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THE INCOME TAX ACT, 2025
Section 231 of Income Tax Act - Me...
Section 232 of Income Tax Act - Ce... Section 233 of Income Tax Act - Am... Section 234 of Income Tax Act - Av... Section 235 of Income Tax Act - In... Section 236 of Income Tax Act - In... Section 237 of Income Tax Act - Ap... Section 238 of Income Tax Act - Co... Section 239 of Income Tax Act - In... Section 240 of Income Tax Act - Ta... Section 241 of Income Tax Act - Ju... Section 242 of Income Tax Act - Ju... Section 243 of Income Tax Act - Po... Section 244 of Income Tax Act - Ch... Section 245 of Income Tax Act - Fa... Section 246 of Income Tax Act - Po... Section 247 of Income Tax Act - Se... Section 248 of Income Tax Act - Po... Section 249 of Income Tax Act - Re... Section 250 of Income Tax Act - Ap... Section 251 of Income Tax Act - Co... Section 252 of Income Tax Act - Po... Section 253 of Income Tax Act - Po... Section 254 of Income Tax Act - Po... Section 255 of Income Tax Act - Po... Section 256 of Income Tax Act - Po... Section 257 of Income Tax Act - Pr... Section 258 of Income Tax Act - Di... Section 259 of Income Tax Act - Po... Section 260 of Income Tax Act - Fa... Section 261 of Income Tax Act - In... Section 262 of Income Tax Act - Pe... Section 263 of Income Tax Act - Re... Section 264 of Income Tax Act - Sc... Section 265 of Income Tax Act - Re... Section 266 of Income Tax Act - Se... Section 267 of Income Tax Act - Ta... Section 268 of Income Tax Act - In... Section 269 of Income Tax Act - Es... Section 270 of Income Tax Act - As... Section 271 of Income Tax Act - Be... Section 272 of Income Tax Act - Po... Section 273 of Income Tax Act - Fa... Section 274 of Income Tax Act - Re... Section 275 of Income Tax Act - Re... Section 276 of Income Tax Act - Me... Section 277 of Income Tax Act - Me... Section 278 of Income Tax Act - Ta... Section 279 of Income Tax Act - In... Section 280 of Income Tax Act - Is... Section 281 of Income Tax Act - Pr... Section 282 of Income Tax Act - Ti... Section 283 of Income Tax Act - Pr... Section 284 of Income Tax Act - Sa... Section 285 of Income Tax Act - O... Section 286 of Income Tax Act - Ti... Section 287 of Income Tax Act - Re... Section 288 of Income Tax Act - Ot... Section 289 of Income Tax Act - No... Section 290 of Income Tax Act - Mo... Section 291 of Income Tax Act - I... Section 292 of Income Tax Act - As... Section 293 of Income Tax Act - Co... Section 294 of Income Tax Act - Pr... Section 295 of Income Tax Act - Un... Section 296 of Income Tax Act - Ti... Section 297 of Income Tax Act - Ce... Section 298 of Income Tax Act - Le... Section 299 of Income Tax Act - Au... Section 300 of Income Tax Act - Ap... Section 301 of Income Tax Act - In... Section 302 of Income Tax Act - Le... Section 303 of Income Tax Act - Re... Section 304 of Income Tax Act - Li... Section 305 of Income Tax Act - Ri... Section 306 of Income Tax Act - Wh... Section 307 of Income Tax Act - Ch... Section 308 of Income Tax Act - Ch... Section 309 of Income Tax Act - Me... Section 310 of Income Tax Act - Sh... Section 311 of Income Tax Act - Ch... Section 312 of Income Tax Act - Ex... Section 313 of Income Tax Act - Su... Section 314 of Income Tax Act - Ef... Section 315 of Income Tax Act - As... Section 316 of Income Tax Act - Sh... Section 317 of Income Tax Act - As... Section 318 of Income Tax Act - As... Section 319 of Income Tax Act - As... Section 320 of Income Tax Act - Di... Section 321 of Income Tax Act - As... Section 322 of Income Tax Act - Co... Section 323 of Income Tax Act - Li... Section 324 of Income Tax Act - Ch... Section 325 of Income Tax Act - As... Section 326 - Assessment when sect... Section 327 - Change in constituti... Section 328 - Succession of one fi... Section 329 - Joint and several li... Section 330 - Firm dissolved or bu... Section 331 - Liability of partner... Section 332 - Application for regi... Section 333 - Switching over of re... Section 334 - Tax on income of reg... Section 335 - Regular income... Section 336 - Taxable regular inco... Section 337 - Specified income... 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... Section 433 of Income Tax Act - Fo... Section 434 of Income Tax Act - Re... Section 435 of Income Tax Act - Re... Section 436 of Income Tax Act - Co... Section 437 of Income Tax Act - In... Section 438 of Income Tax Act - Se... Section 439 of Income Tax Act - Pe... Section 440 of Income Tax Act - Im... Section 441 of Income Tax Act - Fa... Section 442 of Income Tax Act - Pe... Section 443 of Income Tax Act - Pe... Section 444 of Income Tax Act - Pe... Section 445 of Income Tax Act - Be... Section 446 of Income Tax Act - Fa... Section 447 of Income Tax Act - Pe... Section 448 of Income Tax Act - Pe... Section 449 of Income Tax Act - Pe... Section 450 of Income Tax Act - Pe... Section 451 of Income Tax Act - Pe... Section 452 of Income Tax Act - Pe... Section 453 of Income Tax Act - Pe... Section 454 of Income Tax Act - Pe... Section 455 of Income Tax Act - Pe... Section 456 of Income Tax Act - Pe... Section 457 of Income Tax Act - Pe... Section 458 of Income Tax Act - Pe... Section 459 of Income Tax Act - Pe... Section 460 of Income Tax Act - Pe... Section 461 of Income Tax Act - Pe... Section 462 of Income Tax Act - Pe... Section 463 of Income Tax Act - Pe... Section 464 of Income Tax Act - Pe... Section 465 of Income Tax Act - Pe... Section 466 of Income Tax Act - Pe... Section 467 of Income Tax Act - Pe... Section 468 of Income Tax Act - Pe... Section 469 of Income Tax Act - Po... Section 470 of Income Tax Act - Pe... Section 471 of Income Tax Act - Pr... Section 472 of Income Tax Act - Ba... Section 473 of Income Tax Act - Co... Section 474 of Income Tax Act - Fa... Section 475 of Income Tax Act - Re... Section 476 of Income Tax Act - Fa... Section 477 of Income Tax Act - Fa... Section 478 of Income Tax Act - Wi... Section 479 of Income Tax Act - Fa... Section 480 of Income Tax Act - Fa... Section 481 of Income Tax Act - Fa... Section 482 of Income Tax Act - Fa... Section 483 of Income Tax Act - Fa... Section 484 of Income Tax Act - Ab... 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 231 of Income Tax Act - Method of opting of tonnage tax scheme and validity
231. Method of opting of tonnage tax scheme and validity.
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(1) A qualifying company may opt for the tonnage tax scheme by making an application to the Joint Commissioner having jurisdiction over the company in the form and manner, as may be prescribed, for such scheme. |
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(2) A qualifying company may make an application within three months, of the date of its incorporation, or of the date on which it becomes a qualifying company for the first time. |
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(3) A Unit of an International Financial Services Centre which has availed of deduction under section 147 may make an application within three months from the date on which such deduction ceases. |
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(4) On receipt of an application for option for tonnage tax scheme under sub-section (1), the Joint Commissioner may call for such information or documents from the company as he thinks necessary in order to satisfy himself about the eligibility of the company and after satisfying himself about such eligibility of the company to make such option for tonnage tax scheme, he shall pass an order in writing– (a) approving the option for tonnage tax scheme; or (b) refusing to approve the option for tonnage tax scheme, if he is not so satisfied, and a copy of such order shall be sent to the applicant. |
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(5) No order under sub-section 4(b) shall be passed unless the applicant has been given a reasonable opportunity of being heard. |
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(6) Every order under sub-section (4) shall be passed before the expiry of three months from the end of the quarter in which the application under sub-section (1) was received. |
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(7) Where an order granting approval is passed under sub-section (4), the provisions of this Part shall apply from the tax year in which the option for tonnage tax scheme is exercised. |
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(8) An option for tonnage tax scheme, after it has been approved under sub-section (4), shall remain in force for ten years from the date on which such option has been exercised and shall be taken into account from the tax year in which such option is exercised. |
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(9) An option for tonnage tax scheme shall cease to have effect from the tax year, in which— (a) the qualifying company ceases to be a qualifying company; (b) a default is made in complying with the provisions contained in section 232(1) to (20); (c) the tonnage tax company is excluded from the tonnage tax scheme under section 234; (d) the qualifying company furnishes to the Assessing Officer, a declaration in writing to the effect that the provisions of this Part may not be made applicable to it, and the profits and gains of the company from the business of operating qualifying ships shall be computed as per other provisions of this Act. |
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(10) An option for tonnage tax scheme approved under sub-section (4) may be renewed within one year from the end of the tax year in which the option ceases to have effect. |
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(11) The provisions of sub-sections (1) to (9) shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme. |
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(12) A qualifying company,– (a) which on its own, opts out of the tonnage tax scheme; or (b) which makes a default in complying with the provisions contained in sections 232(1) to (20); or (c) whose option has been excluded from tonnage tax scheme in pursuance of an order made under section 234(4), shall not be eligible to opt for tonnage tax scheme for ten years from the date of opting out or default or order. |
GST Gyaan | https://gstgyaan.in | CA Rajesh Ritolia - 9350171263