Direct Taxes - Income Tax - Finance Bill, 2012

Chapter: III - Part 1
Direct Taxes - Income Tax
Clause 3	:	Amendment of section 2. Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. It is proposed to insert a new ....
Clause 4	:	Amendment of section 9. Clause 4 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. T....
Clause 5	:	Amendment of section 10. Clause 5 of the Bill seeks to amend section 10 of the Income-tax Act relating to income not included in total income. The ex....
Clause 6	:	Amendment of section 13. Clause 6 of the Bill seeks to amend section 13 of the Income-tax Act relating to section 11 not to apply in certain cases. I....
Clause 7	:	Amendment of section 32. Clause 7 of the Bill seeks to amend section 32 of the Income-tax Act relating to depreciation. The existing provisions conta....
Clause 8	:	Amendment of section 35. Clause 8 of the Bill seeks to amend section 35 of the Income-tax Act relating to expenditure on scientific research. The exi....
Clause 9	:	Amendment of section 35AD. Clause 9 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on sp....
Clause 10	:	Insertion of new sections 35CCC and 35CCD. Clause 10 of the Bill seeks to insert new sections 35CCC and 35CCD in the Income-tax Act relating to expenditure on agricult....
Clause 11	:	Amendment of section 40. Clause 11 of the Bill seeks to amend section 40 of the Income-tax Act relating to amounts not deductible. It is proposed to ....
Clause 12	:	Amendment of section 40A. Clause 12 of the Bill seeks to amend section 40A of the Income-tax Act relating to expenses or payments not deductible in ce....
Clause 13	:	Amendment of section 44AB. Clause 13 of the Bill seeks to amend section 44AB of the Income-tax Act relating to audit of accounts of certain persons car....
Clause 14	:	Amendment of section 44AD. Clause 14 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits ....
Clause 15	:	Amendment of section 47. Clause 15 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. Und....
Clause 16	:	Amendment of section 49. Clause 16 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of ac....
Clause 17	:	Insertion of new section 50D. Clause 17 of the Bill seeks to insert section 50D of the Income-tax Act relating to fair market value deemed to be full valu....
Clause 18	:	Amendment of section 54B. Clause 18 of the Bill seeks to amend section 54B of the Income tax Act relating to capital gain on transfer of land used for....
Clause 19	:	Insertion of new section 54GB. Clause 19 of the Bill seeks to insert a new section 54GB relating to capital gain on transfer of residential property not to....
Clause 20	:	Amendment of section 55A. Clause 20 of the Bill seeks to amend section 55A of the Income- tax Act relating to reference to valuation officer. The exis....
Clause 21	:	Amendment of section 56. Clause 21 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. The existing pr....
Clause 22	:	Amendment of section 68. Clause 22 of the Bill seeks to amend section 68 of the Income-tax Act relating to cash credits. The existing provisions of t....
Clause 23	:	Amendment of section 80A. Clause 23 of the Bill seeks to amend section 80A of the Income-tax Act relating to deduction to be made in computing total i....
Clause 24	:	Amendment of section 80C. Clause 24 of the Bill seeks to amend section 80C of the Income-tax Act relating to deduction in respect of life insurance pr....
Clause 25	:	Amendment of section 80D. Clause 25 of the Bill seeks to amend section 80D of the Income-tax Act relating to deduction in respect of health insurance ....
Clause 26	:	Amendment of section 80DDB. Clause 26 of the Bill seeks to amend section 80DDB of the Income-tax Act relating to deduction in respect of medical treatme....
Clause 27	:	Amendment of section 80G. Clause 27 of the Bill seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to cert....
Clause 28	:	Amendment of section 80GGA. Clause 28 of the Bill seeks to amend section 80GGA of the Income-tax Act relating to deduction in respect of certain donatio....
Clause 29	:	Amendment of section 80-IA. Clause 29 of the Bill seeks to amend section 80-IA of the Income-tax Act relating to deductions in respect of profits and ga....
Clause 30	:	Insertion of new Part. Clause 30 of the Bill seeks to insert a new Part CA- Deductions in respect of other incomes in Chapter VI-A containing secti....
Clause 31	:	Amendment of section 90. Clause 31 of the Bill seeks to amend section 90 of the Income-tax Act relating to agreement with foreign countries or specif....
Clause 32	:	Amendment of section 90A. Clause 32 of the Bill seeks to amend section 90A of the Income-tax Act relating to adoption by Central Government of agreeme....
Clause 33	:	Amendment of section 92. Clause 33 of the Bill seeks to amend section 92 of the Income-tax Act relating to computation of income from international t....
Clause 34	:	Amendment of section 92B. Clause 34 of the Bill seeks to amend section 92B of the Income-tax Act relating to meaning of international transaction. The....
Clause 35	:	Insertion of new section 92BA. Clause 35 of the Bill seeks to insert a new section 92BA in the Income-tax Act relating to meaning of specified domestic tra....
Clause 36	:	Amendment of section 92C. Clause 36 of the Bill seeks to amend section 92C of the Income-tax Act relating to computation of arm s length price. The ex....
Clause 37	:	Amendment of Chapter X. Clause 37 of the Bill seeks to amend Chapter X of the Income-tax Act relating to special provisions relating avoidance of ta....
Clause 38	:	Amendment of section 92CA. Clause 38 of the Bill seeks to amend section 92CA of the Income-tax Act relating to reference to Transfer Pricing Officer. T....
Clause 39	:	Insertion of new sections 92CC and 92CD. Clause 39 of the Bill seeks to insert new sections 92CC and 92CD in the Income-tax Act relating to advance pricing agreement....
Clause 40	:	Insertion of new Chapter X-A. Clause 40 of the Bill seeks to insert a new Chapter X-A consisting of new sections 95, 96, 97, 98, 99, 100, 101 and 102 in t....
Clause 41	:	Amendment of section 111A. Clause 41 of the Bill seeks to amend section 111A of the Income-tax Act relating to tax on short-term capital gains in certa....
Clause 42	:	Amendment of section 115A. Clause 42 of the Bill seeks to amend section 115A of the Income-tax Act, relating to tax on dividends, royalty and technical....
Clause 43	:	Amendment of section 115BBA. Clause 43 of the Bill seeks to amend section 115BBA of the Income-tax Act relating to tax on non-resident sportsmen or sport....
Clause 44	:	Amendment of section 115BBD. Clause 44 of the Bill seeks to amend section 115BBD of the Income-tax Act relating to tax on certain dividends received from....
Clause 45	:	Insertion of new section 115BBE. Clause 45 of the Bill seeks to insert a new section 115BBE in the Income-tax Act relating to tax on income referred to in se....
Clause 46	:	Amendment of section 115JB. Clause 46 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by....
Clause 47	:	Amendment of Chapter XII-BA. Clause 47 of the Bill seeks to amend the heading of Chapter XII-BA of the Income-tax Act relating to special provisions rela....
Clause 48	:	Substitution of new section for section 115JC. Clause 48 of the Bill seeks to substitute section 115JC of the Income-tax Act relating to special provisions for payment of ....
Clause 49	:	Amendment of section 115JD. Clause 49 of the Bill seeks to amend section 115JD of the Income-tax Act relating to tax credit for alternate minimum tax. T....
Clause 50	:	Amendment of section 115JE. Clause 50 of the Bill seeks to amend section 115JE of the Income-tax Act relating to application of other provisions of this....
Clause 51	:	Insertion of new section 115JEE. Clause 51 of the Bill seeks to insert a new section 115JEE relating to application of Chapter XII-BA to certain persons. Sub....
Clause 52	:	Amendment of section 115JF. Clause 52 of the Bill seeks to amend section 115JF of the Income-tax Act relating to interpretation in Chapter XII-BA. The e....
Clause 53	:	Amendment of section 115-O. Clause 53 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic ....
Clause 54	:	Amendment of section 115U. Clause 54 of the Bill seeks to amend section 115U of the Income-tax Act relating to tax on income in certain cases. The exis....
Clause 55	:	Amendment of section 115VG. Clause 55 of the Bill seeks to amend section 115VG of the Income-tax Act relating to computation of tonnage income. The exis....
Clause 56	:	Amendment of section 139. Clause 56 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. The existing provisions....
Clause 57	:	Amendment of section 140A. Clause 57 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment. The existing provisions....
Clause 58	:	Amendment of section 143. Clause 58 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment. The existing provision of afo....
Clause 59	:	Insertion of new section 144BA. Clause 59 of the Bill seeks to insert a new section 144BA in the Income-tax Act relating to reference to Commissioner in cer....
Clause 60	:	Amendment of section 144C. Clause 60 of the Bill seeks to amend section 144C of the Income-tax Act relating to reference to dispute resolution panel. T....
Clause 61	:	Amendment of section 147. Clause 61 of the Bill seeks to amend section 147 of the Income-tax Act relating to income escaping assessment. The existing ....
Clause 62	:	Amendment of section 149. Clause 62 of the Bill seeks to amend section 149 of the Income-tax Act relating to time-limit for notice. The existing provi....
Clause 63	:	Amendment of section 153. Clause 63 of the Bill seeks to amend section 153 of the Income-tax Act relating to time limit for completion of assessments ....
Clause 64	:	Amendment of section 153A. Clause 64 of the Bill seeks to amend section 153A of the Income-tax Act relating to assessment in case of search or requisit....
Clause 65	:	Amendment of section 153B. Clause 65 of the Bill seeks to amend section 153B of the Income-tax Act relating to time limit for completion of assessment ....
Clause 66	:	Amendment of section 153C. Clause 66 of the Bill seeks to amend section 153C of the Income-tax Act relating to assessment of income of any other person....
Clause 67	:	Amendment of section 154. Clause 67 of the Bill seeks to amend section 154 of the Income-tax Act relating to rectification of mistake. It is proposed ....
Clause 68	:	Amendment of section 156. Clause 68 of the Bill seeks to amend section 156 of the Income-tax Act relating to notice of demand. The existing provisions....
Clause 69	:	Amendment of section 193. Clause 69 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities. Under the existin....
Clause 70	:	Amendment of section 194E. Clause 70 of the Bill seeks to amend section 194E of the Income-tax Act relating to payments to non-resident sportsmen or sp....
Clause 71	:	Amendment of section 194J. Clause 71 of the Bill seeks to amend section 194J of the Income-tax Act relating to fees for professional or technical servi....
Clause 72	:	Amendment of section 194LA. Clause 72 of the Bill seeks to amend section 194LA of the Income-tax Act relating to payment of compensation on acquisition ....
Clause 73	:	Insertion of new section 194LAA. Clause 73 of the Bill seeks to insert a new section 194LAA in the Income-tax Act relating to payment on transfer of certain ....
Clause 74	:	Insertion of new section 194LC. Clause 74 of the Bill seeks to insert a new section 194LC in the Income-tax Act, relating to income by way of interest from ....
Clause 75	:	Amendment of section 195. Clause 75 of the Bill seeks to amend section 195 of the Income-tax Act relating to other sums. It is proposed to provide tha....
Clause 76	:	Amendment of section 197A. Clause 76 of the Bill seeks to amend section 197A of the Income-tax Act relating to no deduction to be made in certain cases....
Clause 77	:	Amendment of section 201. Clause 77 of the Bill seeks to amend section 201 of the Income-tax Act relating to consequences of failure to deduct or pay.....
Clause 78	:	Amendment of section 204. Clause 78 of the Bill seeks to amend section 204 of the Income-tax Act relating to meaning of person responsible for paying ....
Clause 79	:	Amendment of section 206C. Clause 79 of the Bill seeks to amend section 206C of the Income-tax Act relating to the profits and gains from the business ....
Clause 80	:	Amendment of section 207. Clause 80 of the Bill seeks to amend section 207 of the Income-tax Act relating to liability for payment of advance tax. The....
Clause 81	:	Amendment of section 209. Clause 81 of the Bill seeks to amend section 209 of the Income-tax Act relating to computation of advance tax. The existing ....
Clause 82	:	Amendment of section 234A. Clause 82 of the Bill seeks to amend section 234A of the Income-tax Act relating to interest for defaults in furnishing retu....
Clause 83	:	Amendment of section 234B. Clause 83 of the Bill seeks to amend section 234B of the Income-tax Act relating to interest for defaults in payment of adva....
Clause 84	:	Amendment of section 234C. Clause 84 of the Bill seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. T....
Clause 85	:	Amendment of section 234D. Clause 85 of the Bill seeks to insert a new Explanation to section 234D of the Income-tax Act relating to interest on excess....
Clause 86	:	Insertion of new section 234E. Clause 86 of the Bill seeks to insert a new sub-heading G.-Levy of fee in certain cases and a new section 234E in the Income....
Clause 87	:	Amendment of section 245C. Clause 87 of the Bill seeks to amend section 245C of the Income-tax Act relating to application for settlement of cases. The....
Clause 88	:	Amendment of section 245Q. Clause 88 of the Bill seeks to amend section 245Q of the Income-tax Act relating to application for advance ruling. The prov....
Clause 89	:	Amendment of section 246A. Clause 89 of the Bill seeks to amend section 246A of the Income-tax Act relating to appealable orders before Commissioner (A....
Clause 90	:	Amendment of section 253. Clause 90 of the Bill seeks to amend section 253 of the Income-tax Act relating to appeals to the Appellate Tribunal. The ex....
Clause 91	:	Amendment of section 254. Clause 91 of the Bill seeks to amend section 254 of the Income-tax Act relating to Orders of Appellate Tribunal. It is propo....
Clause 92	:	Amendment of section 271. Clause 92 of the Bill seeks to amend section 271 of the Income-tax Act relating to failure to furnish return, comply with no....
Clause 93	:	Substitution of new section for section 271AA. Clause 93 of the Bill seeks to substitute section 271AA of the Income-tax Act relating to penalty for failure to keep and ma....
Clause 94	:	Amendment of section 271AA. Clause 94 of the Bill seeks to amend section 271AA of the Income-tax Act (as substituted by clause 93 of this Bill) relating....
Clause 95	:	Amendment of section 271AAA. Clause 95 of the Bill seeks to amend section 271AAA of the Income-tax Act relating to penalty where search has been initiate....
Clause 96	:	Insertion of new section 271AAB. Clause 96 of the Bill seeks to insert a new section 271AAB in the Income-tax Act relating to penalty where search has been i....
Clause 97	:	Amendment of section 271G. Clause 97 of the Bill seeks to amend section 271G of the Income-tax Act relating to penalty for failure to furnish informati....
Clause 98	:	Insertion of new section 271H. Clause 98 of the Bill seeks to insert a new section 271H in the Income-tax Act relating to penalty for failure to furnish st....
Clause 99	:	Amendment of section 272A. Clause 99 of the Bill seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions,....
Clause 100	:	Amendment of section 273B. Clause 100 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain ca....
Clause 101	:	Amendment of section 276C. Clause 101 of the Bill seeks to amend section 276C of the Income-tax Act relating to wilful attempt to evade tax, etc. The e....
Clause 102	:	Amendment of section 276CC. Clause 102 of the Bill seeks to amend section 276CC of the Income-tax Act relating to failure to furnish return of income. T....
Clause 103	:	Amendment of section 277. Clause 103 of the Bill seeks to amend section 277 of the Income-tax Act relating to false statement in verification, etc. Th....
Clause 104	:	Amendment of section 277A. Clause 104 of the Bill seeks to amend section 277A of the Income-tax Act relating to falsification of books of account or do....
Clause 105	:	Amendment of section 278. Clause 105 of the Bill seeks to amend section 278 of the Income-tax Act relating to abetment of false return, etc. The exist....
Clause 106	:	Insertion of new sections 280A, 280B, 280C and 280D. Clause 106 of the Bill seeks to insert new sections 280A, 280B, 280C and section 280D in the Income-tax Act relating to Spec....
Clause 107	:	Insertion of new section 292CC. Clause 107 of the Bill seeks to insert section 292CC in the Income-tax Act relating to authorisation and assessment in case ....
Clause 108	:	Amendment of section 296. Clause 108 of the Bill seeks to amend section 296 of the Income-tax Act relating to rules and certain notifications to be pl....