CBDT Releases Circular Explaining Amendments Of Income-Tax Act Carried Out Through Finance Act, 2023

Section of Income-tax Act, 1961

Particulars

2

Definitions

9

Income deemed to accrue or arise in India

10

Incomes not included in total income

10AA

Special Provisions in respect of newly established units in

Special Economic Zones

11

Income from property held for charitable

or religious purposes.

12A

Conditions for applicability of sections 11 and 12

12AB

Procedure for fresh registration

13

Section 11 not to apply in certain cases

17

"Salary", "perquisite" and "profits in lieu of salary" defined

28

Profits and gains of business or profession

35D

Amortization of certain preliminary expenses

43B

Certain deductions to be only on actual payment

43D

Special provision in case of income of public financial institutions, public companies etc.

44AB

Audit of accounts of certain persons carrying on business or profession

44AD

Special provision for computing profits and gains of business on presumptive basis

44ADA

Special provision for computing profits and gains of profession on presumptive basis

44BB

Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils.

44BBB

Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects

45

Capital Gains

47

Transactions not regarded as transfer

48

Mode of computation

49

Cost with reference to certain modes of acquisition

50AA

Special provision for computation of capital gains in case of

Market Linked Debenture

54

Profit on sale of property used for residence

54EA

Capital gain on transfer of long-term capital assets not to be

charged in the case of investment in specified securities.

54EB

Capital gain on transfer of long-term capital assets not to be

charged in certain cases.

54EC

Capital gain not to be charged on investment in certain

bonds.

54ED

Capital gain on transfer of certain listed securities or unit not

to be charged in certain cases.

54F

Capital gain on transfer of certain capital assets not to be

charged in case of investment in residential house

55

Meaning of ‘adjusted’, ‘cost of improvement’ and ‘cost of acquisition’

56

Income from other sources

72A

Provisions relating to carry forward and set-off of accumulated loss and unabsorbed depreciation allowance in

amalgamation or demerger, etc.

72AA

Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of

amalgamation in certain cases.

79

Carry forward and set off of losses in case of certain

companies

80C

Deduction in respect of life insurance premia, deferred

annuity, contributions to provident fund, subscription to certain equity shares or debentures etc.

80CCC

Deduction in respect of contribution to certain pension funds

80CCD

Deduction in respect of contribution to pension scheme of

Central Government

80CCH

Deduction in respect of contribution to Agnipath Scheme

80G

Deduction in respect of donations to certain funds, charitable

institutions, etc.

80-IAC

Special provision in respect of specified business

80LA

Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre

87

Rebate to be allowed in computing income-tax

87A

Rebate of income-tax in case of certain individuals

88

Rebate on life insurance premia, contribution to provident fund, etc. (omitted)

92BA

Meaning of specified domestic transaction

92D

Maintenance, keeping and furnishing of information and

document by certain persons

94B

Limitation on interest deduction in certain cases

111A

Tax on short-term capital gains in certain cases

112

Tax on long-term capital gains

115A

Tax on dividends, royalty and technical service fees in the

case of foreign companies

115BAC

Tax on income of individuals and Hindu Undivided Family

115BAD

Tax on income of certain resident co-operative societies

115BAE

Tax on income of certain new manufacturing cooperative

societies

115BB

Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any

sort or gambling or betting of any form or nature whatsoever.

115BBJ

Tax on winnings from online games.

115JC

Special provisions for payment of tax by certain persons other than a company

115JD

Tax credit for alternate minimum tax

115TD

Tax on accreted income

115UA

Tax on income of unit holder and business trust.

115VP

Method and time of opting for tonnage tax scheme

116

Income-tax authorities.

119

Instructions to subordinate authorities

131

Power regarding discovery, production of evidence, etc.

132

Search and seizure

133

Power to call for information.

134

Power to inspect registers of companies.

135A

Faceless collection of information.

140B

Tax on updated return

142

Inquiry before assessment

148

Issue of notice where income has escaped assessment

149

Time limit for notice

151

Sanction for issue of notice.

153

Time limit for completion of assessment, reassessment and recomputation

154

Rectification of mistake.

155

Other amendments

158A

Procedure when assessee claims identical question of law is pending before High Court or Supreme Court.

158AB

Procedure where an identical question of law is pending before High Courts or Supreme Court.

170A

Effect of order of tribunal or court in respect of business reorganisation

177

Association dissolved or business discontinued.

189

Firm dissolved or business discontinued.

192A

Payment of accumulated balance due to an employee

193

Interest on securities

194B

Winnings from lottery or crossword puzzle,etc.

194BA

Winnings from online games

194BB

Winnings from horse race.

194LC

Income by way of interest from Indian company

194N

Payment of certain amounts in cash.

194R

Deduction of tax on benefit or perquisite in respect of

business or profession

196A

Income in respect of units of non-residents.

197

Certificate for deduction at lower rate

206AB

Special provision for deduction of tax at source for non-filers of income-tax return

206C

Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.

206CC

Requirement to furnish Permanent Account number by collectee

206CCA

Special provision for collection of tax at source for non-filers of income-tax return

241A

Withholding of refund in certain cases.

244A

Interest on refunds.

245

Set off and withholding of refunds in certain cases

245D

Procedure on receipt of an application under section 245C

245MA

Dispute Resolution Committee

245R

Procedure on receipt of application

246

Appealable orders before Joint Commissioner (Appeals)

249

Form of appeal and limitation.

250

Procedure in appeal

251

Powers of the Joint Commissioner (Appeals) or the Commissioner (Appeals).

253

Appeals to the Appellate Tribunal

264

Revision of other orders

267

Amendment of assessment on appeal.

269SS

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

269T

Mode of repayment of certain loans or deposits.

271

Failure to furnish returns, comply with notices, concealment of income, etc.

271A

Failure to keep, maintain or retain books of account, documents, etc.

271AAC

Penalty in respect of certain income.

271AAD

Penalty for false entry, etc., in books of account.

271C

Penalty for failure to deduct tax at source

271FAA

Penalty for furnishing inaccurate statement of financial transaction or reportable account.

271J

Penalty for furnishing incorrect information in reports or certificates.

274

Procedure.

275

Bar of limitation for imposing penalties.

276A

Failure to comply with the provisions of sub-sections (1) and (3) of section 178.

276B

Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.

279

Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.

287

Publication of information respecting assesses in certain cases

295

Power to make rules.

Chapter of Finance (No. 2) Act, 2004

Particulars

Chapter VII

Securities Transaction Tax

Section of PBPT Act

Particulars

2

Definitions

46

Appeals to Appellate Tribunal

Section of Unit Trust of India (Transfer of

Undertaking and repeal) Act, 2002

Particulars

8

Administrator to vacate office

13

Tax exemption or benefit to continue to have effect.