CA. Arvind Tuli Understanding The Income Tax Bill, 2025

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• Preliminary: This chapter includes the short title, extent, commencement, and definitions pertinent to the Act.

• Basis of Charge: Details the charge of income-tax, scope of total income, residential status, and income deemed to be received or accrued in India.

• Incomes Which Do Not Form Part of Total Income: Specifies incomes exempt from inclusion in total income, including provisions for political parties and electoral trusts.

• Computation of Total Income: Outlines the methodology for computing total income under various heads, such as salaries, house property, business or profession, capital gains, and other sources.

• Income of Other Persons Included in Assessee's Total Income: Addresses clubbing provisions where income of another person is included in the assessee's total income.

• Set Off or Carry Forward and Set Off of Losses: Provides guidelines on adjusting losses against income and carrying forward unadjusted losses.

• Deductions to Be Made in Computing Total Income: Lists deductions available under various sections for specific investments, expenditures, and payments.

• Rebates and Reliefs: Details tax rebates and reliefs applicable to individuals and other entities.

• Special Provisions Relating to Avoidance of Tax: Contains anti-avoidance measures to prevent tax evasion and avoidance.

• Special Provisions Relating to Certain Incomes of Non-Residents: Addresses taxation of specific incomes accruing to non-residents.

• Special Provisions Relating to Firms, Association of Persons, and Body of Individuals: Covers taxation aspects specific to partnerships and similar entities.

• Special Provisions Relating to Companies: Focuses on corporate taxation, including provisions on dividends, mergers, and acquisitions.

• Special Provisions Relating to Taxation of Business Trusts and Investment Funds: Deals with taxation norms for Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and other investment funds.

• Special Provisions Relating to Charitable or Religious Trusts and Institutions: Outlines tax implications and compliance requirements for charitable and religious organizations.

• Procedure for Assessment: Describes the process of assessment, filing of returns, inquiries, and assessments.

• Liability in Special Cases: Addresses tax liabilities in unique scenarios, such as those involving representative assessees.

• Collection and Recovery of Tax: Details methods of tax collection, including Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and advance tax.

• Refunds: Specifies conditions and procedures for the issuance of tax refunds.

• Appeals and Revision: Provides the framework for appeals against tax assessments and orders, including revisions by higher authorities.

• Penalties Imposable: Enumerates various penalties for non-compliance, concealment of income, and other defaults.

• Offences and Prosecutions: Lists prosecutable offenses under the Act and corresponding legal proceedings.

• Miscellaneous: Includes provisions that do not fall under other specific chapters but are essential for the Act's implementation.

• Repeal and Saving: Addresses the repeal of the existing Income-tax Act, 1961, and ensures the continuity of actions taken under it.