CONTENTS
PAGE PAGE
1 INCOME-TAX ACT, 1961 u
Arrangement of Sections
I-3
u
Text of the Income-tax Act, 1961 as amended by the Finance Act, 2022 and Taxation Laws (Amendment) Act, 2021
1.1
u u u
Appendix : Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
1.1487
Validation Provisions Subject Index
1.1584 1.1587
2 FINANCE ACT, 2022 & TAXATION LAWS (AMENDMENT) ACT, 2021 u
Text of the Finance Act, 2022
2.3
u
Text of the Taxation Laws (Amendment) Act, 2021
2.103
3 PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988 u
Arrangement of Sections
3.3
u
Text of the Prohibition of Benami Property Transactions Act, 1988 as amended upto date
3.7
4 SECURITIES TRANSACTION TAX u
Arrangement of Sections
4.3
u
Text of the Securities Transaction Tax as amended upto date
4.5
5 COMMODITIES TRANSACTION TAX u
Arrangement of Sections
5.3
u
Text of the Commodities Transaction Tax
5.5
v
CONTENTS
vi PAGE PAGE
6 EQUALISATION LEVY u
Arrangement of Sections
6.3
u
Text of the Equalisation Levy as amended upto date
6.5
u
Notification u/s 164 of the Finance Act, 2016
6.14
7 BLACK MONEY ACT u
Arrangement of Sections
7.3
u
Text of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
7.7
Text of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015
7.44
u
CONTENTS PAGE
1
DIVISION ONE Income-tax Rules, 1962 ◆ Arrangement of Rules
I-1
◆ List of e-Forms
I-43
◆ Text of the Income-tax Rules, 1962 as amended upto date
1.1
◆ Appendix ●
Text of provisions of Allied Laws referred to in Income-tax Rules
◆ Subject Index
1.1264 1.1291
DIVISION TWO Income Computation and Disclosure Standards ◆ Text of the Income Computation and Disclosure Standards
DIVISION THREE Income-tax (Appellate Tribunal) Rules, 1963
2 2.3
3
◆ Arrangement of Rules
3.1
◆ Text of the Income-tax (Appellate Tribunal) Rules, 1963
3.3
◆ Text of the Standing Order under Income-tax (Appellate Tribunal)
Rules, 1963
◆ Other Notifications and Instructions
3.22 3.27
◆ Text of the Income-tax Appellate Tribunal Members (Recruitment and
Conditions of Service) Rules, 1963
◆ Subject Index
3.47 3.55
v
CONTENTS
vi PAGE
DIVISION FOUR Commodities Transaction Tax Rules, 2013
4
◆ Arrangement of Rules
4.1
◆ Text of the Commodities Transaction Tax Rules, 2013
4.3
DIVISION FIVE Securities Transaction Tax Rules, 2004 ◆ Arrangement of Rules ◆ Text of the Securities Transaction Tax Rules, 2004, as amended
upto date
DIVISION SIX Authority for Advance Rulings (Procedure) Rules, 1996 ◆ Arrangement of Rules ◆ Text of the Authority for Advance Rulings (Procedure) Rules, 1996
DIVISION SEVEN Prohibition of Benami Property Transactions Rules, 2016 ◆ Arrangement of Rules ◆ Text of the Prohibition of Benami Property Transactions Rules, 2016
DIVISION EIGHT Equalisation Levy Rules, 2016 ◆ Arrangement of Rules ◆ Text of the Equalisation Levy Rules, 2016
DIVISION NINE Capital Gains Accounts Scheme, 1988 ◆ Arrangement of Paragraphs ◆ Text of the Capital Gains Accounts Scheme, 1988
5 5.1 5.3
6 6.1 6.3
7 7.1 7.3
8 8.1 8.3
9 9.1 9.3
vii
CONTENTS
PAGE
DIVISION TEN Electoral Trusts Scheme, 2013
10
◆ Arrangement of Paragraphs
10.1
◆ Text of the Electoral Trusts Scheme, 2013
10.3
DIVISION ELEVEN Income-tax (Dispute Resolution Panel) Rules, 2009
11
◆ Arrangement of Rules
11.1
◆ Text of the Income-tax (Dispute Resolution Panel) Rules, 2009
11.3
DIVISION TWELVE Reduction or Waiver of Interest under section 234A/ 234B/234C ◆ CBDT s Instructions for waiver or reduction of interest
DIVISION THIRTEEN Delay in Filing Refund Claim ◆ Condonation of delay in filing refund claim and claim of carry
forward of losses under section 119(2)(b) of the Income-tax Act
DIVISION FOURTEEN Reverse Mortgage Scheme, 2008
12 12.3
13 13.3
14
◆ Arrangement of Paragraphs
14.1
◆ Text of the Reverse Mortgage Scheme, 2008
14.3
DIVISION FIFTEEN
15
Centralised Verification Scheme, 2019 ◆ Arrangement of Paragraphs
15.1
◆ Text of the Centralised Verification Scheme, 2019
15.3
CONTENTS
viii PAGE
DIVISION SIXTEEN Faceless Assessment Scheme, 2019
16
◆ Arrangement of Paragraphs
16.3
◆ Text of Faceless Assessment Scheme, 2019
16.5
◆ Directions for giving effect to Faceless Assessment Scheme, 2019
DIVISION SEVENTEEN Faceless Appeal Scheme, 2021
16.23
17
◆ Arrangement of Paragraphs
17.1
◆ Text of Faceless Appeal Scheme, 2021
17.3
DIVISION EIGHTEEN Faceless Penalty Scheme, 2021
18
◆ Arrangement of Paragraphs
18.3
◆ Text of Faceless Penalty Scheme, 2021
18.5
◆ Directions to give effect to Faceless Penalty Scheme, 2021
DIVISION NINETEEN
18.17
19
Site Restoration Fund Scheme, 1999 ◆ Arrangement of Paragraphs
19.1
◆ Text of the Site Restoration Fund Scheme, 1999
19.3
DIVISION TWENTY
20
National Pension Scheme Tier II - Tax Saver Scheme, 2020 ◆ Arrangement of Paragraphs ◆ Text of the National Pension Scheme Tier II - Tax Saver Scheme,
2020
20.1 20.3
ix
CONTENTS
PAGE
DIVISION TWENTY-ONE
21
Centralised Processing of Returns Scheme, 2011 ◆ Arrangement of Paragraphs
21.1
◆ Text of Centralised Processing of Returns Scheme, 2011
21.3
◆ Text of Application of provisions of Act relating to processing of
returns
DIVISION TWENTY-TWO e-Settlement Scheme, 2021
21.8
22
◆ Arrangement of Paragraphs
22.1
◆ Text of e-Settlement Scheme, 2021
22.3
DIVISION TWENTY-THREE e-Verification Scheme, 2021
23
◆ Arrangement of Paragraphs
23.1
◆ Text of e-Verification Scheme, 2021
23.3
DIVISION TWENTY-FOUR e-Advance Rulings Scheme, 2022
24
◆ Arrangement of Paragraphs
24.1
◆ Text of e-Advance Rulings Scheme, 2022
24.3
DIVISION TWENTY-FIVE Relaxation of Validation (Section 119 of the Finance Act, 2012) Rules, 2021 ◆ Arrangement of Rules ◆ Text of Relaxation of Validation (Section 119 of the Finance Act, 2012)
Rules, 2021
25 25.1 25.3
CONTENTS PAGE
CONTENTS
1 SCHEMES PAGE
1.3
u
Income Tax Informants Rewards Scheme, 2018
u
Hospitalisation and Domiciliary Hospitalisation Benefit Policy
1.22
Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2015
1.29
u
Income-tax Welfare Fund Rules, 2007
1.33
u
Guidelines for Providing Training by Shipping Companies for Tonnage Tax Scheme under Chapter XII-G of Income-tax Act
1.36
u
Equity Linked Savings Scheme, 2005
1.41
u
Income Tax Ombudsman Guidelines, 2010
1.44
u
Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016
1.51
u
Electoral Bond Scheme, 2018
1.54
u
Prohibition of Benami Property Transactions (Conditions of Services of Members of Adjudicating Authority) Rules, 2019
1.61
u
Tribunals Reforms Act, 2021
1.66
u
Conditions of Service of Chairperson and Members of Tribunals, Appellate Tribunals and other Authorities
1.85
u
Tribunal (Conditions of Service) Rules, 2021
1.89
u
Direct Tax Vivad se Vishwas Act, 2020
1.108
u
Direct Tax Vivad se Vishwas Rules, 2020
1.119
u
I-5
CONTENTS
I-6 PAGE
2 WORDS & PHRASES u u u
Section key to Words and Phrases judicially defined under Income-tax Act
2.i
Alphabetical key to Words and Phrases judicially defined under Income-tax Act
2.v
Words & Phrases
2.3
3 CIRCULARS, CLARIFICATIONS & NOTIFICATIONS [1961 - FEBRUARY 2022] u
Circulars, Clarifications & Notifications [1961 - February 2022]
3.3
4 LANDMARK RULINGS OF SUPREME COURT/ HIGH COURTS [1922 - 2022] u
Landmark Rulings of Supreme Court/High Courts [1922 - February 2022]
4.3
5 MODELS AND DRAFTS u
Partnership deed
5.3
u
Specimen of dissolution deed of partnership firm
5.6
u
Specimen deed of dissolution of HUF
5.8
u
Gift deed
5.10
u
Will
5.11
u
Lease Deed
5.13
u
Indemnity Bond-I
5.15
I-7
CONTENTS PAGE
u
Indemnity Bond-II
5.16
u
Specimen affidavit
5.17
u
Specimen letter of communication with previous auditor
5.18
u
Power of attorney
5.19
u
Intimation to AO regarding discontinuance of business
5.20
u
Letter to AO regarding giving of appeal effect
5.21
u
Application to AO requesting stay of demand
5.22
u
Letter to AO regarding setting off of tax payable against refund due
5.23
u
Reply to notice under section 221(1)
5.24
u
Specimen affidavit under rule 10 of the Income-tax (Appellate Tribunal) Rules
5.25
u
Specimen application to Appellate Tribunal for admission of delayed appeal
5.26
u
Specimen application for rectification of mistake
5.28
u
Specimen application for revision under section 264
5.29
u
Specimen application for exercise of option under clause (2) of the Explanation to section 11(1)
5.30
u
Draft Letter of Appointment
5.31
u
Specimen letter for seeking adjournment for video conferencing in faceless assessment
5.33
Specimen letter to submit information in course of faceless assessment proceeding
5.34
Specimen application for condonation of delay in filing of Appeal before CIT (Appeals)
5.35
Specimen Application for Admission of Additional evidence in an Appeal
5.37
Specimen deed to create a Family Trust (Discretionary Trust)
5.39
u u u u
CONTENTS PAGE
RETURN FORMS FORM
SAHAJ (ITR-1)
SAHAJ - Individual Income Tax Return
1
ITR-2
Return of Income - For Individuals and HUFs not having income from profits and gains of business or profession
4
[Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017]
28
Return of Income - For Individuals and HUFs having income from profits and gains of business or profession
29
SUGAM - For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs. 50 lakh and having income from business and profession which is computed under section 44AD, 44ADA or 44AE [Not for an individual who is either Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP or has agricultural income more than Rs. 5000]
74
[Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017]
79
Return of Income - For persons other than, — (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
80
Return of Income - For Companies other than companies claiming exemption under section 11
119
Return of Income - For persons including companies required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) only
168
ITR-2A ITR-3
SUGAM (ITR-4)
ITR-4 ITR-5
ITR-6 ITR-7
I-5
CONTENTS FORM
ITR-8 ITR-V
I-6 PAGE
[Omitted by the IT (Twenty-First Amdt.) Rules, 2021, w.e.f. 29-7-2021]
189L
Verification Form
190
Acknowledgement
191
REVISED RULES RULE
12.
Return of income and return of fringe benefits
193
114.
Application for allotment of a permanent account number
205
Manner of making permanent account number inoperative
217
114AAA.
OTHER RULES AND SCHEMES
u
Income-tax (Certificate Proceedings) Rules, 1962
221
u
Income-tax Settlement Commission (Procedure) Rules, 1997
281
u
Tax Return Preparer Scheme, 2006
293
u
Bank Term Deposit Scheme, 2006
305
u
Sukanya Samriddhi Account Scheme, 2019
311
u
Senior Citizens’ Savings Scheme, 2019
323
u
Kisan Vikas Patra Scheme, 2019
335
u
Public Provident Fund Scheme, 2019
349
u
National Savings Certificates (VIII Issue) Scheme, 2019
365
S. 10
I.T. ACT, 1961
1.64
(i) deemed to be the income of such specified entity of the previous year in which such capital asset or stock in trade or both were received by the specified person; and (ii) chargeable to income-tax as income of such specified entity under the head “Profits and gains of business or profession” or under the head “Capital gains”, in accordance with the provisions of this Act. (3) For the purposes of this section, fair market value of the capital asset or stock in trade or both on the date of its receipt by the specified person shall be deemed to be the full value of the consideration received or accruing as a result of such deemed transfer of the capital asset or stock in trade or both by the specified entity. (4) If any difficulty arises in giving effect to the provisions of this section and subsection (4) of section 45, the Board may, with the approval of the Central Government, issue guidelines for the purposes of removing the difficulty. (5) Every guideline issued by the Board under sub-section (4) shall, as soon as may be after it is issued, be laid before each House of Parliament, and shall be binding on the income-tax authorities and on the assessee. Explanation.—For the purposes of this section,— (i) “reconstitution of the specified entity” means, where— (a) one or more of its partners or members, as the case may be, of such specified entity ceases to be partners or members; or (b) one or more new partners or members, as the case may be, are admitted in such specified entity in such circumstances that one or more of the persons who were partners or members, as the case may be, of the specified entity, before the change, continue as partner or partners or member or members after the change; or (c) all the partners or members, as the case may be, of such specified entity continue with a change in their respective share or in the shares of some of them; (ii) “specified entity” means a firm or other association of persons or body of individuals (not being a company or a co-operative society); (iii) “specified person” means a person, who is a partner of a firm or member of other association of persons or body of individuals (not being a company or a co-operative society) in any previous year.] CHAPTER III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included—
1.65
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
S. 10(4)
(1) agricultural income ; 28
(2)
29 [subject to the provisions of sub-section (2) of section 64,] any sum received by an individual as a member of a Hindu undivided family, where such sum has been paid out of the income of the family, or, in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family ;
[(2A)
31 in the case of a person being a partner of a firm which is separately assessed as such, his share in the total income of the firm.
30
Explanation.—For the purposes of this clause, the share of a partner in the total income of a firm separately assessed as such shall, notwithstanding anything contained in any other law, be an amount which bears to the total income of the firm the same proportion as the amount of his share in the profits of the firm in accordance with the partnership deed bears to such profits ;] (3) 33
32
[***]
[(4) (i) in the case of a non-resident, any income by way of interest on such securities or bonds as the Central Government may, by
28. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act. 29. Inserted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. 30. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. Earlier, clause (2A) was inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 and was omitted by the Direct Tax Laws (Amendment) Act, 1989, with effect from the same date. 31. See Circular No. 8/2014, dated 31-3-2014 [Interpretation of section 10(2A) where income of firm is exempt]. For details and relevant case laws, see Taxmann’s Master Guide to Income-tax Act. 32. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, clause (3), as substituted by the Finance Act, 1972, w.e.f. 1-4-1972 and amended by the Finance Act, 1986, w.e.f. 1-4-1987, Finance (No. 2) Act, 1991, w.e.f. 1-10-1991 and Finance Act, 1992, w.e.f. 1-4-1992, read as under : ‘(3) any receipts which are of a casual and non-recurring nature, to the extent such receipts do not exceed five thousand rupees in the aggregate : Provided that where such receipts relate to winnings from races including horse races, the provisions of this clause shall have effect as if for the words “five thousand rupees”, the words “two thousand five hundred rupees” had been substituted : Provided further that this clause shall not apply to— (i) capital gains chargeable under the provisions of section 45; or (ii) receipts arising from business or the exercise of a profession or occupation; or (iii) receipts by way of addition to the remuneration of an employee;’ 33. Substituted for clauses (4) and (4A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to their substitution, clause (4), as amended by the Finance Act, 1964, w.e.f. 1-4-1964. Clause (4A) was inserted by the Finance Act, 1964, w.e.f. 1-4-1965, subsequently amended by the Finance Act, 1968, w.e.f. 1-4-1969 and substituted by the Finance Act, 1982, w.e.f. 1-4-1982. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.
S. 10(4B)
I.T. ACT, 1961
1.66
notification in the Official Gazette 34, specify in this behalf, including income by way of premium on the redemption of such bonds : 35
[Provided that the Central Government shall not specify, for the purposes of this sub-clause, such securities or bonds on or after the 1st day of June, 2002;]
36 37 [ (ii) in the case of an individual, any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with 38[the Foreign Exchange Management Act, 1999 (42 of 1999)], and the rules made thereunder :
Provided that such individual is a person resident outside India as defined in 39[clause (w)] of section 240 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account ;]] 41 42
[***]
[(4B) in the case of an individual, being a citizen of India or a person of Indian origin, who is a non-resident, any income from interest on such savings certificates issued 43[before the 1st day of June, 2002] by the Central Government as that Government may, by notification in the Official Gazette44, specify in this behalf : Provided that the individual has subscribed to such certificates in convertible foreign exchange remitted from a country out-
34. For specified securities, see Notification No. SO 3331, dated 19-10-1965. For details, see Taxmann’s Master Guide to Income-tax Act. 35. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 36. Substituted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991. 37. See also Circular No. 592, dated 4-2-1991 (Joint holders of NRE Accounts). For details, see Taxmann’s Master Guide to Income-tax Act. 38. Substituted for “the Foreign Exchange Regulation Act, 1973 (46 of 1973)” by the Finance Act, 2013, w.e.f. 1-4-2013. 39. Substituted for “clause (q)” by the Finance Act, 2017, w.r.e.f. 1-4-2013. 40. Section 2(w) of FEMA, 1999 defines “person resident outside India”, see Appendix. 41. Omitted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its omission, second proviso, as inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006, read as under : “Provided further that nothing contained in this sub-clause shall apply to any income by way of interest paid or credited on or after the 1st day of April, 2005 to the Non-Resident (External) Account of such individual;” 42. Inserted by the Finance Act, 1982, w.e.f. 1-4-1983. 43. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 44. For specified savings certificates, see Notification No. SO 653(E), dated 8-9-1982. For details, see Taxmann’s Master Guide to Income-tax Act.
1.67
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(4D)
side India in accordance with the provisions of 45[the Foreign Exchange Management Act, 1999 (42 of 1999)], and any rules made thereunder. Explanation.—For the purposes of this clause,— (a) a person shall be deemed to be of Indian origin if he, or either of his parents or any of his grandparents, was born in undivided India ; (b) “convertible foreign exchange” means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of 45[the Foreign Exchange Management Act, 1999 (42 of 1999)], and any rules made thereunder ;] 46
47
[(4C) any income by way of interest payable to a non-resident, not being a company, or to a foreign company, by any Indian company or business trust in respect of monies borrowed from a source outside India by way of issue of rupee denominated bond, as referred to in clause (ia) of sub-section (2) of section 194LC, during the period beginning from the 17th day of September, 2018 and ending on the 31st day of March, 2019;]
[(4D)47a any income accrued or arisen to, or received by a specified fund as a result of transfer of capital asset referred to in clause (viiab) of section 47, on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in 48[convertible foreign exchange or as a result of transfer of securities (other than shares in a company resident in India) or any income from securities issued by a nonresident (not being a permanent establishment of a non-resident in India) and where such income otherwise does not accrue or arise in India or any income from a securitisation trust which is chargeable under the head “Profits and gains of business or profession”, to the extent such income accrued or arisen to, or is received, is attributable to units held by non-resident (not being the permanent establishment of a non-resident in India) 49[or is attributable to the investment division of offshore banking unit, as the case may be,] computed in the prescribed manner].
45. Substituted for “the Foreign Exchange Regulation Act, 1973 (46 of 1973)” by the Finance Act, 2013, w.e.f. 1-4-2013. 46. Inserted by the Finance (No. 2) Act, 2019, w.e.f. 1-4-2019. 47. Inserted, ibid., w.e.f. 1-4-2020. 47a. See rules 21AI and 21AJA and Form Nos. 10-IG, 10-IK and 10-IL. 48. Substituted for “convertible foreign exchange, to the extent such income accrued or arisen to, or is received in respect of units held by a non-resident” by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, w.e.f. 1-4-2021. 49. Inserted by the Finance Act, 2021, w.e.f. 1-4-2022.
S. 10(4D)
I.T. ACT, 1961
1.68
Explanation.—For the purposes of this clause, the expression— (a) “convertible foreign exchange” means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder; 50
[(aa) “investment division of offshore banking unit” means an investment division of a banking unit of a non-resident located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA and which has commenced its operations on or before the 31st day of March, 2024;] (b) “manager”51 shall have the meaning assigned to it in clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);
52
[(ba) “permanent establishment” shall have the same meaning assigned to it in clause (iiia) of section 92F; (bb) “securities”53 shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and shall also include such other securities or instruments as may be notified by the Central Government in the Official Gazette in this behalf; (bc) “securitisation trust” shall have the same meaning assigned to it in clause (d) of the Explanation to section 115TCA;]
54
[(c) “specified fund” means,— (i) a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate,—
50. Inserted by the Finance Act, 2021, w.e.f. 1-4-2022. 51. For definition of “manager” under SEBI (Alternative Investment Fund) Regulations, 2012, see Appendix. 52. Inserted by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, w.e.f. 1-4-2021. 53. For definition of “securities”, see Appendix. 54. Substituted by the Finance Act, 2021, w.e.f. 1-4-2022. Prior to its substitution, clause (c), read as under : ‘(c) “specified fund” means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate,— (i) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (ii) which is located in any International Financial Services Centre; (iii) of which all the units are held by non-residents other than unit held by a sponsor or manager;’
1.69
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
S. 10(4E)
(I) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or International Financial Services Centres Authority Act, 2019 (50 of 2019); (II) which is located in any International Financial Services Centre; and (III) of which all the units other than unit held by a sponsor or manager are held by 55[non-residents; or] (ii) investment division of an offshore banking unit, which has been— (I) granted a certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and which has commenced its operations on or before the 31st day of March, 2024; and (II) fulfils such conditions including maintenance of separate accounts for its investment division, as may be prescribed;] (d) “sponsor”55a shall have the meaning assigned to it in clause (w) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (e) “trust” means a trust established under the Indian Trusts Act, 1882 (2 of 1882) or under any other law for the time being in force; (f) “unit” means beneficial interest of an investor in the fund and shall include shares or partnership interests;] [(4E) any income accrued or arisen to, or received by a non-resident as a result of transfer of non-deliverable forward contracts 56a[or offshore derivative instruments or over-the-counter derivatives,] entered into
56
55. Following shall be substituted for the words “non-residents; or” by the Finance Act, 2022, w.e.f. 1-4-2023 : “non-residents : Provided that the condition specified in this item shall not apply where any unit holder or holders, being non-resident during the previous year when such unit or units were issued, becomes resident under clause (1) or clause (1A) of section 6 in any previous year subsequent to that year, if the aggregate value and number of the units held by such resident unit holder or unit holders do not exceed five per cent of the total units issued and fulfil such other conditions as may be prescribed; or” 55a. For definition of “sponsor” under SEBI (Alternative Investment Fund) Regulations, 2012, see Appendix. 56. Clauses (4E) and (4F) inserted by the Finance Act, 2021, w.e.f. 1-4-2022. 56a. Italicised words shall be inserted by the Finance Act, 2022, w.e.f. 1-4-2023.
S. 10(4G)
I.T. ACT, 1961
1.70
with an offshore banking unit of an International Financial Services Centre as referred to in sub-section (1A) of section 80LA, which fulfils such conditions as may be prescribed 56b; (4F) any income of a non-resident by way of royalty or interest , on account
of lease of an aircraft 56c[or a ship] in a previous year, paid by a unit of an International Financial Services Centre as referred to in subsection (1A) of section 80LA, if the unit has commenced its operations on or before the 31st day of March, 2024. Explanation.—For the purposes of this clause, “aircraft” means an aircraft or a helicopter, or an engine of an aircraft or a helicopter, or any part thereof;] Following Explanation shall be substituted for the existing Explanation to clause (4F) of section 10 by the Finance Act, 2022, w.e.f. 1-4-2023: Explanation.—For the purposes of this clause,— (i) “aircraft” means an aircraft or a helicopter, or an engine of an aircraft or a helicopter, or any part thereof; (ii) “ship” means a ship or an ocean vessel, engine of a ship or ocean vessel, or any part thereof; Following clause (4G) shall be inserted after clause (4F) of section 10 by the Finance Act, 2022, w.e.f. 1-4-2023: (4G) any income received by a non-resident from portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of such non-resident, in an account maintained with an Offshore Banking Unit in any International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India. Explanation.—For the purposes of this clause, “portfolio manager” 56d shall have the same meaning as assigned to it in clause (z) of subregulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021, made under the International Financial Services Centres Authority Act, 2019 (50 of 2019);
56b. See rule 21AK. 56c. Italicised words shall be inserted by the Finance Act, 2022, w.e.f. 1-4-2023. 56d. For definition of “portfolio manager”, see Appendix.
1.71 57
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
S. 10(5)
[(5)58 in the case of an individual, the value of any travel concession or assistance received by, or due to, him,— (a) from his employer for himself and his family, in connection with his proceeding on leave to any place in India ; (b) from his employer or former employer for himself and his family, in connection with his proceeding to any place in India after retirement from service or after the termination of his service, subject to such conditions as may be prescribed59 (including conditions as to number of journeys and the amount which shall be exempt per head) having regard to the travel concession or assistance granted to the employees of the Central Government : Provided that the amount exempt under this clause shall in no case exceed the amount of expenses actually incurred for the purpose of such travel: [Provided further that for the assessment year beginning on the 1st day of April, 2021, the value in lieu of any travel concession or assistance received by, or due to, such individual shall also be exempt under this clause subject to the fulfilment of such conditions (including the condition of incurring such amount of such expenditure within such period), as may be prescribed.]
60
[Explanation 1].—For the purposes of this clause, “family”, in relation to an individual, means—
61
(i) the spouse and children of the individual ; and (ii) the parents, brothers and sisters of the individual or any of them, wholly or mainly dependent on the individual.] [Explanation 2.—For the removal of doubts, it is hereby clarified that where an individual claims exemption and the exemption is allowed under the second proviso in connection with the prescribed expenditure, no exemption shall be allowed under this clause in respect of such prescribed expenditure to any other individual;]
62
57. Substituted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier, clause (5) was amended by the Finance Act, 1975, w.e.f. 1-4-1975, Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962 and Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 58. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act. 59. See rule 2B. See also rule 26C and Form No. 12BB. (Furnishing of evidence of claims by employee for deduction of tax u/s 192) 60. Inserted by the Finance Act, 2021, w.e.f. 1-4-2021. 61. Explanation renumbered as Explanation 1, ibid. 62. Inserted, ibid.
S. 10(6)
I.T. ACT, 1961
(5A)
63
[Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999;]
(5B)
64
[Omitted by the Finance Act, 2002, w.e.f. 1-4-2003;]
1.72
(6) in the case of an individual who is not a citizen of India,— (i) 66
65
[***]
[(ii) the remuneration received by him as an official, by whatever name called, of an embassy, high commission, legation, commission, consulate or the trade representation of a foreign State, or as a member of the staff of any of these officials, for service in such capacity : Provided that the remuneration received by him as a trade commissioner or other official representative in India of the Government of a foreign State (not holding office as such in an honorary capacity), or as a member of the staff of any of those officials, shall be exempt only if the remuneration of the corresponding officials or, as the case may be, members of the staff, if any, of the Government resident for similar purposes in the country concerned enjoys a similar exemption in that country : Provided further that such members of the staff are subjects of the country represented and are not engaged in any business or profession or employment in India otherwise than as members of such staff ;]
(iii) to (v) [Sub-clause (ii) substituted for sub-clauses (ii) to (v) by the Finance Act, 1988, w.e.f. 1-4-1989;] (vi) the remuneration received by him as an employee of a foreign enterprise for services rendered by him during his stay in India, provided the following conditions are fulfilled— (a) the foreign enterprise is not engaged in any trade or business in India ; (b) his stay in India does not exceed in the aggregate a period of ninety days in such previous year ; and (c) such remuneration is not liable to be deducted from the income of the employer chargeable under this Act ;
63. Prior to its omission, clause (5A), as inserted by the Taxation Laws (Amendment) Act, 1984, w.r.e.f. 1-4-1982. 64. Prior to its omission, clause (5B), as inserted by the Finance Act, 1993, w.e.f. 1-4-1994 and later on amended by the Finance Act, 1999, w.e.f. 1-4-1999. 65. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, sub-clause (i), as substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962 and amended by the Finance (No. 2) Act, 1977, w.r.e.f. 1-4-1972 and the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 66. Substituted for sub-clauses (ii) to (v) by the Finance Act, 1988, w.e.f. 1-4-1989.
1.73
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
S. 10(6)
[Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999;]
(via)
67
(vii)
68
(viia)
69
[Omitted by the Finance Act, 1993, w.e.f. 1-4-1993;] [Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999;]
(viii) any income chargeable under the head “Salaries” received by or due to any such individual being a non-resident as remuneration for services rendered in connection with his employment on a foreign ship70 where his total stay in India does not exceed in the aggregate a period of ninety days in the previous year ;
72
[Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999; ]
(ix)
71
(x)
71
[Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999; ]
[(xi) the remuneration received by him as an employee of the Government of a foreign State during his stay in India in connection with his training in any establishment or office of, or in any undertaking owned by,— (i) the Government ; or (ii) any company in which the entire paid-up share capital is held by the Central Government, or any State Government or Governments, or partly by the Central Government and partly by one or more State Governments ; or (iii) any company which is a subsidiary of a company referred to in item (ii) ; or (iv) any corporation established by or under a Central, State or Provincial Act ; or (v) any society registered under the Societies Registration Act, 1860 (14 of 1860), or under any other corresponding law for the time being in force and wholly financed by the Central Government, or any State Government or State Governments, or partly by the Central Government and partly by one or more State Governments ;]
67. Prior to its omission, sub-clause (via) was inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975. 68. Prior to its omission, sub-clause (vii) was amended by the Finance Act, 1964, w.e.f. 1-41964, Finance Act, 1965, w.e.f. 1-4-1965 and Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. 69. Prior to its omission, sub-clause (viia) was inserted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971 and later on amended by the Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973, Finance Act, 1979, w.e.f. 1-6-1979, Finance Act, 1988, w.e.f. 1-4-1988, Finance Act, 1992, w.e.f. 1-6-1992 and Finance Act, 1993, w.e.f. 1-4-1993. 70. For the meaning of the term “ship”, see Taxmann’s Direct Taxes Manual, Vol. 3. 71. Prior to omission, sub-clauses (ix) and (x) were inserted by the Finance Act, 1964, w.e.f. 1-4-1964. 72. Inserted by the Finance Act, 1976, w.e.f. 1-4-1976.
S. 10(6BB) 73
I.T. ACT, 1961
1.74
[(6A) where in the case of a foreign company deriving income by way of royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or the Indian concern after the 31st day of March, 1976 74[but before the 1st day of June, 2002] 75 [and,— (a) where the agreement relates to a matter included in the industrial policy, for the time being in force, of the Government of India, such agreement is in accordance with that policy ; and (b) in any other case, the agreement is approved by the Central Government, the tax on such income is payable, under the terms of the agreement, by Government or the Indian concern to the Central Government, the tax so paid]. Explanation.—For the purposes of this clause 76[and clause (6B)],— (a) “fees for technical services” shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9 ; (b) “foreign company” shall have the same meaning as in section 80B ; (c) “royalty” shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9;]
76
79
[(6B) where in the case of a non-resident (not being a company) or of a foreign company deriving income (not being salary, royalty or fees for technical services) from Government or an Indian concern in pursuance of an agreement entered into 77-78[before the 1st day of June, 2002] by the Central Government with the Government of a foreign State or an international organisation, the tax on such income is payable by Government or the Indian concern to the Central Government under the terms of that agreement or any other related agreement approved 77-78[before that date] by the Central Government, the tax so paid ;]
[(6BB) where in the case of the Government of a foreign State or a foreign enterprise deriving income from an Indian company engaged in the business of operation of aircraft, as a consideration of acquiring an
73. Inserted by the Finance Act, 1983, w.e.f. 1-4-1984. 74. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 75. Substituted for “and approved by the Central Government, the tax on such income is payable, under the terms of such agreement, by Government or the Indian concern to the Central Government, the tax so paid” by the Finance Act, 1992, w.e.f. 1-6-1992. 76. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988. 77-78. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 79. Inserted by the Finance Act, 1997, w.e.f. 1-4-1998.
1.75
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
S. 10(8)
aircraft or an aircraft engine (other than payment for providing spares, facilities or services in connection with the operation of leased aircraft) on lease under 80[an agreement entered into after the 31st day of March, 1997 but before the 1st day of April, 1999, or entered into after the 81[31st day of March, 82[2007]] and approved by the Central Government in this behalf] and the tax on such income is payable by such Indian company under the terms of that agreement to the Central Government, the tax so paid. Explanation.—For the purposes of this clause, the expression “foreign enterprise” means a person who is a non-resident;] 83
86
[(6C) any income arising to such foreign company, as the Central Government may, by notification84 in the Official Gazette, specify in this behalf, by way of 85[royalty or] fees for technical services received in pursuance of an agreement entered into with that Government for providing services in or outside India in projects connected with security of India ;]
[(6D) any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from, or fees for technical services rendered in or outside India to, the National Technical Research Organisation;] (7) any allowances or perquisites 87paid or allowed as such outside India by the Government to a citizen of India for rendering service outside India ; (8) in the case of an individual who is assigned to duties in India in connection with any co-operative technical assistance programmes and projects in accordance with an agreement entered into by the Central Government and the Government of a foreign State (the terms whereof provide for the exemption given by this clause)—
80. Substituted for “an agreement entered after the 31st day of March, 1997 (but before the 1st day of April, 1999) and approved by the Central Government in this behalf” by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2006. Words “30th day of September, 2005” substituted for “31st day of March, 2005” by the Finance Act, 2005, w.e.f. 1-4-2006. Earlier, the bracketed words were amended by the Finance Act, 1999, w.e.f. 1-4-2000. 81. Substituted for “30th day of September, 2005” by the Taxation Laws (Amendment) Act, 2005, w.e.f. 1-4-2006. 82. Substituted for “2006” by the Finance Act, 2006, w.e.f. 1-4-2007. 83. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 84. For notified companies, see Taxmann’s Master Guide to Income-tax Act. 85. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 86. Inserted by the Finance Act, 2018, w.e.f. 1-4-2018. 87. For the meaning of the expression “paid or allowed ... by the Government”, see Taxmann’s Direct Taxes Manual, Vol. 3.
S. 10(8A)
I.T. ACT, 1961
1.76
(a) the remuneration88 received by him directly or indirectly from the Government of that foreign State for such duties, and (b) any other income of such individual which accrues or arises outside India, and is not deemed to accrue or arise in India, in respect of which such individual is required to pay any income or social security tax to the Government of that foreign State ; Following proviso shall be inserted in clause (8) of section 10 by the Finance Act, 2022, w.e.f. 1-4-2023 : Provided that nothing contained in this clause shall apply to such remuneration and income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023; 89
[(8A) in the case of a consultant— (a) any remuneration or fee received by him or it, directly or indirectly, out of the funds made available to an international organisation [hereafter referred to in this clause and clause (8B) as the agency] under a technical assistance grant agreement between the agency and the Government of a foreign State ; and (b) any other income which accrues or arises to him or it outside India, and is not deemed to accrue or arise in India, in respect of which such consultant is required to pay any income or social security tax to the Government of the country of his or its origin. Following proviso shall be inserted in clause (8A) of section 10 by the Finance Act, 2022, w.e.f. 1-4-2023 : Provided that nothing contained in this clause shall apply to such remuneration, fee and income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023. Explanation.—In this clause, “consultant” means— (i) any individual, who is either not a citizen of India or, being a citizen of India, is not ordinarily resident in India ; or (ii) any other person, being a non-resident, engaged by the agency for rendering technical services in India in connection with any technical assistance programme or project, provided the following conditions are fulfilled, namely :—
88. For the meaning of the expression “remuneration”, see Taxmann’s Direct Taxes Manual, Vol. 3. 89. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.
1.77
CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
S. 10(9)
(1) the technical assistance is in accordance with an agreement entered into by the Central Government and the agency ; and (2) the agreement relating to the engagement of the consultant is approved by the prescribed authority90-91 for the purposes of this clause ; (8B) in the case of an individual who is assigned to duties in India in connection with any technical assistance programme and project in accordance with an agreement entered into by the Central Government and the agency— (a) the remuneration received by him, directly or indirectly, for such duties from any consultant referred to in clause (8A) ; and (b) any other income of such individual which accrues or arises outside India, and is not deemed to accrue or arise in India, in respect of which such individual is required to pay any income or social security tax to the country of his origin, provided the following conditions are fulfilled, namely :— (i) the individual is an employee of the consultant referred to in clause (8A) and is either not a citizen of India or, being a citizen of India, is not ordinarily resident in India ; and (ii) the contract of service of such individual is approved by the prescribed authority90-91 before the commencement of his service ;] Following proviso shall be inserted in clause (8B) of section 10 by the Finance Act, 2022, w.e.f. 1-4-2023 : Provided that nothing contained in this clause shall apply to such remuneration and income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023; (9) the income of any member of the family of any such individual as is referred to in clause (8) 92[or clause (8A) or, as the case may be, clause (8B)] accompanying him to India, which accrues or arises outside India, and is not deemed to accrue or arise in India, in respect of which such member is required to pay any income or social security tax to the Government of that foreign State 92[or, as the case may be, country of origin of such member];
90-91. The prescribed authority under rule 16B is Additional Secretary, Department of Economic Affairs in Ministry of Finance, Government of India in concurrence with Member (Income-tax), CBDT. 92. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.
S. 10(10)
I.T. ACT, 1961
1.78
Following proviso shall be inserted in clause (9) of section 10 by the Finance Act, 2022, w.e.f. 1-4-2023: Provided that nothing contained in this clause shall apply to such income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023; 93 94
[ (10)
95
(i) any death-cum-retirement gratuity received under the revised Pension Rules of the Central Government or, as the case may be, the Central Civil Services (Pension) Rules, 1972, or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority or any payment of retiring gratuity received under the Pension Code or Regulations applicable to the members of the defence services ; (ii) any gratuity received under the Payment of Gratuity Act, 1972 (39 of 1972), to the extent it does not exceed an amount calculated in accordance with the provisions of sub-sections (2) and (3) of section 496 of that Act ;
(iii) any other gratuity received by an employee on his retirement or on his becoming incapacitated prior to such retirement or on termination of his employment, or any gratuity received by his widow, children or dependants on his death, to the extent it does not, in either case, exceed one-half month’s salary for each year of completed service97, 98[calculated on the basis of the average salary for the ten months immediately preceding the month in which any such event
93. Substituted by the Finance Act, 1974, w.e.f. 1-4-1975. Original clause was amended first by the Finance Act, 1972, w.e.f. 1-4-1973 and then by the Finance Act, 1974, w.r.e.f. 1-6-1972/1-4-1962. 94. See also Letter F. No. 1(79)-62/TPL, dated 13-12-1962 (Gratuity paid to private sector employees) and Letter F. No. 194/6/73-IT(A-I), dated 19-6-1973 (Resignation is also covered). For details, see Taxmann’s Master Guide to Income-tax Act. 95. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act. 96. For text of sub-sections (2) and (3) of section 4 of the Payment of Gratuity Act, 1972, see Appendix. The limit laid down under section 4(3) of the Payment of Gratuity Act, 1972 [as amended by the Payment of Gratuity (Amendment) Act, 2018, with effect from 29-3-2018] is Rs. 20,00,000. 97. For the meaning of the expression “each year of completed service”, see Taxmann’s Direct Taxes Manual, Vol. 3. 98. Substituted for “calculated on the basis of the average salary for the three years immediately preceding the year in which the gratuity is paid, subject to a maximum of *thirty-six thousand rupees or twenty months’ salary so calculated, whichever is less” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. *Substituted for “thirty thousand rupees” by the Finance Act, 1983, w.r.e.f. 1-4-1982.
Direct Taxes Manual Set of 3 Volumes AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE
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