Short Description:
| About Sampath Iyengar’s Law of INCOME TAX [Vols. 1 to 9 released] |
Volume 1 INTRODUCTION PRINCIPLES OF CONSTRUCTION General Principles Particular Principles-I Particular Principles-II (A) Mutuality Principle (B) Diversion by Overriding Title (C) Real Income Theory (D) Concepts of Telescoping and Peak Credit Chapter I Preliminary 1. Short title, extent and commencement 2. Definitions 2(1) “Advance tax” 2(1A) “Agricultural income” 2(1B) “Amalgamation” 2(1C) “Additional Commissioner” 2(1D) “Additional Director” 2(2) “Annual value” 2(3) “Appellate Assistant Commissioner” (Omitted) 2(4) “Appellate Tribunal” 2(5) “Approved gratuity fund” 2(6) “Approved superannuation fund” 2(7) “Assessee” 2(7A) “Assessing Officer” 2(8) “Assessment” 2(9) “Assessment year” 2(9A) “Assistant Commissioner” 2(9B) “Assistant Director” 2(10) “Average rate of income-tax” 2(11) “Block of assets” 2(12) “Board” 2(12A) "Books or books of account" 2(13) “Business” 2(13A) “Business trust” 2(14) “Capital asset” 2(15) “Charitable purpose” 2(15A) “Chief Commissioner” 2(15B) “Child” 2(16) “Commissioner” 2(16A) “Commissioner (Appeals)” 2(17) “Company” 2(18) “Company in which the public are substantially interested” 2(19) “Co-operative society” 2(19A) “Deputy Commissioner” 2(19AA) "Demerger" 2(19AAA) "Demerged company" 2(19B) “Deputy Commissioner (Appeals)” 2(19C) "Deputy Director" 2(20) “Director”, “manager” and “managing agent” 2(21) “Director General or Director” 2(22) “Dividend” 2(22A) “Domestic company” 2(22AA) "Document" 2(22AAA) "Electoral Trust" 2(22B) “Fair market value” 2(23) “Firm”, “partner” and “partnership” 2(23A) “Foreign company” 2(23B) “Fringe benefits” 2(23C) “Hearing” 2(24) “Income” 2(25) “Income-tax Officer” 2(25A) “India” 2(26) “Indian company” 2(26A) “Infrastructure capital company” 2(26B) “Infrastructure capital fund” 2(27) “Inspecting Assistant Commissioner” (Omitted) 2(28) “Inspector of Income-tax” 2(28A) “Interest” 2(28B) “Interest on securities” 2(28BB) "Insurer" 2(28C) "Joint Commissioner" 2(28D) "Joint Director" 2(29) “Legal representative” 2(29A) “Liable to tax” 2(29AA) “Long-term capital asset” 2(29B) “Long-term capital gain” 2(29BA) “Manufacture” 2(29C) “Maximum marginal rate” 2(29D) “National Tax Tribunal” 2(30) “Non-resident” 2(31) “Person” 2(32) “Person who has a substantial interest in the company” 2(33) “Prescribed” 2(34) “Previous year” 2(34A) “Principal Chief Commissioner of Income-tax” 2(34B) “Principal Commissioner of Income-tax” 2(34C) “Principal Director of Income-tax” 2(34D) “Principal Director General of Income-tax” 2(35) “Principal officer” 2(36) “Profession” 2(36A) “Public sector company” 2(37) “Public servant” 2(37A) “Rate or rates in force” or “rates in force” 2(38) “Recognised provident fund” 2(39) “Registered firm” (Omitted) 2(40) “Regular assessment” 2(41) “Relative” 2(41A) "Resulting company" 2(42) “Resident” 2(42A) “Short-term capital asset” 2(42B) “Short-term capital gain” 2(42C) "Slump sale" 2(43) “Tax” 2(43A) “Tax credit certificate” 2(43B) “Tax Recovery Commissioner” (Omitted) 2(44) “Tax Recovery Officer” 2(45) “Total income” 2(46) “Total world income” (Omitted) 2(47) “Transfer” 2(47A) “Virtual digital asset” 2(48) “Zero Coupon Bond” 3. "Previous year" defined SUBJECT INDEX Volume 2 Chapter II Basis of Charge 4. Charge of income-tax 5. Scope of total income 5A. Apportionment of income between spouses governed by Portuguese Civil Code 6. Residence in India 7. Income deemed to be received 8. Dividend income 9. Income deemed to accrue or arise in India 9A. Certain activities not to constitute business connection in India 9B. Income on receipt of capital asset or stock in trade by specified person from specified entity Chapter III Incomes which do not form part of total income 10. Incomes not included in total income 10(1) Agricultural income 10(2) Sum received by a member of HUF 10(2A) Share income of partner 10(3) Casual and non-recurring receipts (Omitted) 10(4) Interest income of a non-resident from specified securities, bonds and NRE account 10(4A) Interest income of a non-resident from NRE account in any bank in India (Substituted) 10(4B) Interest income of NRIs on specified savings certificates 10(4C) Interest payable to a non-resident by any Indian company on rupee denominated bond 10(4D) Income accrued or arisen to a specified fund by transfer of capital asset u/s 47(viiab) on a stock exchange in any IFSC 10(4E) Income accrued or arisen by a non-resident from transfer of specified instruments entered into with an offshore banking unit of an IFSC 10(4DF) Income of a non-resident by way of royalty or interest on account of lease of an aircraft or a ship in a previous year, paid by a unit of an IFSC 10(4G) Income received by a non-resident from portfolio of securities, etc in an account maintained with an Offshore Banking Unit in any IFSC 10(5) Value of any travel concession or assistance 10(5A) Remuneration received for rendering services in connection with shooting of cinematograph films by foreign film producers (Omitted) 10(5B) Tax on salaries to technicians (Omitted) 10(6) Specified exemptions to foreign citizens employed in India 10(6A) Tax paid on behalf of a foreign company in respect of royalty or fees for technical services 10(6B) Tax paid by Government or an Indian concern not to form part of the income of non-residents 10(6BB) Tax paid by an Indian company under an approved agreement with foreign Government/enterprise engaged in aircraft business 10(6C) Income by way of fees arising to a specified foreign company for services connected with security of India 10(6D) Income arising to a non-resident by way of royalty from, or fees for technical services rendered to National Technical Research Organisation 10(7) Allowances or perquisites to Indian citizens for services outside India 10(8) Remuneration for duties in India in connection with any co-operative technical assistance programmes and projects 10(8A) Remuneration or fees received by non-resident consultants 10(8B) Remuneration or fees received from non-resident consultants by their foreign employees 10(9) Income of member of family assigned to duties in India under clause (8) or (8A) or (8B) 10(10) Gratuity payment(s) 10(10A) Commutation of pension 10(10AA) Encashment of unutilised earned leave by retiring employees 10(10B) Retrenchment compensation received by a workman 10(10BB) Payments under the Bhopal Gas Leak Disaster Act 10(10BC) Amount received by an individual or his legal hair by way of disaster compensation 10(10C) Compensation received/receivable on voluntary retirement by specified employees 10(10CC) Tax on income in the nature of perquisite paid by employer 10(10D) Sum received under a life insurance policy including bonus 10(11) Payment from a provident fund 10(11A) Payment under an account, Sukanya Samriddhi Account Rules 10(12) Accumulated balance in a recognised provident fund 10(12A) Payment from the National Pension System Trust 10(12B) Payment to an employee from the NPS Trust under pension scheme of section 80CCD 10(13) Payment from an approved superannuation fund 10(13A) Residential accommodation allowance granted by the employer 10(14) Special allowances specifically granted to meet expenses 10(14A) Income received by public financial institution as exchange risk premium (Omitted) 10(15) Interest income on various specified bonds, savings certificates, etc. 10(15A) Payment to acquire an aircraft on lease under an approved agreement 10(16) Educational scholarships 10(17) Specified allowances of MPs, MLAs, etc. 10(17A) Awards and rewards in cash or in kind 10(18) Pension income of award winners 10(18A) Ex gratia payments on abolition of privy purse (Omitted) 10(19) Family pension of a member of armed forces 10(19A) Annual value of a palace in occupation of a Ruler 10(20) Income of a local authority from housing, etc. 10(20A) Income of State Housing Boards, etc (Omitted) 10(21) Income of a scientific research association 10(22) Income of a university or other educational institution (Omitted) 10(22A) Income of a hospital for specified purposes (Omitted) 10(22B) Income of specified news agencies 10(23) Income of specified sports association (Omitted) 10(23A) Income of specified professional association 10(23AA) Income received from regimental or non-public fund 10(23AAA) Income received by any person on behalf of notified fund 10(23AAB) Income of pension fund set up by LIC or any other insurer 10(23B) Income of a public charitable trust for development of khadi or village industries 10(23BB) Income of an authority established for development of khadi or village industries 10(23BBA) Income of statutory bodies or authorities for the administration of public religious or charitable trusts or endowments 10(23BBB) Income of European Economic Community 10(23BBC) Income of SAARC Fund for Regional Projects 10(23BBD) Income of ASOSAI-SECRETARIAT 10(23BBE) Income of Insurance Regulatory and Development Authority 10(23BBF) Income of North-Eastern Development Finance Corporation Limited 10(23BBG) Income of Central Electric Regulatory Commission 10(23BBH) Income of Prasar Bharati 10(23C) Income of specified fund, institution, etc. for charitable purposes, etc. 10(23D) Income of Mutual Funds 10(23DA) Income of a securitization trust 10(23E) Income of specified Exchange Risk Administration Fund (Omitted) 10(23EA) Income of Investor Protection Fund 10(23EB) Income of Credit Guarantee Fund Trust for Small Industries 10(23EC) Income by way of contributions of Investor Protection Fund set up by commodity exchanges 10(23ED) Income by way of contributions received from a depository of Investor Protection Fund 10(23EE) Income of Core Settlement Guarantee Fund 10(23F) Dividend income or long-term capital gains of a venture capital fund/company 10(23FA) Dividend income or long-term capital gains of a venture capital fund/company 10(23FB) Income of venture capital company/fund 10(23FBA) Income of an investment fund 10(23FBB) Income accruing or arising or received by a unit holder 10(23FBC) Income accruing or arising from a specified fund 10(23FC) Income of a business trust 10(23FCA) Income of a business trust, being a real investment trust 10(23FD) Any distributed income received by a unit holder from the business trust 10(23FE) Income of a specified person from specified investments 10(23F) Income by way of dividends or long-term capital gains of a venture capital fund/company 10(23G) Specified income of infrastructure capital fund/company/co-operative bank (Omitted) 10(24) Income of a registered trade union 10(25) Interest on securities and income of certain savings funds 10(25A) Income of ESI Fund 10(26) Income of Scheduled Tribe in specified areas 10(26A) Income of any person in Ladakh 10(26AA) Income of winnings from Sikkim lottery for Sikkim residents (Omitted) 10(26AAA) Income of Sikkemese individuals 10(26AAB) Income of agricultural produce market committee/board 10(26B) Income of any corporation established for promoting Scheduled Castes/Tribes 10(26BB) Income of corporation for promoting the interests of members of minority community 10(26BBB) Income of corporation for welfare and economic upliftment of ex-servicemen 10(27) Income of a co-operative society formed for promoting the interests of members of Scheduled Castes/Tribes 10(28) Amount adjusted or paid in respect of tax credit certificates (Omitted) 10(29) Income of marketing authorities (Omitted) 10(29A) Income of specified Boards 10(30) Subsidy granted to the tea industry 10(31) Subsidies received by planters in respect of specified commodities 10(32) Specified income of minors includible under section 64(1A) 10(33) Income from transfer of units of Unit Scheme, 1964 10(34) Dividend income under section 115-O 10(34A) Income arising to an assessee on account of buy back of shares 10(35) Income from units of Mutual Funds 10(35A) Distributed income of an investor from securitisation trust 10(36) Long-term capital gains from equity shares 10(37) Capital gains from transfer of agricultural land 10(37A) Capital gains of transfer of a specified capital asset under Land Pooling Scheme 10(38) Long-term capital gains from transfer of equity shares or units of an equity oriented fund 10(39) Income of notified persons from any international sporting event held in India 10(40) Income of subsidiary company by way of grant from holding company engaged in power business 10(41) Income arising from transfer of a capital asset of an undertaking engaged in power business 10(42) Income of body/authority established under a bilateral treaty 10(43) Amount received by an individual as a loan in a reverse mortgage transaction 10(44) Income received by any person from New Pension System Trust 10(45) Allowance or perqusiite paid to Chairman/retired Chairman or member/retired member of UPSC [Omitted] 10(46) Specified income of statutory body or authority or Board or Trust 10(47) Income of an infrastructure debt fund 10(48) Income in Indian currency by a foreign company for sale of crude oil 10(48A) Income of Foreign company from storage and sale of crude oil stored as part of strategic reserves 10(48B) Income of Foreign Company from sale of leftover stock of crude oil from strategic reserves at the expiry of agreement or arrangement 10(48C) Income to the India Strategic Industry Development Board under an arrangement for replenishment of 10(48D) Income to an institution established for financing the infrastructure and development 10(48E) Income to a developmental financing institution, licensed by the RBI 10(49) Income of National Financial Holdings Company Limited 10(50) Income from specified service chargeable to equalisation levy 10A. Special provision in respect of newly established undertakings in free trade zone, etc. 10AA. Special provisions in respect of newly established units in Special Economic Zones 10B. Special provisions in respect of newly established hundred per cent export-oriented undertakings 10BA. Special provisions in respect of export of certain articles or things 10BB. Meaning of Computer programmes in certain cases 10C. Special provision in respect of certain industrial undertakings in North-Eastern Region 11. Income from property held for charitable or religious purposes 12. Income of trusts or institutions from contributions 12A. Conditions for applicability of sections 11 and 12 12AA. Procedure for registration 12AB. Procedure for fresh registration 13. Section 11 not to apply in certain cases 13A. Special provision relating to incomes of political parties 13B. Special provisions relating to voluntary contributions received by electoral trust CHAPTER IV Computation of Total Income Heads of income 14. Heads of income 14A. Expenditure incurred in relation to income not includible in total income A.—Salaries 15. Salaries 16. Deductions from salaries 17. "Salary", "perquisite" and "profits in lieu of salary" defined B.—Omitted by the Finance Act, 1988, w.e.f. 1-4-1989 [18 to 21. Omitted by the Finance Act, 1988, w.e.f. 1-4-1989] C.—Income from house property 22. Income from house property 23. Annual value how determined 24. Deductions from income from house property 25. Amounts not deductible from income from house property 25A. Special provision for arrears of rent and unrealised rent received subsequently 25AA. Unrealised rent received subsequently to be charged to income-tax 25B. Special provision for arrears of rent received 26. Property owned by co-owners 27. "Owner of house property", "annual charge", etc., defined D.—Profits and gains of business or profession 28. Profits and gains of business or profession 29. Income from profits and gains of business or profession, how computed 30. Rent, rates, taxes, repairs and insurance for buildings 31. Repairs and insurance of machinery, plant and furniture 32. Depreciation 32A. Investment allowance 32AB. Investment deposit account 32AC. Investment in new plant or machinery 32AD. Investment in new plant or machinery in notified backward areas in certain States SUBJECT INDEX Volume 4 D.—Profits & gains of business or profession 33. Development rebate 33A. Development allowance 33AB. Tea Development Account, Coffee Development Account and Rubber Development Account 33ABA. Site Restoration Fund 33AC. Reserves for shipping business 33B. Rehabilitation allowance 34. Conditions for depreciation allowance and development rebate 34A. Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies 35. Expenditure on scientific research 35A. Expenditure on acquisition of patent rights or copyrights 35AB. Expenditure on know-how 35ABA. Expenditure for obtaining right to use spectrum for telecommunication services 35ABB. Expenditure for obtaining licence to operate telecommunication services 35AC. Expenditure on eligible projects or schemes 35AD. Deduction in respect of expenditure on specified business [35B. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989] [35C. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989] [35CC. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989] 35CCA. Expenditure by way of payment to associations and institutions for carrying out rural development programmes 35CCB. Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources 35CCC. Expenditure on agricultural extension project 35CCD. Expenditure on skill development project 35D. Amortisation of certain preliminary expenses 35DD. Amortisation of expenditure in case of amalgamation or demerger 35DDA. Amortisation of expenditure incurred under voluntary retirement scheme 35E. Deduction for expenditure on prospecting, etc., for certain minerals 36. Other deductions 37. General 38. Building, etc., partly used for business, etc., or not exclusively so used [39. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989] 40. Amounts not deductible 40A. Expenses or payments not deductible in certain circumstances SUBJECT INDEX Volume 5 41. Profits chargeable to tax 42. Special provision for deductions in the case of business for prospecting, etc., for mineral oil 43. Definitions of certain terms relevant to income from profits and gains of business or profession 43A. Special provisions consequential to changes in rate of exchange of currency 43AA. Taxation of foreign exchange fluctuation 43B. Certain deductions to be only on actual payment 43C. Special provision for computation of cost of acquisition of certain assets 43CA. Special provision for full value of consideration for transfer of assets other than capital assets in certain cases 43CB. Computation of income from construction and service contracts 43D. Special provision in case of income of public financial institutions, public companies, etc. 44. Insurance business 44A. Special provision for deduction in the case of trade, professional or similar association 44AA. Maintenance of accounts by certain persons carrying on profession or business 44AB. Audit of accounts of certain persons carrying on business or profession [44AC. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993] 44AD. Special provision for computing profits and gains of business on presumptive basis 44ADA. Special provision for computing profits and gains of profession on presumptive basis 44AE. Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages 44AF. Special provisions for computing profits and gains of retail business 44B. Special provision for computing profits and gains of shipping business in the case of non-residents 44BB. Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils 44BBA. Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents 44BBB. Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects 44C. Deduction of head office expenditure in the case of non-residents 44D. Special provisions for computing income by way of royalties, etc., in the case of foreign companies 44DA. Special provision for computing income by way of royalties, etc., in case of non-residents 44DB. Special provision for computing deductions in the case of business reorganisation of co-operative banks E.—Capital gains 45. Capital gains 46. Capital gains on distribution of assets by companies in liquidation 46A. Capital gains on purchase by company of its own shares or other specified securities 47. Transactions not regarded as transfer 47A. Withdrawal of exemption in certain cases 48. Mode of computation 49. Cost with reference to certain modes of acquisition 50. Special provision for computation of capital gains in case of depreciable assets 50A. Special provision for cost of acquisition in case of depreciable asset 50B. Special provision for computation of capital gains in case of slump sale 50C. Special provision for full value of consideration in certain cases 50CA. Special provision for full value of consideration for transfer of share other than quoted share 50D. Fair market value deemed to be full value of consideration in certain cases 51. Advance money received [52. Omitted by the Finance Act, 1987, w.e.f. 1-4-1988] [53. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993] 54. Profit on sale of property used for residence [54A. Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972] 54B. Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases [54C. Omitted by the Finance Act, 1976, w.e.f. 1-4-1976] 54D. Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases 54E. Capital gain on transfer of capital assets not to be charged in certain cases 54EA. Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities 54EB. Capital gain on transfer of long-term capital assets not to be charged in certain cases 54EC. Capital gain not to be charged on investment in certain bonds 54ED. Capital gain on transfer of certain listed securities or unit, not to be charged in certain cases 54EE. Capital gain not to be charged on investment in units of a specified fund 54F. Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house 54G. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area 54GA. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone 54GB. Capital gain on transfer of residential property not to be charged in certain cases 54H. Extension of time for acquiring new asset or depositing or investing amount of capital gain 55. Meaning of "adjusted", "cost of improvement" and "cost of acquisition" 55A. Reference to Valuation Officer F.—Income from other sources 56. Income from other sources 57. Deductions 58. Amounts not deductible 59. Profits chargeable to tax CHAPTER V INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE'S TOTAL INCOME 60. Transfer of income where there is no transfer of assets 61. Revocable transfer of assets 62. Transfer irrevocable for a specified period 63. "Transfer" and "revocable transfer" defined 64. Income of individual to include income of spouse, minor child, etc. 65. Liability of person in respect of income included in the income of another person CHAPTER VI AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS Aggregation of income 66. Total income [67. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993] 67A. Method of computing a member's share in income of association of persons or body of individuals 68. Cash credits 69. Unexplained investments 69A. Unexplained money, etc. 69B. Amount of investments, etc., not fully disclosed in books of account 69C. Unexplained expenditure, etc. 69D. Amount borrowed or repaid on hundi SUBJECT INDEX |
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