Description
-
Table of Contents
"CHATURVEDI & PITHISARIA'S INCOME TAX LAW-an eagerly awaited work- surpasses any comparable book in its detailed, reliable, authentic and thorough coverage of law of income-tax. No other book includes as many decided cases or sets them out in such detail in the text, or contains more detailed and exhaustive discussion and elaboration of the legislative provisions, the principles and the decided cases. This work fulfills two-fold purpose-to give a logical, brilliant and systematized analysis of the principles and full and practical guidance to this law."Replacement Series - Scheme of new system of replacing volumes : The new edition has been published containing the same number of sections as contained in each volume of the last edition (like volume 1 of last edition contained commentary on secs. 1 to 35E so also volume 1 of new edition will contain updated commentary on secs. 1 to 35E and so on) so that customers can keep on replacing volumes of the last edition with the new volumes of the new edition and keep their set always complete. "Volumes updated till the date of release - Statute Law : Each Volume gives the statute law as amended upto the date of its publication and gives the case law upto and including the latest volume of the volume of ITR published . Judicial Decisions : More than 60000 judicial decisions are given in a set of 6 volumes and have been discussed elaborately with exhaustive and comprehensive elucidation covering more than 51000 headings and sub-headings. Almost all cases reported in ITR, Tax LR, AIR, CTR, Taxation and Taxman and other law journals progressively till the date of publication of each volume have been incorporated at appropriate places. ""New Case Law and Additional Comments : About 3500 pages are added in the new edition discussing nearly 10000 additional judicial decisions reported during the last 9 years from the date of publication of each volume of the earlier edition. Departmental Circulars : All the departmental circulars, notifications and press notes issued by the C.B.D.T. and Ministry of Finance from time to time till the date of publication of each volume have been specially extracted at appropriate places showing wherever necessary, their relevancy in the present state of law. Rules and Forms : Besides, relative rules and forms other allied provisions have been indicated, explained and/or extracted at appropriate places. ""Tax Planning, Tax Management, Corporate Taxation : Entire system of Tax Planning, Tax Management including Corporate Taxation explained with lucidity and clarity with profuse illustrations, problems and solutions. The set remains a very selective choice against stiff competition in the market for its lucid and yet brilliant exposition of different aspects and principles of the law. "
Contents of Volume 3
The Income-tax Act, 1961
(43 of 1961)
ARRANGEMENT OF SECTIONS
CHAPTER VI-B : [OMITTED]
SECTION PAGE
S. 80VVA. [Omitted] ... 3857
CHAPTER VII : INCOMES FORMING PART OF TOTAL INCOME ON WHICH NO INCOME-TAX IS PAYABLE
SECTION PAGE
81. [Omitted] ... 3864
82. [Omitted] ... 3864
83. [Omitted] ... 3864
84. [Omitted] ... 3864
85. [Omitted] ... 3864
85A. [Omitted] ... 3864
85B. [Omitted] ... 3864
85C. [Omitted] ... 3864
86. Share of member of an association of persons or body of individuals in the income of the association or body
... 3864
86A. [Omitted] ... 3869
CHAPTER VIII : REBATES AND RELIEFS
SECTION PAGE
A.—Rebate of income-tax
87. Rebate to be allowed in computing income-tax ... 3871
88. Rebate on life insurance premia, contribution to provident fund, etc.
... 3872
88A. [Omitted] ... 3906
SECTION PAGE
88B. Rebate of income-tax in case of individuals of sixty-five years or above.
... 3912
B.—Relief for income-tax
89. Relief when salary, etc., is paid in arrears or in advance ... 3915
89A. [Omitted] ... 3924
CHAPTER IX : DOUBLE TAXATION RELIEF
SECTION PAGE
90. Agreement with foreign countries ... 3932
91. Countries with which no agreement exists ... 3965
CHAPTER X : SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX
SECTION PAGE
92. Income from transactions with non-residents, how computed in certain cases
... 3971
93. Avoidance of income-tax by transactions resulting in transfer of income to non-residents
... 3972
94. Avoidance of tax by certain transactions in securities ... 3979
CHAPTER XI : [OMITTED]
SECTION PAGE
95. [Omitted] ... 3986
96. [Omitted] ... 3986
97. [Omitted] ... 3986
98. [Omitted] ... 3986
99. [Omitted] ... 3987
99A. [Omitted] ... 3987
99B. [Omitted] ... 3987
100. [Omitted] ... 3987
101. [Omitted] ... 3988
102. [Omitted] ... 3988
103. [Omitted] ... 3988
104. [Omitted] ... 3988
105. [Omitted] ... 4030
106. [Omitted] ... 4032
107. [Omitted] ... 4034
107A. [Omitted] ... 4035
108. [Omitted] ... 4037
109. [Omitted] ... 4038
CHAPTER XII : DETERMINATION OF TAX IN CERTAIN SPECIAL CASES
SECTION PAGE
110. Determination of tax where total income includes income on which no tax is payable
... 4062
111. Tax on accumulated balance of recognised provident fund
... 4064
112. Tax on long-term capital gains ... 4065
112A. [Omitted] ... 4073
113. Tax in the case of block assessment of search cases ... 4075
114. [Omitted] ... 4082
115. [Omitted] ... 4084
115A. Tax on dividends, royalty and technical service fees in the case of foreign companies
... 4087
115AB. Tax on income from units purchased in foreign cur-rency or capital gains arising from their transfer
... 4105
115AC. Tax on income from bonds or shares purchased in foreign currency or capital gains arising from their transfer
... 4109
115ACA. Tax on income from Global Depository Receipts pur-chased in foreign currency or capital gains arising from their transfer
... 4124
115AD. Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
... 4128
115B. Tax on profits and gains of life insurance business ... 4150
115BB. Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever
... 4154
115BBA. Tax on non-resident sportsmen or sports associations ... 4156
CHAPTER XIIA : SPECIAL PROVISIONS RELATING TO CERTAIN INCOMES OF NON-RESIDENTS
SECTION PAGE
115C. Definitions ... 4160
115D. Special provision for computation of total income of non-residents
... 4162
115E. Tax on investment income and long-term capital gains ... 4163
115F. Capital gains on transfer of foreign exchange assets not to be charged in certain cases
... 4166
115G. Return of income not to be filed in certain cases ... 4168
115H. Benefit under Chapter to be available in certain cases even after the assessee becomes resident
... 4168
115-I. Chapter not to apply if the assessee so chooses ... 4169
CHAPTER XII-B : SPECIAL PROVISIONS RELATING TO CERTAIN COMPANIES
SECTION PAGE
115J. Special provisions relating to certain companies ... 4171
115JA. Deemed income relating to certain companies ... 4187
115JAA. Tax credit in respect of tax paid on deemed income relating to certain companies
... 4195
CHAPTER XII-C : [OMITTED]
SECTION PAGE
115K. [Omitted] ... 4198
115L. [Omitted] ... 4211
115M. [Omitted] ... 4211
115N. [Omitted] ... 4212
CHAPTER XII-D : SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES
SECTION PAGE
115-O. Tax on distributed profits of domestic companies ... 4213
115-P. Interest payable for non-payment of tax by domestic companies
... 4215
115Q. When company is deemed to be in default ... 4216
CHAPTER XII-E : SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME
SECTION PAGE
115R. Tax on distributed income to unit holders ... 4217
115-S. Interest payable for non-payment of tax ... 4219
115T. Unit Trust of India or Mutual Fund to be assessee in default
... 4220
CHAPTER XIII : INCOME-TAX AUTHORITIES
SECTION PAGE
A.—Appointment and control
116. Income-tax authorities ... 4222
117. Appointment of income-tax authorities ... 4222
118. Control of income-tax authorities ... 4223
119. Instructions to subordinate authorities ... 4223
B.—Jurisdiction
120. Jurisdiction of income-tax authorities ... 4322
121. [Omitted] ... 4328
121A. [Omitted] ... 4332
SECTION PAGE
122. [Omitted] ... 4332
123. [Omitted] ... 4333
124. Jurisdiction of Assessing Officers ... 4335
125. [Omitted] ... 4360
125A. [Omitted] ... 4363
126. [Omitted] ... 4365
127. Power to transfer cases ... 4366
128. [Omitted] ... 4381
129. Change of incumbent of an office ... 4382
130. [Omitted] ... 4384
130A. [Omitted] ... 4385
C.—Powers
131. Power regarding discovery, production of evidence, etc.
... 4387
132. Search and seizure ... 4405
132A. Powers to requisition books of account, etc. ... 4505
132B. Application of retained assets ... 4511
133. Power to call for information ... 4516
133A. Power of survey ... 4522
133B. Power to collect certain information ... 4532
134. Power to inspect registers of companies ... 4534
135. Power of Director-General or Director, Chief Com-missioner or Commissioner and Joint Commis-sioner...
... 4535
136. Proceedings before income-tax authorities to be judi-cial proceedings
... 4536
D.—Disclosure of information
137. [Omitted] ... 4540
138. Disclosure of information respecting assessees ... 4547
CHAPTER XIV : PROCEDURE FOR ASSESSMENT
SECTION PAGE
139. Return of income ... 4561
139A. Permanent account number ... 4665
140. Return by whom to be signed ... 4684
140A. Self-assessment ... 4691
141. [Omitted] ... 4705
141A. [Omitted] ... 4705
142. Enquiry before assessment ... 4712
SECTION PAGE
143. Assessment ... 4730
144. Best judgment assessment ... 4920
144A. Power of Joint Commissioner to issue directions in certain cases
... 4938
144B. [Omitted] ... 4942
145. Method of accounting ... 4957
145A. Method of accounting in certain cases ... 5039
146. [Omitted] ... 5040
147. Income escaping assessment ... 5050
148. Issue of notice where income has escaped assessment ... 5224
149. Time limit for notice ... 5224
150. Provision for cases where assessment is in pursuance of an order on appeal, etc.
... 5226
151. Sanction for issue of notice ... 5226
152. Other provisions ... 5270
153. Time limit for completion of assessments and re-assessments
... 5272
154. Rectification of mistake ... 5314
155. Other amendments ... 5393
156. Notice of demand ... 5430
157. Intimation of loss ... 5443
158. Intimation of assessment of firm ... 5444
CHAPTER XIVA : SPECIAL PROVISION FOR AVOIDING REPETITIVE APPEALS
SECTION PAGE
158A. Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
... 5446
CHAPTER XIV-B : SPECIAL PROCEDURE FOR ASSESSMENT OF SEARCH CASES
SECTION PAGE
158B. Definitions ... 5457
158BA. Assessment of undisclosed income as a result of search ... 5459
158BB. Computation of undisclosed income of the block pe-riod ... 5465
158BC. Procedure for block assessment ... 5469
158BD. Undisclosed income of any other person ... 5473
158BE. Time limit for completion of block assessment ... 5475
158BF. Certain interests and penalties not to be levied or im-posed
... 5479
SECTION PAGE
158BFA. Levy of interest and penalty in certain cases ... 5480
158BG. Authority competent to make the block assessment ... 5485
158BH. Application of other provisions of this Act ... 5486
CHAPTER XV : LIABILITY IN SPECIAL CASES
SECTION PAGE
A.—Legal representatives
159. Legal representatives ... 5487
B.—Representative assessees—general provisions
160. Representative assessee ... 5506
161. Liability of representative assessee ... 5508
162. Right of representative assessee to recover tax paid ... 5508
C.—Representative assessees—special cases
163. Who may be regarded as agent ... 5509
164. Charge of tax where share of beneficiaries unknown ... 5509
164A. Charge of tax in case of oral trust ... 5513
165. Case where part of trust income is chargeable ... 5514
D.—Representative assessees—miscellaneous provi-sions
166. Direct assessment or recovery not barred ... 5514
167. Remedies against property in cases of representative assessees
... 5514
DD.—Firms, association of persons and body of indi-viduals
167A. Charge of tax in the case of a firm ... 5601
167B. Charge of tax where shares of members in association of persons or body of individuals unknown, etc.
... 5607
E.—Executors
168. Executors ... 5610
169. Right of executor to recover tax paid ... 5610
F.—Succession to business or profession
170. Succession to business otherwise than on death ... 5619
NOTE: Chapter XV, section 171, onwards continued in Volume 4.
171. Assessment after partition of a Hindu undivided family 5649
H.—Profits of non-residents from occasional shipping business Error! Bookmark not defined.
S. 172. Shipping business of non-residents 5717
I.—Recovery of tax in respect of non-residents Error! Bookmark not defined.
S. 173. Recovery of tax in respect of non-resident from his assets 5730
J.—Persons leaving India Error! Bookmark not defined.
S. 174. Assessment of persons leaving India 5731
K.—Persons trying to alienate their assets Error! Bookmark not defined.
S. 175. Assessment of persons likely to transfer property to avoid tax 5734
L.—Discontinuance of business, or dissolution Error! Bookmark not defined.
S. 176. Discontinued business 5735
S. 177. Association dissolved or business discontinued 5744
S. 178. Company in liquidation 5746
[M.—Private companies] Error! Bookmark not defined.
S. 179. Liability of directors of private company in liquidation 5764
N.—Special provisions for certain kinds of income Error! Bookmark not defined.
S. 180. Royalties or copyright fees for literary or artistic work 5772
[S. 180A. Consideration for know-how 5777
[S. 181. * * * *] 5779
For customer support, please contact:
Tel: +91 12 4477 4477
help.in@lexisnexis.com