Bharat's Understanding INCOME TAX BILL, 2025 by CA. Arvind Tuli
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x| About Understanding INCOME TAX BILL, 2025 |
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Income Tax (No. 2) Bill, 2025
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement
2. Definitions
3. Definition of “tax year”
CHAPTER II
BASIS OF CHARGE
4. Charge of income-tax
5. Scope of total income
6. Residence in India
7. Income deemed to be received and dividend deemed to be income in a tax year
8. Income on receipt of capital asset or stock-in-trade by specified person from specified entity
9. Income deemed to accrue or arise in India
10. Apportionment of income between spouses governed by Portuguese Civil Code
CHAPTER III
INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
A.—Incomes not to be included in total income
11. Incomes not included in total income
B.—Incomes not to be included in total income of political parties and electoral trusts
12. Incomes not included in total income of political parties and electoral trusts
CHAPTER IV
COMPUTATION OF TOTAL INCOME
A.—Heads of income
13. Heads of income
14. Income not forming part of total income and expenditure in relation to such income
B.—Salaries
15. Salaries
16. Income from salary
17. Perquisite
18. Profits in lieu of salary
19. Deductions from salaries
C.—Income from house property
20. Income from house property
21. Determination of annual value
22. Deductions from income from house property
23. Arrears of rent and unrealised rent received subsequently
24. Property owned by co-owners
25. Interpretation
D.—Profits and gains of business or profession
26. Income under head “Profits and gains of business or profession”
27. Manner of computing profits and gains of business or profession
28. Rent, rates, taxes, repairs and insurance
29. Deductions related to employee welfare
30. Deduction on certain premium
31. Deduction for bad debt and provision for bad and doubtful debt
32. Other deductions
33. Deduction for depreciation
34. General conditions for allowable deductions
35. Amounts not deductible in certain circumstances
36. Expenses or payments not deductible in certain circumstances
37. Certain deductions allowed on actual payment basis only
38. Certain sums deemed as profits and gains of business or profession
39. Computation of actual cost
40. Special provision for computation of cost of acquisition of certain assets
41. Written down value of depreciable asset
42. Capitalising the impact of foreign exchange fluctuation
43. Taxation of foreign exchange fluctuation
44. Amortisation of certain preliminary expenses
45. Expenditure on scientific research
46. Capital expenditure of specified business
47. Expenditure on agricultural extension project and skill development project
48. Tea development account, coffee development account and rubber development account
49. Site Restoration Fund
50. Special provision in the case of trade, profession or similar association
51. Amortisation of expenditure for prospecting certain minerals
52. Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc.
53. Full value of consideration for transfer of assets other than capital assets in certain cases
54. Business of prospecting for mineral oils
55. Insurance business
56. Special provision in case of interest income of specified financial institutions
57. Revenue recognition for construction and service contracts
58. Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
59. Computation of royalty and fee for technical services in hands of non-residents
60. Deduction of head office expenditure in case of non-residents
61. Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
62. Maintenance of books of account
63. Tax audit
64. Special provision for computing deductions in case of business reorganisation of co-operative banks
65. Interpretation for the purposes of section 64
66. Interpretation
E.—Capital gains
67. Capital gains
68. Capital gains on distribution of assets by companies in liquidation
69. Capital gains on purchase by company of its own shares or other specified securities
70. Transactions not regarded as transfer
71. Withdrawal of exemption in certain cases
72. Mode of computation of capital gains
73. Cost with reference to certain modes of acquisition
74. Special provision for computation of capital gains in case of depreciable assets
75. Special provision for cost of acquisition in case of depreciable asset
76. Special provision for computation of capital gains in case of Market Linked Debenture
77. Special provision for computation of capital gains in case of slump sale
78. Special provision for full value of consideration in certain cases
79. Special provision for full value of consideration for transfer of share other than quoted share
80. Fair market value deemed to be full value of consideration in certain cases
81. Advance money received
82. Profit on sale of property used for residence
83. Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
84. Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
85. Capital gains not to be charged on investment in certain bonds
86. Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
87. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
88. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
89. Extension of time for acquiring new asset or depositing or investing amount of capital gains
90. Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
91. Reference to Valuation Officer
F.—Income from other sources
92. Income from other sources
93. Deductions
94. Amounts not deductible
95. Profits chargeable to tax
CHAPTER V
INCOME OF OTHER PERSONS, INCLUDED IN TOTAL INCOME OF ASSESSEE
96. Transfer of income without transfer of assets
97. Chargeability of income in transfer of assets
98. “Transfer” and “revocable transfer” defined
99. Income of individual to include income of spouse, minor child, etc.
100. Liability of person in respect of income included in income of another person
CHAPTER VI
AGGREGATION OF INCOME
101. Total income
102. Unexplained credits
103. Unexplained investment
104. Unexplained asset
105. Unexplained expenditure
106. Amount borrowed or repaid through negotiable instrument, hundi, etc.
107. Charge of tax
CHAPTER VII
SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES
108. Set off of losses under same head of income
109. Set off of losses under any other head of income
110. Carry forward and set off of loss from house property
111. Carry forward and set off of loss from capital gains
112. Carry forward and set off of business loss
113. Set off and carry forward of losses computed in respect of speculation business
114. Set off and carry forward of losses computed in respect of specified business
115. Set off and carry forward of losses from specified activity
116. Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc.
117. Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases
118. Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks
119. Carry forward and set off of losses not permissible in certain cases
120. No set off of losses against undisclosed income consequent to search, requisition and survey.
121. Submission of return for losses
CHAPTER VIII
DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME
A.—General
122. Deductions to be made in computing total income
B.—Deductions in respect of certain payments
123. Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc.
124. Deduction in respect of employer and assessee contribution to pension scheme of Central Government
125. Deduction in respect of contribution to Agnipath Scheme
126. Deduction in respect of health insurance premia
127. Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability
128. Deduction in respect of medical treatment, etc.
129. Deduction in respect of interest on loan taken for higher education
130. Deduction in respect of interest on loan taken for residential house property
131. Deduction in respect of interest on loan taken for certain house property
132. Deduction in respect of purchase of electric vehicle
133. Deduction in respect of donations to certain funds, charitable institutions, etc.
134. Deductions in respect of rents paid
135. Deduction in respect of certain donations for scientific research or rural development
136. Deduction in respect of contributions given by companies to political parties
137. Deduction in respect of contributions given by any person to political parties
C.—Deductions in respect of certain incomes
138. Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.
139. Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
140. Special provision in respect of specified business
141. Deduction in respect of profits and gains from certain industrial undertakings
142. Deductions in respect of profits and gains from housing projects
143. Special provisions in respect of certain undertakings in North-Eastern States
144. Special provisions in respect of newly established Units in Special Economic Zones
145. Deduction for businesses engaged in collecting and processing of bio-degradable waste
146. Deduction in respect of additional employee cost
147. Deductions for income of Offshore Banking Units and Units of International Financial Services Centre
148. Deduction in respect of certain inter-corporate dividends
149. Deduction in respect of income of co-operative societies
150. Interpretation for the purposes of section 149
151. Deduction in respect of royalty income, etc., of authors of certain books other than text-books
152. Deduction in respect of royalty on patents
D.—Deductions in respect of other incomes
153. Deduction for interest on deposits
E.—Other deductions
154. Deduction in case of a person with disability
CHAPTER IX
REBATES AND RELIEFS
A.—Rebates and reliefs
155. Rebate to be allowed in computing income-tax
156. Rebate of income-tax in case of certain individuals
157. Relief when salary, etc., is paid in arrears or in advance
158. Relief from taxation in income from retirement benefit account maintained in a notified country
B.—Double taxation relief
159. Agreement with foreign countries or specified territories and adoption by Central Government of agreement between specified associations for double taxation relief
160. Countries with which no agreement exists
CHAPTER X
SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX
161. Computation of income from international transaction and specified domestic transaction having regard to arm’s length price
162. Meaning of associated enterprise
163. Meaning of international transaction
164. Meaning of specified domestic transaction
165. Determination of arm’s length price
166. Reference to Transfer Pricing Officer
167. Power of Board to make safe harbour rules
168. Advance pricing agreement
169. Effect to advance pricing agreement
170. Secondary adjustment in certain cases
171. Maintenance, keeping and furnishing of information and document by certain persons
172. Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction
173. Definitions of certain terms relevant to determination of arm’s length price, etc.
174. Avoidance of income-tax by transactions resulting in transfer of income to non-residents
175. Avoidance of tax by certain transactions in securities
176. Special measures in respect of transactions with persons located in notified jurisdictional area
177. Limitation on interest deduction in certain cases
CHAPTER XI
GENERAL ANTI-AVOIDANCE RULE
178. Applicability of General Anti-Avoidance Rule
179. Impermissible avoidance arrangement
180. Arrangement to lack commercial substance
181. Consequences of impermissible avoidance arrangement
182. Treatment of connected person and accommodating party
183. Application of this Chapter
184. Interpretation
CHAPTER XII
MODE OF PAYMENT IN CERTAIN CASES, ETC.
185. Mode of taking or accepting certain loans, deposits and specified sum
186. Mode of undertaking transactions
187. Acceptance of payment through prescribed electronic modes
188. Mode of repayment of certain loans or deposits or specified advances
189. Interpretation
CHAPTER XIII
DETERMINATION OF TAX IN SPECIAL CASES
A.—Determination of tax in certain special cases
190. Determination of tax where total income includes income on which no tax is payable
191. Tax on accumulated balance of recognised provident fund
192. Tax in case of block assessment of search cases
193. Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
194. Tax on certain incomes
195. Tax on income referred to in sections 102 to 106
B.—Special provisions relating to tax on capital gains
196. Tax on short-term capital gains in certain cases
197. Tax on long-term capital gains
198. Tax on long-term capital gains in certain cases
C.—New tax regime
199. Tax on income of certain manufacturing domestic companies
200. Tax on income of certain domestic companies
201. Tax on income of new manufacturing domestic companies
202. New tax regime for individuals, Hindu undivided family and others
203. Tax on income of certain resident co-operative societies
204. Tax on income of certain new manufacturing co-operative societies
205. Conditions for tax on income of certain companies and cooperative societies
D.––Special provisions relating to minimum alternate tax and alternate minimum tax
206. Special provision for minimum alternate tax and alternate minimum tax
E.—Special provisions relating to non-residents and foreign company
207. Tax on dividends, royalty and fees for technical services in case of foreign companies
208. Tax on income from units purchased in foreign currency or capital gains arising from their transfer
209. Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
210. Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
211. Tax on non-resident sportsmen or sports associations
212. Interpretation
213. Special provision for computation of total income of non-residents
214. Tax on investment income and long-term capital gains
215. Capital gains on transfer of foreign exchange assets not to be charged in certain cases
216. Return of income not to be furnished in certain cases
217. Benefit to be available in certain cases even after assessee becomes resident
218. Chapter not to apply if the assessee so chooses
219. Conversion of an Indian branch of foreign company into subsidiary Indian company
220. Foreign company said to be resident in India
F.—Special provisions relating to pass-through entities
221. Tax on income from securitisation trusts
222. Tax on income in case of venture capital undertakings
223. Tax on income of unit holder and business trust
224. Tax on income of investment fund and its unit holders
G.––Special provisions relating to income of shipping companies
225. Income from the business of operating qualifying ships
226. Tonnage tax scheme
227. Computation of tonnage income
228. Relevant shipping income and exclusion from book profit
229. Depreciation and gains relating to tonnage tax assets
230. Exclusion of deduction, loss, set off, etc.
231. Method of opting of tonnage tax scheme and validity
232. Certain conditions for applicability of tonnage tax scheme
233. Amalgamation and demerger
234. Avoidance of tax and exclusion from tonnage tax scheme
235. Interpretation
CHAPTER XIV
TAX ADMINISTRATION
A.—Authorities, jurisdiction and functions
236. Income-tax authorities
237. Appointment of income-tax authorities
238. Control of income-tax authorities
239. Instructions to subordinate authorities
240. Taxpayer’s Charter
241. Jurisdiction of income-tax authorities
242. Jurisdiction of Assessing Officers
243. Power to transfer cases
244. Change of incumbent of an office
245. Faceless jurisdiction of income-tax authorities
B.—Powers
246. Power regarding discovery, production of evidence, etc.
247. Search and seizure
248. Powers to requisition
249. Reasons not to be disclosed
250. Application of seized or requisitioned assets
251. Copying, extraction, retention and release of books of account and documents seized or requisitioned
252. Power to call for information
253. Powers of survey
254. Power to collect certain information
255. Power to inspect registers of companies
256. Power of competent authority
257. Proceedings before income-tax authorities to be judicial proceedings
258. Disclosure of information relating to assessees
259. Power to call for information by prescribed income-tax authority
260. Faceless collection of information
261. Interpretation
CHAPTER XV
RETURN OF INCOME
A.––Allotment of Permanent Account Number
262. Permanent Account Number
B.––Filing of return of income and processing
263. Return of income
264. Scheme for submission of returns through tax return preparers
265. Return by whom to be verified
266. Self-assessment
267. Tax on updated return
CHAPTER XVI
PROCEDURE FOR ASSESSMENT
A.—Procedure for assessment
268. Inquiry before assessment
269. Estimation of value of assets by Valuation Officer
270. Assessment
271. Best judgment assessment
272. Power of Joint Commissioner to issue directions in certain cases
273. Faceless Assessment
274. Reference to Principal Commissioner or Commissioner in certain cases
275. Reference to Dispute Resolution Panel
276. Method of accounting
277. Method of accounting in certain cases
278. Taxability of certain income
279. Income escaping assessment
280. Issue of notice where income has escaped assessment
281. Procedure before issuance of notice under section 280
282. Time limit for notices under sections 280 and 281
283. Provision for cases where assessment is in pursuance of an order on appeal, etc.
284. Sanction for issue of notice
285. Other provisions
286. Time limit for completion of assessment, reassessment and recomputation
287. Rectification of mistake
288. Other amendments
289. Notice of demand
290. Modification and revision of notice in certain cases
291. Intimation of loss
B.––Special procedure for assessment of search cases
292. Assessment of total undisclosed income as a result of search
293. Computation of total undisclosed income of block period
294. Procedure for block assessment
295. Undisclosed income of any other person
296. Time-limit for completion of block assessment
297. Certain interests and penalties not to be levied or imposed
298. Levy of interest and penalty in certain cases
299. Authority competent to make assessment of block period
300. Application of other provisions of Act
301. Interpretation
CHAPTER XVII
SPECIAL PROVISIONS RELATING TO CERTAIN PERSONS
A.––Association of persons, firm, Hindu undivided family, etc.
1.––Legal representatives
302. Legal representative
2.–– Representative assesses — General provisions
303. Representative assessee
304. Liability of representative assessee
305. Right of representative assessee to recover tax paid
3.––Representative assesses — Special cases
306. Who may be regarded as agent
307. Charge of tax where share of beneficiaries unknown
308. Charge of tax in case of oral trust
4.––Association of persons and body of individuals
309. Method of computing a member's share in income of association of persons or body of individuals
310. Share of member of association of persons or body of individuals in income of association or body
311. Charge of tax where shares of members in association of persons or body of individuals unknown, et
5.––Executors
312. Executor
6.––Succession to business or profession
313. Succession to business or profession otherwise than on death
314. Effect of order of tribunal or court in respect of business reorganisation
7.––Partition
315. Assessment after partition of a Hindu undivided family
8.––Profits of non-residents from occasional shipping business
316. Shipping business of non-residents
9.––Persons leaving India
317. Assessment of persons leaving India
10.—Association of persons or body of individuals or artificial juridical
person formed for a particular event or purpose
318. Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose
11.—Persons trying to alienate their assets
319. Assessment of persons likely to transfer property to avoid tax
12.––Discontinuance of business, or dissolution
320. Discontinued business
321. Association dissolved or business discontinued
322. Company in liquidation
13.—Private companies
323. Liability of directors of private company
14.––Assessment of firms
324. Charge of tax in case of a firm
325. Assessment as a Firm
326. Assessment when section 325 not complied with
15.––Change in constitution, succession and dissolution
327. Change in constitution of a firm
328. Succession of one firm by another firm
329. Joint and several liability of partners for tax payable by firm
330. Firm dissolved or business discontinued
16.––Liability of partners of limited liability partnership in liquidation
331. Liability of partners of limited liability partnership in liquidation
B.––Special Provisions for Registered non-profit organisation
1.––Registration
332. Application for registration
333. Switching over of regimes
2.––Income of registered non-profit organisation
334. Tax on income of registered non-profit organisation
335. Regular income
336. Taxable regular income
337. Specified income
338. Income not to be included in regular income
339. Corpus donation
340. Deemed corpus donation
341. Application of income
342. Accumulated income
343. Deemed accumulated income
3.––Commercial activities by registered non-profit organisation
344. Business undertaking held as property
345. Restriction on commercial activities by a registered non-profit organisation
346. Restriction on commercial activities by registered non-profit organisation, carrying out advancement of any other object of general public utility
4.––Compliances
347. Books of account
348. Audit
349. Return of income
350. Permitted modes of investment
5.––Violations
351. Specified violation
352. Tax on accreted income
353. Other violations
6.––Approval for purpose of deduction under section 133(1)(b)(ii)
354. Application for approval for purpose of section 133(1)(b)(ii)
7.––Interpretation
355. Interpretation
CHAPTER XVIII
APPEALS, REVISION AND ALTERNATE DISPUTE RESOLUTIONS
A.––Appeals
1.––Appeals to Joint Commissioner (Appeals) and Commissioner (Appeals)
356. Appealable orders before Joint Commissioner (Appeals)
357. Appealable orders before Commissioner (Appeals)
358. Form of appeal and limitation
359. Procedure in appeal
360. Powers of Joint Commissioner (Appeals) or Commissioner (Appeals)
2.—Appeals to Appellate Tribunal
361. Appellate Tribunal
362. Appeals to Appellate Tribunal
363. Orders of Appellate Tribunal
364. Procedure of Appellate Tribunal
3.—Appeals to High Court
365. Appeal to High Court
366. Case before High Court to be heard by not less than two Judges
4.––Appeals to Supreme Court
367. Appeal to Supreme Court
368. Hearing before Supreme Court
5.––General
369. Tax to be paid irrespective of appeal, etc.
370. Execution for costs awarded by Supreme Court
371. Amendment of assessment on appeal
372. Exclusion of time taken for copy
373. Filing of appeal by income-tax authority
374. Interpretation of “High Court”
B.––Special provisions for avoiding repetitive appeals
375. Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
376. Procedure where an identical question of law is pending before High Courts or Supreme Court
C.—Revision by the Principal Chief Commissioner or Chief Commissioner
or Principal Commissioner or Commissioner
377. Revision of orders prejudicial to revenue
378. Revision of other orders
D.––Alternate dispute resolutions
1.––Dispute Resolution Committee in certain cases
379. Dispute Resolution Committee
2.––Advance rulings
380. Interpretation
381. Board for Advance Rulings
382. Vacancies, etc., not to invalidate proceedings
383. Application for advance ruling
384. Procedure on receipt of application
385. Appellate authority not to proceed in certain cases
386. Advance ruling to be void in certain circumstances
387. Powers of the Board for Advance Rulings
388. Procedure of Board for Advance Rulings
389. Appeal
CHAPTER XIX
COLLECTION AND RECOVERY OF TAX
A.––General
390. Deduction or collection at source and advance payment
391. Direct payment
B.––Deduction and collection at source
392. Salary and accumulated balance due to an employee
393. Tax to be deducted at source
394. Collection of tax at source
395. Certificates
396. Tax deducted is income received
397. Compliance and reporting
398. Consequences of failure to deduct or pay or, collect or pay
399. Processing
400. Power of Central Government to relax provisions of this Chapter
401. Bar against direct demand on assessee
402. Interpretation
C.––Advance payment of tax
403. Liability for payment of advance tax
404. Conditions of liability to pay advance tax
405. Computation of advance tax
406. Payment of advance tax by assessee on his own accord
407. Payment of advance tax by assessee in pursuance of order of Assessing Officer
408. Instalments of advance tax and due dates
409. When assessee is deemed to be in default
410. Credit for advance tax
D.––Collection and recovery
411. When tax payable and when assessee deemed in default
412. Penalty payable when tax in default
413. Certificate by Tax Recovery Officer and Validity thereof
414. Tax Recovery Officer by whom recovery is to be effected
415. Stay of proceedings in pursuance of certificate and amendment or cancellation thereof
416. Other modes of recovery
417. Recovery through State Government
418. Recovery of tax in pursuance of agreements with foreign countries
419. Recovery of penalties, fine, interest and other sums
420. Tax clearance certificate
421. Recovery by suit or under other law not affected
422. Recovery of tax arrear in respect of non-resident from his assets
E.––Interest chargeable in certain cases
423. Interest for defaults in furnishing return of income
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