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1 - Rate of Income Tax under New Regime
2 - Rates of Income Tax / DDT / STT etc.
3 - Rates of TDS and TCS
4 - Basics / Levy of Tax / Residential Status
5 - Exemptions and Deductions
6 - Salary Income
7 - House Property Income
8 - Profit and Gains of Business or Profession
9 - ICDS with Comparisons - Income computation and disclosure standards
10 - Capital Gains
11 - Capital Gains - Certain transactions not regarded as Transfer
12 - Income from Other Sources
13 - Clubbing of Income - Income of other person to be included
14 - Set off and Carry forward of Losses
15 - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withh
16 - Charitable, Religious, Educational Trust or Institutions or Organizations a
17 - Partnership Firm / Limited Liability Partnership (LLP)
18 - Export Oriented Units (EOU) / Special Economic Zone (SEZ) / Export Promotio
19 - Tonnage Taxation
20 - Securitization Trust
21 - Business Trust
22 - Investment Fund
23 - Tax Liability in special Circumstances / Specific Cases
24 - Minimum Alternate Tax (MAT)
25 - Alternate Minimum Tax (AMT)
26 - Return of Income and Assessment Procedure
27 - Faceless Assessment / e-Assessment
28 - Payment of Taxes and Interest
29 - Search and Seizure - Procedure, Consequences and Impact
30 - Dispute Resolution
31 - Old - Provisions
32 - Old - Rates of TDS and TCS
Chapters / List
1. Rate of Income Tax under New Regime
New Rates of Tax on Individual & HUF Under Section 115BAC.
Tax on Income of certain Resident Co-operative societies under section 115BAD
Comparison Chart for Companies opting New Rates of Tax Under Section 115BA, 115BAA or 115BAB
Tax on Domestic Companies under section 115BA
Tax on Domestic Companies under section 115BAA
Tax on Domestic Companies under Section 115BAB
2. Rates of Income Tax / DDT / STT etc.
Income Tax Rates for Individuals, HUF & Artificial Juridical Person - A.Y. 2007-08 to A.Y. 2023-24
Income Tax Rates for Firms - A.Y. 2007-08 to A.Y. 2023-24
Income Tax Rates for Companies - A.Y. 2007-08 to A.Y. 2023-24
Income Tax Rates for Co-operative Societies - A.Y. 2007-08 to A.Y. 2023-24
Income Tax Rates for Local Authorities - A.Y. 2007-08 to A.Y. 2023-24
Income Tax Rates for Trusts
Income Tax Rates for AOP, BOI
Income Tax Rates for Some Specific Cases
Marginal Relief - Excess Tax due to Surcharge - The concept with illustration
Taxation of Dividend and Deemed Dividend
Rates of Income Distributed by UTI / MF - Section 115R
Rates of Security Transaction Tax (STT)
3. Rates of TDS and TCS
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2022-23
Rate of Tax Collection at Source for the Financial Year 2022-23
4. Basics / Levy of Tax / Residential Status
BASIS OF CHARGE
RESIDENTIAL STATUS - Introduction
RESIDENTIAL STATUS OF AN ‘INDIVISUAL’
RESIDENTIAL STATUS OF ‘HUF’, ‘FIRM’, ‘AOP’ & BOI
RESIDENTIAL STATUS OF A ‘COMPANY’
RESIDENTIAL STATUS OF A ‘COMPANY’ based on POEM
HEADS OF INCOME
5. Exemptions and Deductions
Assessee Specific Exemption under section 10
Income Specific exemption under section 10
Salary Specific Exemption under section 10
Exempt Income of Non-Residents under section 10
Rebate u/s 87A - Resident Individuals whose total income does not exceed ₹5 Lakh
Deductions of Chapter VI A - OVERVIEW - Available to Individuals / HUF
Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund etc. - Section 80C
Deduction in respect of contribution to pension fund - Section 80CCC
Deduction in respect of contribution to pension scheme of Central Government- Section 80CCD
Deduction in respect of investment made under Rajiv Gandhi Equity Saving Scheme - Section 80CCG
Deduction in respect of Medical Insurance Premia - Section 80D
Deduction in respect of maintenance including medical treatment of a handicapped dependent relative - Section 80DD
Deduction in respect of medical treatment, etc. - Section 80DDB
Deduction in respect of interest on loan taken for higher education - Section 80E
Deduction in respect of interest on loan taken for residential house property - Section 80EE
Deduction in respect of interest on loan taken for certain house property - Section 80EEA
Deduction in respect of purchase of electric vehicle - Section 80EEB
Deduction in respect of donations to certain funds, charitable institutions etc. - Section 80G
Deduction in respect of rent paid - Section 80GG
Deduction in respect of certain donations for scientific research or rural development - Section 80GGA
Deduction in respect of contributions to political parties given by companies/ any person - Section 80GGB/80GGC
Deduction in respect of profit and gains from undertakings engaged in Infrastructure Development etc. - Section 80-IA
Deduction in respect of profit and gains by an undertaking or enterprise engaged in development of special economic zone - Section 80-IAB
Deduction in respect of specified Business - Section 80IAC
Deduction in respect of profit and gains from industrial undertakings other than infrastructure development undertakings - Section 80-IB
Deductions in respect of profits and gains from housing projects - Section 80-IBA
Special provisions in respect of certain undertakings in certain special category states - Section 80-IC
Deduction in respect of profits and gains from business of hotels - Sector 80ID
Special provisions in respect of certain undertakings in north-eastern states - Section 80-IE
Deduction in respect of profits & gains from business of collecting and processing of bio degradable waste -Section 80JJA
Deduction in respect of employment of new employees - Section 80JJAA
Deduction in respect of certain incomes of Offshore Banking Unit and IFSC - Section 80LA
Deduction in respect of certain Inter Corporate Dividend - Section 80M
Deduction in respect of income of Co-Operative Societies - Section 80P
Deduction in respect of certain income of Producer Companies - Section 80PA
Deduction in respect of royalty income of authors - Section 80QQB
Deduction in respect of royalty on patents - Section 80RRB
Deduction in respect of interest on deposits in saving accounts - Section 80TTA
Deduction in respect of interest on deposits in case of senior citizens - Section 80TTB
Deduction in case of a person with disability - Section 80U
6. Salary Income
Basis of Charge - Section 15
Leave Travel Allowance (LTA) - [Sec. 10(5) AND RULE 2B]
Gratuity - [Sec. 10(10)]
Pension - [Sec. 10(10A)]
Leave Encashment Salary Exemption - [Sec. 10(10AA)]
Retrenchment Compensation - [Sec. 10(10B)]
Voluntary Retirement or Separation - [Sec. 10(10C) AND RULE 2BA]
Payment from Statutory and Public Provident Funds (SPF/ PPF/ RPF) - [Section 10(11) and 10(12)]
Payment from an approved Superannuation Fund - Section 10(13)
Computation of House Rent Allowance (HRA) - [Section 10(13A) AND RULE 2A]
SPECIAL ALLOWANCES - [Section 10(14)]
Perquisites - Overview
Perquisites - Medical Treatment/ Expenditure (Exemptions) - Section 17(2)
Perquisites - Accommodation (Rent Free / Concessional) - Rule 3(1)
Perquisites - Motor Car - (Rent Free / Concessional) - Rule 3(2)
Perquisites - Services of sweeper, gardner, watchmen or personal attendant - Rule 3(3)
Perquisites - Supply of Gas, Electricity or Water Facility - Rule 3(4)
Perquisites - Education Facility - Rule 3(5)
Perquisites - Free Transport - Rule 3(6)
Perquisites - Interest Free or Concessional Loans - Rule 3(7)(i)
Perquisites - Traveling, Touring and Accommodation other than LTC - Rule 3(7)(ii)
Perquisites - Lunch / Refreshment etc. - Rule 3(7)(iii)
Perquisites - Gift, Voucher or Token - Rule 3(7)(iv)
Perquisites - Credit Cards - Rule 3(7)(v)
Perquisites - Club Expenditure - Rule 3(7)(vi)
Perquisites - Use of Moveable Assets - Rule 3(7)(vii)
Perquisites - Sale of Moveable Assets - Rule 3(7)(viii)
Perquisites - Residual - Any other benefit, Amenity, Service or Right - Rule 3(7)(ix)
Perquisites - Value of Any Specified Security / Sweat Equity Shares allotted or Transferred to An Employee or Former Employee Rule 3(8)
Perquisite - Valuation of specified security not being an equity share in the company [Rule 3(9)] & Income pertaining to ESOP of start-ups.
Standard deduction u/s 16(ia)
Entertainment Allowance - Professional Tax - Section 16(ii) and 16(iii)
Relief if Salary is received in Arrears or in Advance - Section 89(1)
7. House Property Income
Chargeability - (Sec. 22)
Composite Rent
Annual Value - (Sec. 23)
Deductions - (Sec. 24)
Other Provisons - (Sec. 25)
Sec 26: Income from property owned by co-owners
Deemed Ownership - (Sec. 27)
8. Profit and Gains of Business or Profession
Section 28 - Chargeability
Sec 29 Computation of income from PGBP
Section 30 - Rent, Rates, taxes of Building
Section 31 - Repairs of Plant & Machinery
Section 32(1)(i) - Depreciation for Power Generating Undertakings
Section 32 - Depreciation
Rates of Depreciation
Section 32(1)(iia) - Additional Depreciation
Section 32(2) - Setoff and carry forward of unabsorbed Depreciation
Section 32AC - Investment Allowance
Section 32AD - Investment Allowance in Notified Backward Area
Section 33AB - Deduction for Tea, Coffee, Rubber Business
Section 33ABA - Site Restoration Fund( Deduction for Petroleum & Natural Gas Business)
Section 35 - Expenditure on Scientific Research
Section 35ABB - Expenditure for Obtaining Licence to operate Telecommunication Services
Section 35ABA : Amortization of spectrum fee for purchase of spectrum
Section 35AC - Expenditure on Eligible Projects or Scheme -Upto AY 2017-18
Section 35AD - Deduction in respect of expenditure on Specified Business
Section 35CCA - Payment to Associations and Institutions for carrying out Rural Develpoment Programmes
Section 35CCC - Expenditure on Agricultural Extension Project
Method of Accounting - Section 145
Section 35CCD - Expenditure on Skill Development Project
Section 35D - Amortisation of certain Preliminary Expenses
Section 35DD - Amortisation of Amalagamtion or Demerger expenses
Section 145A - Method of Accounting in Certain Cases
Section 35DDA - Amortisation of expenditure incurred under Voluntary Retirement scheme
Section 35E - Amortisation of expenditure for development of Certain Minerals
Section 36(1)(i) - Premium for insurance of stock-in-trade
Section 36(1)(ia) - Premium paid by a federal milk society on life of cattle
Section 36(1)(ib) - Premium for insurance on health of employees
Section 36(1)(ii) - Bonus or commission paid to employees
Section 36(1)(iii) - Interest on borrowed capital
Section 36(1)(iiia) - Discount on Zero Coupon Bond
Section 36(1)(iv) - Employer's Contribution to PF & Superannuation
Section 36(1)(iva) - Employer's Contribution towards Pension Scheme
Section 36(1)(v) - Employer's Contribution towards Gratuity Fund
Section 36(1)(va)- Employee's Contribution to Welfare Fund
Section 36(1)(vi) - Animals used in Business otherwise than as Stock-in-Trade
Section 36(1)(vii) - Bad debts
Section 36(1)(viia) - Provision for Bad and doubtful debts in case of Banks
Section 36(1)(viii) - Transfer to Special Reserve
Section 36(1)(ix) - Expenditure on promotion of family planning
Section 36(1)(xii)-Expenditure incurred by a corporation or body corporate for the objects and purposes authorised
Section 36(1)(xiv)- Contribution to Credit Guarantee Trust Fund
Section 36(1)(xv) - Securities Transaction Tax
Section 36(1)(xvi) - Commodities Transaction Tax
Section 36(1)(xvii) - Expenditure by Co-operative Society for purchase of sugarcane at a specified price
Section 36(1)(xviii) - Expenditure on marked to market loss or other expected loss
Section 37(1) - General clause of Deductions
Section 37(2B) - Payment made to Political Party
Section 40(a)(i) - Non-compliance of provisions of TDS where payment is made to Non-Resident
Section 40(a)(ia) - Non-compliance of provisions of TDS where payment is made to Resident
Section 40(a)(ib) - Disallowance for non-payment of equalisation levy
Section 40(a)(ii)- Income Tax
Section 40(a)(iia) - Wealth Tax
Section 40(a)(iib) - Certain fee etc. paid to a State Govt. Undertaking to the State Govt.
Section 40(a)(iii) - Salary payable outside India without Tax deduction
Section 40(a)(iv) - Provident Fund payment without Tax deduction at Source
Section 40(a)(v) - Tax on perquisite paid by the employer
Section 40(b) - Payment of interest, salary etc. made by firm to its partners
Section 40(ba) - Payment of interest, salary etc. made by AOP to its members
Section 40A(2) - Payment to specified persons not deductible under certain circumstances
Section 40A(3) & 40A(3A) - Payment made otherwise than by account payee cheque
Section 40A(7) - Provision for payment of Gratuity
Section 40A(9) - Contribution to non-statutory funds
Section 40A(13) - marked to market loss or other expected loss
Section 41(1) - Recovery of expenditure & Remission and cessation of trading liability
Section 41(2) - Balancing Charge
Section 41(3) - Sale of Assets used for Scientific Research
Section 41(4) - Recovery of Bad debts
Section 41(4A) - Amount withdrawn from special reserve
Section 41(5) - Adjustment of Loss
Section 42: Special Provision for deduction in case of business for prospecting etc. for mineral oil
Section 43(1) - "Actual Cost" Section 43(2) - "Paid" Section 43(3) - "Plant"
Section 43(4)- Meaning of term "Scientific Research"
Section 43(5) - Meaning of term "Speculative Transaction"
Section 43(6) - WDV of block of Asset
Section 43A - Special provision consequential to changes in rate of exchange
Section 43AA - Taxation of foreign exchange fluctuation
Section 43B - Certain deductions on actual payment basis
Section 43CA - Special provision for full value of consideration for transfer of assets other than capital assets
Section 43CB - Computation of income from construction and service contracts
Section 43D - Special Provision in case of income of public financial institutions
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 persons carrying on business or profession
Section 44AB - Audit of accounts of certain persons
Section 44AD - Special provisions for computing profits and gains of business on presumptive basis
Section 14A & Rule 8D - Expenditure in relation to income not includible in total income
Section 44ADA- Provisions 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 44B & 172 - Special provision for computing profits and gains of shipping business in case of non-residents
Section 44BB - 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-resident
Section 44BBB - Special provision for computing profits and gains of foreign companies engaged in the business of civil construction
Section 44C - Deduction of head office expenditure in the case of non residents
Section 44DA - Special provision for computing income by way of royalties etc. in case of Non-residents and Foreign Companies
Section 44DB - Special provision for computing deductions in the case of business reorganisation of Co-operative banks
SPECIAL PROVISION FOR TAXATION OF FILM PRODUCER & FILM DISTRIBUTOR - RULE 9A
Deduction in respect of expenditure of distribution rights of feature films - Rule 9B
9. ICDS with Comparisons - Income computation and disclosure standards
Introduction - Income computation and disclosure standards (ICDS)
ICDS I (Revised) : Accounting Policies
ICDS II : Valuation of Inventories
ICDS III : Construction Contracts
ICDS IV : Revenue Recognition
ICDS V : Tangible Fixed Assets
ICDS VI : Effects of Changes in Foreign Exchange Rates
ICDS VII : Government Grants
ICDS VIII : Securities
ICDS IX : Borrowing Costs
ICDS X : Provisions, Contingent Liabilities & Contingent Assets
Notified ICDS and their corresponding AS's & IndAS's
Comparison of ICDS-I, AS 1 & IndAS-1
Comparison chart of ICDS II, AS-2 & IndAS-2
Comparison of ICDS III, AS-7 & IndAS-115
Comparison Chart of ICDS-IV, AS-9 & IndAS-115
Comparison Chart of ICDS-V, AS-10 & IndAS-16
Comparison Chart of ICDS-IV, AS-11 & IndAS-21
Comparison Chart of ICDS-VII, AS-12 & IndAS-20
Comparison Chart of ICDS-VIII, AS-13 & IndAS-109
Comparison of ICDS-IX, AS-16 & IndAS-23
Comparison of ICDS-X, AS-29 & IndAS-37
10. Capital Gains
Chargeability - Sec. 45(1)
Meaning of Capital Asset - Sec. 2(14)
Types of Capital Asset
How to determine Period of Holding
Transfer of Capital Asset - Section 2(47)
Complete list of certain transactions not regarded as Transfer
Sec 48- Method of Computation
Full value of Consideration
Expenditure on transfer
Sec 55(2) - Cost of Acquisition & Improvement
Indexed cost of Acquisition & Improvement
COST INFLATION INDEX
Capital Gains exemptions from Tax under section 10
Sec. 45(1A) - Capital Gains On Insurance Claims For Damage Or Destruction Of Capital Asset
Sec 45(1B) - Capital Gain on maturity amount of ULIP
Sec. 45(2) - Capital Gains On Conversion of Capital Assets Into Stock-In-Trade
Sec 45(3) - Capital Gains On Transfer of Capital Asset By A Partner/ Member To Firm/ AOP/ BOI
Sec. 45(4) and Sec 9B - Treatment on transfer of capital asset to partner/member on dissolution or reconstitution of specified entity.
Sec. 45(5) - Capital Gains On Transfer By Way Of Compulsory Acquisition Of An Asset
Section 45(5A) - Special provisions for computation of capital gains in case of joint development agreement
Sec. 46 - Capital Gain on Distribution Of Assets By Companies In Liquidation
Sec 50C - 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
Sec 50D - Fair Market Value Deemed To Be Full Value Of Consideration In Certain Cases
Sec 55A - Reference to Valuation Officer
Capital Gains In Case Of Non-Residents - FIRST PROVISO TO SECTION 48 AND RULE 115A
Sec. 50A - Computation of capital gains in case of Depreciable Assets
Sec 50B - Slump Sale
Sec 51 - Treatment of Advance Money received
Sec 111A - Tax on Short Term Capital Gains in certain cases
Sec 112 - Tax on Long Term Capital Gains
Section 112A - Tax on long-term capital gains in certain cases
Sec 46A - Capital gains on purchase by company of its own shares or other specified securities
Long term capital gain in case of non -resident
Section 54 - Capital Gain on transfer of Residential Property.
Section 54B - Capital gain on transfer of land used for agricultural purpose
Section 54D - Capital gain on compulsory acquisition of land and buildings forming part of an industrial undertaking
Section 54EC - Investment in Certain Bonds
Section 54F - Capital Gain on sale of LTCA not to be charged in case of investment in residential house
Section 54G - Capital gain on transfer of assets in cases of shifting of Industrial Undertakings from urban areas
Section 54GA - Exemption on CG on shifting of undertaking to SEZ
Sec 54GB : Exemption on CG on transfer of residential property if invested in new manufacturing SME company
Sec 54H : Extension of time limit for acquiring new asset or depositing or investing amount of capital gain, in case of compulsory acquisition.
Sec 54H : Extension of time limit for acquiring new asset or depositing or investing amount of capital gain, in case of compulsory acquisition.
11. Capital Gains - Certain transactions not regarded as Transfer
Section 47(i) - Distribution of capital asset on total or partial partition of HUF
Section 47(iii) - Transfer of capital asset under a gift, will or an irrevocable trust
Section 47(iv) & 47(v) - Transfer of a capital asset by a holding company to its 100% subsidiary company & vice versa
Section 47(vi) - Transfer of a capital asset by the amalgamating company to the amalgamated company
Section 47(via) - Transfer of shares held in an Indian company, by the amalgamating foreign company to the amalgamated foreign company
Section 47(viaa) - Transfer of capital assets in a scheme of amalgamation of a banking company with a banking institution
Section 47(viab) - Transfer of capital assets in a scheme of amalgamation, being a share of a foreign company
Section 47(vib) - Transfer in a demerger of a capital asset by the demerged company to resulting company
Section 47(vic) - Transfer of shares held in an Indian company by a demerged foreign company to the resulting foreign company
Section 47(vica) - Transfer in a business re-organisation
Section 47(vicb) - Transfer by a shareholder, in a business reorganisation
Section 47(vicc) - Transfer of capital assets in a demerger, being a share of a foreign company
Section 47(vid) - Transfer or issue of shares by the resulting company in a scheme of demerger to the shareholders of the demerged company
Section 47(vii) - Transfer by a shareholder, in a scheme of amalgamation, of the shares held by him in the amalgamating company
Section 47(viia) - Any transfer of bonds or GDR referred to in Sec. 115AC, made outside India by a Non-Resident to another Non-resident
Section 47(viiaa) - Transfer outside India of rupee denominated bond by a non-resident to another non- resident
Section 47(viiab) - Transfer by a non-resident on a recognized stock exchange located in any International Financial Services Centre
Section 47(viib) - Any transfer of capital asset, being a Govt. security made outside India, by a non-resident to another non-resident
Section 47(viic) - Transfer of Sovereign Gold Bond issued by the Reserve Bank of India
Section 47(ix) - Any transfer of a capital asset, being any work of art, book, drawing, painting and photograph to the Govt.
Section 47(x) - Any transfer by way of conversion of bonds or debentures of a company into the shares or debentures of that company
Section 47(xa) - Any transfer by way of conversion of bonds referred to in Section 115AC(1)(a) into shares or debentures of any company
Section 47(xb) - Transfer by way of conversion of preference shares of a company to its equity shares
Section 47(xii) - Transfer of land by a sick industrial company which is managed by its workers’ co-operative
Section 47(xiii) - Conversion of partnership firm into company
Section 47(xiiia) - Transfer of membership right in a stock exchange
Section 47(xiiib) - Conversion of unlisted company to LLP
Section 47(xiv) - Conversion of a Sole Proprietary Concern into a Company
Section 47(xv) - Transfer involved in a scheme of lending of securities
Section 47(xvi) - Any transfer of a capital asset in a transaction of reverse mortgage
Section 47(xvii) - Any transfer of a capital asset, being share of a Special Purpose Vehicle (SPV) to a business trust
Section 47(xviii) - Any transfer by a unit holder of a capital asset, held by him in the consolidating scheme of mutual fund
Section 47(xix) - Transfer by a unit holder in the consolidating plan of a mutual fund scheme
12. Income from Other Sources
Sec 56(1) and (2) - Chargeable Income Under Income from Other Sources
[Sec. 56(2)(vii)] - Gifts received by Individual & HUF
Sec. 56(2)(viia) - Gift received by firm or closely held company
Sec. 56(2)(viib) - Share premium received by closely held company
Sec. 56(2)(viii) - Interest on compensation
Sec. 56(2)(ix) - Advance money forfeited
Sec 56(2)(x) - Gift received by Individual or HUF on or after 01.04.2017
Valuation Rules
Sec. 57 - Deductions
Sec 58 - Amounts not deductible in computing the Income From Other Sources
Tax on distributed profits of Domestic Companies [Sec. 115-O(1)]
Reduction in Dividend Distribution Tax [Sec. 115-O(1A)]
Grossing up of Dividend [Sec. 115-O(1B)]
Loans & Advances by closely held company deemed as Dividend [Sec. 2(22)(e)]
Any distribution of Assets [Sec. 2(22)(a)]
Distribution of Debentures, etc. [Sec. 2(22)(b)]
Distribution of assets in the event of Liquidation [Sec. 2(22)(c)]
Reduction of share capital [Sec. 2(22)(d)]
Transactions not considered as Dividend
13. Clubbing of Income - Income of other person to be included
Transfer of Income without transfer of Assets - Section 60
Revocable transfer of Assets - Section 61
Transfer Irrevocable for a specified period - Section 62
Definition of term "Revocable transfer" - Section 63
Income of individual to include income of spouse from a concern in which individual has substantial interest - Section 64(1)(ii)
Income from assets transferred to the spouse - Section 64(1)(iv)
Income of individual to include income of son's wife - Section 64(1)(vi)
Income from assets transferred to any person for the benefit of spouse of the transferor - Section 64(1)(vii)
Income of individual to include of AOP to which assets are transferred for the benefit of son's wife - Section 64(1)(viii)
Income of Minor Child - Section 64(1A)
Conversion into HUF Property - Section 64(2)
General Law applicable to Clubbing of Income
Liability of the transferee in respect of Clubbed Income - Section 65
Income From the Accretion to Assets
Clubbing of Negative Income
Diversion of Income By Overriding Title
14. Set off and Carry forward of Losses
Set off of loss under the same head of income - Section 70
Set off of loss from one head against income from another head (Inter-Head Adjustment) - Section 71
Carry forward and set off of loss from House Property - Section 71B
Carry forward and set off of business loss - Section 72
Provisions relating to carry forward & set off of accumulated losses and unabsorbed deprecaition in case of Amalgamation, Demerger etc. - Section 72A
Exceptions to the rule that losses can be carried forward for eight assessment years
Losses in Speculation Business - Section 73
Carry forward and set off of losses by specified business referred in Section 35AD - Section 73A
Loss under the head Capital Gains - Section 74
Loss from the activity of owning and maintaining race-horses. - Section 74A
Carry forward and set off of losses in case of change in constitution of firm or on succession - Section 78
Carry forward and set off of losses in the case of certain companies - Section 79
No set off of losses consequent to search, requisition and survey - Section 79 [w.e.f. 01.04.2022]
Summary of Rules for set off and carry forward
15. Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax
Section 206A - Furnishing of statement in respect of payment of any income to residents without TDS
Section 206AA - Requirement to furnish Permanent Account Number
Applicability of Surcharge or Education Cess
Deduction at source and advance payment - Section 190, Direct payment - Section 191
Section 192 - TDS on Salaries
Section 192A - TDS from withdrawal from Employees Provident Fund Scheme
Section 193 - TDS on Interest on securities
Section 194 - TDS on Dividend
Section 194A - TDS on Interest other than "Interest on Securities"
Section 194B - TDS on winning from lottery or crossword puzzle or card game and other game of any sort
Section 194BB - TDS on winning from Horse Race
Section 194C - TDS on payment to contractors
Section 194D - TDS on Insurance Commission
Section 194DA - TDS on payment in respect of Life Insurance Policy
Section 194E - TDS on payment to non-resident sportsmen or sportsmen association or entertainer
Section 194EE - Payments in respect of deposits under National Savings Scheme, etc.
Section 194F - Payments on account of repurchase of units by Mutual Fund or Unit Trust of India
Section 194G - TDS on Commission etc. on sale of lottery tickets
Section 194H - TDS on Commission (other than Insurance Commission) or Brokerage
Section 194-I - TDS on Rent
Section 194-IA - TDS on payment on transfer of certain immovable property
Section 194IB - TDS on payment of rent by certain individuals or Hindu undivided family
Section 194IC - TDS on Payment under specified agreement
Section 194J - TDS on fees for professional services or technical services
Section 194LA - Payment of compensation on compulsory acquisition of any immovable property (other than agricultural land)
Section 194LB - Income by way of interest from Infrastructure Debt Fund
Section 194LBA - Tax deduction from income from units of business trust
Section 194LBB - Income in respect of units of investment fund
Section 194LBC - Income in respect of investment in securitisation trust
Section 194LC - Income by way of interest from long term bonds and loans from Indian companies
Section 194LD - Income by way of interest on certain bonds and government securities
Section 194M - Payment of certain sums by certain individuals or HUF
Section 194N - Payment of certain amounts in cash
Section 194O - TDS on payments by E-commerce Operator to E-commerce Participant
Section 194P : Deduction of Tax in case of specified senior citizen.
Section 194Q : TDS on Purchase of GOODS
Section 194R: TDS on benefit or perquisite in respect of business or profession.
Section 194S : TDS on payment on transfer of virtual digital asset
Section 195 - TDS on income of non-resident or a foreign company
Section 195A - Income payable "net of tax"
Section 196 - No TDS in case interest or dividend or other sums payable to Government, Reserve Bank or certain corporations
Section 196A - TDS on income in respect of units of non-resident
Section 196B - TDS on income from units to Offshore fund
Section 196C - TDS on Income from foreign currency bonds or GDRs
Section 196D - TDS on Income of foreign institutional investors from securities
Section 197 - Certificate for no or lower deduction of tax
Section 197A - Self declaration for Non-deduction of TDS
Section 200 - Duty of person deducting tax
Section 200(3) - Time limits for furnishing quarterly returns of TDS/ TCS
Section 200A - Processing of statements of tax deducted at source
Section 201 - Consequences of failure to deduct or pay TDS
Section 203A & Rule 114A - Tax deduction and collection account number
Section 206AB : Special provision for TDS for Non-filers of return.
Section 206C - TCS on Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc
Section 206CA - Tax collection account number
Section 206CB - Processing of statements of tax collected at source
Section 206CC - Requirement to furnish Permanent Account Number by collectee
Section 206CCA : Special provision for collection of tax at source for non-filers of income-tax return.
Section 234E - Fee for default in furnishing quarterly returns of TDS/ TCS
Time limit for issue of TDS certificate
Section 234F - Fee for default in furnishing return of income
Section 271H - Penalty for incorrect information or failure to furnish statements etc.
16. Charitable, Religious, Educational Trust or Institutions or Organizations and Tax on Accreted Income
Meaning of "Charitable Purpose" - Section 2(15)
Income of certain Universities, Hospitals, Educational Institution & Medical Institution - Section 10(23C)
Application for approval of registration for claiming exemption u/s 10(23C))(iv)/(v)/(vi)/(via)
Income from property held for Charitable or religious purpose - Section 11(1)
Capital gains deemed to be applied for charitable/religious purposes - Section 11(1A)
Exemption if income accumulated for specific purposes - Section 11(2)
Exemption withdrawn if specific conditions not satisfied - Section 11(3)
Property held under trust includes Business Undertaking - Section 11(4)
Safe Investment mode for Trust - Section 11(5)
No deduction of Depreciation allowed - Section 11(6)
Exemption under section 10 not available except under section 10(1) and 10(23C) - Section 11(7)
Conditions for applicability of sections 11 & 12 - Section 12A
Procedure for Registration (Applicable till 31st March 2021) - Section 12AA
Requirement for obtaining registration u/s 12AB w.e.f. 1st April 2021
Procedure for fresh registration - Section 12AB
Denial of Exemption under section 11 & 12 - Section 13(1)
Educational and medical facilities to specified persons - Section 12(2) and 13(6)
Anonymous Donations & Tax on Anonymous Donation - Section 13(7) & 115BBC
Section 13(8) - When commercial receipts exceeds the specified threshold limit Section 13(9) - Exclusion of income from the total income
Calculation of Income in case of certain violations - Section 13(10)
Tax on specified incomes of certain Institutions - Section 115BBI
Special Provisions Relating to Tax on Accreted Income of Certain Trusts and Institutions
17. Partnership Firm / Limited Liability Partnership (LLP)
Taxation of Firms & its Partners
Payment of Interest, Bonus, Commission or Remuneration by firm to its partners - Section 40(b)
Assessment of Firm - Section 184
Change in constitution of firm - Section 187
Succession of one firm by another firm - Section 188
Firm dissolved or Business discontinued - Section 189
Carry Forward & Set-off of losses - Section 78
18. Export Oriented Units (EOU) / Special Economic Zone (SEZ) / Export Promotion Schemes
Special provisions in respect of newly established undertakings in free trade zone, etc. - Section 10A
Special provisions in respect of newly established units in Special Economic Zone (SEZ) - Section 10AA
Special provisions in respect of newly established 100% export-oriented undertakings - Section 10B
19. Tonnage Taxation
Tonnage Taxation - Section 115V, 115VA, 115VB, 115VC, 115VD
Manner of computation of income under Tonnage Tax Scheme - Section 115VE
Tonnage Income - Section 115VF
Computation of Tonnage Income - Section 115 VG
Calculation in case of joint operation, etc. - Section 115VH
Relevant shipping income & core activities of a tonnage tax company - Section 115VI
Treatment of common costs - Section 115VJ
Depreciation - Section 115VK
General exclusion of deduction and set off, etc. - Section 115VL
Exclusion of loss - Section 115VM
Chargeable gains from transfer of tonnage tax assets - Section 115VN
Exclusion from provisions of section 115JB - Section 115V-O
Method and time of opting for tonnage tax scheme - Section 115VP
Period for which tonnage tax option to remain in option - Section 115VQ
Renewal of tonnage tax scheme - Section 115VR
Prohibition to opt for tonnage tax scheme in certain cases - Section 115VS
Transfer of profits to Tonnage Tax Reserve Account - Section 115VT
Minimum training requirement for tonnage tax company - Section 115VU
Limit for charter in of tonnage - Section 115VV
Maintenance and audit of accounts - Section 115VW
Determination of tonnage - Section 115VX
Amalgamation and Demerger of shipping companies - Section 115VY & Section 115VZ
Effect of temporarily ceasing to operate qualifying ships - Section 115VZA
Avoidance of tax - Section 115VZB
Exclusion from tonnage tax scheme - Section 115VZC
20. Securitization Trust
Taxation of Securitisation Trusts (General Provisions) - Section 115TCA
Provisions of TDS on Securitisation Trust - Section 194LBC
Meaning of Securitisation Trust
Chapter XII-EA: Special provisions relating to tax on distributed income by Securitisation Trusts - Section 115TA
Interest Payable for Non-Payment of Tax - Section 115TB
Securitisation Trust to be assessee-in-default - Section 115TC
21. Business Trust
Exempt Income of Business Trust and Unit Holders - Section 10(23FC), 10(23FCA), 10(23FD)
Taxation of Capital Gain Income of Business Trust & Unit Holders
Tax on income of Unit Holder and Business Trust - Section 115UA
Tax Deduction at Source (TDS) under Section 194LBA
Return of income by Business Trust - Section 139(4E)
22. Investment Fund
Meaning of Investment Fund
Taxation of Investment Fund - Section 115UB
Treatment of losses of Investment Fund
23. Tax Liability in special Circumstances / Specific Cases
Taxation of Political Parties - Section 13A
Taxation of Electoral Trust - Section 13B
Taxation of Hindu Undivided Family
Principle of Mutuality/Mutual Concerns
Trade & Professional Association
Special provision contained in Section 44A for Trade & Professional Association
Commodities Transaction Tax
Securities Transaction Tax
Statement of Financial Transaction or Reportable Account (SFTRA) - Section 285BA
Penalty for failure to furnish Statement of Financial Transaction or Reportable Account - Section 271FA
Penalty for furnishing inaccurate Statement of Financial Transaction or Reportable Account - Section 271FAA
24. Minimum Alternate Tax (MAT)
MAT - Introduction
PROVISIONS OF MAT - Rates - [Sec. 115JB(1)]
MAT Rate in case of unit located in International Financial Services Centre - Section 115JB(7)
MAT - Preparation of Profit & Loss Account - [Sec. 115JB(2)]
MAT - Computation of Book Profits - Additions - Explanation 1
MAT - Computation of Book Profits - Deductions
Computation of book profits for a company whose financial statements are prepared in accordance to Indian Accounting Standards - Section 115JB(2A)
Computation of book profits in case of Resulting Company - Section 115JB(2B)
Adjustment in Book Profits - Section 115JB(2C)
Unabsorbed depreciation or losses which can be carried forward - Section 115JB(3)
Section 115JB(2D) Adjustment on account of additional income of past years by finance Act 2021
MAT - Tax Credit - Section 115JAA
25. Alternate Minimum Tax (AMT)
Alternate Minimum Tax [AMT] Applicable to Persons other than a Company - A.Y. 2012-13 to A.Y. 2023-24
AMT - Rates
AMT - Applicability - Section 115JC
AMT - Adjusted Total Income - Section 115JC(2)
AMT - Audit report - Section 115JC(3)
AMT - Tax Credit - Section 115JD
26. Return of Income and Assessment Procedure
Return of Income - Who is required to file ITR and when?
Due date of furnishing of return of income
Form, manner & mode of furnishing return of income.
Return of Loss - Section 139(3)
Belated Return & Consequence of late submission - Section 139(4)
Consequences of late filing of Income Tax Return (ITR)
Revised Return - Section 139(5)
Signing and Verification of ITR - Section 140
Particulars to be furnished with return - Section 139(6) & 139(6A)
Updated Return & Tax on updated return - Section 139(8A) & 140B
Defective Return - Section 139(9)
Permanent Account Number (PAN) - Section 139A - General Provisions
Quoting of Aadhar Number and Linking with PAN - Section 139AA
Transactions where PAN to quote is compulsory as per Rule 114B
Submission of Returns through Tax Return Preparer (TRP) - Section 139B
Power of Board to dispense with furnishing documents, etc., with the return - Section 139C
Filing of return in electronic form - Section 139D
Self-assessment - Section 140A
Enquiry before Assessment - Notice under section 142(1)
Direction for Special Audit (Audit by department) - Section 142(2A)
Consequence of Non-Compliance with a notice issued under section 142(1)(i) or u/s 142(1)(ii) or 143(2) or a direction u/s 142(2A).
Reference to Valuation Officer (VO) in certain cases - Section 142A
Processing of Return (Intimation) - Section 143(1)
Regular/Scrutiny Assessment - Section 143(2)/143(3)
Distinction between notice u/s 142(1) and u/s 143(2)
Best Judgment Assessment - Section 144
Powers of Joint Commission (JC) to issue directions in certain cases - Section 144A
Assessment or Reassessment of Incomes escaping assessment - Section 147
Issue of Notice for Reassessment - Section 148
Conducting inquiry, providing opportunity before issue of notice u/s 148 - Section 148A
Prior approval for assessment, reassessment or recomputation in certain cases - Section 148B
Time limit for Notice - Section 149(1)
Sanctions for issue of notice u/s 148 &148A - Section 151
Important aspect related to Assessment - Section 152
Time limit for completion of assessment, reassessment and re-computation - Section 153
Period of limitation to exclude certain period - Explanation 1 to Sec 153
Period of limitation in case the application before settlement commission is withdrawn u/s 245M(1) - 4th & 5th Proviso to Section 153
Rectification of Mistake - Section 154
Re-computation of income/amendment of order of the past years in certain cases – Section 155
Notice of Demand - Section 156
Intimation of Loss - Section 157
Protective Assessment
Dispute Resolution Panel(DRP) - Section 144C
27. Faceless Assessment / e-Assessment
Faceless Assessment scheme – Introduction
Authorities in Faceless Assessment
Faceless inquiry or Valuation – Section 142B
New Scheme for Scrutiny Assessment – Section 143(3A)/(3B)/(3C)
Faceless assessment (Assessment procedure) – Section 144B
Faceless Assessment procedure in steps
Other Important aspects for Faceless Assessment
Faceless Assessment of income escaping assessment – Section 151A
Faceless rectification, amendments and issuance of notice or intimation - Section 157A
28. Payment of Taxes and Interest
E-Tutorial of Response to Outstanding Income Tax Demand
Applicability for payment of Advance Tax - Section 207
Advance Tax - Condition of liability to pay Advance Tax - Section 208
Computation of Advance Tax Liability and Payment - Section 209
Payment of Advance Tax in pursuance of order of Assessing Officer - Section 210
Installments of Advance Tax and Due Dates - Section 211
Advance Tax paid in pursuance of revised order of Assessing Officer
Mandatory & Penal Interest - Section 234A
Interest for default in payment of Advance Tax- Section 234B
Interest for deferment in instalments of Advance Tax - Section 234C
29. Search and Seizure - Procedure, Consequences and Impact
Power regarding discovery, production of evidence, etc (Summons) - Section 131
Procedure for Search and Seizure - Section 132
Requisitioning of Books of Accounts, etc. - Section 132A
Application of seized or requisitioned assets - Section 132B
Power to call for information : Section 133
Power of Survey- Section 133A
Power to collect Information - Section 133B
Power to call for Information by prescribed IT Authority - Section 133C
Power to inspect registers of companies - Section 134
Power of PDGIT/DGIT/PDIT/DIT/PCCIT/CCIT/PCIT/CIT or JC - Section 135
Faceless collection of information - Section 135A
Proceedings before income-tax authorities to be judicial proceedings - Section 136
Assessment in case of search and seizure - Section 153A
Time limit for completion of assessment u/s 153A - Section 153B
Assessment of Income of any other person - Section 153C
Prior approval necessary for assessment in cases of search or requisition - Section 153D
30. Dispute Resolution
Dispute Resolution Committee (Constitution & Power) - Section 245MA(1) & (2)
Meaning of Specified Orders
Person "Not" eligible for dispute resolution
Giving effect to resolution of dispute by DRC - Section 245MA(2A)
E-Dispute Resolution Scheme, 2022 - Constitution of DRC
Application for dispute resolution
Screening of application by DRC
Procedure to be followed by the DRC
Terminations of dispute resolution proceedings
DRC Power to reduce or waive penalty or immunity from prosecution or both
31. Old - Provisions
Section 43(2) - Meaning of term "Paid"
Section 43(3) - Meaning of term "Plant"
Deduction u/s 80CCA - Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan
Deduction in respect of investment made under Equity Linked Savings Scheme -Section 80CCB
Extension Of Time For Acquiring New Asset Or Depositing Or Investing Amount Of Capital Gain-Sec 54H
Rates of Fringe Benefits Tax (FBT)
Rates of Banking Cash Transaction Tax (BCTT)
SECTION 43 - Definitions of certain terms relevant to income from PGBP
32. Old - Rates of TDS and TCS
Rate of Tax collection at Source for Financial Year 2021-22
Rate of Tax Collection at Source for the Financial Year 2020-21
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2021-22
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2020-21
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2019-20
Rate of Tax Collection at Source for the Financial Year 2019-20
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2018-19
Rates of Tax Collection at Source for the Financial Year 2018-19
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2017-18
Rates of Tax Collection at Source (TCS) for the Financial Year 2017-18
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2016-17
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2015-16
Rate of Tax Deduction at Source (TDS Chart) with Threshold limit for the Financial Year 2014-15
Rate of Tax Deduction at Source [TDS Chart] with Threshold limit for the Financial Year 2013-14
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2012-13
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2011-12
Rate of Tax Deduction at Source (TDS Chart) with Threshold Limit for the Financial Year 2010-11
Rate of Tax Deduction at Source (TDS Chart) for the Financial Year 2009-10
Rate of Tax Deduction at Source (TDS Chart) for the Financial Year 2008-09
Rate of Tax Deduction at Source (TDS Chart) for the Financial Year 2007-08
Rates of Tax Collection at Source (TCS) for the Financial Year 2016-2017
Rates of Tax Collection at Source (TCS) for the Financial Year 2015-2016
Rates of Tax Collection at Source (TCS) for the Financial Year 2014-2015
Rates of Tax Collection at Source (TCS) for the Financial Year 2013-2014
Rates of Tax Collection at Source (TCS) for the Financial Year 2012-2013
Rates of Tax Collection at Source (TCS) for the Financial Year 2011-2012
Rates of Tax Collection at Source (TCS) for the Financial Year 2010-2011
Rates of Tax Collection at Source (TCS) for the Financial Year 2009-2010
Rates of Tax Collection at Source (TCS) for the Financial Year 2008-2009
Rates of Tax Collection at Source (TCS) for the Financial Year 2007-08
H
: Disallowance of expenditure incurred under Voluntary Retirement Scheme...
H
: Not giving credit of the TDS as available in the form 26 AS - Portugue...
H
: Seeking de-sealing of his premises - Smuggling of Gold - Attachment of...
H
: Scope of discloser of information under RTI - The specific note sheet ...
C
: Cyber Security and Cyber Resilience framework for Portfolio Managers
H
: Provisional assessment on the bills of entry - The non-generation of a...
H
: Validity of demand against the clearing and forwarding agent in the ab...
H
: Levy of differential Additional Duty of Customs - Valuation for CVD - ...
H
: Seeking withdrawal of CIRP under section 12A of Insolvency and Bankrup...
N
: Seeks to amend notification 8/20120-Customs, dated 02.02.2020 to conti...
N
: Seeks to amend notification 50/2017-Customs dated 30.06.2017 to contin...
H
: Approval of Resolution Plan - actions of the Resolution Professional a...
F
: documents necessary for goods sent for trial/demo
H
: Money Laundering - siphoning off of funds - This Court, in the interes...
F
: GST on TDS against import of service
F
: Eligibility of ITC
F
: composition/regular return in GST 2017 18
F
: Penalty for wrong issuance of invoice is overall or per invoice
F
: Interest U/S 234 B & 234C is not applicable for 44 AD income for Asses...
H
: Condonation of delay of 2569 days in filing the appeal - the Lawyer ha...
A
: REJECTION OF APPLICATION FOR ADVANCE RULING
A
: Mere ‘reason to believe’ do not satisfy the condition for re-opening o...
A
: MEANING AND SCOPE OF CIRCULARS IN TAXATION
A
: Assessee permitted to rectify its GSTR-1 for FY 17-18 & 18-19 to avail...
A
: Where unexplained income cannot be entangled in the clutches of The Se...
A
: Assessment Order Must be passed after Personal Hearing
C
: Review of time limit for disclosure of NAV of Mutual fund schemes inve...
C
: Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing ...
C
: Streamlining the onboarding process of FPIs
H
: Consequences of PAN becoming inoperative as per the newly substituted ...
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