The document discusses the complexities of direct tax laws in India, emphasizing the need for practitioners to stay updated on interpretations and provisions. It outlines a revised edition of a comprehensive book designed to facilitate understanding of direct taxes through clear explanations, numerous illustrations, and recent case law. The authors, Dr. Vinod K. Singhania and Dr. Kapil Singhania, bring extensive expertise in tax laws and corporate economics.

1. Sample
Read

4. I-5
A few words from the authors
HE compendious and complex nature of our law relating to direct taxes
makes the task of professional practitioners, who have not only to under-
stand it but have also to develop the ability to apply it in given situations,
extremely onerous and difficult. They have to acquire a familiarity with, and
awareness of, the nature and scope of the main provisions of the direct taxes.
At the same time, they also require an up-to-date knowledge of how a statutory
provisionhasbeeninterpretedbydifferentcourtsoflawondifferentoccasions.
As such, they need a book on direct taxes which not only is comprehensive and
up-to-date on both the law and its judicial interpretations but which also
explains the difficult subject lucidly and through appropriate illustrations so as
to render the study of direct taxes simple and easy.
The present edition of the book has several unparalleled features which make
it distinct from other available text books. These are :
u The present edition is thoroughly revised with a view to making it more
reader-friendly.
u The treatment of the subject is lucid, to-the-point and the matter is painstak-
ingly arranged in paras and sub-paras with distinct numbers to save time and
energy. Besides, debatable issues have been deliberated to their logical con-
clusion.
u Theoretical discussion is suitably supplemented by illustrations (over 600 in
number and covering an exhaustive range of issues) providing solutions to
the knotty problems with reference to the latest case law.
u Hints are given wherever tax planning can be resorted to.
u Latest circulars, notifications, amendments and the case laws are included in
the discussion. All recent citations of court rulings, circulars and notifications
have been highlighted.
u In a nutshell, law is lucidly enumerated and its practical application is
adequately explained.
Our grateful thanks are due to Shri Rakesh Bhargava for his guidance and
suggestions and for extending various facilities during the preparation of the
manuscript of this book.
Readers’ views, comments and criticism relating to the present work are most
welcome.
22 Deepali, Pitampura, VKS
Delhi - 110034. KS
Email : vks@taxmann.com
Phone : 27015500, 27016686, 9810008160
T

5. About the Authors
Dr. Vinod K. Singhania got his Ph.D. from the Delhi School of Economics in 1976.
His fields of special interest include all facets of corporate legislation and corporate
economics especially the tax laws. Associated in different capacities with several
professional institutes and business houses in India and abroad, Dr. Singhania is
author of many popular books and software published by Taxmann. He has to his
credit more than 300 research articles which have appeared in leading journals.
He has been a resource person in over 800 seminars in India and abroad. He can
be reached at vks@taxmann.com.
Dr. Kapil Singhania, a Fellow of the Institute of Chartered Accountants of India
and belonging to the alumni of Shri Ram College of Commerce, has completed his
research work for which he has been awarded Ph.D. in 2003. His fields of
involvement in research work in form of articles in various reputed journals and
analytical studies span across from corporate laws to direct and indirect taxation.
He has authored a variety of acclaimed books on direct and indirect taxes
published by Taxmann. Dr. Singhania is providing tax consultancy to a number
of business organizations, which include multinational and public sector compa-
nies.
I-6

6. Contents
PAGE
I-7
u A few words from the authors I-5
u About the authors I-6
u Section-wise Index I-23
u Amendments at a glance I-29
u Gist of relevant Circulars, Clarifications and Notifications issued during
January 1, 2008 to February 2021 I-83
u Gist of landmark rulings of Supreme Court/High Courts [2008 - Feb. 2021] I-311
1 Basic concepts
1. Assessment year 1
2. Previous year 1
3. Person 5
4. Assessee 6
5. Charge of income-tax 6
6. Income 7
7. Gross total income 17
8. Total income and tax liability 21
9. Agricultural income 23
10. Difference between exemption and deduction 24
11. Assessment 24
12. Definition of “manufacture” 24
13. Capital asset 24
14. Company 24
15. Fair market value 24
16. Capital receipts vs. Revenue receipts 25
17. Capital expenditure vs. Revenue expenditure 31
18. Method of accounting 31
19. Definitions of amalgamation, demerger, infrastructure capital company and
infrastructure capital fund 32
20. Rules of interpretation 33
2 Residential status and tax incidence
22. What is relevance of residential status 47
23. Residential status - General norms 47
24. Residential status of an individual 48
25. Residential status of a Hindu undivided family 56
26. Residential status of the firm and association of persons 57
27. Residential status of a company 58
28. Residential status of “every other person” 62

7. Contents I-8
PAGE
29. Relation between residential status and incidence of tax 62
30. Receipt of income 65
31. Accrual of income 67
32. Income deemed to accrue or arise in India 71
32A. Fund Managers in India not to constitute business connection of offshore funds 88
33. Hints for tax planning in respect of residential status 90
34. Problems on residential status and tax incidence 91
3 Incomes exempt from tax
38. Incomes exempt under section 10 94
39. Special provisions in respect of newly established undertakings in
free trade zone, etc. 126
40. Special provisions in respect of newly established units in Special Economic Zone 126
41. Special provisions in respect of newly established hundred per cent
export-oriented undertakings 130
42. Special provision in respect of export of artistic hand-made wooden articles 130
43. Income exempt under section 13A 130
44. Exemption to Electoral Trust 131
4 Salaries
46. Essential norms of salary income 132
47. Basis of charge 134
48. Place of accrual of salary income 135
49. Tax treatment of different forms of salary income 136
50. Allowance 154
51. Perquisites 161
52. Valuation of perquisites 165
53. Deduction from salary income 196
54. Tax on salary of non-resident technicians 196
55. Salaries of other foreign citizens 196
56. Employees’ provident fund 197
57. Approved superannuation fund 202
58. Approved gratuity fund 202
59. Deduction under section 80C 202
60. Relief under section 89 202
61. Meaning of salary for different computations 205
62. Hints for tax planning 207
63. Problems on salary income 208
Annex 1 : Frequently Asked Questions (FAQs) about computation of salary income 220
5 Income from house property
86. Chargeability 221
87. Applicability of section 22 in certain typical situations 226
88. Principle of mutuality vis-a-vis section 22 228
89. Property income exempt from tax 229

8. I-9 Contents
PAGE
90. Computation of income from a let out house property 229
91. Computation of income from self-occupied property 238
92. Special provisions when unrealised rent is realised subsequently 247
93. Mode of taxation of arrears of rent in the year of receipt 247
94. Hints for tax planning 247
95. Problems on computation of property income 248
App. Frequently Asked Questions (FAQs) about mode of computation of annual value 258
6 Profits and gains of business or profession
101. Chargeability 262
102. General principles governing assessment of business income 275
103. Method of accounting 281
104. Scheme of deductions and allowances 282
105. Basic principles governing admissibility of deduction under sections 30 to 44DB 282
106. Deductions expressly allowed in respect of expenses/allowances 284
107. Rent, rates, taxes, repairs and insurance of building 284
108. Repairs and insurance of machinery, plant and furniture 285
109. Depreciation 286
110. Investment allowance for acquisition and installation of new plant and machinery 329
110A. Investment allowance in backward area in Andhra Pradesh, Bihar, Telangana or
West Bengal 329
111. Tea/coffee/rubber development account 330
112. Site restoration fund 334
113. Reserves for shipping business 335
114. Expenditure on scientific research 335
115. Expenditure on acquisition of patent rights, copyrights, know-how 346
116. Expenditure for obtaining right to use spectrum for telecommunication services 346
117. Amortization of telecom licence fees 347
118. Expenditure on eligible projects or scheme 349
119. Deduction in respect of expenditure on specified business 349
120. Payment to the associations and institutions carrying out rural
development programmes 354
120A. Deduction for expenditure incurred on agricultural extension project 355
120B. Deduction for expenditure for skill development 355
121. Amortisation of preliminary expenses 356
121A. Amortisation of expenditure in the case of amalgamation/demerger 360
121B. Amortisation of expenditure under voluntary retirement scheme 360
122. Amortisation of expenditure on prospecting, etc., for development
of certain minerals 360
123. Insurance premium 363
124. Insurance premium paid by a federal milk co-operative society 363
125. Insurance premium on health of employees 363
126. Bonus or commission to employees 363
127. Interest on borrowed capital 364
127A. Discount on zero coupon bonds 367
128. Employer’s contribution to recognised provident fund and
approved superannuation fund 368
128A. Employer’s contribution to notified pension scheme 369
129. Contribution towards approved gratuity fund 369

9. Contents I-10
PAGE
130. Employees’ contribution towards staff welfare schemes 369
131. Write off allowance for animals 370
132. Bad debts 370
133. Provision for bad and doubtful debts relating to rural branches of
commercial banks 374
134. Transfer to special reserve 377
135. Family planning expenditure 379
136. Contribution towards Exchange Risk Administration Fund 380
137. Revenue expenditure incurred by entities established under any
Central, State or Provincial Act 380
137A. Contribution to credit guarantee trust fund 380
137B. Commodities transaction tax/Securities transaction tax 380
138. Expenditure for purchase of sugarcane by a co-operative society engaged in
sugar manufacturing 380
138A. Marked to market loss 381
139. Expenditure on advertisement 381
140. Expenses deductible from commission earned by life insurance
agents, UTI agents, post office/Government securities agents and
agents of notified mutual funds 382
141. General deduction 383
142. Amounts expressly disallowed under the Act 440
143. Amount not deductible under section 40(a) 440
144. Amount not deductible in the case of partnership firm 451
145. Amounts not deductible in the case of an association of persons
and body of individuals 451
146. Amount not deductible under section 40(c)/(d) 451
147. Payments to relative 451
148. Payments exceeding Rs. 10,000 paid otherwise than by account payee
cheques or bank drafts 454
149. Expenditure on payment of salary or perquisite to employees 458
150. Fees for services payable to a former employee 458
151. Provision for payment of gratuity 458
152. Interest on public deposit 459
153. Restriction on contributions by employers to non-statutory funds 459
154. Disallowance of marked to market loss 460
155. Disallowance of unpaid liability 460
156. Deemed profit 470
157. Income from undisclosed sources 474
158. Maintenance of accounts by certain persons 476
159. Audit of accounts by certain persons 478
160. Special provisions consequential to changes in the rate of exchange of
currency 480
161. Special provision for deduction in the case of trade, professional or similar
associations 482
162. Special provisions 482
163. Valuation of stock 505
164. Hints for tax planning 510
165. Problems on computation of income from business/profession 515
7 Capital gains
166. Chargeability 525

10. I-11 Contents
PAGE
167. Meaning of capital asset 525
168. Types of capital assets 529
169. Transfer of capital asset 532
170. Computation of capital gain 546
171. Full value of consideration 549
172. Expenditure on transfer 551
173. Cost of acquisition 552
174. Cost of improvement 565
175. Indexed cost of acquisition and indexed cost of improvement 567
176. Computation of capital gain in certain special cases 571
177. Reference to Valuation Officer 601
178. Capital gains exempt from tax 602
179. Capital gains arising from transfer of residential house 603
180. Capital gains arising from the transfer of land used for agricultural purpose 609
181. Capital gains on compulsory acquisition of land and buildings
forming part of industrial undertaking 611
182. Capital gain not to be charged on investment in certain bonds 612
182A. Capital gain not to be charged on investment in units of a specified fund 615
183. Capital gains on transfer of a long-term capital asset other than a house property 616
184. Capital gains on transfer of assets in cases of shifting of industrial
undertaking from urban area 622
185. Exemption of capital gains on transfer of assets in cases of shifting of
industrial undertaking from urban area to any Special Economic Zone 624
185A. Capital gain on transfer of residential property 625
185B. Extension of time-limit for acquiring new asset 629
186. Short-term/long-term capital gains - How charged to tax 630
187. Hints for tax planning 646
188. Problems on computation of capital gains 648
8 Income from other sources
191. Basis of charge 654
192. Relevance of method of accounting 657
193. Dividend 657
194. Winnings from lotteries, crossword puzzles, horse races and card games, etc. 666
195. Sum received from employees as their contribution towards staff
welfare schemes 668
196. Interest on securities 668
197. Income from machinery, plant or furniture let on hire 672
198. Income from composite letting of building, machinery, plant or furniture 672
199. Money/property is received without consideration or for inadequate
consideration 674
200. Share premium in excess of fair market value 684
201. Advance money received in course of negotiations for transfer of a capital asset 687
201A. Compensation on termination of employment or modification of terms of
employment 687
202. Interest on KVP, IVP, NSC, etc. 687
203. Deductions 689
204. Other points 691
205. Problems on computation of income from other sources 692

11. Contents I-12
PAGE
9 Income of other persons included in assessee’s total income
206. Transfer of income without transfer of assets 698
207. Revocable transfer of assets 698
208. When an individual is assessable in respect of remuneration of spouse 699
209. When an individual is assessable in respect of income from assets
transferred to spouse 702
210. When individual is assessable in respect of income from assets
transferred to son’s wife 706
211. When individual is assessable in respect of income from assets
transferred to a person for the benefit of spouse 707
212. When an individual is assessable in respect of income from assets
transferred to a person for the benefit of son’s wife 708
213. Income of minor child 708
214. Conversion of self-acquired property into joint family property and
subsequent partition 710
215. Other profits 711
216. Recovery of tax 711
217. Hints for tax planning 712
218. Problems explaining clubbing provisions 713
10 Set off and carry forward of losses
226. Mode of set off and carry forward - The three steps 718
227. Inter-source adjustment - How made 718
228. Inter-head adjustment - How made 719
229. Carry forward of loss 721
230. Loss of partnership firms 734
231. Loss of closely held companies 734
232. Carry forward and set off of loss and depreciation - When permissible in the
hands of amalgamated and demerged company or co-operative bank 734
233. Problems illustrating the provisions of set off and carry forward of losses 735
11 Deductions from gross total income and tax liability
234. Essential rules governing deductions 739
235. Deduction in respect of life insurance premia, deferred annuity, contributions
to provident fund, subscription to certain equity shares or debentures, etc. 740
235A. Deduction in respect of deposit under National Savings Scheme 748
236. Equity Linked Savings Scheme 749
237. Deduction in respect of pension fund 750
237A. Deduction in respect of contribution to a National Pension System (NPS) 751
237B. Deduction in respect of subscription to long-term infrastructure bonds -
When available under section 80CCF 753
237C. Deduction in respect of investment made under any equity saving scheme 753
238. Deduction in respect of medical insurance premia 754
239. Deduction in respect of maintenance including medical treatment of a
dependent being a person with disability - When and to what extent available 757
240. Deduction in respect of medical treatment, etc. 759
241. Deduction in respect of payment of interest on loan taken for higher studies 762

12. 241A. Deduction in respect of interest on loan taken for residential house property 762
241B. Deduction in respect of interest on loan taken for certain house property 763
241C. Deduction in respect of interest on loan taken for purchase of electric vehicle 764
242. Deduction in respect of donation to certain funds, charitable institutions, etc. 764
243. Deduction in respect of rent paid 770
244. Deduction in respect of certain donations for scientific research or rural
development 772
245. Deduction in respect of contributions given by companies to political
parties or electoral trust 773
246. Deduction in respect of contributions given by any person to
political parties or electoral trust 773
247. Deduction in respect of profits and gains from projects outside India 774
248. Deduction in respect of profits and gains from housing projects aided
by World Bank 774
249. Tax incentives for exports 774
250. Deduction in respect of earnings in convertible foreign exchange 774
251. Deduction in respect of profit from export of computer software 774
252. Deduction in respect of profits and gains from export or transfer of
films software 774
253. Deduction in respect of profits and gains from industrial undertaking or
enterprises engaged in infrastructure development etc. - How to find out 774
253A. Deductions in respect of profits and gains by an undertaking or enterprise
engaged in development of Special Economic Zone 787
253B. Deduction in respect of eligible start-up 788
254. Deduction in respect of profits and gains from certain industrial undertakings
other than infrastructure development undertakings - How to avail 789
254A. Deduction in respect of profits from housing projects 808
255. Deduction in respect of profits and gains of certain undertakings in
certain special category of States - How to find out 810
255A. Deduction in the case of hotels and convention centre in NCR 813
255B. Deduction in respect of certain undertakings in North-Eastern States 814
256. Deduction in respect of profits and gains from the business of
collecting and processing of bio-degradable waste 815
257. Deduction in respect of employment of new employees 816
258. Deduction in respect of interest on certain securities, investments, etc. 818
259. Deduction in respect of certain income of Offshore Banking Units and
International Financial Services Centre 819
260. Deduction in respect of inter-corporate investment 820
261. Deduction in respect of income of a co-operative society 822
262. Deduction in respect of certain income of producer companies 822
263. Deduction in respect of royalty income of authors 823
264. Deduction in respect of remuneration or professional income from certain
foreign sources 825
265. Deduction in respect of royalty on patents 825
266. Deduction in respect of interest on deposits in savings accounts 826
267. Deduction in respect of interest on deposits in case of senior citizens 827
268. Deduction in case of a person with disability 827
269. Deductions from tax liability 829
270. Rebate for resident individuals 829
12 Agricultural income
278. Definition 831
I-13 Contents
PAGE

13. PAGE
Contents I-14
279. Income which is partly agricultural and partly from business 837
280. Partially integrated taxation of non-agricultural income with income
derived from agriculture 839
281. Computation of net agricultural income 840
13 Typical problems on assessment of individuals
285. Tax incidence on individuals 848
286. Taxable income - How computed 848
287. Tax liability 849
288. Problems on computation of taxable income 853
14 Tax treatment of Hindu undivided families
295. Meaning of Hindu undivided family 864
296. Hindu coparcenary 864
297. Different schools of Hindu law 864
298. Jain and Sikh families 865
299. Assessment as Hindu undivided family - Basic conditions 865
300. Taxable income - How to compute 866
301. Rates of tax 868
302. Partition of a Hindu undivided family 868
303. Problems on Hindu undivided families 870
15
Special provisions governing assessment of firms and association
of persons
313. Meaning of partnership 877
314. Scheme of taxation of firms 877
315. When remuneration/interest is deductible 877
316. What are the conditions a firm should fulfil under section 184 878
317. What are the conditions for claiming deduction of remuneration to
partners under section 40(b) 879
318. What are the conditions for claiming deduction of interest to
partners under section 40(b) 885
319. Carry forward and set-off of loss in the case of change in the constitution of firm 886
320. Computation of income of firm 889
321. Computation of tax of firm 891
322. Assessment of partners of a firm 898
323. How to compute income of an association of persons (AOP) or
body of individuals (BOI) 901
324. Computation of income of an AOP/BOI 903
325. Computation of tax of AOP or BOI 903
326. Assessment of member of AOP/BOI 905
327. Hints for tax planning 910
328. Problems on computation of taxable income of firms/partners and
association of persons 917

14. I-15 Contents
PAGE
16 Taxation of companies
333. Definitions 923
334. Taxable income and tax liability - How computed 925
335. Carry forward and set-off of losses in the cases of certain companies 927
336. Minimum alternate tax 929
337. Tax on distributed profits of domestic companies 951
337A. Tax on income distributed to unitholders 952
337B. Tax on income received from venture capital companies and
venture capital funds 953
337C. Additional income-tax on distributed income by company for buy-back of
unlisted shares 953
338. Problems on computation of taxable income of a corporate-assessee 954
17 Assessment of co-operative societies
339. Meaning of co-operative society 979
340. Taxable income and tax liability - How computed 979
341. Deduction in respect of income of co-operative societies 980
342. Problems on computation of income of a co-operative society 988
18 Assessment of charitable and other trusts
343. Meaning of trust 990
344. Tax exemption 990
345. Charitable purpose 990
346. Essential conditions for exemption 994
347. How to find out exemption u/s 11 999
348. Accumulation of income 1006
349. Forfeiture of exemption 1008
350. Public charitable/religious trust - How chargeable to tax 1017
351. Private discretionary trust 1020
352. Income from property held under trust partly for religious
purposes and partly for other purposes 1021
352A. Oral trust 1022
352B. Tax on distributed income by securitization trusts 1023
352C. Special provisions pertaining to business trust 1024
352D. Pass through status to Category I and Category II Alternative Investment Funds 1026
19 Return of income and assessment
353. Voluntary return 1031
354. Return of loss 1035
355. Extension of time 1035
356. Belated return 1035
357. Revised return 1036
358. Defective or incomplete return 1038

15. Contents I-16
PAGE
359. Scheme to facilitate submission of returns through Tax Return Preparers 1040
359A. Power of Board to dispense with furnishing of documents 1040
359B. Filing of return in electronic form 1041
360. Return by whom to be verified 1041
361. Permanent Account Number (PAN) 1042
361A. Quoting of Aadhaar number 1046
362. What is self-assessment 1047
363. Inquiry before assessment 1049
364. Summary assessment without calling the assessee 1053
365. Assessment in response to notice under section 143(2) 1056
366. Best judgment assessment 1067
366A. Reference to dispute resolution panel 1069
367. Income escaping assessment and self-assessments 1071
368. Issue of notice for reassessment under section 148 1078
369. What are the provisions regarding rectification of mistake 1084
370. Time limit for completion of assessments/reassessments 1088
371. Provisions of section 155 1094
372. Problems on return of income and assessment 1095
372A. Obligation to furnish annual information return pertaining to financial
transactions 1099
372B. Submission of statement by a non-resident having liaison office in India 1101
372C. Furnishing of information or document by an Indian concern 1101
20 Penalties and prosecutions
373. Penalties for defaults in brief 1103
374. Penalty for concealment/under-reporting of Income 1114
375. Who can levy penalty 1140
376. Power of Commissioner to reduce or waive penalty 1141
377. Procedure for imposition of penalty 1145
378. Time-limit for completion of penalty proceedings 1146
379. Offences and prosecutions 1148
380. Onus of proof 1152
21 Advance payment of tax
381. Income liable for advance tax 1154
382. Advance tax liability - Under different situations 1155
383. Interest payable by the assessee or Government 1156
384. Problems illustrating advance tax provisions 1156
22 Interest
385. Interest payable by the assessee 1158
386. Interest payable to assessee 1174
387. Procedure to be followed in calculation of interest 1178
388. Waiver or reduction of interest under sections 234A, 234B and 234C 1178
389. Chief Commissioner/Director General (Investigation) to reduce
penal interest in certain cases 1179
390. Power of CBDT and Settlement Commission to reduce/waive interest 1179

16. I-17 Contents
PAGE
391. Writ petition 1180
392. Problems illustrating computation of interest 1180
23 Tax deduction or collection at source
404. Scheme of tax deduction at source 1187
405. Deduction of tax from salaries 1190
405A. Tax deduction at source from withdrawal from employees provident fund scheme 1195
406. Deduction of tax at source from interest on securities 1199
407. Deduction of tax at source from dividends 1200
408. Deduction of tax at source from interest other than interest on securities 1201
409. Deduction of tax at source from winnings from lotteries or
crossword puzzles 1206
410. Deduction of tax at source from winnings from horse races 1206
411. Deduction of tax at source from payments to contractors or sub-contractors 1206
412. Deduction of tax at source from insurance commission 1213
412A. Tax deduction from payment of life insurance policy 1213
413. Payment to non-resident sportsman or sports association 1214
414. Deduction of tax from payments in respect of National Savings Scheme 1215
415. Deduction of tax at source on payments on account of repurchase
of units by Mutual Funds or UTI 1215
416. Deduction of tax from commission, etc., on sale of lottery tickets 1215
417. Deduction of tax at source from commission or brokerage 1216
418. Deduction of tax at source from income by way of rent 1218
418A. Tax deduction at source on purchase of immovable property 1223
418B. Tax deduction from payment of rent by certain individuals/HUFs 1223
418C. Tax deduction from payment under joint development agreement 1224
419. Tax deduction at source on fees for professional or technical
services, royalty or directors fees 1225
419A. Tax deduction at source in respect of income from units 1229
420. Tax deduction from payment of compensation in certain cases 1229
420A. Deduction of tax at source from interest payable on infrastructure debt fund 1230
420AA. Tax deduction from income from units of business trust 1230
420AB. Tax deduction from income in respect of units of investment fund 1231
420ABB. Tax deduction from income in respect of investment in Securitization fund 1231
420B. Tax deduction by an Indian specified company or business trust from interest
to a non-resident/foreign company 1232
420C. Tax deduction at source on interest on bonds/Government securities 1233
420D. TDS on certain payments by individual/HUF 1234
420E. TDS on payments of certain amounts in cash 1235
420F. TDS on payment by e-commerce operator to e-commerce participants 1238
420G. Deduction of tax in case of specified Senior Citizen 1240
420H. Deduction of tax at source on payment for purchase of goods 1241
421. Deduction of tax at source from other sums 1242
422. Tax deduction from any income payable to non-resident unit-holders of
Mutual Fund 1248
423. Deduction of tax at source in respect of units referred to in section 115AB 1249
424. Deduction of tax from income or long-term capital gain from
foreign currency bonds/Global Depository Receipts 1249
425. Deduction of tax at source from income of Foreign Institutional
Investors from securities 1249
426. Payment without tax deduction or with deduction at lower rate 1249
427. Processing of statements of tax deducted at source 1255

17. Contents I-18
428. Other points for consideration 1255
429. Tax collection at source 1264
24 Refund of excess payments
430. Right to claim refund - When arises 1276
431. Who can claim refund 1276
432. How to claim refund 1276
433. Other points 1277
25 Appeals and revisions
435. Meaning of appeal 1279
436. Appellate hierarchy 1279
437. Appeal to the Commissioner (Appeals) 1280
438. Revision by the Commissioner of Income-tax 1294
439. Appeal to the Appellate Tribunal 1302
440. Appeal to High Court 1314
441. Appeal to the Supreme Court 1320
442. Provision for avoiding repetitive appeals 1321
443. Procedure for appeal by revenue when an identical question of law is
pending before Supreme Court 1322
444. Consequence of non-filing of appeal in respect of cases where the tax
effect is less than the prescribed monetary limit 1322
26 Income-tax authorities
445. Tax authorities 1324
446. Central Board of Direct Taxes 1324
27 Settlement Commission and Dispute Resolution Committee
457. Settlement Commission 1328
458. Discontinuation of Income-tax Settlement Commission 1328
459. Dispute Resolution Committee 1332
28
Special measures in respect of transactions with persons located in notified
jurisdictional area
471. Special measures in respect of certain transactions 1333
472. Notified jurisdictional area 1333
473. Applicability of transfer pricing provisions 1333
474. Disallowance of payment to financial institutions located in notified
jurisdictional area 1334
475. Disallowance of other expenditure 1334
476. Amount received to be treated as income in some cases 1334
PAGE

18. I-19 Contents
PAGE
477. TDS at higher rate 1334
478. Provisions illustrated 1334
29 General Anti-avoidance Rule
480. Applicability of general anti-avoidance rule 1337
481. Impermissible avoidance arrangement 1337
482. Procedure for invoking GAAR 1339
483. Clarifications given by Board 1339
30 Advance ruling
485. Constitution of the Board for Advance Ruling 1341
486. Advance ruling 1343
487. Procedure for filing application 1344
488. Procedure on receipt of application 1346
489. Applicability of advance ruling 1348
490. Advance ruling to be void in certain circumstances 1349
491. Powers of authority 1349
491A. Authority for advance rulings 1349
31 Search, seizure and assessment
492. Powers regarding discovery, production of evidence, etc. 1351
493. Search and seizure 1352
494. Requisitioning of books of account, etc. 1360
495. Application of assets seized or requisitioned 1361
496. Power to call for information 1362
497. Power of survey 1363
498. Power to collect certain information 1366
498A. Power to call for information by prescribed income-tax authority 1366
499. Scheme of assessment in case of search or requisition 1367
500. Prior approval in the case of search 1374
32 Transfer pricing
506. Taxation of international transaction 1375
507. Computation of the arm’s length price 1379
508. Arm’s length price - Computation of 1380
509. Computation of arm’s length price in cases where more than one price is
determined under most appropriate method 1387
510. Reference to transfer pricing officer 1397
510A. Power of Board to make Safe Harbour Rules 1401
511. Maintenance of books of account and furnishing of report in respect of
international group 1403

19. Contents I-20
512. Report from accountant 1408
513. Specified domestic transactions 1408
514. Advance Pricing Agreement (APA) 1409
514A. Secondary adjustment in certain international transactions 1411
514B. Provisions pertaining to thin capitalisation 1415
514C. Important judicial rulings 1418
33 Business restructuring
515. Restructuring business 1419
516. Amalgamation 1419
517. Demerger 1428
518. Conversion of sole proprietary business into company 1438
519. Conversion of firm into company 1439
520. Slump sale 1441
521. Transfer of assets between holding and subsidiary companies 1447
522. Amalgamation or demerger of co-operative banks 1452
523. Conversion of private company/unlisted public company into Limited Liability
Partnership (LLP) 1454
34 Alternative tax regime
531. Alternative tax regime available under different sections 1459
532. Manufacturing domestic companies under section 115BA 1461
533. Tax on income of certain domestic companies 1462
534. Conditions and restrictions 1462
535. Tax rate 1463
536. Option 1463
537. MAT not applicable 1463
538. Case studies 1463
539. New manufacturing domestic companies 1467
540. Conditions 1467
541. Mode of computation of income 1468
542. Computation of tax liability under section 115BAB 1468
543. Option 1469
544. MAT not applicable 1469
545. Case study 1470
546. Income of individuals and Hindu undivided family 1470
547. Rate of income-tax under the alternative tax regime 1471
548. Conditions and restrictions 1471
549. Option 1473
550. Case studies 1474
551. Tax on certain resident co-operative societies 1477
552. Conditions and restrictions under section 115BAD 1477
553. Tax rate 1478
554. Option 1478
PAGE

20. 35 Tax planning
565. Tax planning 1479
566. Tax planning with reference to setting up of a new business 1481
567. Tax planning with reference to financial management decisions 1483
568. Tax planning with reference to specific managerial decisions 1484
569. Tax planning in respect of employees’ remuneration 1488
570. Tax planning in respect of non-residents 1490
571. Tax planning in respect of amalgamation or demerger of companies
or business restructuring 1495
36 Miscellaneous
572. Introduction of Tonnage Tax 1496
573. Securities Transaction Tax 1499
574. Tax clearance certificate 1501
575. Equalisation levy 1503
577. Income-tax on fringe benefit 1507
578. Commodities transaction tax 1507
580. Facility for electronic communication 1508
581. Introduction of Document Identification Number 1508
582. Power to withdraw approvals 1508
583. Restriction on cash transactions 1509
ANNEXURES
1. Tax rates 1513
2. Rates of depreciation 1536
3. The Eleventh Schedule, Thirteenth Schedule, Fourteenth Schedule/
Investment ceiling in the case of small scale industrial undertaking 1543
4. Notified backward districts 1550
5. Case studies 1552
PAGE
I-21 Contents

21. immediately preceding the previous year in which cash is withdrawn (i.e., previous year 2020-21). Only in Situation
3, return of all earlier 3 years has not been uploaded before the due date. Therefore, in Situation 3, the threshold
limit is Rs. 20 lakh. In Situation 1 and Situation 2, threshold limit is Rs. 1 crore and amount of TDS, as calculated in
the above case study, will be valid. However, TDS computation in Situation 3 is as follows –
Date of cash withdrawal Amount of cash Cumulative Amount of TDS
withdrawal amount
Rs. in lakh Rs. in lakh
April 10, 2020 18.50 18.50 Nil
October 3, 2020 81.45 99.95 2% of Rs. 79.95 lakh
October 10, 2020 2 101.95 2% of Rs. 0.05 lakh + 5% of Rs. 1.95 lakh
March 6, 2021 40 141.95 5% of Rs. 40 lakh
Note - As mentioned earlier, if tax is to be deducted on the entire amount (once the threshold limit is exceeded), TDS
on October 3, 2020 and October 10, 2020 will be as follows –
October 3, 2020 : Rs. 1.999 lakh (i.e., 2% of Rs. 99.95 lakh).
October 10, 2020 : Rs. 3.0985 lakh (i.e., 5% of Rs. 101.95 lakh – Rs. 1.999 lakh).
420E.2-P3 Suppose in case study 420E.2-P2, Rs. 81.45 lakh is withdrawn in cash on June 26, 2020 (and not on
October 3, 2020).
SOLUTION:
In Situation 1 and Situation 2, TDS will remain unaffected. However, in Situation 3, the threshold limit of Rs. 20 lakh
is applicable with effect from July 1, 2020 and, consequently, TDS will be as follows –
Date of cash withdrawal Amount of cash Cumulative Amount of TDS
withdrawal amount
Rs. in lakh Rs. in lakh
April 10, 2020 18.50 18.50 Nil
June 26, 2020 81.45 99.95 Nil
October 10, 2020 2 101.95 2% of Rs. 0.05 lakh + 5% of Rs. 1.95 lakh
March 6, 2021 40 141.95 5% of Rs. 40 lakh
Note - See note given above.
TDS on payment by e-commerce operator to e-commerce participants [Sec.
194-O]
420F. Section 194-O has been inserted with effect from October 1, 2020. Provisions of this section
are given below –
■ Who is responsible for tax deduction at source - Where sale of goods/services of an e-commerce
participants is facilitated by an e-commerce operator through its digital or electronic facility or
platform (by whatever name called), such e-commerce operator is required to deduct tax at source
under section 194-O. For this purpose, “e-commerce operator” means a person who owns, operates
or manages digital or electronic facility or platform for electronic commerce. “e-Commerce
participant” means a person resident in India selling goods/services (including digital products)
through digital or electronic facility or platform for electronic commerce. “Services”, for this
purpose, include fees for technical services/professional services. For the purpose of this section,
e-commerce operator shall be deemed to be the person responsible for paying to e-commerce
participant.
■ Time of tax deduction at source - Tax is deductible by e-commerce operator at the time of credit
of amount of sale of goods/services to the account of an e-commerce participant or at the time of
payment thereof to such e-commerce participant by any mode, whichever is earlier.
Para 420F Income-tax - Tax deduction or collection at source 1238

22. ■ Rate of TDS - Tax is deductible at the rate of 1 per cent (0.75 per cent up to March 31, 2021) of the
gross amount of such sale of goods/services. For this purpose, any payment made by a purchaser
of goods/services directly to an e-commerce participant for the sale of goods/services, facilitated
by an e-commerce operator, shall be deemed to be the amount credited/paid by the e-commerce
operator to the e-commerce participant and shall be included in the gross amount of such sale or
services for the purpose of tax deduction.
If the recipient does not have PAN, tax is deductible (by virtue of section 206AA) at the rate of 5 per
cent.
■ When tax is not deductible - Tax is not deductible under section 194-O if the following conditions
are satisfied –
a. e-commerce participant is an individual or HUF;
b. gross amount of such sale of goods/services through e-commerce operator during the previous
year does not exceed Rs. 5 lakh; and
c. such e-commerce participant has furnished his PAN or Aadhaar number to the e-commerce
operator.
■ TDS under any other section - Not possible - If tax is deductible under section 194-O (or not
deductible because of threshold limit of Rs. 5 lakh given above), tax cannot be deducted under any
other provisions of the Act. However, this rule is not applicable in the case of amount received/
receivable by an e-commerce operator for hosting advertisements or providing any other services
which are not in connection with the sale of goods/services given above.
■ Lower TDS certificate - Lower/nil TDS certificate can be obtained by e-commerce participants by
submitting Form No. 13 within the parameters of section 197 [see para 426.2].
■ Removing difficulty - If any difficulty arises in giving effect to the provisions of this section, the
Board may, with the approval of the Central Government, issue guidelines for the purpose of
removing the difficulty. These guidelines shall be laid before each House of Parliament and shall be
binding on the income-tax authorities and on the e-commerce operator.
420F-P1 XLtd.,Y,ZandCLtd.(e-commerceparticipants)supply goodsinIndiathroughAnazon(aSingaporebased
website) owned by Anazon Ltd. Anazon Ltd. wants to know tax to be deducted under section 194-O in the following
different situations –
Situation 1 - During the financial year 2020-21, X Ltd. sells goods of Rs. 44 lakh through Anazon Ltd. Anazon Ltd.
transfers Rs. 37.4 lakh (i.e., gross sales excluding GST : Rs. 44 lakh minus commission : 15 per cent) through RTGS
on March 31, 2021.
Situation 2 - The above payment is made by Anazon Ltd. in 3 instalments – Rs. 19.55 lakh on January 1, 2021,
Rs. 7.65 lakh on March 1, 2021 and the balance of Rs. 10.2 lakh is transferred to the account of X Ltd. (in the books
of Anazon Ltd.) on March 31, 2021 (actual payment is made through RTGS on May 18, 2021).
Situation 3 - In Situation 2, assume that e-commerce participant is not X Ltd. but X, an individual.
Situation 4 - During the financial year 2020-21, Y (an individual, e-commerce participant) supplies services
(aggregate value of which is Rs. 4.5 lakh) through Anazon Ltd. Y has furnished his PAN to Anazon Ltd.
Situation 5 - During the financial year 2020-21, Z (an individual, e-commerce participant) supplies goods (aggregate
value of which is Rs. 5 lakh) through Anazon Ltd. Z has furnished his PAN to Anazon Ltd.
Situation 6 - C Ltd. is an e-commerce participant. It supplies goods in India through Anazon Ltd. (i.e., e-commerce
operator). During the financial year 2020-21, C Ltd. sells goods of Rs. 60 lakh through Anazon Ltd., out of which
Rs. 20 lakh is directly received by C Ltd. and Rs. 40 lakh is received first by Anazon Ltd. and later on it is remitted to
C Ltd. on March 31, 2021. Commission of C Ltd. in the two cases is 15 per cent. C Ltd. gets the payment directly
from the customers as follows –
a. First payment of Rs. 18 lakh - It is received by C Ltd. on October 6, 2020.
b. Second payment of Rs. 2 lakh - Received by C Ltd. on January 10, 2021.
Amount of Rs. 40 lakh is remitted by Anazon Ltd. (after deducting 15 per cent of Rs. 60 lakh as commission) to C Ltd.
on March 31, 2021.
1239 TDS on payment by e-commerce operator Para 420F

23. SOLUTION:
Gross payment (before deducting commission) is subject to TDS under section 194-O at the rate of 1% (in non-PAN
cases, tax is deductible at the rate of 5%). However, if there is any GST indicated separately in the invoice, it shall
be excluded for the purpose of TDS – Circular No. 23/2017 dated July 19, 2017. Tax is deductible under section
194-O in different situations as follows –
Situation 1 - Tax is deductible at the rate of 1%† of Rs. 44 lakh (excluding GST) on March 31, 2021.
Situation 2 - One has to find out gross payment pertaining to Rs. 19.55 lakh, Rs. 7.65 lakh and Rs. 10.2 lakh (after
excluding GST). In this situation, tax is deductible as follows –
Date of payment to Net amount of Gross amount (i.e., net Amount of
e-commerce participant payment amount ÷ 0.85) TDS†
and date of TDS Rs. Rs. Rs.
January 1, 2021 19,55,000 23,00,000 23,000
March 1, 2021 7,65,000 9,00,000 9,000
March 31, 2021 10,20,000 12,00,000 12,000
Total 37,40,000 44,00,000 44,000
Situation 3 - e-Commerce participant is an individual. However, gross amount of sale through Anazon Ltd. during
the year exceeds Rs. 5 lakh. Consequently, tax is deductible by Anazon Ltd. as discussed in Situation 2.
Situation 4 - e-Commerce participant is Y (an individual). Gross amount of sales through e-commerce operator does
not exceed Rs. 5 lakh. Consequently, tax is not deductible under section 194-O.
Situation 5 - e-Commerce participant is Z (an individual). Gross amount of sales through e-commerce operator does
not exceed Rs. 5 lakh. Consequently, tax is not deductible under section 194-O.
Situation 6 - Even if the payment of Rs. 20 lakh is received directly by C Ltd. (e-commerce participant), tax will be
deducted by Anazon Ltd. on the entire Rs. 60 lakh (after deducting GST). Schedule for tax deduction under section
194-O is as follows –
- Payment of Rs. 18 lakh - It is received by C Ltd. on October 6, 2020. Date of tax deduction by Anazon Ltd. is
October 6, 2020 (amount of TDS is Rs. 18,000, being 1%† of Rs. 18 lakh).
- PaymentofRs.2lakh-ItisreceivedbyCLtd.onJanuary10,2021.DateoftaxdeductionbyAnazonLtd.isJanuary
10, 2021 (amount of TDS is Rs. 2,000, being 1%† of Rs. 2 lakh).
- Amount of Rs. 40 lakh - Net amount of payment is Rs. 31 lakh (i.e., Rs. 40 lakh – commission which is 15% of
Rs. 60 lakh). Tax is deductible by Anazon Ltd. on March 31, 2021 is Rs. 40,000 (being 1%† of Rs. 40 lakh).
420F-P2 In the above case study, the e-commerce participants are required to pay commission on sales to
e-commerce operator. e-Commerce participants want to know whether they have TDS liability under section 194H
or under any other section.
SOLUTION:
If tax is deducted under section 194-O (or not deducted because e-commerce participant is an individual and his
gross sales/services through an e-commerce operator during the financial year does not exceed Rs. 5 lakh), then tax
is not deductible under any other provision under the Act (including section 194H).
Deduction of tax in case of specified senior citizen [Sec. 194P]
420G. The provisions of section 194P (inserted with effect from April 1, 2021) are given below –
■ Specified senior citizen - Under section 194P, tax is deductible only in the case of “specified senior
citizen”. For this purpose, specified senior citizen is an individual who satisfies the following
conditions –
1. He is a resident individual.
2. He is 75 years or more at any time during the previous year (for the previous year 2021-22, a
resident individual shall be treated as “specified senior citizen” only if he was born before April 2,
1947).
3. He has income from pension which is credited in his pension account with “specified bank”.
† TDS rate has been reduced to 0.75 per cent during October 1, 2020 and March 31, 2021.
Para 420G Income-tax - Tax deduction or collection at source 1240

24. 4.Hehasnootherincomeexceptinterestreceived/receivablefromanyaccountmaintainedbysuch
individual in the same “specified bank” in which he gets pension income.
5. He shall be required to furnish a declaration to the “specified bank”. The declaration shall contain
such particulars, in such form and verified in such manner, as may be prescribed.
■ Specified bank - “Specified bank” means a banking company as notified by the Central Govern-
ment.
■ Tax deduction by specified bank - Once the declaration is furnished by the specified senior citizen,
the specified bank would be required to compute the income of such senior citizen. For computing
total income, deduction under sections 80C to 80U should be given along with rebate under section
87A. The specified bank shall deduct income-tax on such total income on the basis of rates in force.
■ At what time tax is deductible by specified bank - It is not given in section 194P.
■ Return under section 139(1) not required - The provisions pertaining to submission of return of
income under section 139, shall not apply to the specified senior citizen for the assessment year
relevant to the previous year in which tax is deducted under section 194P.
Deduction of tax at source on payment for purchase of goods [Sec. 194Q]
420H. The provisions of section 194Q (inserted with effect from July 1, 2021) are given below –
■ Who is buyer - Under section 194Q, tax is deductible by buyer of goods. “Buyer” for this purpose,
means a person whose total sales, gross receipts or turnover from the business carried on by him
exceed Rs. 10 crore during the financial year immediately preceding the financial year in which the
purchase of goods is carried out. However, “buyer” does not include a person notified by the Central
Government (subject to such conditions as may be specified therein).
■ Who is responsible for tax deduction - Any person (being a buyer) who is responsible for paying
any sum to any resident seller for purchase of any goods of the value (or aggregate of such value)
exceeding Rs. 50 lakh in any previous year, is required to deduct tax at source under section 194Q
with effect from July 1, 2021.
■ At what time tax is deductible - Tax should be deducted by buyer, at the time of credit of such sum
to the account of the seller or at the time of payment thereof by any mode, whichever is earlier.
Where, however, the above sum is credited to any account (whether called “suspense account” or
by any other name) in the books of account of the person liable to pay such income, such credit of
income shall be deemed to be the credit of such income to the account of the payee and the
provisions of this section shall apply accordingly.
■ Rate of TDS - Tax is deductible by buyer at the rate of 0.1 per cent of the amount paid or payable
exceeding Rs. 50 lakh (in no PAN cases, tax is deductible at the rate of 5 per cent).
■ Threshold limit - Threshold limit is Rs. 50 lakh.
■ When tax is not available - Tax is not deductible in the following cases –
Cases when TDS under section Comments
194Q not applicable
Case 1 - If tax is deductible under If tax is deductible under any other section, then tax shall be deducted
any other section under that section and not under section 194Q. Even when tax is
deductible under any other section (but not actually deducted by the
payer), TDS provisions of that section will apply and not TDS under
section 194Q.
Case 2 - If tax is collectible under If a particular transaction is covered by TCS provisions of section 206C
the provisions of section 206C [other than sub-section (1H)], then tax will be collected by the seller
[but other than sub-section (1H)] (and tax is not deductible by the buyer under section 194Q).
If a particular transaction is covered by section 194Q as well as section
206C(1H), then TDS under section 194Q will apply and not TCS under
section 206C(1H).
1241 TDS on payment for purchase of goods Para 420H

25. ■ Removing difficulty - If any difficulty arises in giving effect to the provisions of section 194Q, the
Board may, with the approval of the Central Government, issue guidelines for the purpose of
removing the difficulty. These guidelines shall be laid before each House of Parliament and shall be
binding on the income-tax authorities and on the person liable to deduct tax.
Deduction of tax at source from other sums [Sec. 195]
421. A person (resident or non-resident) responsible for making payment to a non-resident or
foreign company of any interest or any other sum (not being salary) is required to deduct tax at
source under section 195, if in the hands of recipient such payment is chargeable to tax in India. Tax
is deductible at the time of payment or at the time of credit to the account of payee, interest payable
account, or suspense account, whichever is earlier. Tax is deductible at the rates prescribed by the
relevant Finance Act [see Annex 1 for rates of tax deduction at source].
■ TDSliabilityundersection195arisesonlywhenincomeiscreditedtoaccountofpayeeoronactual
payment of same, whichever is earlier and mere accrual of income in hands of foreign company
would not be sufficient proximate reason for tax-deductor’s liability under section 195—C.J.
International Hotels Ltd. v. ITO (TDS) [2001] 79 ITD 506 (Delhi).
■ Payment to non-resident/foreign company is covered by section 195, whether payment is made
within India or the payment is made outside India. The status of the payment or the source of the
payment is not a relevant consideration while applying the provisions of section 195—Satellite
Television Asian Region Ltd. v. CIT [2006] 99 ITD 91/99 TTJ 1025 (Mum.).
■ Tax is deductible under section 195 whether the deductor is resident (or non-resident). Tax is
deductible even if non-resident deductor does not have any place of business, residence, business
connection (or any other presence) in India.
■ When payment of credit is given to a non-resident/foreign company and in the hands of recipient,
income is taxable in India, tax is deductible by the payer under section 195. If, however, such
payment or credit is covered by some other sections, tax is deductible under that section and not
undersection195.Forinstance,salarypaymentsarecoveredbysection192.Ifsalaryispaidtoanon-
resident, tax is deductible under section 192 and not under section 195. Likewise, if tax is deductible
under sections 194E, 194LB and 194LC, the provisions of section 195 are not applicable.
■ With effect from June 1, 2015, the person responsible for paying to a non-resident/foreign
company, any sum (whether or not chargeable under the provisions of this Act in the hands of
recipient) shall furnish the information relating to payment of such sum, in such form and manner,
as may be prescribed.
421.1 When tax is deducted at lower rate or when no tax is deducted - Tax at source should not
be deducted or should be deducted at lower rate, as the case may be, where the recipient has made
an application [Form Nos. 13, 15C and 15D] to the Assessing Officer and obtained a certificate to that
effect. See para 426.2.
421.2 Income of recipient taxable in India is subject to tax deduction, not the entire payment -
Under section 195, income of non-resident which is taxable in India is subject to tax deduction.
Where the payer of income (other than salary) considers that the whole of such sum would not be
income chargeable in the case of the recipient, he may make an application under section 195(2) to
the Assessing Officer to determine by general or special order the appropriate proportion of such
sum so chargeable, and upon such determination, tax shall be deducted under section 195 only on
that proportion of the sum which is so chargeable.
The main consideration would be whether payment of sum to a non-resident is chargeable to tax
under the provisions of the Act or not. That sum may be income or income hidden or otherwise
embedded therein. If so, tax is required to be deducted on the said sum; what would be the income
is to be computed on the basis of various provisions of the Act including provisions for computation
of the business income if the payment is a trade receipt. However, what is to be deducted is income-
Para 421 Income-tax - Tax deduction or collection at source 1242

26. Description
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Provisions) Act, 2020
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