Income Tax Act

There are different sections which are also known as chapters and are enlisted in the Income Tax Act, of 1961. So, let us walk through the different sections of the Income Tax Act:

• Chapter 1: As the first section of the Income Tax Act, this aims to introduce Income Tax to individuals. It is basically the introduction of the Income Tax Act.
• Chapter 2: In this section, you will get to know the extent and commencement of the Income Tax Act.
• Chapter 3: Under this chapter, you can understand the dividend income and income that is arising due to work commitments abroad. It also deals with the income tax charge and the total income scope.
• Chapter 4: This section deals with all the income that is not considered a part of the total income. This type of income includes income generated from the property, trusts, political parties, etc.
• Chapter 5: This talks about the income of other individuals that are however a part of the assessee’s income. This income is from capital gains, business, house property, etc.
• Chapter 6: This section deals with the transfer of income, where the assets are not transferred. These include transfer and revocable transfer.
• Chapter 7: This talks about the deductions that are applicable to some specific income and payments.
• Chapter 8: This section deals with the shares and rebates of any individual in an organisation.
• Chapter 9: This section deals with income tax relief and rebate that is applicable to it.
• Chapter 10: This talks about the agreement done with foreign countries with which there are no agreements on tax payments.
• Chapter 11: This talks about the anti-avoidance rules relating to Income Tax.
• Chapter 12: This refers to tax calculations under some specific cases.
• Chapter 12A: This deals with the income generated by the Non Residents of India or NRIs. This includes capital gains, short-term capital gains, etc.
• Chapter 12B: This talks about the special tax provisions that are provided to specific companies.
• Chapter 12BB: This deals with the taxation process for a foreign organization to an Indian subsidiary.
• Chapter 12D: Under this chapter, the taxation process for taxation of the profits earned by domestic companies.
• Chapter 12DA: This deals with the distributed income of any company.
• Chapter 12E: This talks about the tax of over unitholder’s distributed earnings.
• Chapter 12F: This talks about the income earned through venture capital funds.
• Chapter 12G: This talks about the tax related to shipping companies,
• Chapter 13: This deals with all the details about authorities of income tax such as their appointment, power, etc.
• Chapter 14: From the process of filing returns to the process of obtaining PAN, everything is listed under this chapter.
• Chapter 14A: Under this chapter, one can find provisions for repetitive appeals that are still pending in the Supreme Court or High Court.
• Chapter 15: This enlists the tax liabilities of both NRIs and private companies.
• Chapter 16: This deals with the taxation process of firms as well as their assessment.
• Chapter 17: This is in dealing with the recovery of late taxes and how the late tax is recovered.
• Chapter 18: This is income tax relief that is provided to certain organizations as they pay dividends to their shareholders.
• Chapter 19: This talks about the refund in case more tax is paid out to the Income Tax.
• Chapter 19A: This deals with the settlement of cases pertaining to application procedure, sum recovery, etc is talked about.
• Chapter 19B: This talks about the advance rulings, power of authority, etc.
• Chapter 20: This deals with any appeal made to commissioners and deputy commissioners or appeals made at High Court.
• Chapter 20A: This section deals with the acquisition of different certain immovable properties.
• Chapter 20B: This deals with when individuals need to pay a certain amount in case of tax evasions.
• Chapter 20C: It oversees the purchase of immovable properties by the central government in the case of a transfer of ownership.
• Chapter 21: This chapter deals with the different penalties that are laid out during instances when there is non-tax payment or other instances.
• Chapter 22: This chapter deals with the offenses and processes in regard to compliance failures.
• Chapter 23: This enlists some special cases for taxation of different tax-paying entities.