DIRECT TAXES - Income-tax - Finance Bill, 2022

Chapter: III
DIRECT TAXES - Income-tax
Clause 3	:	Amendment of section 2. Clause 3 seeks to amend section 2 of the Income-tax Act relating to definitions. Clause (42C) of the said section defines th....
Clause 4	:	Amendment of section 10 Clause 4 seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. Clause (4E) of th....
Clause 5	:	Amendment of section 11 Clause 5 seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or religious p....
Clause 6	:	Amendment of section 12A Clause 6 seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 11 and 12. Cl....
Clause 7	:	Amendment of section 12AB Clause 7 seeks to amend section 12AB of the Income-tax Act relating to procedure for fresh registration. Sub-sections (4) an....
Clause 8	:	Amendment of section 13 Clause 8 seeks to amend section 13 of the Income-tax Act relating to section 11 not to apply in certain cases. Sub-section (....
Clause 9	:	Amendment of section 14A Clause 9 seeks to amend section 14A of the Income-tax Act relating to expenditure incurred in relation to income not includi....
Clause 10	:	Amendment of section 17 Clause 10 seeks to amend section 17 of the Income-tax Act relating to definition of salary , perquisite and profits in lieu ....
Clause 11	:	Amendment of section 35 Clause 11 seeks to amend section 35 of the Income-tax Act relating to expenditure on scientific research. Sub-section (1A) o....
Clause 12	:	Amendment of section 37 Clause 12 seeks to amend section 37 of the Income-tax Act relating to General allowability of expenditure. The said section ....
Clause 13	:	Amendment of section 40 Clause 13 seeks to amend section 40 of the Income-tax Act relating to amounts not deductible. Sub-clause (ii) of clause (a) ....
Clause 14	:	Amendment of section 43B Clause 14 seeks to amend section 43B of the Income-tax Act relating to certain deductions to be allowed only on actual payme....
Clause 15	:	Amendment of section 50 Clause 15 seeks to amend section 50 of the Income-tax Act relating to special provision for computation of capital gains in ....
Clause 16	:	Amendment of section 56 Clause 16 seeks to amend section 56 of the Income-tax Act relating to income from other sources. Sub-section (2) of the said....
Clause 17	:	Amendment of section 68 Clause 17 seeks to amend section 68 of the Income-tax Act relating to cash credits. The provisions of the said section provi....
Clause 18	:	Amendment of section 79 Clause 18 seeks to amend section 79 of the Income-tax Act relating to carry forward and set off of losses in case of certain....
Clause 19	:	Insertion of new section 79A-No set off of losses consequent to search, requisition and survey Clause 19 seeks to insert a new section 79A of the Income tax Act, relating to no set off of losses consequent to search, re....
Clause 20	:	Amendment of section 80CCD Clause 20 seeks to amend section 80 CCD of the Income-tax Act relating to deduction in respect of contribution to pension sc....
Clause 21	:	Amendment of section 80DD Clause 21 seeks to amend section 80DD of the Income-tax Act relating to deduction in respect of maintenance including medica....
Clause 22	:	Amendment of section 80-IAC Clause 22 seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specified business....
Clause 23	:	Amendment of section 80LA Clause 23 seeks to amend section 80LA of the Income-tax Act relating to deductions in respect of certain incomes of Offshore....
Clause 24	:	Amendment of section 92CA Clause 24 seeks to amend section 92CA of the Income-tax Act relating to Reference to Transfer Pricing Officer. The said sect....
Clause 25	:	Amendment of section 94 Clause 25 seeks to amend section 94 of the Income-tax Act relating to avoidance of tax by certain transactions in securities....
Clause 26	:	Amendment of section 115BAB Clause 26 seeks to amend section 115BAB of the Income-tax Act relating to tax on income of new manufacturing domestic compan....
Clause 27	:	Amendment of section 115BBD Clause 27 seeks to amend section 115BBD of the Income-tax Act relating to tax on certain dividends received from foreign com....
Clause 28	:	Insertion of new sections 115BBH and 115BBI-Tax on income from virtual digital assets-Specified income of certain institutions Clause 28 seeks to insert new section 115BBH relating to tax on income from virtual digital assets and new section 115BBI re....
Clause 29	:	Amendment of section 115JC Clause 29 seeks to amend section 115JC of the Income-tax Act relating to special provisions for payment of tax by certain pe....
Clause 30	:	Amendment of section 115JF. Clause 30 seeks to amend section 115JF of the Income-tax Act relating to interpretation in the Chapter XII-BA. The said sect....
Clause 31	:	Amendment of section 115TD Clause 31 seeks to amend section 115TD of the Income-tax Act relating to tax on accreted income. The said section, inter-ali....
Clause 32	:	Amendment of section 115TE Clause 32 seeks to amend section 115TE of the Income-tax Act relating to interest payable for non-payment of tax by trust or....
Clause 33	:	Amendment of section 115TF Clause 33 seeks to amend section 115TF of the Income-tax Act relating to when trust or institution is deemed to be assessee ....
Clause 34	:	Amendment of section 119 Clause 34 seeks to amend section 119 of the Income-tax Act relating to instructions to subordinate authorities. Clause (a) o....
Clause 35	:	Amendment of section 132 Clause 35 seeks to amend section 132 of the Income-tax Act relating to search and seizure. Sub-section (8) of the said secti....
Clause 36	:	Amendment of section 132B Clause 36 seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned assets. Sub-s....
Clause 37	:	Amendment of section 133A Clause 37 seeks to amend the section 133A of the Income-tax Act relating to power of survey. Explanation to the said section....
Clause 38	:	Amendment of section 139 Clause 38 seeks to amend section 139 of the Income-tax Act relating to return of income. It is proposed to insert sub-sectio....
Clause 39	:	Insertion of new section 140B-Tax on updated return Clause 39 seeks to insert a new section 140B in the Income-tax Act relating to tax on updated return. It is proposed to prov....
Clause 40	:	Amendment of section 143 Clause 40 seeks to amend section 143 of the Income-tax Act relating to assessment. Sub-section (3) of the said section, inte....
Clause 41	:	Amendment of section 144. Clause 41 seeks to amend section 144 of the Income-tax relating to best judgement assessment. It is proposed to amend clause....
Clause 42	:	Amendment of section 144B Clause 42 seeks to amend section 144B of the Income-tax Act relating to faceless assessment. The provisions of the said sect....
Clause 43	:	Amendment of section 144C. Clause 43 seeks to amend section 144C of the Income-tax Act relating to Reference to dispute resolution panel. The said sect....
Clause 44	:	Amendment of section 148 Clause 44 seeks to amend section 148 of the Income-tax Act relating to issue of notice where income has escaped assessment. ....
Clause 45	:	Amendment of section 148A Clause 45 seeks to amend section 148A of the Income-tax Act relating to conducting inquiry, providing opportunity before iss....
Clause 46	:	Insertion of new section 148B - Prior approval for assessment, reassessment or recomputation in certain cases Clause 46 seeks to insert a new section 148B in the Income-tax Act relating to prior approval for assessment, reassessment o....
Clause 47	:	Amendment of section 149 Clause 47 seeks to amend section 149 of the Income-tax Act relating to time limit for notice. The said section provides the ....
Clause 48	:	Amendment of section 153 Clause 48 seeks to amend section 153 of the Income-tax Act relating to time limit for completion of assessment, reassessment....
Clause 49	:	Amendment of section 153B Clause 49 seeks to amend section 153B of the Income-tax Act relating to time limit for completion of assessment under sectio....
Clause 50	:	Insertion of new section 156A-Modification and revision of notice in certain cases Clause 50 seeks to insert a new section 156A in the Income-tax Act relating to modification and revision of notice in certai....
Clause 51	:	Amendment of section 158AA Clause 51 seeks amend section 158AA of the Income-tax Act relating to procedure when in an appeal by revenue an identical qu....
Clause 52	:	Insertion of new section 158AB- Procedure where an identical question of law is pending before High Courts or Supreme Court Clause 52 seeks to insert a new section 158AB in the Income-tax Act relating to procedure where an identical question of law....
Clause 53	:	Amendment of section 170 Clause 53 seeks to amend section 170 of the Income-tax Act relating to succession to business otherwise than on death. It is....
Clause 54	:	Insertion of new section 170A-Effect of order of tribunal or court in respect of business reorganisation. Clause 54 seeks to insert a new section 170A in the Income-tax Act relating to the effect of order of tribunal or court in r....
Clause 55	:	Amendment of section 179 Clause 55 seeks to amend the section 179 of the Income-tax Act relating to liability of directors of private company in liqu....
Clause 56	:	Amendment of section 194-IA Clause 56 seeks to amend section 194-IA of the Income-tax Act relating to payment on transfer of certain immovable property ....
Clause 57	:	Amendment of section 194-IB Clause 57 seeks to amend section 194-IB of the Income-tax Act relating to payment of rent by certain individuals or Hindu un....
Clause 58	:	Insertion of new section 194R-Deduction of tax on benefit of perquisite in respect of business or profession Clause 58 seeks to insert a new section 194R to the Income-tax Act, 1961 relating to deduction of tax on benefit or perquisi....
Clause 59	:	Insertion of new section 194S-Payment on transfer of virtual digital asset Clause 59 seeks to insert a new section 194S in the Income-tax Act relating to payment on transfer of virtual digital asset.....
Clause 60	:	Amendment of section 201 Clause 60 of the Bill seeks to amend section 201 of the Income-tax Act 1961 relating to consequences of failure to deduct or....
Clause 61	:	Amendment of section 206AB Clause 61 seeks to amend section 206AB of the Income-tax Act relating to special provision for deduction of tax at source fo....
Clause 62	:	Amendment of section 206C. Clause 62 of the Bill seeks to amend section 206C of the Income-tax Act 1961 relating to profits and gains from the business....
Clause 63	:	Amendment of section 206CCA Clause 63 seeks to amend section 206CCA of the Income-tax Act relating to special provision for collection of tax at source ....
Clause 64	:	Amendment of section 234A Clause 64 seeks to amend section 234A of the Income-tax Act relating to interest for defaults in furnishing return of income....
Clause 65	:	Amendment of section 234B. Clause 65 seeks to amend section 234B of the Income-tax Act relating to interest for defaults in payment of advance tax. It ....
Clause 66	:	Insertion of new section 239A-Refund for denying liability to deduct tax in certain cases Clause 66 seeks to insert a new section 239A in the Income-tax Act relating to refund for denying liability to deduct tax in....
Clause 67	:	Amendment of section 245MA Clause 67 seeks to amend section 245MA of the Income-tax Act relating to Dispute Resolution Committee. The said section, int....
Clause 68	:	Amendment of section 246A Clause 68 seeks to amend section 246A of the Income-tax Act relating to appealable orders before Commissioner (Appeals). Sub....
Clause 69	:	Amendment of section 248. Clause 69 seeks to amend section 248 of the Income-tax Act relating to appeal by a person denying liability to deduct tax in....
Clause 70	:	Amendment of section 253. Clause 70 seeks to amend the section 253 of the Income-tax Act relating to Appeals to the Appellate Tribunal. The said secti....
Clause 71	:	Amendment of section 255. Clause 71 seeks to amend section 255 of the Income-tax Act relating to procedure of Appellate Tribunal. The said section, in....
Clause 72	:	Amendment of section 263 Clause 72 seeks to amend section 263 of the Income-tax Act relating to revision of orders prejudicial to revenue. Sub-sectio....
Clause 73	:	Amendment of section 271AAB. Clause 73 seeks to amend the section 271AAB of the Income-tax Act relating to penalty where search has been initiated. Sub-s....
Clause 74	:	Amendment of section 271AAC. Clause 74 seeks to amend the section 271AAC of the Income-tax Act relating to penalty in respect of certain income. Sub-sect....
Clause 75	:	Amendment of section 271AAD Clause 75 seeks to amend the section 271AAD of the Income-tax Act relating to penalty for false entry, etc. in books of acco....
Clause 76	:	Insertion of new section 271AAE Clause 76 seeks to insert section 271AAE in the Income-tax Act relating to benefits to related persons. The proposed new sec....
Clause 77	:	Amendment of section 271C Clause 77 seeks to amend the section 271C of the Income-tax Act relating to penalty for failure to deduct tax at source. It ....
Clause 78	:	Amendment of section 272A Clause 78 seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions, sign statem....
Clause 79	:	Amendment of section 276AB. Clause 79 seeks to amend section 276AB of the Income-tax Act relating to failure to comply with the provisions of sections 2....
Clause 80	:	Amendment of section 276B. Clause 80 seeks to amend section 276B of the Income-tax Act relating to failure to pay tax to the credit of Central Governme....
Clause 81	:	Amendment of section 276CC. Clause 81 seeks to amend the section 276CC of the Income-tax Act relating to failure to furnish returns of income. The provi....
Clause 82	:	Amendment of section 278A. Clause 82 seeks to amend the section 278A of the Income-tax Act relating to punishment for second and subsequent offences. S....
Clause 83	:	Amendment of section 278AA. Clause 83 seeks to amend section 278AA of the Income-tax Act relating to punishment not to be imposed the certain cases. Sec....
Clause 84	:	Substitution of new section for section 285B-Submission of statements by producers of cinematograph films or persons engaged in specified activity Clause 84 seeks to substitute section 285B of the Income-tax Act relating to submission of statements by producers of cinema....