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THE INCOME TAX ACT, 2025
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Section 338 - Income not to be inc... Section 339 - Corpus donation... Section 340 - Deemed corpus donati... Section 341 - Application of incom... Section 342 - Accumulated income... Section 343 - Deemed accumulated i... Section 344 - Business undertaking... Section 345 - Restriction on comme... Section 346 - Restriction on comme... Section 347 - Books of account... Section 348 - Audit... Section 349 - Return of income... Section 350 - Permitted modes of i... Section 351 - Specified violation...

Section 352 - Tax on accreted inco...

Section 353 - Other violations... Section 354 - Application for appr... Section 355 - Interpretation... Section 356 - Appealable orders be... Section 357 - Appealable orders be... Section 358 - Form of appeal and l... Section 359 - Procedure in appeal... Section 360 - Powers of Joint Comm... Section 361 - Appellate Tribunal... Section 362 - Appeals to Appellate... Section 363 - Orders of Appellate ... Section 364 - Procedure of Appella... Section 365 - Appeal to High Court... Section 366 - Case before High Cou... Section 367 - Appeal to Supreme Co... Section 368 - Hearing before Supre... Section 369 - Tax to be paid irres... Section 370 - Execution for costs ... Section 371 - Amendment of assessm... Section 372 - Exclusion of time ta... Section 373 - Filing of appeal by ... ... Section 375 - Procedure when asses... Section 376 - Procedure where an i... Section 377 - Revision of orders p... Section 378 - Revision of other or... Section 379 - Dispute Resolution C... Section 380 - Interpretation... Section 381 - Board for Advance Ru... Section 382 - Vacancies, etc, not ... Section 383 - Application for adva... Section 384 - Procedure on receipt... Section 385 - Appellate authority ... Section 386 - Advance ruling to be... Section 387 - Powers of the Board ... Section 388 - Procedure of Board f... Section 389 - Appeal... Section 390 - Deduction or collect... Section 391 - Direct payment... Section 392 - Salary and accumulat... Section 393 - Tax to be deducted a... Section 394 - Collection of tax at... Section 395 - Certificates... Section 396 - Tax deducted is inco... Section 397 - Compliance and repor... Section 398 - Consequences of fail... Section 399 - Processing... Section 400 - Power of Central Gov... Section 401 - Bar against direct d... Section 402 - Interpretation... Section 403 - Liability for paymen... Section 404 - Conditions of liabil... Section 405 - Computation of advan... Section 406 - Payment of advance t... Section 407 - Payment of advance t... Section 408 - Instalments of advan... Section 409 - When assessee is dee... Section 410 - Credit for advance t... Section 411 - When tax payable and... Section 412 - Penalty payable when... Section 413 - Certificate by Tax R... Section 414 - Tax Recovery Officer... Section 415 - Stay of proceedings ... Section 416 - Other modes of recov... Section 417 - Recovery through Sta... Section 418 - Recovery of tax in p... Section 419 - Recovery of penaltie... Section 420 - Tax clearance certif... Section 421 of Income Tax Act - Re... Section 422 of Income Tax Act - Re... Section 423 of Income Tax Act - In... Section 424 of Income Tax Act - In... Section 425 of Income Tax Act - In... Section 426 of Income Tax Act - In... Section 427 of Income Tax Act - Fe... Section 428 of Income Tax Act - Fe... Section 429 of Income Tax Act - Fe... Section 430 of Income Tax Act - Fe... Section 431 of Income Tax Act - Re... Section 432 of Income Tax Act - Pe... 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Section 485 of Income Tax Act - Pu... Section 486 of Income Tax Act - Pu... Section 487 of Income Tax Act - Of... Section 488 of Income Tax Act - Of... Section 489 of Income Tax Act - Pr... Section 490 of Income Tax Act - Pr... Section 491 of Income Tax Act - Pr... Section 492 of Income Tax Act - Ce... Section 493 of Income Tax Act - Pr... Section 494 of Income Tax Act - Di... Section 495 of Income Tax Act - Sp... Section 496 of Income Tax Act - Of... Section 497 of Income Tax Act - Tr... Section 498 of Income Tax Act - Ap... Section 499 of Income Tax Act - Ce... Section 500 of Income Tax Act - Pr... Section 501 of Income Tax Act - Se... Section 502 of Income Tax Act - Au... Section 502 of Income Tax Act - Au... Section 503 of Income Tax Act - Se... Section 504 of Income Tax Act - Se... Section 505 of Income Tax Act - Su... Section 506 of Income Tax Act - Fu... Section 507 of Income Tax Act - Su... Section 508 of Income Tax Act - Ob... Section 509 of Income Tax Act - Ob... Section 510 of Income Tax Act - An... Section 511 of Income Tax Act - Fu... Section 512 of Income Tax Act - Pu... Section 513 of Income Tax Act - Ap... Section 514 of Income Tax Act - Re... Section 515 of Income Tax Act - Ap... Section 516 of Income Tax Act - Ro... Section 517 of Income Tax Act - Re... Section 518 of Income Tax Act - In... Section 519 of Income Tax Act - Po... Section 520 of Income Tax Act - Co... Section 521 of Income Tax Act - Pr... Section 522 of Income Tax Act - Re... Section 523 of Income Tax Act - No... Section 524 of Income Tax Act - Pr... Section 525 of Income Tax Act - Au... Section 526 of Income Tax Act - Ba... Section 527 of Income Tax Act - Po... Section 528 of Income Tax Act - Po... Section 529 of Income Tax Act - Po... Section 530 of Income Tax Act - Ac... Section 531 of Income Tax Act - Po... Section 532 of Income Tax Act - Po... Section 533 of Income Tax Act - Po... Section 534 of Income Tax Act - La... Section 535 of Income Tax Act - Re... Section 536 of Income Tax Act - Re... SCHEDULE I of Income Tax Act - CON... SCHEDULE II of Income Tax Act - IN... SCHEDULE III of Income Tax Act - I... SCHEDULE IV of Income Tax Act - IN... SCHEDULE V of Income Tax Act - INC... SCHEDULE VI of Income Tax Act - IN... SCHEDULE VII of Income Tax Act - P... SCHEDULE VIII of Income Tax Act - ... SCHEDULE IX of Income Tax Act - DE... SCHEDULE X of Income Tax Act - DED... SCHEDULE XI of Income Tax Act... SCHEDULE XII of Income Tax Act... SCHEDULE XIII of Income Tax Act -... SCHEDULE XIV of Income Tax Act - L... SCHEDULE XV of Income Tax Act - DE... SCHEDULE XVI of Income Tax Act - P...

Section 352 - Tax on accreted income

352. Tax on accreted income.

(1) Every specified person shall, in addition to the income-tax chargeable in respect of his total income, be liable to pay additional income-tax on accreted income at the maximum marginal rate in any of the cases specified in column B(i) and (ii) of the Table in sub-section (4).

(2) The accreted income referred to in sub-section (1) shall be computed using the following formula:––

A = B-C

where,–

A = Accreted income;

B = Aggregate fair market value of the total assets of the specified person, as on the date specified, in column C of the Table in sub-section (4), computed in accordance with such method of valuation, as may be prescribed;

C = Total liability of such specified person, as on the date specified in column C of the said Table, computed in accordance with such method of valuation, as may be prescribed.

(3) The accreted income, computed as per the provisions of sub-section (2) shall be reduced by such amount of accreted income as is attributable to specified assets, and liabilities, if any, related to such assets.

(4) The specified person and the principal officer or trustee of such specified person shall be liable to pay the tax on accreted income to the credit of the Central Government within fourteen days from the due date specified in column D of the Table below.

Table

Sl. No.

Case

Specified date

Due date for the payment of tax on accreted income

A

B

C

D

 

(i)

(ii)

 

 

1.

The registration granted to the specified person under any specified provision has been cancelled or withdrawn.

The specified person has preferred an appeal against the order of cancellation.

The date of the order cancelling the registration.

Date of receipt of the order in any appeal, confirming the cancellation of the registration, by the specified person.

2.

The registration granted to the specified person under any specified provision has been cancelled or withdrawn.

The specified person has not preferred an appeal against such order of cancellation.

The date of the order cancelling the registration.

The date on which the period for filing appeal under section 362 against the order cancelling the registration expires.

3.

(a) The specified person has adopted or undertaken modification of its objects during any tax year; and

(b) such modified objects do not conform to the conditions of registration.

The specified person has not applied for fresh registration under any specified provision in such tax year.

The date of adoption or modification of any object.

The end of such tax year.

4.

(a) The specified person has adopted or undertaken modification of its objects during any tax year; and

(b) such modified objects do not conform to the conditions of registration.

The specified person has applied for fresh registration under any specified provision in such tax year and where such application has been rejected and appeal has been preferred against such order of rejection.

The date of adoption or modification of any object.

The date of receipt of the order in any appeal, confirming the cancellation of the registration by the specified person.

5.

(a) The specified person has adopted or undertaken modification of its objects during any tax year; and

(b) such modified objects do not conform to the conditions of registration.

The specified person has applied for fresh registration under any specified provision in the said tax year and where such application has been rejected and no appeal has been preferred against such order of rejection.

The date of adoption or modification of any object.

The date on which the period for filing appeal under section 362 against the order cancelling the registration expires.

6.

The specified person fails to make an application as per the provisions of–

(a) sub-clause (i) or (ii) or (iii) of the first proviso to section 10 (23C) of the Income-tax Act, 1961 (43 of 1961); or

(b) sub-clause (i) or (ii) or (iii) of section 12(1) (ac) of the Income-tax Act, 1961 (43 of 1961); or

(c) as specified in section 332(3) (Table: Sl. No. 3, 4, 5 or 7).

The period specified in the respective clause or sub-clauses or Table, as the case may be, expires in the tax year in which the said application is to be made.

The last date for making an application for registration.

The end of such tax year.

7.

Where a specified person converts itself into a form which is not eligible for grant of registration during any tax year.

 

The date of such conversion.

The end of such tax year.

8.

The specified person has merged with any other entity other than a registered nonprofit organisation having the same or similar objects and the said merger does not fulfil such conditions, as may be prescribed.

 

The date of merger.

The date of merger.

9.

The specified person has failed to transfer upon dissolution, all its assets to any other registered non-profit organisation within twelve months from the end of the month in which the dissolution takes place.

 

The date of dissolution.

The date on which such period of twelve months expires.

.

(5) The payment of tax on the accreted income by the specified person under this section shall be deemed as the final payment of tax in respect of the said income and no further credit therefor shall be claimed by, or any deduction be allowed to, the specified person or any other person in respect of the amount of tax so paid under any other provision of this Act.

(6) Where the specified person, or the principal officer or trustee of such specified person, fails to pay the whole or any part of the tax on the accreted income within the time allowed under sub-section (4), such specified person, principal officer or trustee shall be liable to pay simple interest, computed as per the following formula:–

I = 1% of (T*P)

where,–

I = interest;

T = tax on accreted income; and

P = number of months beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid including part thereof.

(7) All the provisions of this Act shall apply for the collection and recovery of income-tax in respect of the amount of tax payable by the specified person, principal officer or trustee and the following persons shall be deemed to be assessee in default:–

(a) the specified person and principal officer or the trustee of such specified person;

(b) the person to whom any asset forming part of the computation of accreted income under sub-section (2) has been transferred, where the tax on accreted income is payable under the cases specified in sub-section (4) (Table: Sl. No. 9).

(8) Subject to the provisions of sub-section (7), the liability of the person referred to in clause (b) of the said sub-section shall be limited to the extent to which the asset received by him is capable of meeting the liability.

GST Gyaan | https://gstgyaan.in | CA Rajesh Ritolia - 9350171263

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