DIRECT TAXES - Income-tax - Finance Bill, 2020

Chapter: III
DIRECT TAXES - Income-tax
Clause 3	:	Amendment of section 2. Clause 3 of this Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Clause(13A) of the said section....
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. Clause (1) of said sectio....
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	:	Amendment of section 9A. Clause 6 of the Bill seeks to amend section 9A of the Income-tax Act relating to certain activities not to constitute busines....
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. First ....
Clause 8	:	Amendment of section 10A. Clause 8 of the Bill seeks to amend section 10A of the Income-tax Act relating to special provision in respect of newly estab....
Clause 9	:	Amendment of section 11. Clause 9 of the Bill seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or ....
Clause 10	:	Amendment of section 12A. Clause 10 of the Bill seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 1....
Clause 11	:	Amendment of section 12AA. Clause 11 of the Bill seeks to amend section 12AA of the Income-tax Act relating to procedure for registration. It is propose....
Clause 12	:	Insertion of new section 12AB. Clause 12 of the Bill seeks to insert a new section 12AB in the Income-tax Act relating to procedure for fresh registration. ....
Clause 13	:	Amendment of section 17. Clause 13 of the Bill seeks to amend section 17 of the Income-tax Act relating to salary , perquisite and profits in lieu of ....
Clause 14	:	Amendment of section 32AB. Clause 14 of the Bill seeks to amend section 32AB of the Income-tax Act relating to investment deposit account. Sub-section (....
Clause 15	:	Amendment of section 33AB. Clause 15 of the Bill seeks to amend section 33AB of the Income-tax Act relating to tea development account, coffee developme....
Clause 16	:	Amendment of section 33ABA. Clause 16 of the Bill seeks to amend section 33ABA of the Income-tax Act relating to Site Restoration Fund. Sub-section (1) o....
Clause 17	:	Amendment of section 35. Clause 17 of the Bill seeks to amend section 35 of the Income-tax Act relating to expenditure on scientific research. Sub-sec....
Clause 18	:	Amendment of section 35AD. Clause 18 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on sp....
Clause 19	:	Amendment of section 35D. Clause 19 of the Bill seeks to amend section 35D of the Income-tax Act relating to amortisation of certain preliminary expens....
Clause 20	:	Amendment of section 35E. Clause 20 of the Bill seeks to amend section 35E of the Income-tax Act relating to deduction for expenditure on prospecting, ....
Clause 21	:	Amendment of section 43. Clause 21 of the Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to in....
Clause 22	:	Amendment of section 43CA. Clause 22 of the Bill seeks to amend section 43CA of the Income-tax Act relating to special provision for full value of consi....
Clause 23	:	Amendment of section 44AB. Clause 23 of the Bill seeks to amend section 44AB of the Income-tax Act relating to audit of accounts of certain persons carr....
Clause 24	:	Amendment of section 44DA. Clause 24 of the Bill seeks to amend section 44DA of the Income-tax Act relating to special provision for computing income by....
Clause 25	:	Amendment of section 49. Clause 25 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of acq....
Clause 26	:	Amendment of section 50B. Clause 26 of the Bill seeks to amend section 50B of the Income-tax Act relating to special provision for computation of capit....
Clause 27	:	Amendment of section 50C. Clause 27 of the Bill seeks to amend section 50C of the Income-tax Act relating to special provision for full value of consid....
Clause 28	:	Amendment of section 55. Clause 28 of the Bill seeks to amend section 55 of the Income-tax Act relating to meaning of adjusted , cost of improvement a....
Clause 29	:	Amendment of section 56. Clause 29 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Sub-section (2) ....
Clause 30	:	Amendment of section 57. Clause 30 of the Bill seeks to amend section 57 of the Income-tax Act relating to deductions. Clause (i) of the said section ....
Clause 31	:	Substitution of new section for section 72AA. Clause 31 of the Bill seeks to substitute section 72AA of the Income-tax Act, relating to carry forward and set-off of accumu....
Clause 32	:	Amendment of section 80EEA. Clause 32 of the Bill seeks to amend section 80EEA of the Income-tax Act relating to deduction in respect of interest on loan....
Clause 33	:	Amendment of section 80G. Clause 33 of the Bill seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to certa....
Clause 34	:	Amendment of section 80GGA. Clause 34 of the Bill seeks to amend section 80GGA of the Income-tax Act relating to deduction in respect of certain donation....
Clause 35	:	Amendment of section 80-IA. Clause 35 of the Bill seeks to amend section 80-IA of the Income-tax Act relating to deductions in respect of profits and gai....
Clause 36	:	Amendment of section 80-IAC. Clause 36 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specifi....
Clause 37	:	Amendment of section 80-IB. Clause 37 of the Bill seeks to amend section 80-IB of the Income-tax Act relating to deduction in respect of profits and gain....
Clause 38	:	Amendment of section 80-IBA. Clause 38 of the Bill seeks to amend section 80-IBA of the Income-tax Act relating to deductions in respect of profits and ga....
Clause 39	:	Amendment of section 80JJAA. Clause 39 of the Bill seeks to amend section 80JJAA of the Income-tax Act relating to deduction in respect of employment of n....
Clause 40	:	Insertion of new section 80M. Clause 40 of the Bill seeks to insert new section 80M relating to deduction in respect of certain inter-corporate dividends. ....
Clause 41	:	Amendment of section 90. Clause 41 of the Bill seeks to amend section 90 of the Income-tax Act relating to agreement with foreign countries or specifi....
Clause 42	:	Amendment of section 90A. Clause 42 of the Bill seeks to amend section 90A of the Income-tax Act relating to adoption by Central Government of agreemen....
Clause 43	:	Amendment of section 92CB. Clause 43 of the Bill seeks to amend section 92CB of the Income-tax Act relating to power of Board to make safe harbour rules....
Clause 44	:	Amendment of section 92CC. Clause 44 of the Bill seeks to amend section 92CC of the Income-tax Act relating to advance pricing agreement. It is proposed....
Clause 45	:	Amendment of section 92F. Clause 45 of the Bill seeks to amend section 92F of the Income-tax Act relating to definitions of certain terms relevant to c....
Clause 46	:	Amendment of section 94B. Clause 46 of the Bill seeks to amend section 94B of the Income-tax Act relating to limitation on interest deduction in certai....
Clause 47	:	Amendment of section 115A. Clause 47 of the Bill seeks to amend section 115A of the Income-tax Act relating to tax on dividends, royalty and technical s....
Clause 48	:	Amendment of section 115AC. Clause 48 of the Bill seeks to amend section 115AC of the Income-tax Act relating to tax on income from bonds or Global Depos....
Clause 49	:	Amendment of section 115ACA. Clause 49 of the Bill seeks to amend section 115ACA of the Income-tax Act relating to tax on income from Global Depository Re....
Clause 50	:	Amendment of section 115AD. Clause 50 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Foreign Institutional I....
Clause 51	:	Amendment of section 115BAA. Clause 51 of the Bill seeks to amend section 115BAA relating to tax on income of certain domestic companies. It is proposed t....
Clause 52	:	Amendment of section 115BAB. Clause 52 of the Bill seeks to amend section 115BAB of the Income-tax Act relating to tax on income of new manufacturing dome....
Clause 53	:	Insertion of new sections 115BAC and 115BAD. Clause 53 of the Bill seeks to insert new sections 115BAC in the Income-tax Act relating to tax on income of individuals and ....
Clause 54	:	Amendment of section 115BBDA. Clause 54 of the Bill seeks to amend section 115BBDA of the Income-tax Act relating to tax on certain dividends received from....
Clause 55	:	Amendment of section 115C. Clause 55 of the Bill seeks to amend section 115C of the Income-tax Act relating to definitions. Clause (c) of the said secti....
Clause 56	:	Amendment of section 115JB. Clause 56 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by ....
Clause 57	:	Amendment of section 115JC. Clause 57 of the Bill seeks to amend section 115JC of the Income-tax Act relating to special provisions for payment of tax by....
Clause 58	:	Amendment of section 115JD. Clause 58 of the Bill seeks to amend section 115JD of the Income-tax Act relating to tax credit for alternate minimum tax. It....
Clause 59	:	Amendment of section 115-O. Clause 59 of the Bill seeks to amend section 115-O of the Income-tax Act relating tax on distributed profits of domestic comp....
Clause 60	:	Amendment of section 115R. Clause 60 of the Bill seeks to amend section 115R of the Income-tax Act relating to tax on distributed income to unit holders....
Clause 61	:	Amendment of section 115TD. Clause 61 of the Bill seeks to amend section 115TD of the Income-tax Act relating to tax on accreted income. Sub-section (1) ....
Clause 62	:	Amendment of section 115UA. Clause 62 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and busines....
Clause 63	:	Amendment of section 115VW. Clause 63 of the Bill seeks to amend section 115VW of the Income-tax Act relating to maintenance and audit of accounts. The s....
Clause 64	:	Insertion of new section 119A. Clause 64 of the Bill seeks to insert a new section 119A so as to empower the Board to adopt and declare a Taxpayer s Charter....
Clause 65	:	Amendment of section 133A. Clause 65 of the Bill seeks to amend section 133A of the Income-tax Act relating to power of survey. The proviso to the said ....
Clause 66	:	Amendment of section 139. Clause 66 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. Clause (a) of Explanatio....
Clause 67	:	Amendment of section 140. Clause 67 of the Bill seeks to amend section 140 of the Income-tax Act relating to return by whom to be verified. The said se....
Clause 68	:	Amendment of section 140A. Clause 68 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment. Sub-section (1) of the s....
Clause 69	:	Amendment of section 143. Clause 69 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment. Sub-section (3A) of the said s....
Clause 70	:	Amendment of section 144C. Clause 70 of the Bill seeks to amend section 144C of the Income-tax Act relating to reference to dispute resolution panel. Su....
Clause 71	:	Amendment of section 156. Clause 71 of the Bill seeks to amend section 156 of the Income-tax Act, relating to notice of demand. The said section, inter....
Clause 72	:	Amendment of section 191. Clause 72 of the Bill seeks to amend section 191 of the Income-tax Act relating to direct payment. The said section provides ....
Clause 73	:	Amendment of section 192. Clause 73 of the Bill seeks to amend section 192 of the Income-tax Act, relating to salary. Sub-section (1) of the said secti....
Clause 74	:	Amendment of section 194. Clause 74 of the Bill seeks to amend section 194 of the Income-tax Act relating to dividends. The said section, inter alia, p....
Clause 75	:	Amendment of section 194A. Clause 75 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than Interest on securitie....
Clause 76	:	Amendment of section 194C. Clause 76 of the Bill seeks to amend section 194C of the Income-tax Act relating to payments to contractors. Sub-section (1) ....
Clause 77	:	Amendment of section 194H. Clause 77 of the Bill seeks to amend section 194H of the Income-tax Act relating to commission or brokerage. The said section....
Clause 78	:	Amendment of section 194-I. Clause 78 of the Bill seeks to amend 194-I of the Income-tax Act relating to rent. The said section provides that any person,....
Clause 79	:	Amendment of section 194J. Clause 79 of the Bill seeks to amend section 194J of the Income-tax Act relating to fees for professional or technical servic....
Clause 80	:	Insertion of new section 194K. Clause 80 of the Bill seeks to insert a new section 194K relating to income in respect of units. The said section, inter alia....
Clause 81	:	Amendment of section 194LBA. Clause 81 of the Bill seeks to amend section 194LBA of the Income-tax Act relating to certain income from units of a business....
Clause 82	:	Amendment of section 194LC. Clause 82 seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian company. Sub-s....
Clause 83	:	Amendment of section 194LD. Clause 83 of the Bill seeks to amend section 194LD of the Income-tax Act relating to income by way of interest on certain bon....
Clause 84	:	Insertion of new section 194-O. Clause 84 of the Bill seeks to insert a new section 194-O in the Income-tax Act relating to payment of certain sums by e-comm....
Clause 85	:	Amendment of section 195. Clause 85 of the Bill seeks to amend section 195 of the Income-tax Act relating to other sums. The second proviso of sub-sect....
Clause 86	:	Amendment of section 196A. Clause 86 of the Bill seeks to amend section 196A of the Income-tax Act relating to income in respect of units of non-residen....
Clause 87	:	Amendment of section 196C. Clause 87 of the Bill seeks to amend section 196C of the Income-tax Act relating to income from foreign currency bonds or sha....
Clause 88	:	Amendment of section 196D. Clause 88 of the Bill seeks to amend section 196D of the Income-tax Act relating to income of Foreign Institutional Investors....
Clause 89	:	Amendment of section 197. Clause 89 of the Bill seeks to amend section 197 of the Income-tax Act relating to certificate for deduction at lower rate. I....
Clause 90	:	Omission of section 203AA. Clause 90 of the Bill seeks to amend section 203AA of the Income-tax Act relating to furnishing of statement of tax deducted.....
Clause 91	:	Amendment of section 204. Clause 91 of the Bill seeks to amend section 204 of the Income-tax Act relating to meaning of person responsible for paying .....
Clause 92	:	Amendment of section 206AA. Clause 92 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Account....
Clause 93	:	Amendment of section 206C. Clause 93 of the Bill seeks to amend section 206C of the Income-tax Act, relating to profits and gains from the business of t....
Clause 94	:	Insertion of new section 234G. Clause 94 of the Bill seeks to insert a new section 234G of the Income-tax Act relating to fee for default relating to statem....
Clause 95	:	Amendment of section 250. Clause 95 of the Bill seeks to amend section 250 of the Income-tax Act, 1961 relating to procedure in appeal. It is proposed ....
Clause 96	:	Amendment of section 253. Clause 96 of the Bill seeks to amend section 253 of the Income-tax Act relating to appeals to the Appellate Tribunal. Sub-sec....
Clause 97	:	Amendment of section 254. Clause 97 of the Bill seeks to amend section 254 of the Income-tax Act relating to orders of Appellate Tribunal. It is propos....
Clause 98	:	Insertion of new section 271AAD. Clause 98 of the Bill seeks to insert a new section 271AAD in the Income-tax Act relating to penalty for false or omission of....
Clause 99	:	Insertion of new section 271K. Clause 99 of the Bill seeks to insert a new section 271K in the Income-tax Act relating to penalty for failure to furnish sta....
Clause 100	:	Amendment of section 274. Clause 100 of the Bill seeks to amend section 274 of the Income-tax Act relating to procedure. It is proposed to insert sub-s....
Clause 101	:	Insertion of new section 285BB. Clause 101 of the Bill seeks to insert a new section 285BB in the Income-tax Act relating to annual information statement so ....
Clause 102	:	Amendment of section 288. Clause 102 of the Bill seeks to amend section 288 of the Income-tax Act relating to appearance by authorised representative. ....
Clause 103	:	Amendment of section 295. Clause 103 of the Bill seeks to amend section 295 of the Income-tax Act relating to power to make rules. Sub-section (1) of s....
Clause 104	:	Amendment of First Schedule. Clause 104 of the Bill seeks to amend rule 5 of the First Schedule of the Income-tax Act relating to computation of profits a....