: Expenditure incurred in relation to income not includible in total income
Section I 5: Salaries
Section 16: Deductions from salaries
Section 17: "Salary", "perquisite" and "profits in lieu of salary" defined
Sec1ion 22: Income from house property
Section 23: Annual value how determined
Section 24: Deductions from income from house property
Section 25: Amounts not deductible from income from house property
Section 25A: Special provision for arrears of rent and unrealised rent received subsequently
~Qll.lQ: Property owned by co-owners

Section 27: 'Owner of house property', 'annual charge' etc., defined.

Section 28: Profits and gains of business or profession
Section 29: Income from profits and gains of business or profession, how computed
Section 30: Rent, rates, taxes, repairs and insurance for buildings
Section 3): Repairs and insurance of machinery, plant and furniture
Section 32: Depreciation
Section 32A: Investment allowance
Section 32AB: Investment deposit account
Section 32AC: Investment in new plant or machinery

Section 32AD: Investment in new plant or machinery in notified backward areas in certain States
Section 33: Development rebate
Section 33A: Development allowance
Section 33AB: Tea development account, coffee development account and rubber development
account
Section 33ABA: Site Restoration Fund
Section 33AC: Reserves for shipping business
Section 338: Rehabilitation allowance
Section 34: Conditions for depreciation allowance and development rebate
Section 34A: Restriction on unabsorbed depreciation and unabsorbed investment allowance for
limited period in case of certain domestic companies
Section 35: Expenditure on scientific research
Section 35A: Expenditure on acquisition of patent rights or copyrights
Section 35AB: Expenditure on know-how
Section 35ABA: Expenditure for obtaining right to use spectrum for telecommunication services
Section 35ABB: Expenditure for obtaining licence to operate telecommunication services
Section 35AC: Expenditure on eligible projects or schemes
Section 35AD: Deduction in respect of expenditure on specified business
Section 358: Export markets development allowance
Section 35C: Agricultural development allowance
Section 35CC: Rural development allowance
Section 35CCA: Expenditure by way of payment to associations and institutions for carrying out
rural development programmes
Section 35CCB: Expenditure by way of payment to associations and institutions for carrying out
programmes of conservation of natural resoun::es

Section 35CCC: Expenditure on agricultural extension project

Section 3SCCD: Expenditure on skill development project
Section 35D: Amortisation of certain preliminary expenses
Section 35DD: Amortisation of expenditure in case of amalgamation or demerger
Section 35DDA: Amortisation of expenditure incurred under voluntary retirement scheme

Section 35E: Deduction for expenditure on prospecting, etc., for certain minerals
Section 36: Other deductions
Section 37: General
Section 38: Building, etc., partly used for business, etc., or not exclusively so used

Section 39: Managing agency commission

Section 40: Amounts not deductible
Section 40A: Expenses or payments not deductible in certain circumstances

Section 41: Profits chargeable to tax

Section 42: Special provision for deductions in the case of business for prospecting, etc., for
mineral oil
Section 43: Definitions of certain terms relevant to income from profits and gains of business or
profession
Section 43A: Special provisions consequential to changes in rate of exchange ofcurrency
Section 43AA: Taxation of foreign exchange fluctuation
Section 438: Certain deductions to be only on actual payment
Section 43C: Special provision for computation of cost of acquisition of certain assets
Section 43CA: Special provision for full value of consideration for transfer of assets other than
capital assets in certain cases
Section 43CB: Computation ofincome from construction and service contracts
Section 43D: Special provision in case ofincome ofpublic financial institutions, public companies,
etc.

Section 44: Insurance business

Section 44A: Special provision for deduction in the case of trade, professional or similar
association
Section 44AA: Maintenance of accounts by certain persons carrying on profession or business
Section 44AB: Audit of accounts of certain persons carrying on business or profession
Section 44AC: Special provision for computing profits and gains from the business of trading in
certain goods
Section 44AD: Special provision for computing profits and gains of business on presumptive basis
Section 44ADA: Special provision for computing profits and gains of profession on presumptive
basis

Section 44AE: Special provision for computing profits and gains of business of plying, hiring or
leasing goods carriages

Section 44AF: Special provisions for computing profits and gains of retail business
Section 44B: Special provision for computing profits and gains ofshipping business in the case of
non-residents

Section 448B: Special provision for computing profits and gains in connection with the business
of exploration, etc., of mineral oils

Section 44BBA: Special provision for computing profits and gains of the business of operation of
aircraft in the case of non-residents

Section 44B8B: Special provision for computing profits and gains of foreign companies engaged
in the business of civil construction, etc., in certain turnkey power projects

Section 44C: Deduction of head office expenditure in the case of non-residents

Section 44D: Special provisions for computing income by way of royalties, etc., in the case of
foreign companies

Section 44DA: Special provision for computing income by way ofroyalties, etc., in case of non-
residents
Section 44D8: Special provision for computing deductions in the case of business reorganizatioo
of co-operative banks

Section 45: Capital gains

Section 46: Capital gains on distribution ofassets by companies in liquidation
Section 46A: Capital gains on purchase by company of its own shares or other specified securities

Section 47: Transactions not regarded as transfer

Section 47A: Withdrawal of exemption in certain cases

Section 48: Mode of computation
Section 49: Cost with reference to certain modes of acquisition

Section 50: Special provision for computation of capital gains in case of depreciable assets

Section 50A: Special provision for cost of acquisition in case of depreciable asset
Section 50B: Special provision for computation of capital gains in case of slump sale

Section SOC: Special provision for full value of consideration in certain cases
Section 50CA: Special provision for full value of consideration for transfer of share other than
quoted share
Section SOD: Fair market value deemed to be full value of consideration in certain cases
Section 51: Advance money received
Section 52: Consideration for transfer in cases of understatement
Section 53: Exemption of capital gains from a residential house
Section 54: Profit on sale of property used for residence
Section 54A: Relief of tax on capital gains in certain cases
Section 54B: Capital gain on transfer of land used for agricultural purposes not to be charged in
certain cases
Section 54C: Capital gain on transfer ofjewellery held for personal use not to be charged in certain
cases
Section 54D: Capital gain on compulsory acquisition of lands and buildings not to be charged in
certain cases
Section 54E: Capital gain on transfer of capital assets not to be charged in certain cases
Section 54EA: Capital gain on transfer oflong-term capital assets not to be charged in the case of
investment in specified securities
Section 54EB: Capital gain on transfer oflong-term capital assets not to be charged in certain cases
Section 54EC: Capital gain not to be charged on investment in certain bonds
Section 54ED: Capital gain on transfer of certain listed securities or unit not to be charged in
certain cases
Section 54EE: Capital gain not to be charged on investment in units of a specified fund
Section 54F: Capital gain on transfer of certain capital assets not to be charged in case of
investment in residential house
Section 54G: Exemption of capital gains on transfer of assets in cases of shifting of industrial
undertaking from urban area
Section 54GA: Exemption of capital gains on transfer of assets in cases of shifting of industrial
undertaking from urban area to any Special Economic Zone
Section 54GB: Capital gain on transfer of residential property not to be charged in certain cases
Section 54H: Extension oftime for acquiring new asset or depositing or investing amount ofcapital
gain
Section 55: Meaning of"adjusted", "cost of improvement" and "cost of acquisition"
Section 55A: Reference to Valuation Officer
Section 56: Income from other sources

Section 57: Deductions

Section 58: Amounts not deductible
Section 59: Profits chargeable to tax
CHAPTER-V Income of other persons included in assessee's total Income
Section 60: Transfer of income where there is no transfer of assets
Section 61: Revocable transfer of assets
Scc1ion 62: Transfer irrevocable for a specified period
Section 63: "Transfer" and "revocable transfer" defined.
Section 64: Income of individual to include income of spouse, minor child, etc.
Section 65: Liability of person in respect of income included in the income of another person
CHAPTFR-VI AggrP.gation of inrnmP. and sPt off or rarry forward of loss
Section 66: Total income
Section 67: Method of computing a partner's share in the income of the firm
Section 67 A: Method of computing a member's share in income of association of persons or body
of individuals

Section 68: Cash credits

Section 69: Unexplained investments
Section 69A: Unexplained money, etc.
Section 69B: Amount of investments, etc., not fully disclosed in books of account
Section 69(: Unexplained expenditure, etc.
Section 69P: Amount borrowed or repaid on hundi
Section 70: Set off of loss from one source against income from another source under the same
head of income
Section 71: Set off of loss from one head against income from another
Section 7 I A: Transitional provisions for set off of loss under the head "Income from house
property"
Section 71 B: Carry forward and set off of loss from house property
Section 72: Carry forward and set off of business losses
Section 72A: Provisions relating to carry fotward and set offof accumulated loss and unabsorbed
depreciation allowance in amalgamation or demerger, etc.
SecJjon 72AA: Carry foiward and set off of accumulated loss and unabsorbed depreciation
allowance in scheme of amalgamation in certain cases
Section 72A B: Provisions relating to carry foiward and set-off ofaccumulated loss and unabsorbed
depreciation allowance in business reorganisation of co-operative banks

Sectjon 73: Losses in speculation business

Sectjon 73A: Carry foiward and set off oflosses by specified business
Section 74: Losses under the head "Capital gains"
Section 74A: Losses from certain specified sources falling under the head "Income from other
sources"

Section 75: Losses of firms

SccJjon 78: Carry foiward and set off of losses in case of change in constitution of firm or on
succession
S~ction 79: Carry foiward and set off oflosses in case of certain companies
Section 80: Submission of return for losses
CHAPTER-VIA Deductions to be made in computing total income
Section 80A: Deductions to be made in computing total income
Section 80AA: Computation of deduction under section SOM
SecJion 80AB: Deductions to be made with reference to the income included in the gross total
income
Section 80AC: Deduction not to be allowed unless return furnished
Section 808: Definitions
Section 80C: Deduction in respect of life insurance premia, deferred annuity, contributions to
provident fund, subscription to certain equity shares or debentures, etc.
Section 80CC: Deduction in respect of investment in certain new shares

Section 80CCA: Deduction in respect of deposits under National Savings Scheme or payment to
a deferred annuity plan
Section 80CCB: Deduction in respect of investment made under Equity Linked Savings Scheme
SccJjon 80CCC: Deduction in respect of contribution to certain pension funds
Section 80CCD: Deduction in respect of contribution to pension scheme of Central Government
Section S0CCE: Limit on deductions under sections 80C, 80CCC and 80CCD
Section S0CCF: Deduction in respect of subscription to long-term infrastructure bonds
Section S0CCG: Deduction in respect of investment made under an equity savings scheme
Section SOD: Deduction in respect of health insurance premia
Section S0DD: Deduction in respect of maintenance including medical treatment ofa dependant
who is a person with disability
Section 80DDB: Deduction in respect of medical treatment, etc.
Section 80E: Deduction in respect of interest on loan taken for higher education

Section S0EE: Deduction in respect of interest on loan taken for residential house property
Section 80EEA: Deduction in respect of interest on loan taken for certain house property
Section S0EEB: Deduction in respect of purchase of electric vehicle
Section 80F: Deduction in respect of educational expenses in certain cases
Section 80FF: Deduction in respect of expenses on higher education in certain cases
Section 800: Deduction in respect of donations to certain funds, charitable institutions, etc.
Section 80GG: Deductions in respect of rents paid
Section 80GGA: Deduction in respect of certain donations for scientific research or rural
development
Section 80GG B: Deduction in respect of contributions given by companies to political parties
Section 80GGC: Deduction in respect of contributions given by any person to political parties
Section 80H: Deduction in case of new industrial undertakings employing displaced persons, etc.
Section 80HH: Deduction in respect of profits and gains from newly established industrial
undertakings or hotel business in backward areas
Section 80HHA: Deduction in respect of profits and gains from newly established small-scale
industrial undertakings in certain areas
Section 80HHB: Deduction in respect of profits and gains from projects outside India
Section 801-IH BA: Deduction in respect of profits and gains from housing projects in certain cases

Section 80HHC: Deduction in respect of profits retained for export business

Section 80HHD: Deduction in respect of earnings in convertible foreign exchange
Section 80HHE: Deduction in respect of profits from export of computer software, etc.
Section 80HHF: Deduction in respect of profits and gains from export or transfer of film software,
etc.
Section 80-l: Deduction in respect of profits and gains from industrial undertakings after a certain
date, etc.
Section 80-IA: Deductions in respect of profits and gains from industrial undertakings or
enterprises engaged in infrastructure development, etc.
Scc1ion 80-IAB: Deductions in respect of profits and gains by an undertaking or enterprise engaged
in development of Special Economic Zone
Section 80-IAC: Special provision in respect of specified business
Section 80-IB: Deduction in respect of profits and gains from certain industrial undertakings other
than infrastructure development undertakings
Section 80-IBA: Deductions in respect of profits and gains from housing projects
Section 80-IC: Special provisions in respect of certain undertakings or enterprises in certain special
category States
Section 80-ID: Deduction in respect of profits and gains from business of hotels and convention
centres in specified area

Section 80-IE: Special provisions in respect of certain undertakings in North-Eastern States

Section 80J: Deduction in respect of profits and gains from newly established industrial
undertakings or ships or hotel business in certain cases
Section 80JJ: Deduction in respect of profits and gains from business of poultry farming
Section 80JJA: Deduction in respect of profits and gains from business of collecting and
processing of bio-degradable waste
Section 80JJAA: Deduction in respect of employment of new employees
Section 80K: Deduction in respect of dividends attributable to profits and gains from new
industrial undertakings or ships or hotel business
Section 80L: Deductions in respect of interest on certain securities, dividends, etc.
Scctjon SOLA: Deductions in respect of certain incomes of Offshore Banking Units and
International Financial Services Centre
Section 80M: Deduction in respect of certain inter-corporate dividends
Section 80MM: Deduction in the case of an Indian company in respect of royal ties, etc., received
from any concern in India
Section 80N: Deduction in respect of dividends received from certain foreign companies
Section S0QQA: Deduction in respect of professional income of authors of text books in Indian
languages
Section 80008: Deduction in respect of royalty income, etc., of authors of certain books other
than text-books
Section SOR: Deduction in respect of remuneration from certain foreign sources in the case of
professors, teachers, etc.

Section 80RR: Deduction in respect of professional income from foreign sources in certain cases
Section 80RRA: Deduction in respect ofremuneration received for services rendered outside India
Section 80RRB: Deduction in respect of royalty on patents
Section 80S: Deduction in respect of compensation for termination of managing agency, etc., in
the case ofassessees other than companies
Section 80T: Deduction in respect of long-term capital gains in the case of assessees other than
companies
Section 80TT: Deduction in respect of winnings from lottery
Section 80TTA: Deduction in respect of interest on deposits in savings account
Section 80TTB: Deduction in respect of interest on deposits in case of senior citizens
Section SOU: Deduction in case of a person with disability
Section SOY: Deduction from gross total income of the parent in certain cases
Section 80VV: Deduction in respect of expenses incurred in connection with certain proceedings
under the Act
CHAPTER-VIB Restriction on certain deductions in the case of companies
Section 80VVA: -
CHAPTER-VII Incomes forming part of total income on which no income-tax is payable
Section 8 I to 85C: -
Section 86: Share of member of an association of persons or body of individuals in the income of
the association or body
Section 80-0: Deduction in respect of royalties, etc., from certain foreign enterprises

Section 80P: Deduction in respect of income of co-operative societies

Section 80PA: Deduction in respect of certain income of Producer Companies
Section 800: Deduction in respect of profits and gains from the business of publication of books

Section 80QQ: Deduction in respect of profits and gains from the business of publication of books
Section 80OOA: Deduction in respect of professional income of authors of text books in Indian
languages

Section 80OOB: Deduction in respect of royalty income, etc., of authors of certain books other
than text-books
Section SOR: Deduction in respect of remuneration from certain foreign sources in the case of
professors, teachers, etc.

Section 80RR: Deduction in respect of professional income from foreign sources in certain cases
Section 80RRA: Deduction in respect ofremuneration received for services rendered outside India

Section 80RRB: Deduction in respect of royalty on patents

Section 80S: Deduction in respect of compensation for termination of managing agency, etc., in
the case of assessees other than companies

Section SOT: Deduction in respect of tong-term capital gains in the case of assessees other than
companies
Section &OTT: Deduction in respect of winnings from lottery
Section 80TTA: Deduction in respect of interest on deposits in savings account

Section 80TTB: Deduction in respect of interest on deposits in case of senior citizens

Section SOU: Deduction in case of a person with disability

Section SOY: Deduction from gross total income of the parent in certain cases

Section S0VV: Deduction in respect of expenses incurred in connection with certain proceedings
under the Act

CHAPTER-VIS Restridion on certain deductions in the case of companies

Section S0VVA: -

CHAPTER-VII Incomes forming part of total income on which no income-tax is payable

Section 81 to 85C: -

Section 86: Share of member of an association of persons or body of individuals in the income of
the association or body
Section 87A: Rebate of income-tax in case ofcertain individuals
Section 88: Rebate on life insurance premia, contribution to provident fund, etc.
Section 88A: Rebate in respect of investment in certain new shares or units
Section 888: Rebate of income-tax in case of individuals of sixty-five years or above
Section 88C: Rebate of income-tax in case of women below sixty-five years
Section 88D: Rebate of income-tax in case of certain individuals
Section 88E: Rebate in respect of securities transaction tax
Section 89: Relief when salary, etc., is paid in arrears or in advance
Section 89A: Relief from taxation in income from retirement benefit account maintained in a
notified country
CHAPTER-IX Double Taxa1ion Relief
Section 90: Agreement with foreign countries or specified territories
Section 90A: Adoption by Central Government of agreement between specified associations for
double taxation relief
Section 91: Countries with which no agreement exists
CHAPTER-X Special provisions relating to ;;voidance of tax
Section 92: Computation of income from international transaction having regard to arm's length
price
Section 92A: Meaning of associated enterprise
Section 928: Meaning of international transaction
Section 92BA: Meaning of specified domestic transaction
Section 92C: Computation of arm's length price
Section 92CA: Reference to Transfer Pricing Officer
Section 92CB: Power of Board to make safe harbour rules
Section 92CC: Advance pricing agreement
Section 92CD: Effect to advance pricing agreement
Section 92CE: Secondary adjustment in certain cases
persons
Section 92E: Report from an accountant to be furnished by persons entering into international
transaction 3 7[or specified domestic transaction].
Section 92F: Definitions of certain terms relevant to computation of arm's length price, etc.
Section 93: Avoidance of income-tax by transactions resulting in transfer of income to non-
residents
Section 94: Avoidance oftax by certain transactions in securities
Section 94A: Special measures in respect of transactions with persons located in notified
jurisdictional area
Section 94B: Limitation on interest deduction in certain cases
CHAPTER-XA General Anti-Avoidance Rule
Section 95: Applicability of General Anti-Avoidance Rule
Section 96: Impermissible avoidance arrangement
Section 97: Arrangement to lack commercial substance
Section 98: Consequences of impermissible avoidance arrangement
Section 99: Treatment of connected person and accommodating party
Section I00: Application of this Chapter
Section IO I : Framing of guidelines
Section I02: Definitions
CHAPTER-XI Addition,..) income-tall on undistributed profits
Section 104: Income-tax on undistributed income ofcertain companies
Section 105: Special provisions for certain companies
Section 106: Period of limitation for making orders under section I 04
Section 107: Approval of Inspecting Assistant Commissioner for orders under section I04
Section 107 A: Reduction of minimum distribution in certain cases
Section 108: Savings for company in which public are substantially interested
Section 109: Omitted by the Finance Act, 1987, w.e.f. 1-4-1988.
CHAPTER-XII Determination of tax in certain special cases
Section 110: Determination oftax where total income includes income on which no tax is payable
Section 111: Tax on accumulated balance of recognised provident fund
Section 111 A: Tax on short-term capital gains in certain cases
Section 112: Tax on long-term capital gains
Section I 12A: Tax on long-term capital gains in certain cases
Section l l 3: Tax in the case of block assessment of search cases
Section 114: Tax on capital gains in cases of assessees other than companies
Section 115: Tax on capital gains in case of companies
Section I I SA: Tax on dividends, royalty and technical service fees in the case of foreign
companies
Section 11 SAB: Tax on income from units purchased in foreign currency or capital gains arising
from their transfer
Section 11 SAC: Tax on income from bonds or Global Depository Receipts purchased in foreign
currency or capital gains arising from their transfer
Section 11 SACA: Tax on income from Global Depository Receipts purchased in foreign currency
or capital gains arising from their transfer
Section I I5AD: Tax on income of Foreign Institutional Investors from securities or capital gains
arising from their transfer

Section 115B: Tax on profits and gains oflife insurance business

Section 115 BA: Tax on income of certain 76[manufacturing]domestic companies
Section 115 BAA: Tax on income ofcertain domestic companies

Section l l SBAB: Tax on income ofnew manufacturing domestic companies

Section 11 SBAC: Tax on income of individuals and Hindu undivided family
Section 11 SBAD: Tax on income ofcertain resident co-operative societies
Section 11 SBB: Tax on winnings from lotteries, crossword puzzles, races including horse races,
card games and other games of any sort or gambling or betting of any form or nature whatsoever

Section 1l 5BBA: Tax on non-resident sportsmen or sports associations

Section 11 SBBB: Tax on income from units of an open-ended equity oriented fund of the Unit
Trust of India or of Mutual Funds
Section 11 SBBC: Anonymous donations to be taxed in certain cases
Section 115BBD: Tax on certain dividends received from foreign companies
Section l l 5BBDA: Tax on certain dividends received from domestic companies
Section ) ) 5BBE: Tax on income referred to in section 68 or section 69 or section 69A or section
698 or section 69C or section 69D
Section 11 SBBF: Tax on income from patent
Section 11 SBBG: Tax on income from transfer of carbon credits
CHAPTER-XIIA Special provisions relating to certain incomes of non-residents
Section J I SC: Definitions
Section ) 15D: Special provision for computation of total income of non-residents
Section J J5E: Tax on investment incomel6 and long-term capital gains
Section I I SF: Capital gains on transfer of foreign exchange assets not to be charged in certain
cases
Section I I 5G: Return of income not to be filed in certain cases
Section I J 5) ): Benefit under CHAPTER-to be available in certain cases even after the assessee
becomes resident
Section I I 5-1: Chapter-not to apply if the assessee so chooses
CHAPTER-XIIB Special provisions relating to certain companies
Section I I SJ: Special provisions relating to certain companies
Section I I 5JA: Deemed income relating to certain companies
Section 11 SJAA: Tax credit in respect oftax paid on deemed income relating to certain companies
Section I J5JB: Special provision for payment of tax by certain companies
CHAPTER-XIIBA Special provisions relating 1o certain limited liability partnerships
Section 11 SJC: Special provisions for payment of tax by certain persons other than a company
Section I J5JD: Tax credit for alternate minimum tax
Section I I SJE: Application ofother provisions of this Act
Section l l SJEE: Application ofthis CHAPTER-to certain persons
Section 11 SJF: Interpretation in this Chapter
CHAPTER-XIIBB Special provisions relating to conversion of Indian branch of a foreign
bank into a subsidiary company
Section J I 5JG: Conversion of an Indian branch of foreign company into subsidiary Indian
company
CHAPTE R-XIIBC Special provisions relating to foreign company said to be resident in India
Section ) J5JH: Foreign company said to be resident in India
Section 115K: Special provision for computation of income in certain cases
Section l l 5L: Return of income not to be filed in certain cases
Section 115M: Special provision for disallowance of deductions and rebate of income-tax
Section 115N: Bar of proceedings in certain cases
CHAPTER-XIID Special provisions relating to ta,c on distributed profits of domesti(
r.ompanies
Section 115-0: Tax on distributed profits of domestic companies
Section l t 5P: Interest payable for non-payment of tax by domestic companies
Section 1150: When company is deemed to be in default
CHAPTER-XIIDA Special provisions relating to tax on distributed income of domestic
company for buy-back of shares
Section t t SOA: Tax on distributed income to shareholders
Section l 150B: Interest payable for non-payment of tax by company
Section 11 SQC: When company is deemed to be assessee in default
CHAPTER·XIIE Special provisions relating to tax on distributed income
Section I I SR: Tax on distributed income to unit holders
Section I I SS: Interest payable for non-payment of tax
Section l 15T: Unit Trust of India or Mutual Fund to be an assessee in default
CHAPTER-XII EA Special provisions relating to t2x 011 distributed income by securitisation
trusts
Section I I STA: Tax on distributed income to investors
Section 1 I5TB: Interest payable for non-payment of tax
Section I t 5TC: Securitisation trust to be assessee in default

Section I J STCA: Tax on income from securitisation trusts

CHAPTER-XIIEB Special provisions relating to tax on accreted income of certain trusts and
institutions
Section I ISTD: Tax on accreted income
Section I l 5TE: Interest payable for non-payment oftax by trust or institution
Section t t 5TF: When trust or institution is deemed to be assessee in default
CHAPTER-XIIF Special provisions relating to tax on income received from venture capital
companies and venture capital funds
Section I I SU: Tax on income in certain cases
CHAPTER-XIIFA Special provisions relating to business trusts
Section 11 SUA: Tax on income of unit holder and business trust
CHAPTFR-XIIFB Special provisions relating to tax on income of investment funds and
income rer.Pived from sur.h funds
Section 11 SUB: Tax on income of investment fund and its unit holders
CHAPTER-XIIG Sp•c:ial prnvisinns relating to inrnme of shipping r.nmpanies
Section I !SY: Definitions
Section 11 SVA: Computation of profits and gains from the business of operating qualifying ships
Section 11 SYB: Operating ships
Section 11 SVC: Qualifying company
Section I ISYD: Qualifying ship
Section I I SYE: Manner of computation of income under tonnage tax scheme
Section 11 SVF: Tonnage income
Section I I SVG: Computation of tonnage income
Section I I 5VH: Calculation in case ofjoint operation, etc.
Section 11 SVI: Relevant shipping income
Section I l SYJ: Treatment ofcommon costs
Section I I 5VK: Depreciation
Section l I SYL: General exclusion of deduction and set off, etc.
Section 11 SVM: Exclusion ofloss
Section t I SYN: Chargeable gains from transfer of tonnage tax assets
Section I 15-VO: Exclusion from provisions of section l 15JB
Section l 1SYP: Method and time of opting for tonnage tax scheme
Section 11 SYO: Period for which tonnage tax option to remain in force
Section 11 SYR: Renewal of tonnage tax scheme
Section 11 SVS: Prohibition to opt for tonnage tax scheme in certain cases
Section l 15VT: Transfer of profits to Tonnage Tax Reserve Account
Section I )5VV: Limit for charter in of tonnage
Section I I 5VW: Maintenance and audit of accounts
Section 11 SVX: Determination of tonnage

Section 1 J 5YY: Amalgamation

Section I I5VZ: Demerger

Section 115VZA: Effect of temporarily ceasing to operate qualifying ships

Section l 15VZB: Avoidance of tax

Section I I 5 YZC: Exclusion from tonnage tax scheme

CHAPTER-XIIH Income-tax on fringe benefits

Section 11 SW: Definitions
Section I I SWA: Charge of fringe benefit tax

Section I ISWB: Fringe benefits

Section I ISWC: Value of fringe benefits

Section l lSWD: Return of fringe benefits

Section 11 SWE: Assessment

Section I ISWF: Best judgment assessment

Section l lSWG: Fringe benefits escaping assessment

Section I ISWH: Issue of notice where fringe benefits have escaped assessment
Section I I SW!: Payment of fringe benefit tax

Section l lSWJ: Advance tax in respect of fringe benefits

Section 11 SWK: Interest for default in furnishing return of fringe benefits

Section 11 SWKA: Recovery of fringe benefit tax by the employer from the employee

Section l l 5WKB: Deemed payment of tax by employee

Section 11 SWL: Application of other provisions of this Act

Section I 15WM: CHAPTER-XII-Hnot to apply after a certain date

CHAPTER-XIII Income-tax Authorities

Section 116: Income-tax authorities

Section I) 7: Appointment of income-tax authorities

Section 118: Control of income-tax authorities
Section 119: Instructions to subordinate authorities
Section 119A: Taxpayer's Charter
Section 120: Jurisdiction of income-tax authorities
Section 121: Jurisdictioo of Commissioners
Section 121 A: Jurisdiction of Commissioners (Appeals)
Section 122: Jurisdiction of Appellate Assistant Commissioners
Section 123: Jurisdictioo of Inspecting Assistant Commissioners

Section 124: Jurisdiction of Assessing Officers

Section 125: Powers of Commissioner respecting specified areas, cases, persons, etc.
Section t 25A: Concurrent jurisdiction of Inspecting Assistant Commissioner and Income-tax
Officer
Section 126: Powers of Board respecting specified area, classes of persons or incomes
Section 127: Power to transfer cases
Section 128: Functions oflnspectors oflncome-tax
Section 129: Change of incumbent of an office
Section 130: Commissioner competent to perform any function or functions
Section 130A: Income-tax Officer competent to perform any function or functions
Section 13 I: Power regarding discovery, production of evidence, etc.
Section 132: Search and seizure
Section 132A: Powers to requisition books of account, etc.
Section !32B: Application of seized or requisitioned assets
Section )33: Power to call for information
Section 133A: Power of survey
Section 133B: Power to collect certain information
Section I33C: Power to call for information by prescribed income-tax authority
Section 134: Power to inspect registers of companies