DIRECT TAXES - Income-tax - FINANCE BILL, 2017

Chapter: III
DIRECT TAXES - Income-tax
Clause 3	:	Amendment of section 2. Clause 3 of the Bill seeks to amend section 2 of the Incometax Act relating to definitions. The existing provisions containe....
Clause 4	:	Amendment of section 9. Clause 4 of the Bill seeks to amend section 9 of the Incometax Act relating to income deemed to accrue or arise in India. Cl....
Clause 5	:	Amendment of section 9A. Clause 5 of the Bill seeks to amend section 9A of the Income-tax Act relating to certain activities not to constitute busine....
Clause 6	:	Amendment of section 10. Clause 6 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. The e....
Clause 7	:	Amendment of section 10AA. Clause 7 of the Bill seeks to amend section 10AA of the Income-tax Act relating to special provisions in respect of newly es....
Clause 8	:	Amendment of section 11. Clause 8 of the Bill seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or....
Clause 9	:	Amendment of section 12A. Clause 9 of the Bill seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 1....
Clause 10	:	Amendment of section 12AA. Clause 10 of the Bill seeks to amend section 12AA of the Income-tax Act relating to procedure for registration. It is propos....
Clause 11	:	Amendment of section 13A. Clause 11 of the Bill seeks to amend section 13A of the Income-tax Act relating to special provision relating to incomes of ....
Clause 12	:	Amendment of section 23. Clause 12 of the Bill seeks to amend section 23 of the Income-tax Act relating to annual value how determined. It is propose....
Clause 13	:	Amendment of section 35AD. Clause 13 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on s....
Clause 14	:	Amendment of section 36. Clause 14 of the Bill seeks to amend section 36 of the Income-tax Act relating to other deductions. The provisions of sub-cl....
Clause 15	:	Amendment of section 40A. Clause 15 of the Bill seeks to amend section 40A of the lncome -tax Act relating to expenses or payments not deductible in c....
Clause 16	:	Amendment of section 43. Clause 16 of the Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to i....
Clause 17	:	Amendment of section 43B. Clause 17 of the Bill seeks to amend section 43B of the Income-tax Act relating to certain deductions to be only on actual p....
Clause 18	:	Amendment of section 43D. Clause 18 of the Bill seeks to amend section 43D of the Income-tax Act relating to special provision in case of income of pu....
Clause 19	:	Amendment of section 44AA. Clause 19 of the Bill seeks to amend section 44AA of the Income-tax Act relating to maintenance of accounts by certain perso....
Clause 20	:	Amendment of section 44AB. Clause 20 of the Bill seeks to amend section 44AB of the Income-tax Act relating to audit of accounts of certain persons car....
Clause 21	:	Amendment of section 44AD. Clause 21 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits ....
Clause 22	:	Amendment of section 45. Clause 22 of the Bill seeks to amend section 45 of the Income-tax Act relating to Capital gains. Under the existing provisio....
Clause 23	:	Amendment of section 47. Clause 23 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The....
Clause 24	:	Amendment of section 48. Clause 24 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation. The fifth proviso to ....
Clause 25	:	Amendment of section 49. Clause 25 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of ac....
Clause 26	:	Insertion of new section 50CA. - Special provision for full value of consideration for transfer of share other than quoted share. Clause 26 of the Bill seeks to insert a new section 50CA in the Income-tax Act relating to special provision for full value ....
Clause 27	:	Amendment of section 54EC. Clause 27 of the Bill seeks to amend section 54EC of the Income-tax Act relating to capital gain not to be charged on invest....
Clause 28	:	Amendment of section 55. Clause 28 of the Bill seeks to amend section 55 of the Income-tax Act relating to meaning of adjusted , cost of improvement ....
Clause 29	:	Amendment of section 56. Clause 29 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. The existing pr....
Clause 30	:	Amendment of section 58. Clause 30 of the Bill seeks to amend section 58 of the Income-tax Act relating to amounts not deductible. The provisions of ....
Clause 31	:	Amendment of section 71. Clause 31 of the Bill seeks to amend section 71 of the Income-tax Act relating to set off of loss from one head against inco....
Clause 32	:	Substitution of new section for section 79.- Carry forward and set off of losses in case of certain companies. Clause 32 of the Bill seeks to substitute section 79 of the Income-tax Act relating to carry forward and set off of losses i....
Clause 33	:	Amendment of section 80CCD. Clause 33 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to....
Clause 34	:	Amendment of section 80CCG. Clause 34 of the Bill seeks to amend section 80CCG of the Income-tax Act relating to deduction in respect of investment made....
Clause 35	:	Amendment of section 80G. Clause 35 of the Bill seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to cert....
Clause 36	:	Amendment of section 80-IAC. Clause 36 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specif....
Clause 37	:	Amendment of section 80-IBA. Clause 37 of the Bill seeks to amend section 80-IBA of the Income-tax Act relating to deductions in respect of profits and g....
Clause 38	:	Amendment of section 87A. Clause 38 of the Bill seeks to amend section 87A of the Income-tax Act relating to rebate of income-tax in case of certain i....
Clause 39	:	Amendment of section 90. Clause 39 of the Bill seeks to amend section 90 of the Income-tax Act relating to agreement with foreign countries or specif....
Clause 40	:	Amendment of section 90A. Clause 40 of the Bill seeks to amend section 90A of the Income-tax Act relating to adoption by Central Government of agreeme....
Clause 41	:	Amendment of section 92BA. Clause 41 of the Bill seeks to amend section 92BA of the Income-tax Act relating to meaning of specified domestic transactio....
Clause 42	:	Insertion of new section 92CE. - Secondary adjustment in certain cases. Clause 42 of the Bill seeks to insert a new section 92CE in the Income-tax Act relating to secondary adjustments in certain ....
Clause 43	:	Insertion of new section 94B- Limitation on interest deduction in certain cases. Clause 43 of the Bill seeks to insert a new section 94B in the Income-tax Act relating to limitation on interest deduction i....
Clause 44	:	Amendment of section 115BBDA. Clause 44 of the Bill seeks to amend section 115BBDA of the Income-tax Act relating to tax on certain dividends received fro....
Clause 45	:	Insertion of new section 115BBG- Tax on income from transfer of carbon credits. Clause 45 of the Bill seeks to insert a new section 115BBG in the Income-tax Act relating to tax on income from transfer of ....
Clause 46	:	Amendment of section 115JAA. Clause 46 of the Bill seeks to amend section 115JAA of the Income-tax Act relating to tax credit in respect of tax paid on d....
Clause 47	:	Amendment of section 115JB. Clause 47 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by....
Clause 48	:	Amendment of section 115JD. Clause 48 of the Bill seeks to amend section 115JD of the Income-tax Act relating to tax credit for alternate minimum tax. S....
Clause 49	:	Amendment of section 119. Clause 49 of the Bill seeks to amend section 119 of the Income-tax Act relating to instructions to subordinate authorities. ....
Clause 50	:	Amendment of section 132. Clause 50 of the Bill seeks to amend section 132 of the Income-tax Act relating to search and seizure. Sub-section (1) of th....
Clause 51	:	Amendment of section 132A. Clause 51 of the Bill seeks to amend section 132A of the Income-tax Act relating to powers to requisition books of account, ....
Clause 52	:	Amendment of section 133. Clause 52 of the Bill seeks to amend section 133 of the Income-tax Act relating to power to call for information. The said s....
Clause 53	:	Amendment of section 133A. Clause 53 of the Bill seeks to amend section 133A of the Income-tax Act relating to power of survey. The said section empowe....
Clause 54	:	Amendment of section 133C. Clause 54 of the Bill seeks to amend section 133C of the Income-tax Act relating to power to call for information by prescri....
Clause 55	:	Amendment of section 139. Clause 55 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. Sub-section (4C) of the....
Clause 56	:	Amendment of section 140A. Clause 56 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment. The said section provid....
Clause 57	:	Amendment of section 143. Clause 57 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment. Sub-section (1) of the said s....
Clause 58	:	Amendment of section 153. Clause 58 of the Bill seeks to amend section 153 of the Income-tax Act relating to time-limit for completion of assessment, ....
Clause 59	:	Amendment of section 153A. Clause 59 of the Bill seeks to amend section 153A of the Income-tax Act, 1961 relating to assessment in case of search or re....
Clause 60	:	Amendment of section 153B. Clause 60 of the Bill seeks to amend section 153B of the Income-tax Act, 1961 relating to time-limit for completion of asses....
Clause 61	:	Amendment of section 153C. Clause 61 of the Bill seeks to amend section 153C of the Income-tax Act, 1961 relating to assessment of income of any other ....
Clause 62	:	Amendment of section 155. Clause 62 of the Bill seeks to amend section 155 of the Income-tax Act relating to other amendments. It is proposed to inser....
Clause 63	:	Insertion of new section 194-IB- Payment of rent by certain individuals or Hindu undivided family. Clause 63 of the Bill seeks to insert a new section 194-IB of the Income-tax Act relating to payment of rent by certain indi....
Clause 64	:	Insertion of new section 194-IC. - Payment under specified agreement. Clause 64 of the Bill seeks to insert a new section 194-IC in the Income-tax Act relating to deductions in respect of paymen....
Clause 65	:	Amendment of section 194J. Clause 65 of the Bill seeks to amend section 194J of the Income-tax Act which provides for deduction of tax at source on fee....
Clause 66	:	Amendment of section 194LA. Clause 66 of the Bill seeks to amend section 194LA of the Income-tax Act relating to payment of compensation on acquisition ....
Clause 67	:	Amendment of section 194LC. Clause 67 of the Bill seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian c....
Clause 68	:	Amendment of section 194LD. Clause 68 of the Bill seeks to amend section 194LD of the Income-tax Act relating to income by way of interest on certain bo....
Clause 69	:	Amendment of section 197A. Clause 69 of the Bill seeks to amend section 197A of the Income-tax Act relating to no deduction to be made in certain cases....
Clause 70	:	Amendment of section 204. Clause 70 of the Bill seeks to amend section 204 of the Income-tax Act relating to meaning of person responsible for paying ....
Clause 71	:	Amendment of section 206C. Clause 71 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of t....
Clause 72	:	Insertion of new section 206CC- Requirement to furnish Permanent Account Number by collectee. Clause 72 of the Bill seeks to insert a new section 206CC after section 206CB of the Income-tax Act relating to requirement ....
Clause 73	:	Amendment of section 211. Clause 73 of the Bill seeks to amend section 211 of the Income-tax Act relating to instalments of advance tax and due dates.....
Clause 74	:	Amendment of section 234C. Clause 74 of the Bill seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. I....
Clause 75	:	Insertion of new section 234F- Fee for default in furnishing return of income. Clause 75 of the Bill seeks to insert section 234F of the Income-tax Act relating to fee for default in furnishing return of....
Clause 76	:	Insertion of new section 241A- Withholding of refund in certain cases. Clause 76 of the Bill seeks to insert a new section 241A in the Income-tax Act relating to withholding of refund in certain ....
Clause 77	:	Amendment of section 244A. Clause 77 of the Bill seeks to amend section 244A of the Income-tax Act relating to interest on refunds. The said section pr....
Clause 78	:	Amendment of section 245A. Clause 78 of the Bill seeks to amend section 245A of the Income-tax Act relating to definitions for the purposes of Chapter ....
Clause 79	:	Amendment of section 245N. Clause 79 of the Bill seeks to amend section 245N of the Income-tax Act relating to the definitions under Chapter XIXB relat....
Clause 80	:	Amendment of section 245-O. Clause 80 of the Bill seeks to amend section 245-O of the Income-tax Act relating to the Authority for Advance Rulings. Clau....
Clause 81	:	Amendment of section 245Q. Clause 81 of the Bill seeks to amend section 245Q of the Income-tax Act relating to the application for advance ruling. Sub-....
Clause 82	:	Amendment of section 253. Clause 82 of the Bill seeks to amend section 253 of the Income-tax Act relating to Appeals to the Appellate Tribunal. Sub-cl....
Clause 83	:	Insertion of new section 269ST- Mode of undertaking transactions. Clause 83 of the Bill seeks to insert a new section 269ST in the Income-tax Act relating to mode of undertaking transactions....
Clause 84	:	Insertion of new section 271DA - Penalty for failiure to comply with provisions of section 269ST. Clause 84 of the Bill seeks to insert a new section 271DA of the Income-tax Act relating to penalty for failure to comply wi....
Clause 85	:	Amendment of section 271F. Clause 85 of the Bill seeks to amend section 271F of the Income-tax Act relating to penalty for failure to furnish return of....
Clause 86	:	Insertion of new section 271J- Penalty for furnishing incorrect information in reports or certificates. Clause 86 of the Bill seeks to insert a new section 271J in the Income-tax Act relating to penalty for furnishing incorrect ....
Clause 87	:	Amendment of section 273B. Clause 87 of the Bill seeks to amend section 273B in the Income-tax Act relating to penalty not to be imposed in certain cas....