DIRECT TAXES - Income-tax - Finance Bill, 2021

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. Clause (11) of the said section....
Clause 4	:	Amendment of section 9A. Clause 4 of the Bill seeks to amend section 9A of the Income-tax Act relating to certain activities not to constitute busine....
Clause 5	:	Amendment of section 10. Clause 5 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. The s....
Clause 6	:	Amendment of section 11. Clause 6 of the Bill seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or....
Clause 7	:	Amendment of section 32. Clause 7 of the Bill seeks to amend section 32 of the Income-tax Act relating to depreciation. Sub-section (1) of the said s....
Clause 8	:	Amendment of section 36. Clause 8 of the Bill seeks to amend section 36 of the Income-tax Act, relating to other deductions. Sub-section (1) of the s....
Clause 9	:	Amendment of section 43B. Clause 9 of the Bill seeks to amend section 43B of the Income-tax Act relating to certain deductions to be only on actual pa....
Clause 10	:	Amendment of section 43CA. Clause 10 of the Bill seeks to amend section 43CA of the Income-tax Act relating to special provision for full value of cons....
Clause 11	:	Amendment of section 44AB. Clause 11 of the Bill seeks to amend section 44AB of the Income-tax Act relating to audit of accounts of certain persons car....
Clause 12	:	Amendment of section 44ADA. Clause 12 of the Bill seeks to amend section 44ADA of the Income-tax Act relating to special provision for computing profits....
Clause 13	:	Amendment of section 44DB. Clause 13 of the Bill seeks to amend section 44DB of the Income-tax Act relating to special provision for computing deductio....
Clause 14	:	Amendment of section 45. Clause 14 of the Bill seeks to amend section 45 of the Income-tax Act relating to Capital gains. The aforesaid section inter....
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. The....
Clause 16	:	Amendment of section 48. Clause 16 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation for income chargeable ....
Clause 17	:	Amendment of section 49. Clause 17 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of ac....
Clause 18	:	Amendment of section 50. Clause 18 of the Bill seeks to amend section 50 of the Income tax Act relating to special provision for computation of capit....
Clause 19	:	Amendment of section 54GB. Clause 19 of the Bill seeks to amend section 54GB of the Income-tax Act relating to capital gain on transfer of residential ....
Clause 20	:	Amendment of section 55. Clause 20 of the Bill seeks to amend section 55 of the Income tax Act relating to meaning of adjusted , cost of improvement ....
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. Sub-clause (b) ....
Clause 22	:	Amendment of section 72A. Clause 22 of the Bill seeks to amend section 72A of the Income-tax Act relating to provisions relating to carry forward and ....
Clause 23	:	Amendment of section 79. Clause 23 of the Bill seeks to amend section 79 of the Income-tax Act relating to carry forward and set off of losses in cas....
Clause 24	:	Amendment of section 80EEA. Clause 24 of the Bill seeks to amend section 80EEA of the Income-tax Act relating to deduction in respect of interest on loa....
Clause 25	:	Amendment of section 80-IAC. Clause 25 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specif....
Clause 26	:	Amendment of section 80-IBA. Clause 26 of the Bill seeks to amend section 80-IBA of the Income-tax Act relating to deductions in respect of profits and g....
Clause 27	:	Amendment of section 80LA. Clause 27 of the Bill seeks to amend section 80LA of the Income-tax Act relating to deduction in respect certain incomes of ....
Clause 28	:	Insertion of new section 89A. Clause 28 of the Bill seeks to insert a new section 89A in the Income-tax Act relating to relief from taxation in income fro....
Clause 29	:	Amendment of section 112A. Clause 29 of the Bill seeks to amend section 112A of the Income-tax Act relating to tax on long-term capital gains in certai....
Clause 30	:	Amendment of section 115AD. Clause 30 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Specified Fund or Fore....
Clause 31	:	Amendment of section 115JB. Clause 31 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by....
Clause 32	:	Amendment of section 139. Clause 32 of the Bill seeks to amend the section 139 of the Income-tax Act relating to return of income. The said section pr....
Clause 33	:	Amendment of section 142. Clause 33 of the Bill seeks to amend section 142 of the Income-tax Act relating to inquiry before assessment. Clause (i) of ....
Clause 34	:	Amendment of section 143. Clause 34 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment. Sub-clause (iv) of clause (a)....
Clause 35	:	Substitution of new section for section 147. Clause 35 of the Bill seeks to amend section 147 of the Income-tax Act relating to income escaping assessment. It is propose....
Clause 36	:	Substitution of new section for section 148. Clause 36 of the Bill seeks to amend section 148 of the Income-tax Act relating to issue of notice where income has escaped ....
Clause 37	:	Insertion of new section 148A. Clause 37 of the Bill seeks to insert a new section 148A in the Income-tax Act relating to Conducting inquiry, providing opp....
Clause 38	:	Substitution of new section for section 149. Clause 38 of the Bill seeks to amend section 149 of the Income-tax Act relating to time limit for notice. It is proposed to ....
Clause 39	:	Substitution of new section for section 151. Clause 39 of the Bill seeks to substitute of a new section for section 151 relating to sanction for issue of notice. It is p....
Clause 40	:	Amendment of section 151A. Clause 40 of the Bill seeks to amend section 151A of the Income-tax Act relating to faceless assessment of income escaping a....
Clause 41	:	Amendment of section 153. Clause 41 of the Bill seeks to amend section 153 of the Income-tax Act relating to time limit for completion of assessment, ....
Clause 42	:	Amendment of section 153A. Clause 42 of the Bill seeks to amend section 153A of the Income-tax Act relating to assessment in case of search or requisit....
Clause 43	:	Amendment of section 153C. Clause 43 of the Bill seeks to amend section 153C of the Income-tax Act relating to assessment of income of any other person....
Clause 44	:	Amendment of section 194. Clause 44 of the Bill seeks to amend section 194 of the Income-tax Act relating to dividends. The said section provides for ....
Clause 45	:	Amendment of section 194A. Clause 45 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than Interest on securiti....
Clause 46	:	Amendment of section 194-IB. Clause 46 of the Bill seeks to amend section 194-IB of the of the Income-tax Act, relating to payment of rent by certain ind....
Clause 47	:	Insertion of new section 194P. Clause 47 of the Bill seeks to insert a new section 194P of the Income-tax Act relating to deduction of tax in case of speci....
Clause 48	:	Insertion of new section 194Q. Clause 48 of the Bill seeks to insert a new section 194Q in the Income-tax Act relating the deduction of tax at source on pa....
Clause 49	:	Amendment of section 196D. Clause 49 of the Bill seeks to amend section 196D of the Income-tax Act relating to income of Foreign Institutional Investor....
Clause 50	:	Amendment of section 206AA. Clause 50 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Accoun....
Clause 51	:	Insertion of new section 206AB. Clause 51 of the Bill seeks to insert section 206AB of the Income-tax Act relating to the deduction of tax at source on non-....
Clause 52	:	Insertion of new section 206CCA. Clause 52 of the Bill seeks to insert section 206CCA of the Income-tax Act relating to specified provisions for the collecti....
Clause 53	:	Amendment of section 234C. Clause 53 of the Bill seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. T....
Clause 54	:	Amendment of section 245A. Clause 54 of the Bill seeks to amend the Chapter XIX-A of the Income-tax Act relating to settlement of cases by the Income-t....
Clause 55	:	Insertion of new section 245AA. Clause 55 of the Bill seeks to insert a new section 245AA of the Income-tax Act so as to provide for constitution of one or ....
Clause 56	:	Amendment of section 245B. Clause 56 of the Bill seeks to amend section 245B of the said Act so as to provide that the Income tax Settlement Commission....
Clause 57	:	Amendment of section 245BC. Clause 57 of the Bill seeks to amend section 245BC of the said Act so as to provide that the existing provisions of the said....
Clause 58	:	Amendment of section 245BD. Clause 58 of the Bill seeks to amend section 245BD of the said Act so as to provide that the existing provisions of the said....
Clause 59	:	Amendment of section 245C. Clause 59 of the Bill seeks to amend section 245C of the said Act so as to provide that no application shall be made under t....
Clause 60	:	Amendment of section 245D. Clause 60 of the Bill seeks to amend section 245D of the said Act so as to provide that where an order was required to be pa....
Clause 61	:	Amendment of section 245DD. Clauses 61, 62, 63 and 64 of the Bill seeks to amend sections 245DD, 245F, 245G and 245H of the Income-tax Act so as to prov....
Clause 62	:	Amendment of section 245F. Clauses 61, 62, 63 and 64 of the Bill seeks to amend sections 245DD, 245F, 245G and 245H of the Income-tax Act so as to prov....
Clause 63	:	Amendment of section 245G. Clauses 61, 62, 63 and 64 of the Bill seeks to amend sections 245DD, 245F, 245G and 245H of the Income-tax Act so as to prov....
Clause 64	:	Amendment of section 245H. Clauses 61, 62, 63 and 64 of the Bill seeks to amend sections 245DD, 245F, 245G and 245H of the Income-tax Act so as to prov....
Clause 65	:	Insertion of new section 245M. Clause 65 of the Bill seeks to insert new section 245M in the Income-tax Act so as to provide that the assessee an option to....
Clause 66	:	Insertion of new Chapter XIXAA. Clause 66 of the Bill seeks to insert a new Chapter XIX-AA containing section 245MA in the Income-tax Act, 1961 relating to ....
Clause 67	:	Amendment of section 245N. Clause 67 of the Bill seeks to amend section 245N of the Income-tax Act relating to definitions. It is proposed to omit sub-....
Clause 68	:	Amendment of section 245-O. Clause 68 of the Bill seeks to amend section 245-O of the Income-tax Act relating to Authority for Advance Rulings. It also ....
Clause 69	:	Insertion of new section 245-OB. Clause 69 of the Bill seeks to insert a section 245-OB relating to Board for Advance Rulings so as to provide that the Centr....
Clause 70	:	Amendment of section 245P. Clause 70 of the Bill seeks to amend section 245P of the Income-tax Act relating to vacancies, etc., not to invalidate proce....
Clause 71	:	Amendment of section 245Q. Clause 71 of the Bill seeks to amend section 245Q of the Income-tax Act relating to application for advance ruling. It is pr....
Clause 72	:	Amendment of section 245R. Clause 72 of the Bill seeks to amend section 245R of the Income-tax Act relating to procedure on receipt of application. It ....
Clause 73	:	Amendment of section 245S. Clause 73 of the Bill seeks to amend section 245S of the Income-tax Act relating to applicability of advance ruling. It is p....
Clause 74	:	Amendment of section 245T. Clause 74 of the Bill seeks to amend section 245T of the Income-tax Act relating to advanced ruling to be void in certain ci....
Clause 75	:	Amendment of section 245U. Clause 75 of the Bill seeks to amend section 245U of the Income-tax Act relating to powers of Authority. It is proposed to i....
Clause 76	:	Amendment of section 245V. Clause 76 of the Bill seeks to amend section 245V of the Income-tax Act relating to procedure of Authority. It is proposed t....
Clause 77	:	Insertion of new section 245W. Clause 77 of the Bill seeks to insert a new section 245W to the Income-tax Act relating to Appeal. It is proposed to insert ....
Clause 78	:	Amendment of section 255. Clause 78 of the Bill seeks to amend the section 255 of the Income-tax Act relating to procedure of Appellate Tribunal. It i....
Clause 79	:	Amendment of section 281B. Clause 79 of the Bill seeks to amend the section 281B of the Income-tax Act relating to provisional attachment to protect re....