GST Gyaan GST Gyaan
Join Us
Sidebar
THE INCOME TAX ACT, 2025
Section 1 of Income Tax Act - Shor... Section 2 of Income Tax Act - Defi... Section 3 of Income Tax Act - Def... Section 4 of Income Tax Act - Char... Section 5 of Income Tax Act - Scop... Section 6 of Income Tax Act - Resi... Section 7 of Income Tax Act - Inco... Section 8 of Income Tax Act - Inco... Section 9 of Income Tax Act - Inco... Section 10 of Income Tax Act - App... Section 11 of Income tax Act - Inc... Section 12 of Income Tax Act - Inc... Section 13 of Income Tax Act - Hea... Section 14 of Income Tax Act - Inc... Section 15 of Income Tax Act - Sal... Section 16 of Income Tax Act - Inc... Section 17 of Income Tax Act - Per... Section 18 of Income Tax Act - Pro... Section 19 of Income Tax Act - Ded... Section 20 of Income Tax Act - Inc... Section 21 of Income Tax Act - Det... Section 22 of Income Tax Act - Ded... Section 23 of Income Tax Act - Arr... Section 24 of Income Tax Act - Pro... Section 25 of Income Tax Act - Int... Section 26 of Income Tax Act - Inc... Section 27 of Income Tax Act - Man... Section 28 of Income Tax Act - Ren... Section 29 of Income Tax Act - Ded... Section 30 of Income Tax Act - Ded... Section 31 of Income Tax Act - Ded... Section 32 of Income Tax Act - Oth... Section 33 of Income Tax Act - Ded... Section 34 of Income Tax Act - Gen... Section 35 of Income Tax Act - Amo... Section 36 of Income Tax Act - Exp... Section 37 of Income Tax Act - Cer... Section 38 of Income Tax Act - Cer... Section 39 of Income Tax Act - Com... Section 40 of Income Tax Act - Spe... Section 41 of Income Tax Act - Wri... Section 42 of Income Tax Act - Cap... Section 43 of Income Tax Act - Tax... Section 44 of Income Tax Act - Amo... Section 45 of Income Tax Act - Exp... Section 46 of Income Tax Act - Cap... Section 47 of Income Tax Act - Exp... Section 48 of Income Tax Act - Tea... Section 49 of Income Tax Act - Sit... Section 50 of Income Tax Act - Spe... Section 51 of Income Tax Act - Amo... Section 52 of Income Tax Act - Amo... Section 53 of Income Tax Act - Ful... Section 54 of Income Tax Act - Bus... Section 55 of Income Tax Act - Ins... Section 56 of Income Tax Act - Spe... Section 57 of Income Tax Act - Rev... Section 58 of Income Tax Act - . S... Section 59 of Income Tax Act - Com... Section 60 of Income Tax Act - Ded... Section 61 of Income Tax Act - Spe... Section 62 of Income Tax Act - Mai... Section 63 of Income Tax Act - Tax... Section 64 of Income Tax Act - Spe... Section 65 of Income Tax Act - Int... Section 66 of Income Tax Act - Int... Section 67 of Income Tax Act - Cap... Section 69 of Income Tax Act - Cap... Section 70 of Income Tax Act - Tra... Section 71 of Income Tax Act - Wit... Section 72 of Income Tax Act - Mod... Section 73 of Income Tax Act - Cos... Section 74 of Income Tax Act - Spe... Section 75 of Income Tax Act - Spe... Section 76 of Income Tax Act - Spe... Section 77 of Income Tax Act - Spe... Section 78 of Income Tax Act - Spe... Section 79 of Income Tax Act - Spe... Section 80 of Income Tax Act - Fai... Section 68 of Income Tax Act - Cap... Section 81 of Income Tax Act - Adv... Section 82 of Income Tax Act - Pro... Section 83 of Income Tax Act - Cap... Section 84 of Income Tax Act - Cap... Section 85 of Income Tax Act - Cap... Section 86 of Income Tax Act - Cap... Section 87 of Income Tax Act - Exe... Section 88 of Income Tax Act - Exe... Section 89 of Income Tax Act - Ext... Section 90 of Income Tax Act - Mea... Section 91 of Income Tax Act - Ref... Section 92 of Income Tax Act - Inc... Section 93 of Income Tax Act - Ded... Section 94 of Income Tax Act - Amo... Section 95 of Income Tax Act - Pro... Section 96 of Income Tax Act - Tra... Section 97 of Income Tax Act - Cha... Section 98 of Income Tax Act - “... Section 99 of Income Tax Act - Inc... Section 100 of Income Tax Act - Li... Section 101 of Income Tax Act - To... Section 102 of Income Tax Act - Un... Section 103 of Income Tax Act - Un... Section 104 of Income Tax Act - Un... Section 105 of Income Tax Act - Un... Section 106 of Income Tax Act - Am... Section 107 of Income Tax Act - Ch... Section 108 of Income Tax Act - Se... Section 109 of Income Tax Act - Se... Section 110 of Income Tax Act - Ca... Section 111 of Income Tax Act - Ca... Section 112 of Income Tax Act - Ca... Section 113 of Income Tax Act - Se... Section 114 of Income Tax Act - Se... Section 115 of Income Tax Act - Se... Section 116 of Income Tax Act - Tr... Section 117 of Income Tax Act - Tr... Section 118 of Income Tax Act - Ca... Section 119 of Income Tax Act - Ca... Section 120 of Income Tax Act - No... Section 121 of Income Tax Act - Su... Section 122 of Income Tax Act - De... Section 123 of Income tax Act - De... Section 124 of Income Tax Act - De... Section 125 of Income Tax Act - De... Section 126 of Income Tax Act - De... Section 127 of Income Tax Act - De... Section 128 of Income Tax Act - De... Section 129 of Income Tax Act - De... Section 130 of Income Tax Act - De... Section 131 of Income Tax Act - De... Section 132 of Income Tax Act - De... Section 133 of Income Tax Act - De... Section 134 of Income Tax Act - De... Section 135 of Income Tax Act - De... Section 136 of Income Tax Act - De... Section 137 of Income Tax Act - De... Section 138 of Income Tax Act - De... Section 139 of Income Tax Act - De... Section 140 of Income Tax Act - Sp... Section 141 of Income Tax Act - De... Section 142 of Income Tax Act - De... Section 143 of Income Tax Act - Sp... Section 144 of Income Tax Act - Sp... "Section 145 of Income Tax Act - D... "Section 145 of Income Tax Act - D... Section 146 of Income Tax Act - De... Section 147 of Income Tax Act - De... Section 148 of Income Tax Act - De... Section 149 of Income Tax Act - De... Section 150 of Income Tax Act - In... Section 151 of Income Tax Act - De... Section 152 of Income Tax Act - De... Section 153 of Income Tax Act - De... Section 154 of Income Tax Act - De... Section 155 of Income Tax Act - Re... Section 156 of Income Tax Act - Re... Section 157 of Income Tax Act - Re... Section 158 of Income Tax Act - Re... Section 159 of Income Tax Act - Ag... Section 160 of Income Tax Act - Co... Section 161 of Income Tax Act - Co... Section 162 of Income Tax Act - Me... Section 163 of Income Tax Act - Me... Section 164 of Income Tax Act - Me... Section 165 of Income Tax Act - De... Section 166 of Income Tax Act - Re... Section 167 of Income Tax Act - Po... Section 168 of Income Tax Act - Ad... Section 169 of Income Tax Act - Ef... Section 170 of Income Tax Act - Se... Section 171 of Income Tax Act - Ma... Section 172 of Income Tax Act - Re... Section 173 of Income Tax Act - De... Section 174 of Income Tax Act - Av... Section 175 of Income Tax Act - Av... Section 176 of Income Tax Act - Sp... Section 177 of Income Tax Act - Li... Section 178 of Income Tax Act - Ap... Section 179 of Income Tax Act - Im... Section 180 of Income Tax Act - Ar... Section 181 of Income Tax Act - Co... Section 182 of Income Tax Act - Tr... Section 183 of Income Tax Act - Ap... Section 184 of Income Tax Act - In... Section 185 of Income Tax Act - Mo... Section 186 of Income Tax Act - Mo... Section 187 of Income Tax Act - Ac... Section 188 of Income Tax Act - Mo... Section 189 of Income Tax Act - In... Section 190 of Income Tax Act - De... Section 191 of Income Tax Act - Ta... Section 192 of Income Tax Act - Ta... Section 193 of Income Tax Act - Ta... Section 194 of Income Tax Act - Ta... Section 195 of Income Tax Act - Ta... Section 196 of Income Tax Act - Ta... Section 197 of Income Tax Act - Ta... Section 198 of Income Tax Act - Ta... Section 199 of Income Tax Act - Ta... Section 200 of Income Tax Act - Ta... Section 201 of Income Tax Act - Ta... Section 202 of Income Tax Act - Ne... Section 203 of Income Tax Act - Ta... Section 204 of Income Tax Act - Ta... Section 205 of Income Tax Act - Co... Section 206 of Income Tax Act - Sp... Section 207 of Income Tax Act - Ta... Section 208 of Income Tax Act - Ta... Section 209 of Income Tax Act - Ta... Section 210 of Income Tax Act - Ta... Section 211 of Income Tax Act - Ta... Section 212 of Income Tax Act - In... Section 213 of Income Tax Act - Sp... Section 214 of Income Tax Act - Ta... Section 215 of Income Tax Act - Ca... Section 216 of Income Tax Act - Re... Section 217 of Income Tax Act - Be... Section 218 of Income Tax Act - Ch... Section 219 of Income Tax Act - Co... Section 220 of Income Tax Act - Fo... Section 221 of Income Tax Act - Ta... Section 222 of Income Tax Act - Ta... Section 223 of Income Tax Act - Ta... Section 224 of Income Tax Act - Ta... Section 225 of Income Tax Act - In... Section 226 of Income Tax Act - To... Section 227 of Income Tax Act - Co... Section 228 of Income Tax Act - Re... Section 229 of Income Tax Act - De... Section 230 of Income Tax Act - Ex... 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 288 of Income Tax Act - Other Amendments

288. Other Amendments.

(1) The Assessing Officer, may carry out such actions as are specified in column B of the Table below for reasons mentioned therein, subject to the conditions as specified in column C, within four years referred to in section 287(8) which shall be reckoned from the time as specified in column D, and the provisions of section 287 shall, so far as may be, apply to such amendment:—

Table

Sl. No.

Actions

Conditions

Time

A

B

C

D

1.

Amendment of order of assessment of the partner of a firm so as to adjust the income of the partner corresponding to the amount not deductible under section 35(e).

Where any remuneration to any partner determined in completed assessment of the firm is subsequently found not deductible under section 35(e) in terms of—

(a) assessment or reassessment of the firm; or

(b) any reduction or enhancement made in the income of the firm under this section or section 287 or 359or 363 or 365or 368 or 377 or 378; or

(c) any order passed under section 245D (4) of the Income-tax Act, 1961 (43 of 1961) on the application made by the firm.

From the end of the financial year in which the subsequent order was passed in the case of the firm.

2.

Amendment of order of assessment of the member of an association of persons or of a body of individuals; so as to include the share of the member in the assessment or the corrections thereof.

Where the share of the member in the income of the association of persons or body of individuals determined in completed assessment is subsequently found not included in the assessment of the member or, if included, is not correct in terms of—

(a) assessment or reassessment of the association or body;

(b) any reduction or enhancement made in the income of the association or body under this section or section 287 or 359 or 363 or 365 or 368 or 377 or 378; or

(c) any order passed under section 245D (4) of the Income-tax Act, 1961 (43 of 1961) on the application made by the association or body.

From the end of the financial year in which the subsequent order was passed in the case of the association or body.

3.

Total income of the assessee in respect of succeeding year or years referred to in column C, to be recomputed and necessary amendment made consequent to proceedings initiated under section 279 for any tax year.

Where there is recomputation of loss or depreciation for any tax year, and in consequence to such recomputation, the total income of the assessee for the succeeding year or years to which the loss or depreciation allowance has been carried forward and set off under the provisions of section 111(1) or 112(1) or 113(2) or 115(1) is required to be recomputed.

From the end of the financial year in which the order under section 279 was passed.

4.

The total income of the transferor company for the tax year referred to in column C, to be recomputed and necessary amendment made.

Where in the assessment for any tax year,—

(a) the capital gain arising from the transfer of a capital asset is not charged under section 67 in terms of section 70(1)(c) or (d);

(b) such gains are deemed under section 71(1) as “Capital gains” of the tax year in which the transfer took place at any time before the expiry of the period of eight years from the date of such transfer by reason of-

(i) such capital asset being converted by the transferee company into, or being treated by it, as stock-in-trade of its business; or

(ii) the parent company or its nominees or, the holding company ceasing to hold the whole of the share capital of the subsidiary company.

From the end of the year—

(i) in which the capital asset was converted or treated as stock-in-trade; or

(ii) in which the parent company or its nominees or, the holding company ceased to hold the whole of the share capital of the subsidiary company.

5.

The order of assessment to be amended; so as to exclude the capital gain not chargeable to tax under any of the sections referred to in section 89.

Where in the assessment for any tax year, a capital gain on transfer of original asset, referred to in section 89 is charged to tax and within the period extended under that section–

(a) the assessee acquires the new asset referred to in that section; or

(b)deposits or invests such capital gain.

From the end of the financial year in which the compensation was received by the assessee.

6.

The order of assessment to be amended to allow deduction in respect of such income or part thereof as is so received in, or brought into, India.

Where in the assessment for any year, any deduction under section 144 has not been allowed on the ground that–

(a) such income has not been received in convertible foreign exchange in India; or

(b) such income having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, has not been brought into India, by or on behalf of the assessee with the approval of the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange,

and subsequently such income or part thereof has been or is received in, or brought into, India as required for the deduction.

From the end of the financial year in which such income is so received in, or brought into, India.

7.

The order of assessment or any intimation or deemed intimation under section 270(1), to be amended, to give credit for income-tax for the year in which such income is offered to tax or assessed to tax in India.

Where in the assessment for any tax year or in any intimation or deemed intimation under section 270(1) for any tax year,–

(a) credit for income-tax paid in any country outside India or a specified territory outside India referred to in Chapter IX-B has not been given on the ground that the payment of such tax was under dispute; and

(b) subsequently such dispute is settled; and the assessee, within six months from the end of the month in which the dispute is settled, furnishes to the Assessing Officer—

(i) evidence of settlement of dispute and evidence of payment of such tax; and

(ii) an undertaking that no credit in respect of such amount has directly or indirectly been claimed or shall be claimed

From the end of the financial year in which such dispute is settled.

8.

The order of assessment to be amended to compute the capital gain by taking the full value of the consideration to be the value as so revised in appeal or revision or reference.

Where, in the assessment for any year, a capital gain arising from the transfer of a capital asset, being land or building or both, is computed—

(a) by taking the full value of the consideration received or accruing as a result of the transfer to be the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty as per section 78(1); and

(b) subsequently such value is revised in any appeal or revision or reference referred to in section 78(2)(b).

From the end of the financial year in which the order revising the value was passed in appeal or revision or reference.

9.

The order of assessment to be amended to compute the capital gain by taking the compensation or consideration as so reduced by the court, Tribunal or any other authority to be the full value of consideration.

(a) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset being a transfer referred to in clause (b) is computed–

(i) by taking the compensation or consideration as referred to in section 67(12)(a) or, as the case may be, the compensation or consideration enhanced or further enhanced as referred to in section 67(12)(b), to be the full value of consideration deemed to be received or accruing as a result of the transfer of the asset; and

(ii) subsequently such compensation or consideration is reduced by any court, Tribunal or other authority.

(b) The transfer and consideration referred to in clause (a) shall be,—

(i) Transfer by way of compulsory acquisition under any law;

(ii) consideration that was determined or approved by the Central Government or the Reserve Bank of India.

From the end of the financial year in which the order reducing the compensation was passed by the court, Tribunal or other authority.

10.

Recomputation of the total income to disallow the deduction allowed under section 152.

Where a deduction has been allowed to an assessee in any tax year under section 152 in respect of any patent, and subsequently by an order of the Controller or the High Court under the Patents Act, 1970 (39 of 1970),—

(a) the patent was revoked, or

(b) the name of the assessee was excluded from the patents register as patentee in respect of that patent,

the deduction from the income by way of royalty attributable to the period during which the patent had been revoked or the period for which name of the assessee was excluded as patentee in respect of that patent, shall be deemed to have been wrongly allowed.

From the end of the financial year in which the order of the Controller under section 2(1)(b), or the High Court under section 2(1)(i), of the Patents Act, 1970 (39 of 1970), was passed.

11.

Amendment of the order of assessment or any intimation to allow credit of such tax deducted at source in the tax year referred to in column C, and the credit of such tax deducted at source not to be allowed in any other tax year.

(a) Where any income has been included in the return of income furnished by an assessee under section 263 for any tax year, and tax on such income has been deducted at source and paid to the credit of the Central Government as per the provisions of Chapter XIX-B in a subsequent tax year; and

(b) an application is made by an assessee in such form, as may be prescribed, within two years from the end of the tax year in which such tax was deducted at source.

From the end of the financial year in which such tax has been deducted.

.

(2)

(a) Where the arm’s length price is determined in relation to an international transaction or a specified domestic transaction under section 166(6) for any tax year and the Transfer Pricing Officer has declared that an option exercised by the assessee is valid under section 166(9) in respect of such transaction for two consecutive tax years immediately following such tax year, the Assessing Officer shall proceed to recompute the total income of the assessee for the said two consecutive tax years, by amending the order of assessment or any intimation or deemed intimation under section 270(1), as the case may be,—

(i) in conformity with the arm’s length price so determined by the Transfer Pricing Officer under section 166(12) in respect of such transaction; and

(ii) taking into account the directions issued under section 275(5), if any, for such tax year, within three months from the end of the month in which the assessment is completed in the case of the assessee for such tax year, and the provisions of sections 165(7) and (8) shall apply thereto.

(b) Where the order of assessment or any intimation or deemed intimation under section 270(1) as referred to in sub-section (1), for the said two consecutive tax years is not made within the said three months, such recomputation shall be made within three months from the end of the month in which such order of assessment or any intimation or deemed intimation under section 270(1), as the case may be, is made.

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

Top