Income Tax Act is the principal legislation governing the levy, administration, collection, and recovery of income tax in India. Enacted in 1961, it consolidates the law relating to taxation of income and lays down the framework for determining taxable income, tax rates, exemptions, deductions, and compliance obligations of individuals, companies, firms, and other entities.
Key features include:
Comprehensive Coverage: Defines the scope of total income, residential status, and tax liability of different categories of taxpayers.
Heads of Income: Provides rules for computation under salaries, house property, business or profession, capital gains, and other sources.
Exemptions & Deductions: Prescribes provisions for tax incentives, rebates, and reliefs to encourage savings, investments, and economic growth.
Tax Procedures: Lays down the system for advance tax, TDS/TCS, filing of returns, assessment, appeals, and revisions.
Enforcement: Contains provisions for penalties, prosecution, recovery, search, and seizure.
International Taxation: Covers rules for avoidance of double taxation, transfer pricing, taxation of non-residents, and cross-border transactions.
Over the years, the Act has been extensively amended by successive Finance Acts to reflect India’s evolving economic and fiscal policies. Today, it serves as the foundation of direct taxation in India, guiding both taxpayers and tax administrators.
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Preliminary
Short Title, Extent & Commencement
Definitions (Sec. 2)
Basis of Charge
3. Charge of Income-Tax
4. Scope of Total Income
5. Residential Status & Tax Incidence
Incomes not Included in Total Income
10. Exempted Incomes (Agricultural Income, Scholarships, Allowances, etc.)
Computation of Total Income
Salaries (Sec. 15–17)
Income from House Property (Sec. 22–27)
Profits & Gains of Business or Profession (Sec. 28–44DB)
Capital Gains (Sec. 45–55A)
Income from Other Sources (Sec. 56–59)
Clubbing & Set-Off Provisions
60–65. Clubbing of Income
70–80. Set-Off and Carry Forward of Losses
Deductions from Gross Total Income
80C to 80U – Deductions under Chapter VI-A
Incomes forming part of Total Income on which No Tax is Payable
Sections relating to agricultural income, charitable institutions, trusts, etc.
Special Provisions
Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT)
Tax on Dividend Income & Buy-back of Shares
Taxation of Charitable & Religious Trusts
Taxation of Political Parties & Electoral Trusts
Taxation of Firms, LLPs, AOPs, BOIs
Procedure for Filing & Assessment
Return of Income (Sec. 139–145)
Assessment Procedures (Sec. 143–158)
Faceless Assessment & Reassessment
Advance Tax, TDS & TCS
190–206C. Advance Tax, TDS (Tax Deducted at Source), TCS (Tax Collected at Source)
Appeals & Revisions
246–264. Appeals to CIT(A), ITAT, High Court & Supreme Court; Revisionary Powers
Penalties, Offences & Prosecution
Sections relating to penalties, interest, fines & prosecution provisions
Recovery & Refund
220–245. Recovery mechanisms, refunds, interest on refunds
International Taxation
90–92CE. Double Taxation Relief, Transfer Pricing, Advance Pricing Agreements
Other Provisions
General Anti-Avoidance Rules (GAAR)
Search, Seizure & Survey Provisions
Settlement Commission & Dispute Resolution
Schedules & Appendices
First Schedule: Rates of Income Tax
Other Schedules: Depreciation rates, special rules, etc.
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