DIRECT TAXES - Income-tax - Finance Bill, 2023

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 amend clause (....
Clause 4	:	Amendment of section 9. Clause 4 seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. Sub-section (1....
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. It is ....
Clause 6	:	Amendment of section 10AA. Clause 6 of the Bill seeks to amend section 10AA of the Income-tax Act relating to special provisions in respect of newly est....
Clause 7	:	Amendment of section 11. Clause 7 seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or religious pu....
Clause 8	:	Amendment of section 12A. Clause 8 seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 11 and 12. Sub....
Clause 9	:	Amendment of section 12AB. Clause 9 seeks to amend section 12AB of the Income-tax Act relating to procedure for fresh registration. It is proposed to am....
Clause 10	:	Amendment of section 17. Clause 10 of the Bill seeks to amend section 17 of the Income-tax Act relating to Salary , perquisite and profits in lieu of ....
Clause 11	:	Amendment of section 28. Clause 11 of the Bill seeks to amend section 28 of the Income-tax Act relating to profits and gains of business or profession....
Clause 12	:	Amendment of section 35D. Clause 12 of the Bill seeks to amend section 35D of the Income-tax Act relating to amortisation of certain preliminary expens....
Clause 13	:	Amendment of section 43B. Clause 13 of the Bill seeks to amend section 43B of the Income-tax Act relating to certain deductions to be only on actual pa....
Clause 14	:	Amendment of section 43D. Clause 14 of the Bill seeks to amend section 43D of the Income-tax Act relating to special provision in case of income of pub....
Clause 15	:	Amendment of section 44AB. Clause 15 of the Bill seeks to amend section 44AB of the Income-tax Act relating to audit of accounts of certain persons carr....
Clause 16	:	Amendment of section 44AD. Clause 16 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits a....
Clause 17	:	Amendment of section 44ADA. Clause 17 of the Bill seeks to amend section 44ADA of the Income-tax Act relating to special provision for computing profits ....
Clause 18	:	Amendment of section 44BB. Clause 18 of the Bill seeks to amend section 44BB of the Income-tax Act relating to special provision for computing profits a....
Clause 19	:	Amendment of section 44BBB. Clause 19 of the Bill seeks to amend section 44BBB of the Income-tax Act relating to special provision for computing profits ....
Clause 20	:	Amendment of section 45. Clause 20 of the Bill seeks to amend section 45 of the Income-tax Act relating to capital gains. Sub-section (5A) of the said....
Clause 21	:	Amendment of section 47. Clause 21 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfers. Cla....
Clause 22	:	Amendment of section 48. Clause 22 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation. The said section, inte....
Clause 23	:	Amendment of section 49. Clause 23 of the Bill seeks to amend section 49 of the Income-tax Act relating to cost with reference to certain modes of acq....
Clause 24	:	Insertion of new section 50AA. Clause 24 of the Bill seeks to insert a new section 50AA in the Income-tax Act relating to special provision for taxation of ....
Clause 25	:	Amendment of section 54. Clause 25 of the Bill seeks to amend section 54 of the Income-tax Act relating to profit on sale of property used for residen....
Clause 26	:	Amendment of section 54EA. Clause 26 of the Bill seeks to amend section 54EA of the Income-tax Act relating to capital gain on transfer of long-term cap....
Clause 27	:	Amendment of section 54EB. Clause 27 of the Bill seeks to amend section 54EB of the Income-tax Act relating to capital gain on transfer of long-term cap....
Clause 28	:	Amendment of section 54EC. Clause 28 of the Bill seeks to amend section 54EC of the Income-tax Act relating to capital gain not to be charged on investm....
Clause 29	:	Amendment of section 54ED Clause 29 of the Bill seeks to amend section 54ED of the Income-tax Act relating to capital gain on transfer of certain liste....
Clause 30	:	Amendment of section 54F. Clause 30 of the Bill seeks to amend section 54F of the Income-tax Act relating to capital gain on transfer of certain capita....
Clause 31	:	Amendment of section 55. Clause 31 of the Bill seeks to amend section 55 of the Income-tax Act relating to meaning of adjusted , cost of improvement a....
Clause 32	:	Amendment of section 56. Clause 32 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Sub-section (2) ....
Clause 33	:	Amendment of section 72A. Clause 33 of the Bill seeks to amend section 72A relating to carry forward and set off of accumulated loss and unabsorbed dep....
Clause 34	:	Amendment of section 72AA. Clause 34 of the Bill seeks to amend section 72AA of the Income-tax Act relating to carry forward and set off of accumulated ....
Clause 35	:	Amendment of section 79. Clause 35 of the Bill seeks to amend section 79 of the Income-tax Act relating to carry forward and set off of losses in case....
Clause 36	:	Amendment of section 80C. Clause 36 of the Bill seeks to amend section 80C of the Income-tax Act relating to deduction in respect of life insurance pre....
Clause 37	:	Amendment of section 80CCC. Clause 37 of the Bill seeks to amend section 80CCC of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 38	:	Amendment of section 80CCD. Clause 38 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 39	:	Insertion of new section 80CCH. Clause 39 of the Bill seeks to insert a new section 80CCH in the Income-tax Act relating to deductions in respect of contribu....
Clause 40	:	Amendment of section 80G. Clause 40 seeks to amend section 80G in the Income-tax Act relating to deduction in respect of donations to certain funds, ch....
Clause 41	:	Amendment of section 80-IAC. Clause 41 of the Bill seeks to amend section 80-IAC of the Income-tax Act relating to special provision in respect of specifi....
Clause 42	:	Amendment of section 87. Clause 42 of the Bill seeks to amend section 87 of the Income-tax Act relating to rebate to be allowed in computing income-ta....
Clause 43	:	Amendment of section 87A. Clause 43 of the Bill seeks to amend section 87A of the Income-tax Act relating to rebate of income-tax in case of certain in....
Clause 44	:	Omission of section 88. Clause 44 of the Bill seeks to omit section 88 of the Income-tax Act relating to rebate on life insurance premia, contributio....
Clause 45	:	Amendment of section 92BA. Clause 45 of the Bill seeks to amend section 92BA of the Income-tax Act relating to meaning of specified domestic transaction....
Clause 46	:	Amendment of section 92D. Clause 46 seeks to amend section 92D of the Income-tax Act relating to maintenance, keeping and furnishing of information and....
Clause 47	:	Amendment of section 94B. Clause 47 of the Bill seeks to amend section 94B of the Income-tax Act relating to limitation on interest deduction in certai....
Clause 48	:	Amendment of section 111A. Clause 48 of the Bill seeks to amend section 111A of the Income-tax Act relating to tax on short-term capital gains in certai....
Clause 49	:	Amendment of section 112. Clause 49 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains. It is prop....
Clause 50	:	Amendment of section 115BAC. Clause 50 of the Bill seeks to amend section 115BAC of the Income-tax Act relating to tax on income of individuals and Hindu ....
Clause 51	:	Amendment of section 115BAD. Clause 51 of the Bill seeks to amend section 115BAD of the Income-tax Act relating to tax on income of certain resident co-op....
Clause 52	:	Insertion of new section 115BAE. Clause 52 of the Bill seeks to insert a new section 115BAE of the Income-tax Act relating to tax on income of certain new man....
Clause 53	:	Amendment of section 115BB. Clause 53 of the Bill seeks to amend section 115BB of the Income-tax Act relating to tax on winnings from lotteries, crosswor....
Clause 54	:	Insertion of new section 115BBJ. Clause 54 seeks to insert a new section 115BBJ in the Income-tax Act relating to tax on winnings from online games. The propo....
Clause 55	:	Amendment of section 115JC. Clause 55 of the Bill seeks to amend section 115JC of the Income-tax Act relating to special provisions for payment of tax by....
Clause 56	:	Amendment of section 115JD. Clause 56 of the Bill seeks to amend section 115JD of the Income-tax Act relating to tax credit for alternate minimum tax. It....
Clause 57	:	Amendment of section 115TD. Clause 57 seeks to amend section 115TD of the Income-tax Act relating to Tax on accreted income. It is proposed to insert a n....
Clause 58	:	Amendment of section 115UA. Clause 58 seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and business trust. It ....
Clause 59	:	Amendment of section 115UB. Clause 59 of the Bill seeks to amend section 115UB of the Income-tax Act relating to tax on income of investment fund and its....
Clause 60	:	Amendment of section 116. Clause 60 of the Bill seeks to amend section 116 of the Income-tax Act relating to income-tax authorities. It is proposed to ....
Clause 61	:	Amendment of section 119. Clause 61 of the Bill seeks to amend section 119 of the Income-tax Act relating to instructions to subordinate authorities. I....
Clause 62	:	Amendment of section 131. Clause 62 of the Bill seeks to amend section 131 of the Income-tax Act relating to power regarding discovery, production of e....
Clause 63	:	Amendment of section 132. Clause 63 of the Bill seeks to amend section 132 of the Income-tax Act relating to search and seizure. Sub-section (2) of sai....
Clause 64	:	Amendment of section 133. Clause 64 of the Bill seeks to amend section 133 of the Income-tax Act relating to power to call for information. It is propo....
Clause 65	:	Amendment of section 134. Clause 65 of the Bill seeks to amend section 134 of the Income-tax Act relating to power to inspect registers of companies. I....
Clause 66	:	Amendment of section 135A. Clause 66 of the Bill seeks to amend the section 135A of the Income-tax Act, 1961 relating to faceless collection of informat....
Clause 67	:	Amendment of section 140B. Clause 67 of the Bill seeks to amend the section 140B of the Income-tax Act relating to tax on updated return. Sub-section (4....
Clause 68	:	Amendment of section 142. Clause 68 of the Bill seeks to amend section 142 of the Income-tax Act relating to inquiry before assessment. Sub-section (2A....
Clause 69	:	Amendment of section 148. Clause 69 of the Bill seeks to amend section 148 of the Income-tax Act relating to issue of notice where income has escaped a....
Clause 70	:	Amendment of section 149. Clause 70 of the Bill seeks to amend section 149 of the Income-tax Act relating to time limit for notice. It is proposed to a....
Clause 71	:	Amendment of section 151. Clause 71 of the Bill seeks to amend the section 151 of the Income-tax Act relating to sanction for issue of notice. It is pr....
Clause 72	:	Amendment of section 153. Clause 72 of the Bill seeks to amend the section 153 of the Income-tax Act relating to time limit for completion of assessmen....
Clause 73	:	Amendment of section 154. Clause 73 of the Bill seeks to amend section 154 of the Income-tax Act relating to rectification of mistake. It is proposed t....
Clause 74	:	Amendment of section 155. Clause 74 of the Bill seeks to amend section 155 of the Income-tax Act relating to other amendments. Sub-section (11A) of the....
Clause 75	:	Amendment of section 158A. Clause 75 of the Bill seeks to amend section 158A of the Income-tax Act relating to procedure when assessee claims identical ....
Clause 76	:	Amendment of section 158AB. Clause 76 of the Bill seeks to amend section 158AB of the Income-tax Act relating to procedure where an identical question of....
Clause 77	:	Substitution of new section for section 170A. Clause 77 of the Bill seeks to substitute section 170A of the Income-tax Act relating to effect of order of tribunal or court....
Clause 78	:	Amendment of section 177. Clause 78 of the Bill seeks to amend section 177 of the Income-tax Act relating to association dissolved or business disconti....
Clause 79	:	Amendment of section 189. Clause 79 of the Bill seeks to amend section 189 of the Income-tax Act relating to firm dissolved or business discontinued. I....
Clause 80	:	Amendment of section 192A. Clause 80 of the Bill seeks to amend section 192A of the Income-tax Act relating to payment of accumulated balance due to an ....
Clause 81	:	Amendment of section 193. Clause 81 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities. Clause (ix) of the....
Clause 82	:	Amendment of section 194B. Clause 82 of the Bill seeks to amend section 194B of the Income-tax Act relating to winnings from lottery or crossword puzzle....
Clause 83	:	Insertion of new section 194BA. Clause 83 of the Bill seeks to insert a new section 194BA in the Income-tax Act relating to winnings from online game. Sub-se....
Clause 84	:	Amendment of section 194BB. Clause 84 of the Bill seeks to amend section 194BB of the Income-tax Act, 1961 relating to winning from horse race. It is pro....
Clause 85	:	Amendment of section 194N. Clause 85 of the Bill seeks to amend section 194N of the Income-tax Act relating to payment of certain amounts in cash. The p....
Clause 86	:	Amendment of section 194R. Clause 86 of the Bill seeks to amend section 194R of the Income-tax Act relating to deduction of tax on benefit or perquisite....
Clause 87	:	Amendment of section 196A. Clause 87 of the Bill seeks to amend section 196A of the Income-tax Act relating to income in respect of units of non-residen....
Clause 88	:	Amendment of section 197. Clause 88 of the Bill seeks to amend section 197 of the Income-tax Act relating to certificate for deduction at lower rate. I....
Clause 89	:	Amendment of section 206AB. Clause 89 of the Bill seeks to amend section 206AB of the Income-tax Act relating to special provision for deduction of tax a....
Clause 90	:	Amendment of section 206C. Clause 90 of the Bill seeks to amend section 206C of the Income-tax Act relating to tax collected at source from profits and ....
Clause 91	:	Amendment of section 206CCA. Clause 91 of the Bill seeks to amend section 206CCA of the Income-tax Act relating to special provision for collection of tax....
Clause 92	:	Amendment of section 241A. Clause 92 of the Bill seeks to amend section 241A of the Income-tax Act relating to withholding of refund in certain cases. I....
Clause 93	:	Amendment of section 244A. Clause 93 of the Bill seeks to amend section 244A of the Income-tax Act relating to interest on refunds. It is proposed to am....
Clause 94	:	Substitution of new section for section 245. Clause 94 of the Bill seeks to substitute section 245 of the Income-tax Act with a new section relating to set off and withho....
Clause 95	:	Amendment of section 245D. Clause 95 of the Bill seeks to amend the section 245D of the Income-tax Act relating to procedure on receipt of an applicatio....
Clause 96	:	Amendment of section 245MA. Clause 96 of the Bill seeks to amend the section 245MA of the Income-tax Act, relating to Dispute Resolution Committee. It is....
Clause 97	:	Amendment of section 245R. Clause 97 of the Bill seeks to amend the section 245R of the Income-tax Act relating to procedure on receipt of application. ....
Clause 98	:	Amendment of Chapter XX. Clause 98 of the Bill seeks to amend Chapter XX of the Income-tax Act relating to appeals and revision. It is proposed to ame....
Clause 99	:	Amendment of section 249. Clause 99 of the Bill seeks to amend section 249 of the Income-tax Act relating to form of appeal and limitation. It is propo....
Clause 100	:	Amendment of section 250. Clause 100 of the Bill seeks to amend section 250 of the Income-tax Act relating to procedure in appeal. It is proposed to am....
Clause 101	:	Amendment of section 251. Clause 101 of the Bill seeks to amend section 251 of the Income-tax Act relating to powers of the Commissioner (Appeals). It ....
Clause 102	:	Amendment of section 253. Clause 102 of the Bill seeks to amend section 253 of the Income-tax Act relating to appeals to the Appellate Tribunal. Sub-se....
Clause 103	:	Amendment of section 264. Clause 103 of the Bill seeks to amend section 264 of the Income-tax Act relating to revision of other orders. It is proposed ....
Clause 104	:	Amendment of section 267. Clause 104 of the Bill seeks to amend section 267 of the Income-tax Act relating to amendment of assessment on appeal. It is ....
Clause 105	:	Amendment of section 269SS. Clause 105 of the Bill seeks to amend the section 269SS of the Income-tax Act relating to mode of taking or accepting certain....
Clause 106	:	Amendment of section 269T. Clause 106 of the Bill seeks to amend the section 269T of the Income-tax Act relating to mode of repayment of certain loans o....
Clause 107	:	Amendment of section 270A. Clause 107 of the Bill seeks to amend section 270A of the Income-tax Act relating to penalty for under-reporting and misrepor....
Clause 108	:	Amendment of section 270AA. Clause 108 of the Bill seeks to amend section 270AA of the Income-tax Act relating to immunity from imposition of penalty, et....
Clause 109	:	Amendment of section 271. Clause 109 of the Bill seeks to amend section 271 of the Income-tax Act relating to failure to furnish returns, comply with n....
Clause 110	:	Amendment of section 271A. Clause 110 of the Bill seeks to amend section 271A of the Income-tax Act relating to failure to keep, maintain or retain book....
Clause 111	:	Amendment of section 271AAC. Clause 111 of the Bill seeks to amend section 271AAC of the Income-tax Act relating to penalty in respect of certain income. ....
Clause 112	:	Amendment of section 271AAD. Clause 112 of the Bill seeks to amend section 271AAD of the Income-tax Act relating to penalty for false entry, etc., in book....
Clause 113	:	Amendment of section 271C. Clause 113 of the Bill seeks to amend the section 271C of the Income-tax Act relating to penalty for failure to deduct tax at....
Clause 114	:	Amendment of section 271FAA. Clause 114 of the Bill seeks to amend the section 271FAA of the Income-tax Act relating to penalty for furnishing inaccurate ....
Clause 115	:	Amendment of section 271J. Clause 115 of the Bill seeks to amend section 271J of the Income-tax Act relating to penalty for furnishing incorrect informa....
Clause 116	:	Amendment of section 274. Clause 116 of the Bill seeks to amend the section 274 of the Income-tax Act relating to procedure. It is proposed to insert a....
Clause 117	:	Amendment of section 275. Clause 117 of the Bill seeks to amend section 275 of the Income-tax Act relating to bar of limitation for imposing penalties.....
Clause 118	:	Amendment of section 276A. Clause 118 of the Bill seeks to amend section 276A of the Income-tax Act relating to failure to comply with the provisions of....
Clause 119	:	Amendment of section 276B. Clause 119 of the Bill seeks to amend the section 276B of the Income-tax Act relating to failure to pay tax to the credit of ....
Clause 120	:	Amendment of section 279. Clause 120 of the Bill seeks to amend section 279 of the Income-tax Act relating to prosecution to be at instance of Principa....
Clause 121	:	Amendment of section 287. Clause 121 of the Bill seeks to amend section 287 of the Income-tax Act relating to publication of information respecting ass....
Clause 122	:	Amendment of section 295. Clause 122 of the Bill seeks to amend section 295 of the Income-tax Act relating to power to make rules. It is proposed to am....