New and Old Income Tax Section Mapping

Short title, extent and commencement

Definitions

Definition of 'tax year' (replaces 'previous year')

Charge of income-tax

Scope of total income

Residence in India (ROR / RNOR / Non-Resident)

Income deemed received; dividend deemed income

Income on receipt of capital asset by specified person

Income deemed to accrue or arise in India

Apportionment of income between spouses (Portuguese Civil Code)

Incomes not included in total income (exempt incomes)

Political parties and electoral trusts

Amounts not deductible where income not includible

Heads of income for computing total income; expenditure relating to exempt income (14A absorbed)

Salaries — charging section

Definition of income from salary

Definition of perquisite

Profits in lieu of salary

Deductions from salaries (standard deduction, exemptions, professional tax)

Income from house property — charging section

Annual value of house property

Deductions from income from house property (30% + interest)

Arrears of rent and unrealised rent received subsequently

Property owned by co-owners

Interpretation for house property income

Profits and gains of business or profession — charging section

Computation of income under business/profession head

Rent, rates, taxes, repairs and insurance for buildings/plant

Deductions related to employee welfare and benefits

Deduction for certain premiums paid

Deduction for bad debts and provisions

Other specified deductions allowable

Depreciation on assets used for business/profession

General conditions — revenue expenditure wholly/exclusively for business

Amounts not deductible in certain circumstances

Expenses or payments not deductible (cash payments > ₹10,000)

Certain deductions allowed only on actual payment basis

Certain sums deemed as profits and gains

Computation of actual cost of assets

Special provision for cost of acquisition (certain modes)

Written down value (WDV) of depreciable assets

Capitalising impact of change in foreign exchange rates

Taxation of foreign exchange fluctuation gains/losses

Amortisation of preliminary expenses over 5 years

Expenditure on scientific research (weighted deduction)

Capital expenditure on specified business (100% deduction)

Agricultural extension project and skill development project

Tea, coffee and rubber development accounts

Site Restoration Fund

Special provision for deduction of trade/professional association expenses

Amortisation of mineral prospecting expenditure over 10 years

Amortisation of telecom licence, amalgamation/demerger expenditure

Full value of consideration for transfer of land/building held as stock-in-trade

Business of prospecting for mineral oils

Insurance business

Special provision for interest income of banks and financial institutions

Revenue recognition for construction and service contracts (POCM)

Presumptive basis of computation (small businesses, professionals, goods carriers)

Royalty and fee for technical services received by non-residents

Deduction of head office expenditure for non-residents

Presumptive computation for non-resident shipping, oil, aircraft

Maintenance of books of account

Tax audit (turnover > ₹1 crore / receipts > ₹50 lakh)

Business reorganisation for co-operative banks

Interpretation for Section 64 (business reorganisation)

Interpretation of terms for business/profession head

Capital gains — charging section

Capital gains on distribution of assets by company in liquidation

Capital gains on company purchase of its own shares

Transactions not regarded as transfer (gifts, inheritance, amalgamation, etc.)

Withdrawal of exemption in certain cases

Mode of computation of capital gains (cost of acquisition + improvement)

Cost of acquisition in cases of certain modes of acquisition

Special provision for computation — depreciable assets

Special provision for cost of depreciable assets in certain cases

Special provision for Market Linked Debentures

Slump sale — special provision for computation

Full value of consideration for transfer of immovable property

Full value of consideration for transfer of unquoted shares

Fair market value deemed as full value of consideration

Advance money received and forfeited from property sale

Exemption on profit from sale of residential house property

Capital gains on transfer of agricultural land not charged

Capital gains on compulsory acquisition of industrial undertaking

Exemption on investment in specified bonds (NHAI/REC, ₹50L limit)

Exemption on investment in new residential house property

Capital gains on shifting industrial undertaking from urban area

Capital gains on shifting undertaking to Special Economic Zone

Extension of time for acquiring new asset (compulsory acquisition)

Meaning of 'cost of improvement' and 'cost of acquisition'

Reference to Valuation Officer for fair market value

Tax on accumulated balance of recognised provident fund

Tax on winnings from lottery, crossword puzzle, card game, horse race — 30%

Tax on income of non-resident sportsmen or sports associations — 20%

Tax on income from Virtual Digital Assets (Crypto / NFTs) — 30% flat

Tax on income referred to in sections 102 to 106 (unexplained sources — 60%)

Tax on short-term capital gains on listed equity / equity MFs (STT paid) — 20%

Tax on long-term capital gains on all assets (general) — 12.5%

Tax on long-term capital gains on listed equity / equity MFs (STT paid) — 12.5%

Income from other sources — charging section

Deductions allowable from income from other sources

Amounts not deductible from other sources income

Profits chargeable to tax (earlier allowed as deduction)

Transfer of income without transfer of assets

Chargeability of income arising from revocable transfer of assets

'Transfer' and 'revocable transfer' defined

Income includes income of spouse, minor child (clubbing rules)

Liability of person in whose income another's income is included

Total income

Unexplained cash credits taxed at 60%

Unexplained investments taxed at 60%

Unexplained money, jewellery or other assets taxed at 60%

Unexplained expenditure taxed at 60%

Amount borrowed or repaid through hundi

Charge of tax on unexplained income — 60% flat rate

Set off of loss from one source against income from another (same head)

Set off of loss under one head against income under another head

Carry forward and set off of loss from house property (8 years)

Carry forward and set off of capital gains losses (8 years)

Carry forward and set off of business losses (8 years)

Set off and carry forward of speculation business loss (4 years)

Set off and carry forward of specified business loss (unlimited years)

Set off and carry forward of losses from owning horses

Treatment of accumulated loss and unabsorbed depreciation in amalgamation

Treatment of accumulated losses in case of co-operative banks

Carry forward in case of business reorganisation

Carry forward not permissible in search/seizure and change of shareholding

No set off of losses against undisclosed income

Submission of return for claiming losses

General provisions for deductions in computing total income

LIC premium, annuity, PF/PPF/ELSS contributions (₹1.5 lakh limit)

Contribution to National Pension System — employee and employer

Contribution under Agnipath Scheme

Health insurance premia (self + parents, additional for senior citizens)

Maintenance and medical treatment of disabled dependent

Medical treatment expenditure for specified diseases

Interest on loan taken for higher education (8 years)

Interest on home loan for first-time buyers (₹50,000 limit)

Interest on loan for affordable housing (stamp duty ≤ ₹45 lakh)

Interest on loan for purchase of electric vehicle

Donations to charitable institutions and funds (50%/100%)

Rent paid (where HRA is not received from employer)

Donations for scientific research or rural development

Contributions by companies to political parties

Contributions by persons other than companies to political parties

Profits from industrial undertakings in infrastructure development

Profits of developers of Special Economic Zones

Profits from eligible start-ups (tax holiday for 3 years)

Profits from certain industrial undertakings (ships, hotels, hospitals)

Profits from affordable housing projects

Profits of certain undertakings in North-Eastern States

Profits of newly established units in Special Economic Zones

Profits from collection, processing or treatment of biodegradable waste

Additional employee cost deduction (30% for new hires)

Offshore Banking Units and International Financial Services Centre

Deduction for inter-corporate dividends

Income of co-operative societies

Interpretation for Section 149 (co-operative society deduction)

Royalty income of authors on books (₹3 lakh limit)

Royalty on patents registered under Patents Act (₹3 lakh limit)

Interest on savings account deposits and bank deposits (senior citizens)

Deduction for person with disability (₹75,000 / ₹1.25 lakh)

Rebate to be allowed in computing income-tax

Rebate for resident individuals — zero tax up to ₹12 lakh income (default regime)

Relief when salary is paid in arrears or advance (Form 10E)

Relief from taxation on income from retirement benefit account abroad

Agreement with foreign countries for double taxation relief (DTAA)

Countries with which no agreement exists — unilateral relief

Computation of income from international transaction having regard to arm's length price

Meaning of associated enterprise

Meaning of international transaction

Meaning of specified domestic transaction (> ₹20 crore threshold)

Determination of arm's length price (CUP, RPM, CPM, TNMM, PSM methods)

Reference to Transfer Pricing Officer

Safe harbour rules for transfer pricing

Advance Pricing Agreement (APA) — unilateral / bilateral / multilateral

Rollback of Advance Pricing Agreement

Secondary adjustment in certain cases

Maintenance of information and documents for international transactions

Report from accountant to be furnished for international transactions

Definitions of certain terms relevant to determination of arm's length price

Avoidance of income tax by transactions resulting in transfer of income to non-residents

Avoidance of tax by certain transactions in securities

Special measures in respect of transactions with persons located in notified jurisdictional area

Limitation on interest deduction in certain cases

Applicability of General Anti-Avoidance Rule (GAAR)

Tax on profits and gains of life insurance business — 12.5%

Tax on income of certain domestic companies (25% optional regime)

Consequences of impermissible avoidance arrangement

Treatment of connected person and accommodating party

Application of GAAR chapter

Interpretation for GAAR chapter

Mode of taking or accepting certain loans, deposits and specified sum

Tax on royalty income in respect of patent — 10%

Tax on income from transfer of carbon credits — 10%

Tax on anonymous donations received by charitable trusts — 30%

Tax on certain dividends received from foreign subsidiary — 15%

Tax on distributed income of domestic company on buyback of shares — 20%

Minimum Alternate Tax (MAT) for companies — 15% of book profit

Domestic companies — optional reduced rate of 22% (no deductions/incentives)

New manufacturing companies — optional 15% tax rate (incorporated after Oct 2019)

Default (new) tax regime for individuals and HUFs — 7 slabs (0%–30%)

Co-operative societies — optional new regime at reduced rates

New manufacturing co-operative societies — optional 15% rate

Alternate Minimum Tax (AMT) for non-corporate persons

Tax credit for alternate minimum tax paid (carry forward 15 years)

Tax on dividends, royalty and technical service fees for foreign companies/non-residents

Tax on income by way of royalty and FTS for non-residents through offshore funds

Tax on income from units purchased in foreign currency by offshore fund — 10%

Tax on income from bonds or GDR purchased in foreign currency — 10%

Tax on income from GDR purchased by resident employee — 10%

Tax on income of FPIs/FIIs from securities and capital gains — 10%/20%

Tax on income received in respect of units of a business trust

Definitions — Non-Resident Indian (NRI) special chapter

Special provision for computation of income of NRI

Tax on investment income and LTCG of NRI from specified assets — 20%/10%

Capital gains from transfer of foreign exchange asset not chargeable for NRI (reinvestment)

Return of income not to be filed by NRI in certain cases (investment income only)

Benefit under NRI chapter to continue after becoming resident

Chapter XII-A not to apply if NRI opts for regular provisions

Tax on income from securitisation trusts

Tax on income in case of venture capital undertaking

Tax on income of unit holder and business trust

Tax on income of investment fund and its unit holders

Income from business of operating qualifying ships

Tonnage Tax Scheme

Computation of tonnage income

Relevant shipping income and exclusion from book profit

Depreciation and gains relating to tonnage tax assets

Exclusion of deduction, loss, set off, etc.

Method of opting for tonnage tax scheme and validity

Certain conditions for applicability of tonnage tax schemes

Amalgamation and demerger under tonnage tax scheme

Avoidance of tax and exclusion from tonnage tax scheme

Interpretation for tonnage tax chapter

Income tax authorities — hierarchy and designations

Appointment of income tax authorities

Power of Income Tax authorities (summons, inspection of documents, bank accounts)

Power to conduct inquiry for the purpose of obtaining evidence

Tax Payer's charter

Jurisdiction of income tax authorities

Jurisdiction of Assessing Officers

Power to transfer cases

Change of incumbent of an office

Faceless jurisdiction of income tax authorities

Power regarding discovery, production of evidence

Search and Seizure — search of premises, seizure of books, documents, assets

Power to requisition books of account and other documents

Application of seized or requisitioned assets to existing tax demand

Procedure to be followed after search and seizure

Copying, extraction, retention and release of books of account and documents seized or requisitioned

Income payable net of tax — grossing up for TDS calculation

Powers of survey (inspection of business premises to gather information)

Power to collect certain information from businesses and banking companies

Power to inspect registers of companies

Power of certain income tax authorities

Proceedings before income tax authorities to be deemed judicial proceedings

Disclosure of information relating to assessees

Power to call for information by prescribed income-tax authority

Faceless collection of information

Interpretation for survey, search and seizure chapter

Permanent Account Number (PAN) — mandatory for specified transactions

Return of income — mandatory filing, belated return, updated return (ITR-U)

Scheme for filing return of income through Tax Return Preparers

Return to be verified by whom (individual, karta of HUF, MD of company, etc.)

Self-assessment — pay tax before filing return

Tax on updated return (ITR-U) — 25% or 50% additional tax on shortfall

Delivery of returns in bulk and tax payment by employer on behalf of employees

Filing of return in electronic form

Inquiry before assessment — notice to produce documents and attend

Valuation Officer for determining fair market value of property

Method of accounting — mercantile or cash basis

Method of valuation of securities at cost or market value

Taxability of claims for interest, receivable compensation, etc.

Dispute Resolution Panel (DRP) — for international transactions and transfer pricing

Faceless assessment — National Faceless Assessment Centre (NFAC)

Summary processing of return of income — intimation u/s 143(1)

Scrutiny notice and assessment order — CASS / manual selection

Income escaping assessment — trigger for reassessment

Issue of notice for reassessment (after AO satisfaction)

Inquiry and opportunity before issue of reassessment notice

Time limit for notice under Section 280 (reassessment)

Provision for cases where assessment cannot be made