Income Tax Act with Master Guide to Income Tax Act

Income Tax Act with Master Guide to Income Tax Act SECTION Income Tax Act DIVISION ONE 1 Income-tax Act, 1961 Arrangement of Sections I-3 Text of the Income-tax Act, 1961 as amended by the Finance Act, 2012 1.1 Appendix : Text of remaining provisions of Allied Acts referred to in Income-tax Act 1.1057 Subject Index 1.1123 DIVISION TWO 2 Finance Act, 2012 Arrangement of Sections 2.3 Text of the Finance Act, 2012 2.7 DIVISION THREE 3 National Tax Tribunal Act, 2005 Arrangement of Sections 3.3 Text of the National Tax Tribunal Act, 2005 as amended up to date 3.5 DIVISION FOUR 4 Securities Transaction Tax Arrangement of Sections 4.3 Text of the Securities Transaction Tax as amended by the Finance Act, 2012 4.5 v

Master Guide to Income Tax Act DIVISION ONE Commentary on Finance Act, 2012 Amendments made by Finance Act, 2012 at a glance 1.3 1 GENERAL ANTI AVOIDANCE RULE ( GAAR ) 1.1 Introduction 1.83 1.1.1 Nature of provisions 1.84 1.2 Objective 1.85 1.3 Arrangement 1.87 1.3.1 Definition 1.87 1.3.2 Analysis 1.87 1.4 Arrangement entered into by assessee may be declared to be an impermissible avoidance arrangement (IAA) 1.90 1.4.1 Onus 1.90 1.4.2 May 1.90 1.5 Impermissible Avoidance Arrangement (IAA) 1.91 1.5.1 Conditions 1.91 1.5.2 Illustrations 1.92 1.5.3 Factual exercise 1.92 1.6 Explanation to section 95 1.92 1.6.1 May 1.93 1.6.2 Onus 1.93 1.7 Options available to Assessing Officer for invoking GAAR 1.93 I-7

I-8 1.8 Tax benefit 1.94 1.8.1 Definition 1.94 1.8.2 Analysis 1.94 1.9 Main purpose 1.95 1.9.1 Main 1.95 1.9.2 Purpose 1.97 1.10 Statutory presumption 1.101 1.10.1 Shall presume 1.102 1.11 Alternate Conditions 1.104 1.11.1 Onus 1.104 1.12 Creation of rights or obligations which are not ordinarily created [section 96(1)(a)] 1.104 1.12.1 Ordinarily 1.104 1.12.2 Arm s length 1.104 1.13 Misuse or abuse of the provisions of the Act [section 96(1)(b)] 1.106 1.13.1 Abuse 1.106 1.13.2 Objective behind introduction of a provision 1.106 1.13.3 Benefit of a provision in the Act does not per se result in abuse/misuse 1.106 1.14 Lack of commercial substance [Section 96(1)(c)] 1.107 1.14.1 Arrangement lacking or deemed to lack commercial substance 1.107 1.14.2 Meaning of commercial substance 1.107 1.14.3 Illustration 1.107 1.14.4 Deemed lack of commercial substance 1.107 1.14.5 Irrelevant factors 1.108 1.14.6 Direct Taxes Code 1.108 1.14.7 Round trip financing 1.109 1.14.8 Accommodating Party 1.110 1.15 Carried out by means or manner not ordinarily employed for bona fide purposes 1.111 1.15.1 Ordinarily 1.111 1.15.2 Bona fide purpose 1.111

I-9 1.16 Arrangement to be declared to be an IAA 1.112 1.17 Consequences of applicability of Chapter X-A [section 98] 1.113 1.17.1 Statutory provisions 1.113 1.17.2 Analysis 1.114 1.18 Application of GAAR (section 100) 1.115 1.19 Chapter to be applied in accordance with prescribed guidelines etc. 1.115 1.20 Procedure regarding application of GAAR by Income tax department (section 144BA) 1.116 1.20.1 Steps 1.116 1.20.2 Consequences of directions 1.117 1.20.3 Other matters 1.117 1.20.4 Analysis 1.118 1.20.5 AO s reference 1.119 1.20.6 Assessment proceedings 1.120 1.20.7 Opinion by Commissioner 1.120 1.20.8 Approving Panel 1.121 1.20.9 Prior approval of the Commissioner 1.122 1.20.10 Nature of proceedings before the AO in relation to determination of consequences 1.124 1.20.11 Tremendous sanctity of the review by the Commissioner/Approving Panel 1.125 1.21 Appeal against assessment order 1.125 1.22 Advance ruling in respect of an impermissible avoidance arrangement 1.125 1.22.1 Background 1.125 1.22.2 Amendments 1.126 1.22.3 Analysis 1.126 1.22A GAAR vis-à-vis binding force of AAR s rulings 1.127 1.23 Other aspects of GAAR and applicability of GAAR to other provisions 1.127 1.23.1 Complex and interlinked provisions 1.127 1.23.2 Benefit 1.128 1.23.3 Relevance of Finance Minister s speech and Explanatory Memorandum 1.128

I-10 Annex 1.1 1.23.4 No threshold limit 1.129 1.23.5 Legal or genuine arrangements are also covered 1.129 1.23.6 Non-related parties 1.129 1.23.7 Whether applicable to past transactions? 1.129 1.23.8 Non obstante provisions 1.130 1.23.9 Year of application of Chapter XA 1.131 1.23.10 GAAR and DTAA 1.132 1.23.11 Applicability to Court sanctioned schemes 1.135 1.23.12 Specific Anti Avoidance Regulations (SAAR) v. General Anti Avoidance Regulations (GAAR) 1.137 1.23.13 Assessment of representative assessee 1.137 1.23.14 TDS 1.138 1.23.15 Penalties 1.140 1.23.16 Recommendations by the Standing Committee of the Parliament 1.141 1.23.17 Onus 1.142 1.23.18 Implications under other laws 1.142 Reliance on Memorandum explaining the provisions of the Finance Bill 1.143 2 TAXATION OF NON-RESIDENTS 2.1 Amendment to definition of property 1.146 2.1-1 Amendment 1.146 2.1-2 Analysis 1.146 2.2 Amendment to definition of transfer 1.148 2.2-1 Amendment 1.148 2.2-2 Analysis 1.149 2.3 Amendment to section 9(1)(i) 1.150 2.3-1 Brief description of amendments in section 9(1)(i) 1.150 2.4 Statutory explanation regarding the amendment in section 9(1)(i) 1.150 2.4.1 Notes on Clauses to Finance Bill, 2012 1.151 2.4.2 Explanatory Memorandum to Finance Bill, 2012 1.151 2.4-3 Finance Minister s Speech 1.153

I-11 2.5 Analysis of amendment in section 9(1)(i) 1.153 2.5-1 Explanation 4 1.153 2.5-2 Explanation 5 1.153 2.6 Consequences of the amendments in section 9(1)(i) 1.154 2.6.1 No threshold for smaller transactions 1.154 2.6.2 No exception to listed companies 1.154 2.6.3 No limit to tiers 1.154 2.6.4 Illustration 1.154 2.6-5 Interest in any entity is covered by the amendment 1.156 2.6-6 No proportionate abatement qua value derived from non India assets 1.156 2.6.7 Determination of value 1.156 2.6-8 Taxation of transfer of shares in all holding companies situated in the UK/USA 1.157 2.6-9 No step up of cost 1.158 2.6.10 Through qualifies all the limbs of section 9(1)(i) 1.158 2.6-11 Substantial 1.158 2.7 Retrospectivity 1.160 2.7.1 General principles regarding retrospective amendment 1.160 2.7-2 Retrospective legislation and Income-tax 1.161 2.7-3 Restrictions on retrospective amendments 1.161 2.7-4 Retrospective amendment when permissible 1.163 2.7-5 Onus to prove that amendment not permissible 1.164 2.7-6 Factors considered relevant in assessing unreasonableness of amendment 1.164 2.7.7 View 1 : Retrospective amendment to section 9(1)(i) is permissible 1.165 2.7.8 View 2 : Retrospective amendment to section 9(1) and allied provisions is not permissible (see paras 2.7.8 to 2.7.12) 1.167 2.7-9 Amendment to through 1.168 2.7-10 Explanation 5 regarding deemed location in India 1.171 2.7-11 Fresh imposition of levy 1.176 2.7-12 Validation clause 1.177

I-12 2.8 Amendments to section 9(1)(vi) 1.178 2.8.1 Amendments 1.178 2.8-2 Object 1.178 2.8-3 Analysis 1.179 2.9 Amendment to section 90 1.181 2.9-1 Amendment 1.181 2.9-2 Analysis 1.182 2.10 Amendments to section 90A 1.190 2.11 Section 115A 1.191 2.12 Amendment in relation to taxation of non-resident entertainers (Section 115BBA) 1.191 2.12-1 Analysis 1.191 2.13 Validation of Demand 1.192 Annex 2.1 Meaning of the word Management 1.194 3 EXEMPTIONS 3.1 Exemption of maturity proceeds of Life Insurance Policy [Section 10(10D)] 1.197 3.1-1 Amendment 1.197 3.1-2 Effects of the amendment 1.198 3.1-3 Analysis 1.198 3.1A Exemption to Prasar Bharati 1.199 3.2 Application of first proviso to section 2(15) ( First proviso ) and effects on exemption to charitable trusts 1.199 3.2-1 First proviso 1.199 3.2-2 Amendment 1.200 3.2-3 Analysis 1.200 3.3 Amendment in the definition of Venture Capital Undertaking [Section 10(23FB)] 1.203 3.3-1 Background and Amendment 1.203 3.3-2 Analysis 1.203

I-13 3.4 Exemption to income of a foreign company on account of sale of crude oil [section 10(48)] 1.204 3.4-1 Amendment 1.204 3.4-2 Analysis 1.205 4 BUSINESS INCOME 4.1 Additional depreciation - Extension to the business of generation or generation and distribution of power 1.206 4.1-1 Background 1.206 4.1-2 Amendment 1.206 4.1-3 Analysis 1.207 4.2 Weighted Deduction for Scientific Research and Development 1.207 4.3 Deduction in respect of capital expenditure on specified business 1.207 4.3-1 Amendment 1.207 4.3.2 Analysis 1.208 4.4 Expenditure on agricultural extension project [Section 35CCC] 1.213 4.4-1 Agricultural extension project meaning of 1.214 4.4-2 Expenditure 1.214 4.4-3 An assessee 1.215 4.4-4 Other issues 1.215 4.5 Expenditure on skill development project [Section 35CCD] 1.215 4.5-1 Skill Development project 1.216 4.5-2 Expenditure 1.216 4.5-3 Other issues 1.216 4.6 Disallowance under section 40(a)(ia) 1.216 4.6-1 Present provision 1.216 4.6-2 Amendment 1.217 4.6-3 Analysis 1.217 4.7 Amendment to section 40A(2) in respect of disallowance of unreasonable or excessive expenditure 1.220 4.7-1 Background 1.220 4.7-2 Amendment relating to specified domestic transactions 1.220 4.7-3 Amendment relating to list of specified persons 1.221

I-14 4.8 Threshold limit for Tax Audit [Section 44AB] 1.222 4.8-1 Amendment 1.222 4.8-2 Analysis 1.222 4.8A Specified Date for Furnishing Tax Audit Report 1.223 4.9 Tax on presumptive basis in case of certain eligible business 1.224 4.9-1 Person carrying on profession referred to in section 44AA 1.224 4.9-2 Person earning brokerage/commission income 1.225 4.9-3 Agency Business 1.230 4.9-4 Increase in threshold limit to Rs. 1 crore 1.231 Annex 4.1 Relevant extracts from National Manufacturing Policy 1.232 5 CAPITAL GAINS 5.1 Demerger 1.236 5.1-1 Amendment 1.236 5.1-2 Analysis 1.237 5.2 Exemption from capital gains to a shareholder in case of amalgamation [Section 47] 1.238 5.3 Cost of capital asset in case of succession to business by companies [Section 49] 1.238 5.4 Fair Market Value to be deemed as full value of consideration in certain cases [Section 50D] 1.240 5.4-1 Objects of the provision 1.240 5.4-2 Rulings neutralised 1.241 5.4-3 Other issues 1.241 5.5 Exemption of Capital Gain on transfer of land used for agriculture purpose [Section 54B] 1.243 5.6 Exemption to capital gains on transfer of residential property not to be charged in certain cases [Section 54GB] 1.243 5.6-1 Salient Features of the provision 1.244 5.6-2 Analysis of the provision 1.245 5.6-3 Residential property 1.245 5.6-4 Owned by 1.252

I-15 5.6-5 Eligible assessee 1.253 5.6-6 Utilisation of the net consideration for subscribing to shares 1.253 5.6-7 Eligible company 1.258 5.6-8 Utilisation by the company 1.264 5.6-9 Quantum of capital gains exempt 1.274 5.6-10 Cost of new asset 1.274 5.6-11 Withdrawal of exemption in case of certain transfers within 5 years [Sub-section (4)] 1.277 5.7 Reference to Valuation Officer 1.283 5.7-1 Amendment 1.283 5.8 Tax on short-term capital gains [Section 111A] 1.284 5.9 Tax on long-term capital gains [Section 112] 1.284 5.9-1 Amendment 1.284 5.9-2 Analysis 1.284 5.10 Special provisions relating to conversion of Indian branch of a foreign bank into a subsidiary company 1.286 5.10-1 Initial failure to comply with the conditions 1.287 5.10-2 Subsequent failure 1.287 6 INCOME FROM OTHER SOURCES 6.1 Exemption of any sum or property received by HUF from its members 1.289 6.1-1 Amendment 1.290 6.2 Share premium in excess of the fair market value deemed as income 1.290 6.2-1 Salient features of the provision 1.291 6.2-2 Objective of the amendment 1.292 6.2-3 Certain aspects relevant for interpreting clause 1.292 6.2-4 Analysis of the clause 1.294 6.2-5 Allowance of expenditure 1.311 6.2-6 Applicability of section 55A 1.312 6.2-7 Effects 1.312

I-16 7 DEDUCTION UNDER CHAPTER VI-A 7.1 Amendment to the definition of market value in section 80A(6) 1.314 7.1.1 Amendment 1.314 7.1.1A Analysis of amendment 1.314 7.2 Deduction in respect of Life Insurance Premium 1.315 7.2-1 Effects of the amendments 1.316 7.3 Deduction in respect of health insurance premium 1.316 7.3-1 Amendment 1.317 7.3-2 Analysis 1.317 7.4 Deduction in respect of medical treatment, etc. [Section 80DDB] 1.318 7.5 Deductions in respect of certain donations under sections 80G and 80GGA - Mode of Payment 1.318 7.6 Extension of sunset clause for tax holiday under section 80-IA 1.319 7.7 Amendment to the definition of market value in section 80-IA(8)/(10) 1.319 7.7-1 Amendment to section 80-IA(8) 1.319 7.7-2 Amendment to section 80-IA(10) 1.319 7.8 Deduction of interest on savings account deposit 1.321 7.8-1 Analysis 1.321 7.9 Deduction for investment under equity saving scheme 1.322 7.9-1 Salient features of the provision 1.322 7.9-2 Analysis 1.323 8 TRANSFER PRICING 8.1 Extension of transfer pricing provisions to specified domestic transactions (SDT) 1.324 8.1.1 Amendment 1.324 8.1-2 Analysis 1.325 8.2 Amendment to section 92C(2) regarding deviation from arithmetic mean (AM) 1.332 8.2-1 Background 1.332 8.2-2 Amendments relating to second proviso 1.332

I-17 8.2-3 Amendments relating to first proviso 1.332 8.2-4 Analysis 1.333 8.3 Amendment relating to transactions not reported in the Audit Report under section 92E 1.336 8.4 Amendment in definition of international transaction 1.336 8.4.1 Amendment 1.336 8.4-2 Analysis 1.338 8.5 Advance Pricing Agreement [section 92CC] 1.339 8.5-1 Amendment 1.339 8.5-2 Analysis 1.340 8.6 Effect of APA in term of return of income/assessment (section 92CD) 1.345 8.6-1 Analysis 1.346 9 MINIMUM ALTERNATE TAX ( MAT ) AND ALTERNATE MINIMUM TAX ( AMT ) 9.1 Minimum Alternate Tax (MAT) 1.347 9.1.1 Preparation of accounts 1.347 9.1-2 Adjustment of amount standing to the credit of revaluation reserve 1.348 9.1-3 Option for preparation of accounts 1.349 9.1-4 Exemption to life insurance business 1.350 9.2 Alternate Minimum Tax ( AMT ) 1.350 9.2-1 The Provision 1.350 9.2-2 Amendment 1.351 9.2-3 Analysis 1.351 10 RETURN, ASSESSMENT AND APPEALS 10.1 Furnishing return of income by certain resident 1.353 10.1-1 Amendment 1.353 10.2 Assessment 1.357 10.2-1 Amendment 1.357

I-18 10.2-2 Analysis 1.358 10.2-3 Third Proviso 1.358 10.3/4 Dispute Resolution Panel 1.358 10.3/4-1 Background 1.358 10.3/4-2 Amendments 1.358 10.3/4-3 Analysis 1.359 10.5 Amendment relating to reassessment of income [section 147] 1.359 10.5-1 Background 1.359 10.5-2 Amendments 1.360 10.5-3 Analysis 1.360 10.6 Amendment relating to provisions relating to time limit for notice under section 148 1.363 10.6-1 Background 1.363 10.6-2 Amendments 1.363 10.6-3 Analysis 1.363 10.7 Time limit for completion of assessment or reassessment 1.364 10.7.1 Amendments 1.364 10.8 Notice for assessment in search or requisition or other cases 1.366 10.8-1 Amendment 1.366 10.9 Amendments to section 153B 1.366 10.10 Rectification of mistakes 1.368 10.10-1 Amendment 1.368 10.11 Section 156 - Notice of Demand 1.369 10.12 Appeal to Commissioner (Appeals) 1.369 10.12-1 Rights of appeal to deductor 1.370 10.12-2 Appeal against assessment order under section 143(3) - Exceptions 1.370 10.12-3 Appeal against assessment etc. under section 147 - Exceptions 1.370 10.12-4 Assessment or reassessment pursuant to search 1.371 10.12-5 Appeal against assessment or reassessment or recomputation of total income pursuant to Advance Pricing Agreement ( APA ) 1.371 10.12-6 Appeal against rectification orders - Exceptions 1.371 10.12-7 Appeal against penalty order under section 271AAB 1.371

I-19 10.13 Appeal to the Appellate Tribunal 1.372 10.13-1 Appeal against certain orders passed under section 153A/153C 1.372 10.13-2 Appeal against order passed under section 144BA(12) 1.372 10.13-3 Appeal by AO against own order, pursuant to objection to DRP 1.372 10.13-4 Cross objections 1.373 10.14 Disposal of appeal by ITAT within specified period 1.373 11 DEDUCTION AND COLLECTION OF TAX AT SOURCE 11.1 TDS from interest on securities 1.374 11.1-1 Amendment 1.374 11.2 TDS from payments to non-resident sportsmen etc. 1.375 11.3 TDS from fees for professional or technical services 1.375 11.3-1 Analysis 1.375 11.4 TDS from payment of compensation on acquisition of certain immovable property 1.376 11.5 TDS from interest payable by specified Indian company 1.376 11.5-1 Insertion of section 194LC 1.376 11.5-2 Analysis 1.377 11.6 Amendments to section 195 1.377 11.6-2 Analysis 1.378 11.7 Amendment in section 197A 1.385 11.7-1 No deduction of tax to be made 1.385 11.7-2 No TDS in case of certain payments to notified institutions etc. 1.385 11.8 Person deemed to be assessee in default 1.386 11.8-1 Amendment 1.386 11.8-2 Conditions 1.386 11.8-3 Analysis 1.387 11.8-4 Amendment in section 206C 1.388 11.8-5 Consequences where person responsible treated as assessee in default 1.388

I-20 11.8-6 Interest under section 201(1A) 1.389 11.8-7 Limitation period under section 201(3) 1.389 11.9 Interest under section 220(2) 1.390 11.10 Person responsible for paying 1.390 11.11 Collection of tax from buyers of coal or lignite or iron ore or bullion or jewellery 1.391 11.11-1 Amendment 1.391 11.11-2 Inclusion of specified minerals 1.391 11.11-3 Goods utilised for power generation - Not subject to tax collection 1.392 11.11-4 Bullion or Jewellery 1.392 11.11-5 Interest under section 206C(7) 1.392 11.12 Fees for default in furnishing statements in respect of tax deductible or collectible 1.393 11.12-1 Amendment 1.393 11.12-2 Analysis 1.394 12 TAX & INTEREST PAYMENTS 12.1 Credit for payment of Alternate Minimum Tax (AMT) 1.396 12.1-1 Amendment 1.396 12.1-2 Effect of the amendment 1.396 12.2 Advance tax - Exemption to resident senior citizen having non-business income 1.397 12.2-1 Amendment 1.397 12.2-2 Analysis 1.397 12.3 Computation of advance tax 1.398 12.3-1 Background 1.398 12.3.2 Analysis 1.398 12.4 Interest under section 234A and AMT Credit 1.399 12.4-1 Background 1.399 12.4-2 Amendment 1.400 12.5 Interest under section 234B and AMT Credit 1.400 12.5-1 Background 1.400 12.5-2 Amendment 1.401

I-21 12.6 Interest under section 234C 1.401 12.6-1 Background 1.401 12.6-2 Amendment 1.401 12.7 Interest on excess refund 1.402 12.7-1 Amendment 1.402 13 PENALTIES 13.1 Penalty for concealment of income in respect of Specified Domestic Transaction (SDT) 1.403 13.1-1 Background 1.403 13.1-2 Amendment 1.403 13.2 Penalty for failure to keep and maintain documentation in respect of SDT [Section 271AA] 1.404 13.3 Penalty in search cases 1.404 13.3-1 Penalty under section 271AAB 1.404 13.3-2 Analysis 1.406 13.4 Penalty for failure to furnish information or document under section 92D 1.411 13.5 Penalty for failure to furnish statements etc. 1.411 13.5-1 TDS statements 1.412 13.5-2 TCS statements 1.414 13.5-3 Failure to furnish TDS/TCS statements 1.414 13.5-4 Furnishing incorrect information 1.415 13.6 Penalty under section 272A(2)(k) 1.415 13.7 Reasonable cause 1.415 14 PROSECUTION 14.1 Prosecution provisions 1.417 14.2 Amendments 1.417 14.2-1 Details 1.417 14.2-2 Objectives of the amendments 1.417

I-22 14.2-3 Increasing threshold and reduction in period 1.418 14.2-4 Special Court 1.419 14.2-5 Compounding 1.421 15 MISCELLANEOUS 15.1 Definition of Commissioner 1.422 15.2 Cash credits under section 68 of the Act 1.422 15.2-1 Background 1.422 15.2-2 Amendment 1.423 15.2-3 Salient features of the first proviso 1.425 15.2-4 Analysis 1.426 15.3 Taxation of income referred to in section 68, etc. 1.430 15.3.1 Amendment 1.430 15.3-2 Objective of the amendment 1.430 15.3-3 Illustration 1.431 15.3-4 Other issues 1.431 15.4 Tax on dividends received from foreign companies 1.432 15.5 Dividend distribution tax 1.432 15.5-1 Amendment 1.432 15.5-2 Analysis 1.433 15.6 Taxation of investors in VCC/VCF [Section 115U] 1.433 15.6-1 Background 1.433 15.6-2 Amendments 1.434 15.6-3 Analysis 1.435 15.7 Amendment to taxation of tonnage income 1.436 15.8 Settlement of cases 1.436 15.9 Application for Advance Ruling [Section 245Q] 1.437 15.10 Authorisation and assessment in case of search or requisition 1.437 15.10-1 Background 1.437 15.10-2 Amendment 1.438 15.11 Consequential amendment in section 296 1.438 15.12 Amendment in Schedule IV 1.438

I-23 15.13 Definition of asset under section 2(ea) of the Wealth-tax Act 1.439 15.14 Reassessment of wealth escaping assessment [Section 17] 1.439 15.15 Exemption to RBI from Wealth-tax 1.440 15.16 Retrospective amendments and its practical effects 1.440 15.16-1 Mode and manner in which effect can be given 1.440 15.16-2 Retrospective amendments, whether retrospective or prospective 1.442 15.17 Amendment to securities transaction tax 1.443 DIVISION TWO Practice Manual 1 CHARTS & TABLES UNDER INCOME-TAX ACT List of tax-free incomes 2.3 Deductions/Allowances 2.19 Periods of limitation 2.41 Penalties 2.68 Offences and prosecutions 2.72 2 IMPORTANT PROCEDURES UNDER INCOME-TAX ACT Deduction of tax at source 2.75 - Salary [Section 192] 2.75 - Interest on securities [Section 193] 2.79 - Dividends [Section 194] 2.84 - Interest other than interest on securities [Section 194A] 2.88 - Winnings from lottery or crossword puzzle [Section 194B] 2.93 - Winnings from horse races [Section 194BB] 2.96 - Payments to contractors [Section 194C] 2.98

I-24 - Insurance commission [Section 194D] 2.102 - Payments to non-resident sportsmen/sports associations [Section 194E] 2.105 - Payments in respect of deposits under NSS, etc. [Section 194EE] 2.108 - Payments on account of repurchase of units by UTI/Mutual Fund [Section 194F] 2.112 - Commission on sale of lottery tickets [Section 194G] 2.114 - Commission or brokerage [Section 194H] 2.117 - Rent payments [Section 194-I] 2.120 - Fees for professional or technical services, etc. [Section 194J] 2.123 - Payment of compensation on acquisition of certain immovable property [Section 194LA] 2.126 - Income by way of Interest from Infrastructure Debt Fund [Section 194LB] 2.129 - Interest from specified Indian Company [Section 194LC] (From 1-7-2012) 2.129 - Payments to non-residents [Section 195] 2.130 - Income from units in case of offshore fund [Section 196B] 2.134 - Income from foreign currency bonds or global depository receipts of Indian companies [Section 196C] 2.136 - Income of foreign institutional investors from securities [Section 196D] 2.139 - Processing of TDS statements [Section 200A] 2.141 - Effect of non-furnishing of PAN [Section 206AA] 2.142 Tax Deduction and Collection Account Number [Section 203A] 2.142 Collection of tax at source [Section 206C] 2.143 Advance tax [Section 211] 2.146 e-payment of tax 2.149 Self-assessment tax [Section 140A] 2.149 Return of income [Section 139] 2.150 Summary assessment [Section 143(1)] 2.152

I-25 Scrutiny assessment [Section 143(2)/(3)] 2.153 Refunds [Section 237] 2.154 Interest chargeable [Sections 201(1A), 220(2), 234A to 234D & 244A] 2.155 Permanent Account Number [Section 139A] 2.160 Quoting of Permanent Account Number in documents pertaining to certain prescribed transactions [Section 139A] 2.167 Rectification of mistakes [Section 154] 2.172 Revision of orders by Commissioner [Sections 263 & 264] 2.173 Waiver of penalty by Commissioner [Section 273A] 2.174 Waiver of penalty under section 273AA 2.175 Appeals to Commissioner (Appeals) [Sections 246A to 249] 2.175 Appeals to Tribunal [Sections 252 to 255] 2.176 Appeal to High Court [Section 260A] 2.178 Advance rulings [Sections 245N to 245V] 2.179 Survey [Section 133A] 2.180 Search and seizure [Section 132] 2.181 Annual information returns [Section 285BA] 2.184 3 TAX RATES Tax liability - How to find out 2.190 Income-tax 2.191 Compulsory deposit 2.198 Wealth-tax 2.198 Gift-tax 2.198 Estate duty 2.198 Rates for tax deduction at source 2.198 Rates for tax collection at source 2.202 Dividend tax under section 115-O 2.203

I-26 Tax on income distributed by UTI/Mutual Fund under section 115R 2.203 Other taxes 2.204 4 TAX RATES FOR THE LAST TEN ASSESSMENT YEARS Income-tax rates for individuals, HUFs, associations of persons and body of individuals 2.206 Income-tax rates for firms (PFAs) 2.208 Income-tax rates for companies 2.208 Dividend tax rates under section 115-O 2.209 Income-tax rates for co-operative societies 2.209 Rates of wealth-tax 2.209 Rates of gift-tax 2.209 5 GOLD AND SILVER RATES FOR THE CURRENT YEAR, LAST TEN ASSESSMENT YEARS AND ON APRIL 1, 1981 Gold and Silver rates for the current year, last ten assessment years and on April 1, 1981 2.210 DIVISION THREE Circulars, Clarifications & Notifications [1961 - March 2012] Section key to Circulars, Clarifications & Notifications issued by CBDT [1961 - March 2012] 3.i Alphabetical key to Circulars, Clarifications & Notifications issued by CBDT [1961 - March 2012] 3.v Circulars, Clarifications & Notifications [1961 - March 2012] 3.3

I-27 DIVISION FOUR Case Laws [1922 - March 2012] Section key to Landmark Rulings of Supreme Court/High Courts [1922 - March 2012] 4.i Alphabetical key to Landmark Rulings of Supreme Court/ High Courts [1922 - March 2012] 4.v Case Laws [1922 - March 2012] 4.3