DIRECT TAXES - Income-tax - Finance (No. 2) Bill, 2024

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 (22) of the said section ....
Clause 4	:	Amendment of section 10. Clause 4 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. Clause....
Clause 5	:	Amendment of section 11. Clause 5 of the Bill seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or ....
Clause 6	:	Amendment of section 12A. Clause 6 of the Bill seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 11....
Clause 7	:	Amendment of section 12AB. Clause 7 of the Bill seeks to amend section 12AB of the Income-tax Act relating to procedure for fresh registration. Sub-sect....
Clause 8	:	Insertion of new section 12AC. Clause 8 of the Bill seeks to insert a new section 12AC of the Income-tax Act relating to merger of charitable trusts or inst....
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. Cl....
Clause 10	:	Amendment of section 16. Clause 10 of the Bill seeks to amend section 16 of the Income-tax Act relating to deductions from salaries. The provisions 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 36. Clause 12 of the Bill seeks to amend section 36 of the Income-tax Act relating to other deductions. Sub-section (1) of said s....
Clause 13	:	Amendment of section 37. Clause 13 of the Bill seeks to amend section 37 of the Income-tax Act relating to general. Sub-section (1) of said section, i....
Clause 14	:	Amendment of section 40. Clause 14 of the Bill seeks to amend section 40 of the Income-tax Act relating to amounts not deductible. Sub-clause (v) of c....
Clause 15	:	Amendment of section 43D. Clause 15 of the Bill seeks to amend section 43D of the Income-tax Act relating to special provision in case of income of pub....
Clause 16	:	Amendment of section 44B. Clause 16 of the Bill seeks to amend section 44B of the Income-tax Act relating to special provision for computing profits an....
Clause 17	:	Insertion of new section 44BBC. Clause 17 of the Bill seeks to insert new section 44BBC in the Income-tax Act relating to special provision for computing pro....
Clause 18	:	Amendment of section 46A. Clause 18 of the Bill seeks to amend section 46A of the Income-tax Act relating to capital gains on purchase by company of it....
Clause 19	:	Amendment of section 47. Clause 19 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The ....
Clause 20	:	Amendment of section 48. Clause 20 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation. The second proviso to ....
Clause 21	:	Amendment of section 50AA. Clause 21 of the Bill seeks to amend section 50AA of the Income-tax Act relating to Special provision for computation of capi....
Clause 22	:	Amendment of section 55. Clause 22 of the Bill seeks to amend section 55 of the Income-tax Act relating to meaning of adjusted, cost of improvement an....
Clause 23	:	Amendment of section 56. Clause 23 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. The provisions o....
Clause 24	:	Amendment of section 57. Clause 24 of the Bill seeks to amend section 57 of the Income-tax Act relating to deductions. Clause (i) of the said section ....
Clause 25	:	Amendment of section 80CCD. Clause 25 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 26	:	Amendment of section 80G. Clause 26 of the Bill seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to certa....
Clause 27	:	Amendment of section 92CA. Clause 27 of the Bill seeks to amend section 92CA of the Income-tax Act relating to reference to Transfer Pricing Officer. Su....
Clause 28	:	Amendment of section 94B. Clause 28 of the Bill seeks to amend section 94B of the Income-tax Act relating to limitation on interest deduction in certai....
Clause 29	:	Amendment of section 111A. Clause 29 of the Bill seeks to amend section 111A of the Income-tax Act relating to tax on short-term capital gains in certai....
Clause 30	:	Amendment of section 112. Clause 30 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains. The said s....
Clause 31	:	Amendment of section 112A. Clause 31 of the Bill seeks to amend section 112A of the Income-tax Act relating to tax on long-term capital gains in certain....
Clause 32	:	Amendment of section 113. Clause 32 of the Bill seeks to amend section 113 of the Income-tax Act relating to tax in the case of block assessment of sea....
Clause 33	:	Amendment of section 115AB. Clause 33 of the Bill seeks to amend section 115AB of the Income-tax Act relating to tax on income from units purchased in fo....
Clause 34	:	Amendment of section 115AC. Clause 34 of the Bill seeks to amend section 115AC of the Income-tax Act relating to tax on income from bonds or Global Depos....
Clause 35	:	Amendment of section 115ACA. Clause 35 of the Bill seeks to amend section 115ACA of the Income-tax Act relating to tax on income from Global Depository Re....
Clause 36	:	Amendment of section 115AD. Clause 36 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Foreign Institutional I....
Clause 37	:	Amendment of section 115BAC. Clause 37 of the Bill seeks to amend section 115BAC of the Income-tax Act relating to tax on income of individuals and Hindu ....
Clause 38	:	Amendment of section 115E. Clause 38 of the Bill seeks to amend section 115E of the Income-tax Act relating to tax on investment income and long-term ca....
Clause 39	:	Amendment of section 115QA. Clause 39 of the Bill seeks to amend section 115QA of the Income-tax Act relating to tax on distributed income to shareholder....
Clause 40	:	Amendment of section 132B. Clause 40 of the Bill seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned as....
Clause 41	:	Amendment of section 139. Clause 41 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. The said section provide....
Clause 42	:	Amendment of section 139AA. Clause 42 of the Bill seeks to amend section 139AA of the Income-tax Act relating to quoting of Aadhaar number. The said sect....
Clause 43	:	Amendment of section 144C. Clause 43 of the Bill seeks to amend section 144C of the Income-tax Act, relating to reference to dispute resolution panel. I....
Clause 44	:	Substitution of new sections for sections 148 and 148A. Clause 44 of the Bill seeks to substitute sections 148 and 148A of the Income-tax Act relating to issue of notice where incom....
Clause 45	:	Substitution of new section for section 149. Clause 45 of the Bill seeks to substitute section 149 of the Income-tax Act relating to time limit for notice. The existing p....
Clause 46	:	Substitution of new section for section 151. Clause 46 of the Bill seeks to substitute section 151 of the Income-tax Act relating to sanction for issue of notice. Section....
Clause 47	:	Amendment of section 152. Clause 47 of the Bill seeks to amend section 152 of the Income-tax Act relating to other provisions. It is proposed to insert....
Clause 48	:	Amendment of section 153. Clause 48 of the Bill seeks to amend section 153 of the Income-tax Act relating to time-limit for completion of assessment, r....
Clause 49	:	Substitution of new Chapter for Chapter XIV-B. Clause 49 of the Bill seeks to substitute Chapter XIV-B of the Income-tax Act relating to special procedure for assessment of....
Clause 50	:	Amendment of section 192. Clause 50 of the Bill seeks to amend section 192 of the Income-tax Act relating to salary. The said section provides for prov....
Clause 51	:	Amendment of section 193. Clause 51 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities. The said section p....
Clause 52	:	Amendment of section 194. Clause 52 of the Bill seeks to amend section 194 of the Income-tax Act relating to dividends. The said section, inter alia, p....
Clause 53	:	Amendment of section 194C. Clause 53 of the Bill seeks to amend section 194C of the Income-tax Act relating to payments to contractors. Clause (iv) of t....
Clause 54	:	Amendment of section 194DA. Clause 54 of the Bill seeks to amend section 194DA of the Income-tax Act relating to payment in respect of life insurance pol....
Clause 55	:	Omission of section 194F. Clause 55 of the Bill seeks to omit section 194F of the Income-tax Act relating to payments on account of repurchase of units....
Clause 56	:	Amendment of section 194G. Clause 56 of the Bill seeks to amend section 194G of the Income-tax Act relating to commission etc. on sale of lottery ticket....
Clause 57	:	Amendment of section 194H. Clause 57 of the Bill seeks to amend section 194H of the Income-tax Act relating to commission or brokerage. The said section....
Clause 58	:	Amendment of section 194-IA. Clause 58 of the Bill seeks to amend section 194-IA of the Income-tax Act relating to payment on transfer of certain immovabl....
Clause 59	:	Amendment of section 194-IB. Clause 59 of the Bill seeks to amend section 194-IB of the Income-tax Act relating to payment of rent by certain individuals ....
Clause 60	:	Amendment of section 194M. Clause 60 of the Bill seeks to amend section 194M of the Income-tax Act relating to payment of certain sums by certain indivi....
Clause 61	:	Amendment of section 194-O. Clause 61 of the Bill seeks to amend section 194-O of the Income-tax Act relating to payment of certain sums by e-commerce op....
Clause 62	:	Insertion of new section 194T. Clause 62 of the Bill seeks to insert a new section 194T in the Income-tax Act relating to payments to partners of firms. Sub....
Clause 63	:	Amendment of section 196B. Clause 63 of the Bill seeks to amend section 196B of the Income-tax Act relating to Income from units. The said section provi....
Clause 64	:	Amendment of section 196C. Clause 64 of the Bill seeks to amend section 196C of the Income-tax Act relating to income from foreign currency bonds or sha....
Clause 65	:	Amendment of section 197. Clause 65 of the Bill seeks to amend section 197 of the Income-tax Act relating to certificate for deduction at lower rate. S....
Clause 66	:	Amendment of section 198. Clause 66 of the Bill seeks to amend section 198 of the Income-tax Act relating to tax deducted is income received. The said ....
Clause 67	:	Amendment of section 200. Clause 67 of the Bill seeks to amend section 200 of the Income-tax Act relating to duty of person deducting tax. Sub-section ....
Clause 68	:	Amendment of section 200A. Clause 68 of the Bill seeks to amend section 200A of the Income-tax Act relating to processing of statements of tax deducted ....
Clause 69	:	Amendment of section 201. Clause 69 of the Bill seeks to amend section 201 of the Income-tax Act, relating to consequences of failure to deduct or pay.....
Clause 70	:	Amendment of section 206C. Clause 70 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of tr....
Clause 71	:	Amendment of section 230. Clause 71 of the Bill seeks to amend section 230 of the Income-tax Act relating to tax clearance certificate. Sub-section (1A....
Clause 72	:	Amendment of section 244A. Clause 72 of the Bill seeks to amend section 244A of the Income-tax Act relating to interest on refunds. The proviso to sub-s....
Clause 73	:	Amendment of section 245. Clause 73 of the Bill seeks to amend section 245 of the Income-tax Act relating to set off and withholding of refunds in cert....
Clause 74	:	Amendment of section 245Q. Clause 74 of the Bill seeks to amend section 245Q of the Income-tax Act relating to application for advance ruling. Sub-secti....
Clause 75	:	Amendment of section 245R. Clause 75 of the Bill seeks to amend section 245R of the Income-tax Act relating to procedure on receipt of application. Sub-....
Clause 76	:	Amendment of section 246A. Clause 76 of the Bill seeks to amend section 246A of the Income-tax Act relating to appealable orders before Commissioner (Ap....
Clause 77	:	Amendment of section 251. Clause 77 of the Bill seeks to amend section 251 of the Income-tax Act relating to powers of the Joint Commissioner (Appeals)....
Clause 78	:	Amendment of section 253. Clause 78 of the Bill seeks to amend section 253 of the Income-tax Act relating to appeals to the Appellate Tribunal. Sub-sec....
Clause 79	:	Amendment of section 271FAA. Clause 79 of the Bill seeks to amend section 271FAA of the Income-tax Act, 1961 relating to penalty for furnishing inaccurate....
Clause 80	:	Insertion of new section 271GC. Clause 80 of the Bill seeks to insert a new section 271GC in the Income-tax Act relating to penalty for failure to submit sta....
Clause 81	:	Amendment of section 271H. Clause 81 of the Bill seeks to amend section 271H of the Income-tax Act, relating to penalty for failure to furnish statement....
Clause 82	:	Amendment of section 273B. Clause 82 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain case....
Clause 83	:	Amendment of section 275. Clause 83 of the Bill seeks to amend section 275 of the Income-tax Act relating to bar of limitation for imposing penalties. ....
Clause 84	:	Amendment of section 276B. Clause 84 of the Bill seeks to amend section 276B of the Income-tax Act, relating to failure to pay tax to the credit of Cent....
Clause 85	:	Amendment of section 276CCC. Clause 85 of the Bill seeks to amend section 276CCC of the Income-tax Act relating to failure to furnish return of income in ....
Clause 86	:	Amendment of section 285. Clause 86 of the Bill seeks to amend section 285 of the Income-tax Act relating to submission of statement by a non-resident ....
Clause 87	:	Amendment of First Schedule. Clause 87 of the Bill seeks to amend the First Schedule to the Income-tax Act relating to insurance business. Rule 2 of the s....