Income Tax Act, 2025
Section 7: Ins. by Act 33 of 2009, s. 79 (w.e.f. 12009).
7. Ins. by Act 33 of 2009, s. 79 (w.e.f. 12009).
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Provided that the Central Government or Board or income-tax authority shall, after giving a
reasonable opportunity of showing cause against the proposed withdrawal to the assessee concerned, at
any time, withdraw the approval after recording the reasons for doing so.]
294. Act to have effect pending legislative provision for charge of tax.—If on the 1st day of April
in any assessment year provision has not yet been made by a Central Act for the charging of income-tax
1*** for that assessment year, this Act shall nevertheless have effect until such provision is so made as if
the provision in force in the preceding assessment year or the provision proposed in the Bill then before
Parliament, whichever is more favourable to the assessee, were actually in force.
2[294A. Power to make exemption, etc., in relation to certain Union territories.—If the Central
Government considers it necessary or expedient so to do for avoiding any hardship or anomaly or
removing any difficulty that may arise as a result of the application of this Act to the Union territories of
Dadra and Nagar Haveli, Goa*, Daman and Diu, and Pondicherry, or in the case of the Union territory of
Pondicherry, for implementing any provision of the Treaty of Cession concluded between France and
India on the 28th day of May, 1956, that Government may, by general or special order, make an
exemption, reduction in rate or other modification in respect of income-tax or super-tax in favour of any
assessee or class of assessees or in regard to the whole or any part of the income of any assessee or class
of assessees:
Provided that the power conferred by this section shall not be exercisable after the 31st day of March,
1967, except for the purpose of rescinding an exemption, reduction or modification already made.]
295. Power to make rules.—(1) The Board may, subject to the control of the Central Government,
by notification in the Gazette of India, make rules for the whole or any part of India for carrying out the
purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may
provide for all or any of the following matters:—
(a) the ascertainment and determination of any class of income;
(b) the manner in which and the procedure by which the income shall be arrived at in the case
of—
(i) income derived in part from agriculture and in part from business;
(ii) persons residing outside India;
3[(iii) an individual who is liable to be assessed under the provisions of sub-section (2)
of section 64;]
(c) the determination of the value of any perquisite chargeable to tax under this Act in such
manner and on such basis as appears to the Board to be proper and reasonable;
(d) the percentage on the written down value which may be allowed as depreciation in respect of
buildings, machinery, plant or furniture;
4[(dd) the extent to which, and the conditions subject to which, any expenditure referred to in
sub-section (3) of section 37 may be allowed;]
5[(dda) the matters specified in sub-sections (2) and (3) of section 44AA;]
The Board may, subject to the control of the Central Government,
by notification in the Gazette of India, make rules for the whole or any part of India for carrying out the
purposes of this Act.
In particular, and without prejudice to the generality of the foregoing power, such rules may
provide for all or any of the following matters:—
the ascertainment and determination of any class of income;
the manner in which and the procedure by which the income shall be arrived at in the case
of—
income derived in part from agriculture and in part from business;
persons residing outside India;
3[
an individual who is liable to be assessed under the provisions of sub-section
of section 64;]
the determination of the value of any perquisite chargeable to tax under this Act in such
manner and on such basis as appears to the Board to be proper and reasonable;
the percentage on the written down value which may be allowed as depreciation in respect of
buildings, machinery, plant or furniture;
4[
the extent to which, and the conditions subject to which, any expenditure referred to in
sub-section
of section 37 may be allowed;]
5[
the matters specified in sub-sections
and
of section 44AA;]