Income Tax Act, 1961

(Act no. 43 of 1961)

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CONTENTS

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Sections

Particulars

111 Tax on Accumulated Balance of recognised provident fund.
112 Tax on Long-Term Capital gains.
112A Omitted.
113 Tax in the case of block assessment of search cases.
114 Omitted.
115 Omitted.
115A Tax on Dividends, royalty and Technical service fees in the case of Foreign Companies.
115AB Tax on Income from units purchased in Foreign Currency or capital gains arising from their transfer.
115AC Tax on Income from bonds or shares purchased in Foreign currency or capital gains arising from their transfer.
115ACA Tax on Income from global depository receeipts purchased in Foreign Currency or capital gains arising from their transfer.
115AD Tax on Income of Foreign Institutional Investors from securities or capital gains arising from their transfer.
115B Tax on Profits and gains of Life Insurance Business.
115BB Tax on winnings from lotteries, crossword puzzles, races including hourse races, card games and other games of any sport or gambling or betting of any form or nature whatsoever.
115BBA Tax on Non-Resident Sports or Sports Associations.
115C Definitions.
115D Special provision for computation of total Income of Non-Residents.
115E Tax on Investment Income and Long-Term Capital gains.
115F Capital gains on transfer of Foreign Exchange assets not to be charged in certain cases.
115G Return of Income not to be filed in certain cases.
115H Benefit under chapter to be available in certain cases evern after the assessee becomes Resident.
115I Chapter not to apply if the assessee so chooses.
115J Special Provisions relating to certain companies.
115JA Deemed Income Relating to certain Companies.
115JAA Tax credit in respect of tax paid on deemed Income Relating to certain Companies.
115K Omitted.
115L Omitted.
115M Omitted.
115N Omitted.
115-O Tax on Distributed profits of Domestic Companies.
115P Interest payable for Non-Payment of Tax by Domestic Companies.
115Q When Company is deemed to be in default.
115R Tax on Distributed Income to Unit Holders.
115S Interest payable for non-payment of tax.
115T Unit Trust Of India or Mutual Fund to be assessee in default.
116 Income-Tax Authorities.
117 Appointment of Income-Tax Authorities.
118 Control of Income-Tax Authorities.
119 Instructions to Subordinate Authorities.
120 Jurisdiction of Income-Tax Authorities.
121 Omitted.
121A Omitted.
122 Omitted.
123 Omitted.
124 Jurisdiction of Assessing Officers.
125 Omitted.
125A Omitted.
126 Omitted.
127 Power to transfer cases.
128 Omitted.
129 Change of Incumbent of an office.
130 Omitted.
130A Omitted.
131 Power regarding Discovery, Production of Evidence, etc.
132 Search and Seizure.
132A Powers to requisition books of account , etc.
132B Application of Retained Assets.
133 Power to call for Information.
133A Power of Survey.
133B Power to Collect Certain Information.
134 Power to Inspect Registers of Companies.
135 Powers of Director General or Director Chief Commissioner or Commissioner and Joint Commissioner.
136 Proceedings before Income-Tax Authorities to be Judicial Proceedings.
137 Omitted.
138 Disclosure of Information respecting Assesses.
139 Return of Income.
139A Permanent Account Number.
140 Return by whom to be signed.
140A Self-Assessment.
141 Omitted.
141A Omitted.
142 Enquiry before Assessment.
143 Assessment.
144 Best Judgment Assessment.
144A Power of Deputy Commissioner to issue Directions in certain cases.
144B Omitted.
145 Method of Accounting.
145A Method of Accounting in certain cases.
146 Omitted.
147 Income Escaping Assessment.
148 Issue of Notice where Income has escaped assessment.
149 The limit for notice.
150 Provision for cases where assessment is in prusuance of an order on appeal, etc.
151 Sanction for issue of notice.
152 Other Provisions.
153 Time limit for completion of assessments and reassessments.
154 Rectification of Mistake.
155 Other Amendments.
156 Notice of Demand.
157 Intimation of loss.
158 Intimation of Assessment of firm.
158A Procedure when assessee claims identical question law is pending before High Court or Supreme Court.
158B Definitions.
158BA Assessment of undisclosed Income as a result to search.
158BB Computation of undisclosed Income of the block period.
158BC Procedure for block assessment.
158BD Undisclosed Income of any other person.
158BE Time limit for completion of Block assessment.
158BF Certain interests and penalties not to be levied or imposed.
158BFA Levy of Interest and Penalty in certain cases.
158BG Authority competent to make block assessment.
158BH Application of other provisions of this Act.
159 Legal Representatives.
160 Representative Assessee.
161 Liability of representative assessee.
162 Right of representative assessee to recover tax paid.
163 Who may be regarded as agent.
164 Charge of Tax where share of beneficiaries unknown.
164A Charge of tax in case of oral trust.
165 Case where part of trust Income is chargeable.
166 Direct Assessment or recovery not barred.
167 Remedies against property in cases of representative assessees.
167A Charge of   tax in the case of a firm.
167B Charge of Tax where shares of members  in association of persons or body of individuals unknown, etc.
168 Executors.
169 Right of Executor to recover Tax paid.
170 Succession to Business otherwise than on death.
171 Assessment after partition of a Hindu undivided family.
172 Shipping Business of Non-Residents.
173 Recovery of Tax in respect of Non-Resident from his assets.
174 Assessment of persons leaving India.
175 Assessment of persons likely to transfer property to avoid tax.
176 Discontinued Business.
177 Association dissolved or business discontinued.
178 Company in Liquidation.
179 Liability of Directors of Private Company in Liquidation.
180 Royalties or Copyright Fees for literary or artistic work.
180A Consideration for Know-How.
181 Omitted.
182 Omitted.
183 Omitted.
184 Assessment as a firm.
185 Assessment when section 184 not complied with.
187 Change in Constitution of a Firm.
188 Succession of one firm by another firm.
188A Joint and Several Liability of Partners for Tax payable by firm.
189 Firm Dissolved or Business Discontinued.
189A Provisions applicable to past assessments of firms.
190 Deduction at source and advance payment.
191 Direct Payment.
192 Salary.
193 Interest on Securities.
194 Dividends.
194A Interest other than "Interest on Securities".
194B Winnings from lottery or crossword puzzle.
194BB Winnings From Horse Race.
194C Payments to contractors and Sub-Contractors.
194D Insurance Commission.
194E Payments to Non-Resident Sportsmen or Sports Associations.
194EE Payments in respect of deposits under National Savings Scheme, etc.
194F Payments on Account of Repurchase of units by Mutual Fund or Unit Trust Of India.
194G Commission, etc., on the sale of lottery tickets.
194H Commission, Brokerage, etc.
194I Rent.
194J Fees for Professional or Technical services.
194K Income in Respect of Units.
194L Payment of Compensation on Acquisition of Capital Asset.
195 Other Sums.
195A Income Payable "Net of Tax".
196 Interest or Dividend or other sums payable to Government, Reserve Bank or Certain Corporations.
196A Income in respect of Units of Non-Residents.
196B Income from Units.
196C Income from Foreign Currency bonds or shares of Indian Company.
196D Income of Foreign Institutional Investors from securities.
197 Certificate for Deduction at Lower Rate.
197A No Deduction to be made in certain cases.
198 Tax deducted is Income received.
199 Credit for Deducted.
200 Duty of person deducting tax.
201 Consequences of failure to deduct or pay.
202 Deduction only one Mode of recovery.
203 Certificate for Tax deducted.
203A Tax deduction account number.
204 Meaning of "Person Responsible for Paying".
205 Bar Against Direct Demand on Assessee.
206 Persons deducting Tax to furnish prescribed returns.
206A Omitted.
206B Omitted.
206C Profits and Gains from the Business of trading in Alcoholic Liquor, Forest Produce, Scrap, Etc.
207 Liability for Payment of Advance Tax.
208 Conditions of Liability to Pay Advance Tax.
209 Computation of Advance Tax.
209A Omitted.
210 Payment of Advance Tax by the Assessee of his own accord or in pursuance of order of Assessing Officer.
211 Instalments of Advance Tax and Due Dates.
212 Omitted.
213 Omitted.
214 Interest Payable by Government.
215 Interest payable by Assessee.
216 Interest Payable by Assessee in case of Understimate, Etc.
217 Interest Payable by Assesee when no Estimate Made.
218 When Assessee Deemed to be in Default.
219 Credit For Advance Tax.
220 When Tax Payable and When Assessee Deemed in Default.
221 Penalty Payable When Tax in Default.
222 Certificate by Tax Recovery Officer.
223 Tax Recovery Officer by Whom Recovery is to be Effected.
224 Validity of Certificate and Cancellation or Amendment thereof.
225 Stay of Proceedings in Pursuance of certificae and amendment or cancellation thereof.
226 Other Modes of Recovery.
227 Recovery Through State Government.
228 Omitted.
228A Recovery of Tax in Pursuance of Agreement with Foreign Countries.
229 Recovery of Penalties, Fine, Interest and Other Sums.
230 Tax Clearance Certificate.
230A Restrictions on Registration of Transfers of Immovable property in certain cases.
231 Omitted.
232 Recovery by suit or under other law nto affected.
233 Omitted.
234 Omitted.
234A Interest for defaults in furnishing return of Income.
234B Interest for defaults in Payament of Advance Tax.
234C Interest for Deferment of Advance Tax.
235 Omitted.
236 Relief to Company in Respect of dividend paid out of past taxed profits.
236A Relief to certain charitable institutions or funds in respect of certain dividends.
237 Refunds.
238 Person Entitled to claim refund in certain special cases.
239 Form of claim for refund and limitation.
240 Refund on Appeal, Etc.
241 Power to withhold refund in certain cases.
242 Correctness of Assessment not to be Questioned.
243 Interest on Delayed Refunds.
244 Interest on Refund where no claim is needed.
244A Interest on Refunds.
245 Set off of Refunds Against Tax Remaining Payable.
245A Definitions.
245B Income-Tax Settlement Commission.
245BA Jurisdiction and Powers of settlement commission.
245BB Vice-Chairman to Act as Chairman or to discharge his functions in certain circumstances.
245BC Power of Chairman to Transfer cases from one bench to another.
245BD Decision to be by Majority.
245C Application for settlement of cases.
245D Procedure on receipt of an application under section 245C.
245DD Power of settlement commission to order provisional attachment to protect revenue.
245E Power of settlement commission to reopen completed proceedings.
245F Powers and Procedure of settlement commission.
245G Inspection, Etc., of Reports.
245H Power of settlement commission to grant immunity from Prosecution and Penalty.
245HA Power of settlement commission to send a case back to the assessing oficer if the assessee does not Co-Operate.
245I Order of settlement to be conclusive.
245J Recovery of sums due under order of settlement.
245K Bar on Subsequent Application for settlement in certain cases.
245L Proceedings before settlement commission to be judicial proceedings.
245M Omitted.
245N Definitions.
245-O Authority for Advance Rulings.
245P Vacancies, Etc., not to invalidate proceedings.
245Q Application for Advance Ruling.
245R Procedure on Receipt of Application.
245RR Appellate Authority not to proceed in certain cases.
245S Applicability of Advance Ruling.
245T Advance Ruling to be void in certain circumstances.
245U Powers of the Authority.
245V Procedure of Authority.
246 Appealable Orders.
246A Appealable orders before Commissioner (Appeals).
247 Omitted.
248 Appeal by Person denying liability to deduct Tax.
249 Form of Appeal and Limitation.
250 Procedure in Appeal.
251 Powers of the Commissioner (Appeals).
252 Appellate Tribunal.
253 Appeals to the Appellate Tribunal.
254 Orders of Appellate Tribunal.
255 Procedure of Appellate Tribunal.
256 Statement of case to the High Court.
257 Statement of case to supreme Court in certain cases.
258 Power of High Court or Supreme Court to Require Statement to be Amended.
259 Case before High Court to be heard by not less than two judges.
260 Decision of High Court or Supreme Court on the case stated.
260A Appeal to High Court.
260B Case before High Court to be heard by not less than two judges.
261 Appeal to Supreme Court.
262 Hearing before Supreme Court.
263 Revision of orders prejudicial to revenue.
264 Revision of other orders.
265 Tax to be paid notwithstanding reference, etc.
266 Execution for costs awarded by the Supreme Court.
267 Amendment of Assessment on Appeal.
268 Exclusion of time taken for copy.
269 Definition of "High Court".
269A Definitions.
269AB Registration of Certain Transactions.
269B Competent Authority.
269C Immovable property in respect of which proceedings for Acquisition may be taken.
269D Preliminary Notice.
269E Objections.
269F Hearing of Objections.
269G Appeal Against order for Acquisition.
269H Appeal to High Court.
269I Vesting of property in Central Government.
269J Compensation.
269K Payment or Deposit of Compensation.
269L Assistance by Valuation Officers.
269M Powers of Competent Authority.
269N Rectification of Mistakes.
269-O Appearance by Authorised Representative or Registered Valuer.
269P Statement to be furnished in respect of transfers of immovable property.
269Q Chapter not to apply to transfers to relatives.
269R Properties liable for Acquisition under this Chapter not to be Acquired under other Laws.
269RR Chapter not to apply where transfer of immovable property made after a certain date.
269S Chapter not to extend to state of Jammu and Kashmir.
269SS Mode of taking or accepting certain loans and deposits.
269T Mode of Repayment of certain deposits.
269TT Mode of Repayment of Special Bearer Bonds, 1991.
269U Commencement of Chapter.
269UA Definitions.
269UB Appropriate Authority.
269UC Restrictions on Transfer of Immovable Property.
269UD Order by Appropriate Authority for Purchase by Central Government of Immovable property.
269UE Vesting of property in Central Government.
269UF Consideration for purchase of Immovable property by Central Government.
269UG Payment or Deposit of Consideration.
269UH Re-Vesting of property in the transferor on failure of payment or deposit of consideration.
269UI Powers of the Appropriate Authority.
269UJ Rectification of Mistakes.
269UK Restrictions on Revocation or Alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property.
269UL Restrictions on Registration, Etc., of Documents in respect of transfer of Immovable property.
269UM Immunity to Transferor against claims of transferee for transfer.
269UN Order of Appropriate Authority to be final and conclusive.
269UO Chapter not to apply to certain transfers.
270 Omitted.
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