Description
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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 4
The Income-tax Act, 1961
(43 of 1961)
ARRANGEMENT OF SECTIONS
CHAPTER XV : LIABILITY IN SPECIAL CASES (Contd.)
SECTION PAGE
G.—Partition
171. Assessment after partition of a Hindu undivided family
... 5649
H.—Profits of non-residents from occasional shipping business
172. Shipping business of non-residents ... 5717
I.—Recovery of tax in respect of non-residents
173. Recovery of tax in respect of non-resident from his assets
... 5730
J.—Persons leaving India
174. Assessment of persons leaving India ... 5731
K.—Persons trying to alienate their assets
175. Assessment of persons likely to transfer property to avoid tax
... 5734
L.—Discontinuance of business, or dissolution
176. Discontinued business ... 5735
177. Association dissolved or business discontinued ... 5744
178. Company in liquidation ... 5746
M.—Private companies
v179. Liability of directors of private company in liquidation
... 5764
N.—Special provisions for certain kinds of income
180. Royalties or copyright fees for literary or artistic work ... 5772
SECTION PAGE
180A. Consideration for know-how ... 5777
O.—[Omitted]
181. [Omitted] ... 5779
CHAPTER XVI : SPECIAL PROVISIONS APPLICABLE TO FIRMS
SECTION PAGE
A.—Assessment of firms
182. [Omitted] ... 5781
183. [Omitted] ... 5781
B.—[Omitted]
184. Assessment as a firm ... 5801
185. Assessment when section 184 not complied with ... 5802
186. [Omitted] ... 5965
C.—Changes in constitution, succession and dissolution
187. Change in constitution of a firm ... 5978
188. Succession of one firm by another firm ... 5994
188A. Joint and several liability of partners for tax payable by firm
... 5996
189. Firm dissolved or business discontinued ... 5998
189A. Provisions applicable to past assessments of firms ... 6010
CHAPTER XVII : COLLECTION AND RECOVERY OF TAX
SECTION PAGE
A.—General
190. Deduction at source and advance payment ... 6011
191. Direct payment ... 6012
B.—Deduction at source
192. Salary ... 6023
193. Interest on securities ... 6358
194. Dividends ... 6469
194A. Interest other than “Interest on securities” ... 6483
194B. Winnings from lottery or crossword puzzle ... 6533
194BB. Winnings from horse race ... 6564
194C. Payments to contractors and sub-contractors ... 6573
194D. Insurance commission ... 6611
194E. Payments to non-resident sportsmen or sports associations
... 6641
194EE. Payments in respect of deposits under National Savings Scheme, etc.
... 6641
SECTION PAGE
194F. Payments on account of repurchase of units by Mutual Fund or Unit Trust of India
... 6647
194G. Commission, etc., on sale of lottery tickets ... 6647
194H. Commission, brokerage, etc. ... 6649
194-I. Rent ... 6656
194J. Fees for professional or technical services ... 6663
194K. Income in respect of units ... 6667
194L. Payment of compensation on acquisition of capital asset
... 6674
195. Other sums ... 6676
195A. Income payable “net of tax” ... 6701
196. Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations
... 6702
196A. Income in respect of units of non-residents ... 6705
196B. Income from units ... 6710
196C. Income from foreign currency bonds or shares of Indian company
... 6712
196D. Income of Foreign Institutional Investors from securities
... 6713
197. Certificate for deduction at lower rate ... 6714
197A. No deduction to be made in certain cases ... 6721
198. Tax deducted is income received ... 6727
199. Credit for tax deducted ... 6730
200. Duty of person deducting tax ... 6737
201. Consequences of failure to deduct or pay ... 6739
202. Deduction only one mode of recovery ... 6751
203. Certificate for tax deducted ... 6752
203A. Tax-deduction account number ... 6766
204. Meaning of “person responsible for paying” ... 6769
205. Bar against direct demand on assessee ... 6779
206. Persons deducting tax to furnish prescribed returns ... 6780
206A. [Omitted] ... 6789
206B. [Omitted] ... 6790
BB.—Collection at source
206C. Profits and gains from the business of trading in alcoholic liquor, forest produce, etc.
... 6791
SECTION PAGE
C.—Advance payment of tax
207. Liability for payment of advance tax ... 6827
208. Conditions of liability to pay advance tax ... 6834
209. Computation of advance tax ... 6838
209A. [Omitted] ... 6856
210. Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer
... 6864
211. Instalments of advance tax and due dates ... 6874
212. [Omitted] ... 6885
213. [Omitted] ... 6893
214. Interest payable by Government ... 6894
215. Interest payable by assessee ... 6911
216. Interest payable by assessee in case of under-estimate, etc.
... 6934
217. Interest payable by assessee when no estimate made ... 6942
218. When assessee deemed to be in default ... 6952
219. Credit for advance tax ... 6955
D.—Collection and recovery
220. When tax payable and when assessee deemed in default
... 6958
221. Penalty payable when tax in default ... 7006
222. Certificate to Tax Recovery Officer ... 7022
223. Tax Recovery Officer by whom recovery is to be effected
... 7160
224. Validity of certificate and cancellation or amendment thereof
... 7163
225. Stay of proceedings in pursuance of certificate and amendment or cancellation thereof
... 7165
226. Other modes of recovery ... 7171
227. Recovery through State Government ... 7202
228. [Omitted] ... 7202
228A. Recovery of tax in pursuance of agreements with foreign countries
... 7203
229. Recovery of penalties, fine, interest and other sums ... 7205
230. Tax clearance certificates ... 7205
230A. Restrictions on registration of transfers of immovable property in certain cases
... 7218
231. [Omitted] ... 7234
232. Recovery by suit or under other law not affected ... 7239
SECTION PAGE
E.—Tax payable under provisional assessment
233. [Omitted] ... 7241
234. [Omitted] ... 7242
F.—Interest chargeable in certain cases
234A. Interest for defaults in furnishing return of income ... 7242
234B. Interest for defaults in payment of advance tax ... 7263
234C. Interest for deferment of advance tax ... 7270
CHAPTER XVIII : Relief Respecting Tax on Dividends in Certain Cases
SECTION PAGE
235. [Omitted] ... 7279
236. Relief to company in respect of dividend paid out of past taxed profits
... 7280
236A. Relief to certain charitable institutions or funds in respect of certain dividends ... 7284
CHAPTER XIX : Refunds
SECTION PAGE
237. Refunds ... 7287
238. Person entitled to claim refund in certain special cases ... 7312
239. Form of claim for refund and limitation ... 7313
240. Refund on appeal, etc. ... 7317
241. Power to withhold refund in certain cases ... 7323
242. Correctness of assessment not to be questioned ... 7329
243. Interest on delayed refunds ... 7329
244. Interest on refund where no claim is needed ... 7333
244A. Interest on refunds ... 7348
245. Set off of refunds against tax remaining payable ... 7356
CHAPTER XIXA : Settlement of Cases
SECTION PAGE
245A. Definitions ... 7365
245B. Income-tax Settlement Commission ... 7369
245BA. Jurisdiction and powers of Settlement Commission ... 7372
245BB. Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
... 7373
245BC. Power of Chairman to transfer cases from one Bench to another
... 7373
245BD. Decision to be by majority ... 7373
245C. Application for settlement of cases ... 7378
245D. Procedure on receipt of an application under section 245C
... 7396
SECTION PAGE
245DD. Power of Settlement Commission to order provisional attachment to protect revenue
... 7417
245E. Power of Settlement Commission to reopen completed proceedings
... 7419
245F. Powers and procedure of Settlement Commission ... 7422
245G. Inspection, etc., of reports ... 7437
245H. Power of Settlement Commission to grant immunity from prosecution and penalty
... 7438
245HA. Power of Settlement Commission to send a case back to the Assessing Officer if the assessee does not co-operate
... 7444
245-I. Order of settlement to be conclusive ... 7446
245J. Recovery of sums due under order of settlement ... 7449
245K. Bar on subsequent application for settlement in certain cases
... 7450
245L. Proceedings before Settlement Commission to be judicial proceedings
... 7451
245M. [Omitted] ... 7451
NOTE: Chapter XIXB, section 245N, onwards continued in Volume 5.
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