varshith7/income-tax-act-india huggingface dataset:
Income Tax Act, 2025
Section 1: Subs. by Act 7 of 2017, s. 47, for “profit and loss account” (w.e.f. 12017).
1. Subs. by Act 7 of 2017, s. 47, for “profit and loss account” (w.e.f. 12017).
2. The Explanation numbered as Explanation 1 by Act 18 of 2008, s. 23 (w.e.f. 12001).
Income Tax Act, 2025
Section 4: Ins. by Act 20 of 2002, s. 52 (w.e.f. 12003).
4. Ins. by Act 20 of 2002, s. 52 (w.e.f. 12003).
5. Subs. by Act 21 of 2006, s. 24, for “section 10 (other than the provisions contained in clause (23G) thereof) or section
10A or section 10B or section 11 or section 12 apply,” (w.e.f. 12007).
6. The words, figures and letters “section 10A or section 10B or” omitted by Act 22 of 2007, s. 34 (w.e.f. 12008).
thereof) or section
10A or section 10B or section 11 or section 12 apply,” (w.e.f. 12007).
6. The words, figures and letters “section 10A or section 10B or” omitted by Act 22 of 2007, s. 34 (w.e.f. 12008).
Income Tax Act, 2025
Section 6: Subs. by Act 20 of 2002, s. 52, for clause (i) and the proviso (w.e.f. 12001).
6. Subs. by Act 20 of 2002, s. 52, for clause (i) and the proviso (w.e.f. 12001).
7. Subs. by Act 21 of 2006, s. 24, for “section 10 (other than the provisions contained in clause (23G) thereof)”
(w.e.f. 12007).
8. The words, figures and letters “section 10A or section 10B or” omitted by Act 22 of 2007, s. 34 (w.e.f. 12008).
and the proviso (w.e.f. 12001).
7. Subs. by Act 21 of 2006, s. 24, for “section 10 (other than the provisions contained in clause
thereof)”
(w.e.f. 12007).
8. The words, figures and letters “section 10A or section 10B or” omitted by Act 22 of 2007, s. 34 (w.e.f. 12008).
Income Tax Act, 2025
Section 3: Ins. by Act 13 of 2018, s. 37 (w.e.f. 12018).
3. Ins. by Act 13 of 2018, s. 37 (w.e.f. 12018).
4. Subs. by Act 20 of 2002, s. 52, for clause (iii) and the Explanation (w.e.f. 12001).
5. Clause (iv), clause (v) and clause (vi) omitted by Act 8 of 2011, s. 18 (w.e.f. 12005).
and the Explanation (w.e.f. 12001).
5. Clause
and clause
omitted by Act 8 of 2011, s. 18 (w.e.f. 12005).
Income Tax Act, 2025
Section 2: Ins. by Act 23 of 2012, s. 48 (w.e.f. 12013).
2. Ins. by Act 23 of 2012, s. 48 (w.e.f. 12013).
3. Subs. by Act 7 of 2017, s. 47, for “proviso to sub-section (2) of section 211 of the Companies Act, 1956 (1 of 1956)”
(w.e.f. 12017).
of section 211 of the Companies Act, 1956 (1 of 1956)”
(w.e.f. 12017).
Income Tax Act, 2025
Section 4: Subs. by s. 47, ibid., for “profit and loss account” (w.e.f. 12017).
4. Subs. by s. 47, ibid., for “profit and loss account” (w.e.f. 12017).
5. Subs. by s. 47, ibid., for “Part II and Part III of Schedule VI to the Companies Act, 1956 (1 of 1956)” (w.e.f. 12017).
Income Tax Act, 2025
Section 8: Ins. by Act 20 of 2015, s. 30 (w.e.f. 12016).
8. Ins. by Act 20 of 2015, s. 30 (w.e.f. 12016).
9. Explanation 4 renumbered as Explanation 5 thereof by Act 28 of 2016, s. 55 (w.e.f. 12001).
Income Tax Act, 2025
Section 115JD: Tax credit for alternate minimum tax.—(1) The credit for tax paid by 8[a person
115JD. Tax credit for alternate minimum tax.—(1) The credit for tax paid by 8[a person
under section 115JC shall be allowed to him] in accordance with the provisions of this section.
(2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of
alternate minimum tax paid over the regular income-tax payable of that year.
9[Provided that where the amount of tax credit in respect of any income-tax paid in any country or
specified territory outside India under section 90 or section 90A or section 91, allowed against the alternate
minimum tax payable, exceeds the amount of the tax credit admissible against the regular income-tax
payable by the assessee, then, while computing the amount of credit under this sub-section, such excess
amount shall be ignored.]
(3) No interest shall be payable on tax credit allowed under sub-section (1).
The credit for tax paid by 8[a person
under section 115JC shall be allowed to him] in accordance with the provisions of this section.
The tax credit of an assessment year to be allowed under sub-section
shall be the excess of
alternate minimum tax paid over the regular income-tax payable of that year.
9[Provided that where the amount of tax credit in respect of any income-tax paid in any country or
specified territory outside India under section 90 or section 90A or section 91, allowed against the alternate
minimum tax payable, exceeds the amount of the tax credit admissible against the regular income-tax
payable by the assessee, then, while computing the amount of credit under this sub-section, such excess
amount shall be ignored.]
No interest shall be payable on tax credit allowed under sub-section
Income Tax Act, 2025
Section 1: Ins. by Act 8 of 2011, s. 19 (w.e.f. 12012).
1. Ins. by Act 8 of 2011, s. 19 (w.e.f. 12012).
2. Subs. by Act 23 of 2012, s. 49, for “LIMITED LIABILITY PARTERSHIPS” (w.e.f. 12013).
Income Tax Act, 2025
Section 7: Ins. by Act 13 of 2018, s. 38 (w.e.f. 12019).
7. Ins. by Act 13 of 2018, s. 38 (w.e.f. 12019).
8. Subs. by Act 23 of 2012, s. 51, for “a limited liability partnership under section 115JC shall be allowed to it”
(w.e.f. 12013).
Income Tax Act, 2025
Section 115JF: Interpretation in this Chapter.In this Chapter—
115JF. Interpretation in this Chapter.In this Chapter—
(a) “accountant” shall have the same meaning as in the Explanation below sub-section (2)
of section 288;
6[(b) “alternate minimum tax” means the amount of tax computed on adjusted total income,––
(i) in case of an assessee being a unit referred to in sub-section (4) of section 115JC, at a rate
of nine per cent.;
(ii) in any other case, at a rate of eighteen and one-half per cent.;]
7[(ba) “convertible foreign exchange” means a foreign exchange which is for the time being
treated by the Reserve Bank of India as convertible foreign exchange for the purpose of the Foreign
Exchange Management Act, 1999 and the rules made thereunder;
(bb) “International Financial Services Centre” shall have the meaning assigned to it in clause (q)
of section 2 of the Special Economic Zones Act, 2005;]
8* * * * *
“accountant” shall have the same meaning as in the Explanation below sub-section
of section 288;
6[
“alternate minimum tax” means the amount of tax computed on adjusted total income,––
in case of an assessee being a unit referred to in sub-section
of section 115JC, at a rate
of nine per cent.;
in any other case, at a rate of eighteen and one-half per cent.;]
7[
“convertible foreign exchange” means a foreign exchange which is for the time being
treated by the Reserve Bank of India as convertible foreign exchange for the purpose of the Foreign
Exchange Management Act, 1999 and the rules made thereunder;
“International Financial Services Centre” shall have the meaning assigned to it in clause
of section 2 of the Special Economic Zones Act, 2005;]
8* * * * *
Income Tax Act, 2025
Section 1: Subs. by Act 7 of 2017, s. 48, for “tenth assessment year” (w.e.f. 12018).
1. Subs. by Act 7 of 2017, s. 48, for “tenth assessment year” (w.e.f. 12018).
2. Subs. by Act 23 of 2012, s. 52, for “a limited liability partnership” (w.e.f. 12013).
Income Tax Act, 2025
Section 8: Clause (c) omitted by Act 23 of 2012, s. 54 (w.e.f. 12013).
8. Clause (c) omitted by Act 23 of 2012, s. 54 (w.e.f. 12013).
495
(d) “regular income-tax” means the income-tax payable for a previous year by 1[a person on his
total income] in accordance with the provisions of this Act other than the provisions of this Chapter.]
2[(e) “unit” means a unit established in an International Financial Services Centre.]
3[CHAPTER XIIBB
SPECIAL PROVISIONS RELATING TO CONVERSION OF INDIAN BRANCH OF A FOREIGN BANK INTO A
SUBSIDIARY COMPANY
omitted by Act 23 of 2012, s. 54 (w.e.f. 12013).
495
“regular income-tax” means the income-tax payable for a previous year by 1[a person on his
total income] in accordance with the provisions of this Act other than the provisions of this Chapter.]
2[
“unit” means a unit established in an International Financial Services Centre.]
3[CHAPTER XIIBB
SPECIAL PROVISIONS RELATING TO CONVERSION OF INDIAN BRANCH OF A FOREIGN BANK INTO A
SUBSIDIARY COMPANY
Income Tax Act, 2025
Section 2: Ins. by s. 40, ibid. (w.e.f. 11997).
2. Ins. by s. 40, ibid. (w.e.f. 11997).
3. Subs. by Act 32 of 2003, s. 55, for sub-section (1) (w.e.f. 12003). Earlier sub-section (1) was amended by Act 10 of
2000, s. 53 (w.e.f. 12000), Act 14 of 2001, s. 55 (w.e.f. 12001), and Act 20 of 2002, s. 53 (w.e.f. 12003).
4. Subs. by Act 22 of 2007, s. 35, for “at the rate of twelve and one-half per cent.” (w.e.f. 12007).
(w.e.f. 12003). Earlier sub-section
was amended by Act 10 of
2000, s. 53 (w.e.f. 12000), Act 14 of 2001, s. 55 (w.e.f. 12001), and Act 20 of 2002, s. 53 (w.e.f. 12003).
4. Subs. by Act 22 of 2007, s. 35, for “at the rate of twelve and one-half per cent.” (w.e.f. 12007).
Income Tax Act, 2025
Section 3: Ins. by s. 57, ibid. (w.e.f. 12017).
3. Ins. by s. 57, ibid. (w.e.f. 12017).
4. Subs. by Act 54 of 2003, s. 4, for “one and one-fourth per cent.” (w.e.f. 82003). Earlier the quoted words were
amended by Act 10 of 2000, s. 54 (w.e.f. 12000).
Income Tax Act, 2025
Section 1: Ins. by Act 17 of 2013, s. 31 (w.e.f. 12013).
1. Ins. by Act 17 of 2013, s. 31 (w.e.f. 12013).
2. Subs. by Act 28 of 2016, s. 58, for “section 77A of the Companies Act, 1956 (1 of1956)” (w.e.f. 12016).
3. Subs. by s. 58, ibid., for “the amount, which was received by the company for issue of such shares, determined in the
manner as may be prescribed” (12016).
500
Income Tax Act, 2025
Section 2: Subs. by s. 32, ibid., for “Provided that” (w.e.f. 12013).
2. Subs. by s. 32, ibid., for “Provided that” (w.e.f. 12013).
3. Clause (b) omitted by Act 13 of 2018, s. 42 (w.e.f. 12018). Earlier it was amended by Act 21 of 2006,
s. 26 (w.e.f. 12006).
omitted by Act 13 of 2018, s. 42 (w.e.f. 12018). Earlier it was amended by Act 21 of 2006,
s. 26 (w.e.f. 12006).
Income Tax Act, 2025
Section 5: Ins. by Act 25 of 2014, s. 42 (w.e.f. 12014).
5. Ins. by Act 25 of 2014, s. 42 (w.e.f. 12014).
6. Sub-section (3A) omitted by s. 42, ibid. (w.e.f. 12015).Earlier inserted by Act 10 of 2000, s. 55 (w.e.f. 12000).
502
omitted by s. 42, ibid. (w.e.f. 12015).Earlier inserted by Act 10 of 2000, s. 55 (w.e.f. 12000).
502
Income Tax Act, 2025
Section 2: Subs. by Act 54 of 2003, s. 5, for “one and one-fourth per cent.” (w.e.f. 82003).
2. Subs. by Act 54 of 2003, s. 5, for “one and one-fourth per cent.” (w.e.f. 82003).
3. Subs. by Act 13 of 2018, s. 43, for clause (b) (w.e.f. 12018). Earlier it was amended by Act 21 of 2006, s. 27
(w.e.f. 12006).
(w.e.f. 12018). Earlier it was amended by Act 21 of 2006, s. 27
(w.e.f. 12006).
Income Tax Act, 2025
Section 4: Ins. by Act 22 of 2007, s. 37 (w.e.f. 12007).
4. Ins. by Act 22 of 2007, s. 37 (w.e.f. 12007).
503
1[CHAPTER XIIEA
SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED
INCOME BY SECURITISATION TRUSTS
115TA. Tax on distributed income to investors.—(1) Notwithstanding anything contained in any
other provisions of the Act, any amount of income distributed by the securitisation trust to its investors
shall be chargeable to tax and such securitisation trust shall be liable to pay additional income-tax on such
distributed income at the rate of—
(i) twenty-five per cent. on income distributed to any person being an individual or a Hindu
undivided family;
(ii) thirty per cent. on income distributed to any other person:
Provided that nothing contained in this sub-section shall apply in respect of any income
distributed by the securitisation trust to any person in whose case income, irrespective of its nature
and source, is not chargeable to tax under the Act.
(2) The person responsible for making payment of the income distributed by the securitisation trust
shall be liable to pay tax to the credit of the Central Government within fourteen days from the date of
distribution or payment of such income, whichever is earlier.
2* * * * *
(4) No deduction under any other provisions of this Act shall be allowed to the securitisation trust in
respect of the income which has been charged to tax under sub-section (1).
3[(5) Nothing contained in this section shall apply in respect of any income distributed by a
securitisation trust to its investors on or after the 1st day of June, 2016.]
Notwithstanding anything contained in any
other provisions of the Act, any amount of income distributed by the securitisation trust to its investors
shall be chargeable to tax and such securitisation trust shall be liable to pay additional income-tax on such
distributed income at the rate of—
twenty-five per cent. on income distributed to any person being an individual or a Hindu
undivided family;
thirty per cent. on income distributed to any other person:
Provided that nothing contained in this sub-section shall apply in respect of any income
distributed by the securitisation trust to any person in whose case income, irrespective of its nature
and source, is not chargeable to tax under the Act.
The person responsible for making payment of the income distributed by the securitisation trust
shall be liable to pay tax to the credit of the Central Government within fourteen days from the date of
distribution or payment of such income, whichever is earlier.
2* * * * *
No deduction under any other provisions of this Act shall be allowed to the securitisation trust in
respect of the income which has been charged to tax under sub-section
Nothing contained in this section shall apply in respect of any income distributed by a
securitisation trust to its investors on or after the 1st day of June, 2016.]
Income Tax Act, 2025
Section 115TB: Interest payable for non-payment of tax.—Where the person responsible for making
115TB. Interest payable for non-payment of tax.—Where the person responsible for making
payment of the income distributed by the securitisation trust and the securitisation trust fails to pay the
whole or any part of the tax referred to in sub-section (1) of section 115TA, within the time allowed under
sub-section (2) of that section, he or it shall be liable to pay simple interest at the rate of one per cent.
every month or part thereof on the amount of such tax for the period beginning on the date immediately
after the last date on which such tax was payable and ending with the date on which the tax is actually
paid.
115TC. Securitisation trust to be assessee in default.—If any person responsible for making
payment of the income distributed by the securitisation trust and the securitisation trust does not pay tax,
as referred to in sub-section (1) of section 115TA, then, he or it shall be deemed to be an assessee in
default in respect of the amount of tax payable by him or it and all the provisions of this Act for the
collection and recovery of income-tax shall apply.
4[115TCA. Tax on income from securitisation trusts.—(1) Notwithstanding anything contained in
this Act, any income accruing or arising to, or received by, a person, being an investor of a securitisation
trust, out of investments made in the securitisation trust, shall be chargeable to income-tax in the same
manner as if it were the income accruing or arising to, or received by, such person, had the investments
by the securitisation trust been made directly by him.
of section 115TA, within the time allowed under
sub-section
of that section, he or it shall be liable to pay simple interest at the rate of one per cent.
every month or part thereof on the amount of such tax for the period beginning on the date immediately
after the last date on which such tax was payable and ending with the date on which the tax is actually
paid.
115TC. Securitisation trust to be assessee in default.—If any person responsible for making
payment of the income distributed by the securitisation trust and the securitisation trust does not pay tax,
as referred to in sub-section
of section 115TA, then, he or it shall be deemed to be an assessee in
default in respect of the amount of tax payable by him or it and all the provisions of this Act for the
collection and recovery of income-tax shall apply.
4[115TCA. Tax on income from securitisation trusts.—
Notwithstanding anything contained in
this Act, any income accruing or arising to, or received by, a person, being an investor of a securitisation
trust, out of investments made in the securitisation trust, shall be chargeable to income-tax in the same
manner as if it were the income accruing or arising to, or received by, such person, had the investments
by the securitisation trust been made directly by him.
Income Tax Act, 2025
Section 2: Sub-section (3) omitted by Act 25 of 2014, s. 43 (w.e.f. 12015).
2. Sub-section (3) omitted by Act 25 of 2014, s. 43 (w.e.f. 12015).
omitted by Act 25 of 2014, s. 43 (w.e.f. 12015).
Income Tax Act, 2025
Section 5: Subs. by s. 57, ibid., for “income paid” (w.e.f. 12013).
5. Subs. by s. 57, ibid., for “income paid” (w.e.f. 12013).
6. Subs. by s. 57, ibid., for “the person receiving such income as it had been” (w.e.f. 12013).
Income Tax Act, 2025
Section 9: Ins. by Act 20 of 2015, s. 31 (w.e.f. 12016).
9. Ins. by Act 20 of 2015, s. 31 (w.e.f. 12016).
10. The Explanation renumbered as Explanation 1 thereof by Act 23 of 2012, s. 57 (w.e.f. 12012).
Income Tax Act, 2025
Section 115V: Definitions.—In this Chapter, unless the context otherwise requires,—
115V. Definitions.—In this Chapter, unless the context otherwise requires,—
(a) “bareboat charter” means hiring of a ship for a stipulated period on terms which give the
charterer possession and control of the ship, including the right to appoint the master and crew;
(b) “bareboat charter-cum-demise” means a bareboat charter where the ownership of the ship is
intended to be transferred after a specified period to the company to whom it has been chartered;
(c) “Director-General of Shipping” means the Director-General of Shipping appointed
by the Central Government under sub-section (1) of section 7 of the Merchant Shipping
Act, 1958 (44 of 1958);
“bareboat charter” means hiring of a ship for a stipulated period on terms which give the
charterer possession and control of the ship, including the right to appoint the master and crew;
“bareboat charter-cum-demise” means a bareboat charter where the ownership of the ship is
intended to be transferred after a specified period to the company to whom it has been chartered;
“Director-General of Shipping” means the Director-General of Shipping appointed
by the Central Government under sub-section
of section 7 of the Merchant Shipping
Act, 1958 (44 of 1958);
Income Tax Act, 2025
Section 115VB: Operating ships.—For the purposes of this Chapter, a company shall be regarded as
115VB. Operating ships.—For the purposes of this Chapter, a company shall be regarded as
operating a ship if it operates any ship whether owned or chartered by it and includes a case where even a
part of the ship has been chartered in by it in an arrangement such as slot charter, space charter or joint
charter:
Provided that a company shall not be regarded as the operator of a ship which has been chartered out
by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three
years.
Income Tax Act, 2025
Section 115VE: Manner of computation of income under tonnage tax scheme.—(1) A tonnage tax
115VE. Manner of computation of income under tonnage tax scheme.—(1) A tonnage tax
company engaged in the business of operating qualifying ships shall compute the profits from such
business under the tonnage tax scheme.
(2) The business of operating qualifying ships giving rise to income referred to in sub-section (1)
of section 115V-I shall be considered as a separate business (hereafter in this Chapter referred to as the
tonnage tax business) distinct from all other activities or business carried on by the company.
(3) The profits referred to in sub-section (1) shall be computed separately from the profits and gains
from any other business.
(4) The tonnage tax scheme shall apply only if an option to that effect is made in accordance with the
provisions of section 115VP.
(5) Where a company engaged in the business of operating qualifying ships is not covered under the
tonnage tax scheme or, has not made an option to that effect, as the case may be, the profits and gains of
such company from such business shall be computed in accordance with the other provisions of this Act.
115VF. Tonnage income.—Subject to the other provisions of this Chapter, the tonnage income shall
be computed in accordance with section 115VG and the income so computed shall be deemed to be the
profits chargeable under the head “Profits and gains of business or profession” and the relevant shipping
income referred to in sub-section (1) of section 115V-I shall not be chargeable to tax.
A tonnage tax
company engaged in the business of operating qualifying ships shall compute the profits from such
business under the tonnage tax scheme.
The business of operating qualifying ships giving rise to income referred to in sub-section
of section 115V-I shall be considered as a separate business (hereafter in this Chapter referred to as the
tonnage tax business) distinct from all other activities or business carried on by the company.
The profits referred to in sub-section
shall be computed separately from the profits and gains
from any other business.
The tonnage tax scheme shall apply only if an option to that effect is made in accordance with the
provisions of section 115VP.
Where a company engaged in the business of operating qualifying ships is not covered under the
tonnage tax scheme or, has not made an option to that effect, as the case may be, the profits and gains of
such company from such business shall be computed in accordance with the other provisions of this Act.
115VF. Tonnage income.—Subject to the other provisions of this Chapter, the tonnage income shall
be computed in accordance with section 115VG and the income so computed shall be deemed to be the
profits chargeable under the head “Profits and gains of business or profession” and the relevant shipping
income referred to in sub-section
of section 115V-I shall not be chargeable to tax.
Income Tax Act, 2025
Section 115VJ: Treatment of common costs.—(1) Where a tonnage tax company also carries on any
115VJ. Treatment of common costs.—(1) Where a tonnage tax company also carries on any
business or activity other than the tonnage tax business, common costs attributable to the tonnage tax
business shall be determined on a reasonable basis.
(2) Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business
by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax
business and other business on a fair proportion to be determined by the Assessing Officer, having regard
to the use of such asset for the purpose of the tonnage tax business and for the other business.
Where a tonnage tax company also carries on any
business or activity other than the tonnage tax business, common costs attributable to the tonnage tax
business shall be determined on a reasonable basis.
Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business
by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax
business and other business on a fair proportion to be determined by the Assessing Officer, having regard
to the use of such asset for the purpose of the tonnage tax business and for the other business.