DIRECT TAXES - Income-tax - FINANCE BILL, 2018

Chapter: III
DIRECT TAXES - Income-tax
Clause 3	:	Amendment of section 2 Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Clause ( 22 ) of the said secti....
Clause 4	:	Amendment of section 9. Clause 4 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. E....
Clause 5	:	Amendment of section 10 Clause 5 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. The s....
Clause 6	:	Amendment of section 11 Clause 6 of the Bill seeks to amend section 11of the Income-tax Act relating to income from property held for charitable or ....
Clause 7	:	Amendment of section 16 Clause 7 of the Bill seeks to amend section 16 of the Income-tax Act relating to deductions from salaries. The existing prov....
Clause 8	:	Amendment of section 17 Clause 8 of the Bill seeks to amend section 17 of the Income-tax Act relating to Salary , perquisite and profits in lieu of ....
Clause 9	:	Amendment of section 28 Clause 9 of the Bill seeks to amend section 28 of the Income-tax Act relating to profits and gains of business or profession....
Clause 10	:	Amendment of section 36. Clause 10 of the Bill seeks to amend section 36 of the Income-tax Act relating to other deductions. Sub-section ( 1 ) of the....
Clause 11	:	Amendment of section 40A. Clause 11 of the Bill seeks to amend section 40A of the Income-tax Act relating to expenses or payments not deductible in ce....
Clause 12	:	Amendment of section 43. Clause 12 of the Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to i....
Clause 13	:	Insertion of new section 43AA- Taxation of foreign exchange fluctuation Clause 13 of the Bill seeks to insert a new section 43AA in the Income-tax Act relating to taxation of foreign exchange fluc....
Clause 14	:	Amendment of section 43CA. Clause 14 of the Bill seeks to amend section 43CA of the Income-tax Act relating to special provision for full value of cons....
Clause 15	:	Insertion of new section 43CB- Computation of income from construction and service contracts. Clause 15 of the Bill seeks to insert a new section 43CB in the Income-tax Act relating to computation of income from constr....
Clause 16	:	Amendment of section 44AE. Clause 16 of the Bill seeks to amend section 44AE of the Income-tax Act relating to special provision for computing profits ....
Clause 17	:	Amendment of section 47. Clause 17 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The....
Clause 18	:	Amendment of section 49. Clause 18 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of ac....
Clause 19	:	Amendment of section 50C Clause 19 of the Bill seeks to amend section 50C of the Income-tax Act relating to special provision for full value of consi....
Clause 20	:	Amendment of section 54EC. Clause 20 of the Bill seeks to amend section 54EC of the Income-tax Act relating to capital gain not to be charged on invest....
Clause 21	:	Amendment of section 56 Clause 21 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Clause ( x ) of....
Clause 22	:	Amendment of section 79 Clause 22 of the Bill seeks to amend section 79 [as substitued by section 32 of the Finance Act, 2017] of the Income-tax Act....
Clause 23	:	Substitution of new section for section 80AC- Deduction not to be allowed unless return furnished Clause 23 of the Bill seeks to amend section 80AC of the Income-tax Act relating to deduction not to be allowed unless retur....
Clause 24	:	Amendment of section 80D. Clause 24 of the Bill seeks to amend section 80D of the Income-tax Act relating to deduction in respect of health insurance ....
Clause 25	:	Amendment of section 80DDB. Clause 25 of the Bill seeks to amend section 80DDB of the Income-tax Act relating to deduction in respect of medical treatme....
Clause 26	:	Amendment of section 80-IAC. Clause 26 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specif....
Clause 27	:	Amendment of section 80JJAA. Clause 27 of the Bill seeks to amend section 80JJAA of the Income-tax Act relating to deduction in respect of employment of ....
Clause 28	:	Insertion of new section 80PA-Deduction in respect of certain income of Producer Companies Clause 28 of the Bill seeks to insert a new section 80PA of the Income-tax Act relating to deduction in respect of certain i....
Clause 29	:	Amendment of section 80TTA Clause 29 of the Bill seeks to amend section 80TTA of the Income-tax Act relating to deduction in respect of interest on dep....
Clause 30	:	Insertion of new section 80TTB-Deduction in respect of interest on deposits in case of senior citizens Clause 30 of the Bill seeks to insert a new section 80TTB in the Income-tax Act relating to deduction in respect of interest....
Clause 31	:	Insertion of new section 112A-Tax on long term capital gains in certain cases. Clause 31 of the Bill seeks to insert a new section 112A of the Income-tax Act relating to tax on long-term capital gains in....
Clause 32	:	Amendment of section 115AD. Clause 32 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Foreign Institutional ....
Clause 33	:	Amendment of section 115BA. Clause 33 of the Bill seeks to amend section 115BA of the Income-tax Act relating to tax on income of certain domestic compa....
Clause 34	:	Amendment of section 115BBE. Clause 34 of the Bill seeks to amend section 115BBE of the Income-tax Act relating to tax on income referred to in section 6....
Clause 35	:	Amendment of section 115JB. Clause 35 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by....
Clause 36	:	Amendment of section 115JC. Clause 36 of the Bill seeks to amend section 115JC of the Income-tax Act relating to special provisions for payment of tax b....
Clause 37	:	Amendment of section 115JF. Clause 37 seeks to amend section 115JF of the Income-tax Act relating to interpretation in this Chapter. It is proposed to a....
Clause 38	:	Amendment of section 115-O. Clause 38 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic ....
Clause 39	:	Omission of Explanation occurring after section 115Q. Clause 39 of the Bill seeks to omit the Explanation occurring after section 115Q of the Income-tax Act. The said Explanation....
Clause 40	:	Amendment of section 115R. Clause 40 of the Bill seeks to amend section 115R of the Income-tax Act relating to tax on distributed income to unit holder....
Clause 41	:	Amendment of section 115T. Clause 41 of the Bill seeks to amend section 115T of the Income-tax Act relating to Unit Trust of India or Mutual Fund to be....
Clause 42	:	Amendment of section 139A. Clause 42 of the Bill seeks to amend section 139A of the Incometax Act relating to permanent account number. Sub-section ( 1....
Clause 43	:	Amendment of section 140. Clause 43 of the Bill seeks to amend section 140 of the Income-tax Act relating to return by whom to be verified. It is prop....
Clause 44	:	Amendment of section 143. Clause 44 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment. Clause ( a ) of sub-section (....
Clause 45	:	Substitution of new sections 145A and 145B for section 145A-Method of accounting in certain cases-Taxability of certain income Clause 45 of the Bill seeks to substitute new sections 145A and 145B for section 145A of the Income-tax Act relating to meth....
Clause 46	:	Amendment of section 193. Clause 46 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities. It is proposed to....
Clause 47	:	Amendment of section 194A. Clause 47 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than interest on securiti....
Clause 48	:	Amendment of section 245-O. Clause 48 of the Bill seeks to amend section 245-O of the Income-tax Act relating to Authority for Advance Rulings. The said....
Clause 49	:	Amendment of section 245Q. Clause 49 of the Bill seeks to amend section 245Q of the Incometax Act relating to application for advance ruling. The said ....
Clause 50	:	Amendment of section 253. Clause 50 of the Bill seeks to amend section 253 of the Income-tax Act relating to appeals to the Appellate Tribunal. Sub-se....
Clause 51	:	Amendment of section 271FA. Clause 51 of the Bill seeks to amend section 271FA of the Income-tax Act relating to penalty for failure to furnish statemen....
Clause 52	:	Amendment of section 276CC. Clause 52 of the Bill seeks to amend section 276CC of the Income-tax Act relating to failure to furnish returns of income. S....
Clause 53	:	Amendment of section 286. Clause 53 of the Bill seeks to amend section 286 of the Income-tax Act relating to furnishing of report in respect of intern....