DIRECT TAXES - Income-tax - Finance Bill, 2015

Chapter: III
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 substitute cla....
Clause 4	:	Amendment of section 6 Clause 4 of the Bill seeks to amend section 6 of the Income tax Act relating to residence in India. The existing provisions c....
Clause 5	:	Amendment of section 9 Clause 5 of the Bill seeks to amend section 9 of the Income tax Act relating to income deemed to accrue or arise in India. Cl....
Clause 6	:	Insertion of new section 9A - Certain activities not to constitute business connection in India. Clause 6 of the Bill seeks to insert a new section 9A in the Income-tax Act relating to certain activities not to constitute ....
Clause 7	:	Amendment of section 10 Clause 7 of the Bill seeks to amend section 10 of the Income tax Act relating to incomes not included in total income. It is ....
Clause 8	:	Amendment of section 11. Clause 8 of the Bill seeks to amend section 11 of the Income tax Act relating to income from property held for charitable or ....
Clause 9	:	Amendment of section 13. Clause 9 of the Bill seeks to amend section 13 of the Income tax Act relating to section 11 not to apply in certain cases. It....
Clause 10	:	Amendment of section 32 Clause 10 of the Bill seeks to amend section 32 of the Income tax Act relating to depreciation. Under the existing provisions....
Clause 11	:	Insertion of new section 32AD- Investment in new plant or machinery innotified backward areas in certain States Clause 11 of the Bill seeks to insert a new section 32AD in the Income-tax Act relating to investment in new plant or machine....
Clause 12	:	Amendment of section 35 Clause 12 of the Bill seeks to amend section 35 of the Income tax Act relating to expenditure on scientific research. The exi....
Clause 13	:	Amendment of section 47. Clause 13 of the Bill seeks to amend section 47 of the Income tax Act relating to transactions not regarded as transfer. The ....
Clause 14	:	Amendment of section 49. Clause 14 of the Bill seeks to amend section 49 of the Income tax Act relating to cost with reference to certain modes of acq....
Clause 15	:	Amendment of section 80C. Clause 15 of the Bill seeks to amend section 80C of the Income-tax Act relating to deduction in respect of life insurance pre....
Clause 16	:	Amendment of section 80CCC. Clause 16 of the Bill seeks to amend section 80CCC of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 17	:	Amendment of section 80CCD. Clause 17 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 18	:	Amendment of section 80D. Clause 18 of the Bill seeks to amend section 80D of the Income tax Act relating to deduction in respect of health insurance p....
Clause 19	:	Amendment of section 80DD. Clause 19 of the Bill seeks to amend section 80DD of the Income-tax Act relating to deduction in respect of maintenance inclu....
Clause 20	:	Amendment of section 80DDB. Clause 20 of the Bill seeks to amend section 80DDB of the Income-tax Act relating to deduction in respect of medical treatmen....
Clause 21	:	Amendment of section 80G. Clause 21 of the Bill, seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to cert....
Clause 22	:	Amendment of section 80JJAA. Clause 22 of the Bill seeks to amend section 80JJAA of the Income-tax Act relating to deduction in respect of employment of n....
Clause 23	:	Amendment of section 80U. Clause 23 of the Bill, seeks to amend section 80U of the Income-tax Act relating to deduction in case of a person with disabi....
Clause 24	:	Amendment of section 92BA Clause 24 seeks to amend section 92BA of the Income-tax Act relating to meaning of specified domestic transaction. The existi....
Clause 25	:	Amendment of section 95. Clause 25 of the Bill seeks to amend section 95 of the Income tax relating to applicability of General Anti Avoidance Rule. T....
Clause 26	:	Amendment of section 111A. Clause 26 of the Bill seeks to amend section 111A of the Income-tax Act relating to tax on short-term capital gains in certai....
Clause 27	:	Amendment of section 115A. Clause 27 of the Bill seeks to amend section 115A of the Income-tax Act relating to tax on dividends, royalty and technical s....
Clause 28	:	Amendment of section 115ACA Clause 28 of the Bill seeks to amend section 115ACA of the Income-tax Act relating to tax on income from Global Depository Re....
Clause 29	:	Amendment of section 115JB Clause 29 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by ....
Clause 30	:	Amendment of section 115U. Clause 30 of the Bill seeks to amend section 115U of the Income-tax Act relating to tax on income in certain cases. Section 1....
Clause 31	:	Amendment of section 115UA. Clause 31 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and busines....
Clause 32	:	Insertion of new Chapter XII-FB- Tax on income of investment fund and its unit holders. Clause 32 of the Bill seeks to insert a new Chapter XII-FB consisting of a new section 115UB in the Income-tax Act relating t....
Clause 33	:	Amendment of section 132B Clause 33 of the Bill seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned as....
Clause 34	:	Amendment of section 139. Clause 34 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. Section 139, inter alia,....
Clause 35	:	Substitution of new section for section 151- Sanction for issue of notice. Clause 35 of the Bill seeks to amend section 151 of the Income tax Act relating to sanction for issue of notice. The existing....
Clause 36	:	Amendment of section 153C Clause 36 of the Bill seeks to amend section 153C of the Income-tax Act relating to assessment of income of any other person.....
Clause 37	:	Amendment of section 154. Clause 37 of the Bill seeks to amend section 154 of the Income tax Act relating to rectification of mistake. It is proposed t....
Clause 38	:	Amendment of section 156 Clause 38 of the Bill seeks to amend section 156 of the Income tax Act relating to notice of demand. The existing provisions ....
Clause 39	:	Insertion of new section 158AA- Procedure when in an appeal by revenue an identical question of law is pending before Supreme Court. Clause 39 of the Bill seeks to insert a new section 158AA in the Income-tax Act relating to procedure when in an appeal by re....
Clause 40	:	Amendment of section 192 Clause 40 of the Bill seeks to amend section 192 of the Income tax Act relating to salary. Under the existing provisions cont....
Clause 41	:	Insertion of new section 192A- Payment of accumulated balance due to an employee. Clause 41 of the Bill seeks to insert a new section 192A in the Income-tax Act relating to payment of accumulated balance due....
Clause 42	:	Amendment of section 194A. Clause 42 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than interest on securitie....
Clause 43	:	Amendment of section 194C Clause 43 of the Bill seeks to amend section 194C of the Income-tax Act relating to payments to contractors. Under the existi....
Clause 44	:	Amendment of section 194-I. Clause 44 of the Bill seeks to amend section 194-I of the Income-tax Act relating to rent. The aforesaid section provides for....
Clause 45	:	Amendment of section 194LBA. Clause 45 of the Bill seeks to amend section 194LBA of the Income-tax Act relating to certain income from units of a business....
Clause 46	:	Insertion of new section 194LBB- Income in respect of units of investment fund. Clause 46 of the Bill seeks to insert a new section 194LBB in the Income-tax Act relating to income in respect of units of in....
Clause 47	:	Amendment of section 194LD. Clause 47 of the Bill, seeks to amend section 194LD of the Income-tax Act relating to Income by way of interest on certain bo....
Clause 48	:	Amendment of section 195. Clause 48 of the Bill seeks to amend section 195 of the Income tax Act relating to other sums. The existing provisions contai....
Clause 49	:	Amendment of section 197A. Clause 49 of the Bill seeks to amend section 197A of the Income-tax Act relating to no deduction to be made in certain cases.....
Clause 50	:	Amendment of section 200. Clause 50 of the Bill seeks to amend section 200 of the Income tax Act relating to duty of the person deducting tax. The exis....
Clause 51	:	Amendment of section 200A. Clause 51 of the Bill seeks to amend section 200A of the Income-tax Act relating to processing of statements of tax deducted ....
Clause 52	:	Amendment of section 203A. Clause 52 of the Bill seeks to amend section 203A of the Income-tax Act relating to tax deduction and collection account numb....
Clause 53	:	Amendment of section 206C. Clause 53 of the Bill seeks to amend section 206C of the Income-tax Act relating to profit and gains from the business of tra....
Clause 54	:	Insertion of new section 206CB- Processing of statements of tax collected at source. Clause 54 of the Bill seeks to insert a new section 206CB of the Income-tax Act relating to processing of statements of tax c....
Clause 55	:	Amendment of section 220. Clause 55 of the Bill seeks to amend section 220 of the Income tax Act relating to when tax payable and when assessee deemed ....
Clause 56	:	Amendment of section 234B. Clause 56 of the Bill seeks to amend section 234B of the Income-tax Act relating to interest for defaults in payment of advan....
Clause 57	:	Amendment of section 245A. Clause 57 of the Bill seeks to amend section 245A of the Income-tax Act relating to definitions in respect of settlement of c....
Clause 58	:	Amendment of section 245D. Clause 58 of the Bill seeks to amend section 245D of the Income-tax Act relating to procedure on receipt of an application un....
Clause 59	:	Amendment of section 245H Clause 59 of the Bill seeks to amend section 245H of the Income-tax Act relating to power of Settlement Commission to grant i....
Clause 60	:	Amendment of section 245HA Clause 60 of the Bill seeks to amend section 245HA of the Income-tax Act relating to abatement of proceeding before Settlemen....
Clause 61	:	Amendment of section 245K. Clause 61 of the Bill seeks to amend section 245K of the Income-tax Act relating to bar on subsequent application for settlem....
Clause 62	:	Amendment of section 246A. Clause 62 of the Bill seeks to amend section 246A of the Income-tax Act relating to appealable order before Commissioner (App....
Clause 63	:	Amendment of section 253. Clause 63 of the Bill seeks to amend section 253 of the Income tax Act relating to appeals to the Appellate Tribunal. The exi....
Clause 64	:	Amendment of section 255. Clause 64 of the Bill seeks to amend section 255 of the Income tax Act relating to the procedure of Appellate Tribunal. The e....
Clause 65	:	Amendment of section 263. Clause 65 of the Bill seeks to amend section 263 of the Income tax Act relating to revision of orders prejudicial to revenue.....
Clause 66	:	Substitution of new section for section 269SS- Mode of taking or accepting certain loans, deposits and specified sum. Clause 66 of the Bill seeks to substitute section 269SS of the Income-tax Act relating to mode of taking or accepting certain....
Clause 67	:	Amendment of section 269T Clause 67 of the Bill seeks to amend section 269T of the Income-tax Act relating to mode of repayment of certain loans and de....
Clause 68	:	Amendment of section 271 Clause 68 of the Bill seeks to amend section 271 of the Income tax Act relating to failure to furnish returns, comply with no....
Clause 69	:	Amendment of section 271D. Clause 69 of the Bill seeks to amend section 271D of the Income-tax relating to penalty for failure to comply with the provis....
Clause 70	:	Amendment of section 271E. Clause 70 of the Bill seeks to amend section 271E of the Income-tax relating to penalty for failure to comply with the provis....
Clause 71	:	Insertion of new section 271FAB- Penalty for failure to furnish statement or information or document by an eligible investment fund. Clause 71 seeks to insert a new section 271FAB of the Income-tax Act relating to penalty for failure to furnish statement or ....
Clause 72	:	Insertion of new section 271GA- Penalty for failure to furnish information or document under section 285A. Clause 72 of the Bill seeks to insert a new section 271GA relating to penalty for failure to furnish information or document ....
Clause 73	:	Insertion of new section 271-I- Penalty for failure to furnish information or furnishing inaccurate information under section 195. Clause 73 of the Bill seeks to insert a new section 271-I in the Income-tax Act relating to penalty for failure to furnish in....
Clause 74	:	Amendment of section 272A. Clause 74 of the Bill seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions, ....
Clause 75	:	Amendment of section 273B Clause 75 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain case....
Clause 76	:	Insertion of new section 285A- Furnishing of information or documents by an Indian concern in certain cases Clause 76 of the Bill seeks to insert a new section 285A relating to furnishing of information by an Indian concern in certai....
Clause 77	:	Amendment of section 288. Clause 77 of the Bill seeks to amend section 288 of the Income tax Act relating to appearance by authorised representative. T....
Clause 78	:	Amendment of section 295. Clause 78 of the Bill seeks to amend section 295 of the Income tax Act relating to power to make rules. The existing provisio....