​International Business- Income Tax Sections to be remembered

​International Businesses Sections to be remembered

Relevant provisions of Income-tax Act to be complied with by non-residents planning to set upbusiness in India; and residents dealing with non residents

RELEVANT PROVISIONS OF INCOME-TAX ACT TO BE COMPLIED WITH BY NON-RESIDENTS PLANNING TO SET UP BUSINESS IN INDIA; AND RESIDENTS DEALING WITH NONRESIDENTS

S. No.	Section	Particulars
1	2	Definitions
2	4	Charge of income-tax.
3	5	Scope of total income.
4	6	Residence in India.
5	7	Income deemed to be received.
6	10	Incomes not included in total income
7	40(a)(i)	Amounts not deductible.
8	40(a) (iii)	Amounts not deductible.
9	90	Agreement with foreign countries or specified territories
10	90A	Adoption by Central Government of agreement between specified associations for double taxation relief.
11	91	Countries with which no agreement exists.
12	92	Computation of income from international transaction having regard to arm’s length price.
13	9	Income deemed to accrue or arise in India.
14	28	Profits and gains of business or profession
15	44B	Special provision for computing profits and gains ofshipping business in the case of non-residents
16	44BB	Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils .
17	44BBA	Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents.
18	44BBB	Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects.
19	44C	Deduction of head office expenditure in the case of non-residents
20	44D	Special provisions for computing income by way of royalties, etc., in the case of foreign companies.
21	44DA	Special provision for computing income by way of royalties, etc., in case of non-residents.
22	45	Capital gains
23	47	Transactions not regarded as transfer
24	48	Mode of computation
25	49	Cost with reference to certain modes of acquisition
26	92A	Meaning of associated enterprise.
27	92B	Meaning of international transaction.
28	92BA	Meaning of specified domestic transaction.
29	92C	Computation of arm’s length price
30	92CA	Reference to Transfer Pricing Officer.
31	92CB	Power of Board to make safe harbour rules.
32	92CC	Advance pricing agreement.
33	92CD	Effect to advance pricing agreement.
34	92D	Maintenance and keeping of information and document by persons entering into an international transaction [or specified domestic transaction]
35	92E	Report from an accountant to be furnished by persons entering into international transaction [or specified domestic transaction].
36	92F	Definitions of certain terms relevant to computation of arm’s length price, etc.
37	93	Avoidance of income-tax by transactions resulting in transfer of income to non-residents.
38	94	Avoidance of tax by certain transactions in securities.
39	94A	Special measures in respect of transactions with persons located in notified jurisdictional area.
40	95	Applicability of General Anti-Avoidance Rule.
41	96	Impermissible avoidance arrangement.
42	97	Arrangement to lack commercial substance
43	98	Consequences of impermissible avoidance arrangement.
44	99	Treatment of connected person and accommodating party.
45	100	Application of this Chapter.
46	101	Framing of guidelines.
47	102	Definitions.
48	111A	Tax on short term capital gain in certain cases
49	112	Tax on long term capital gains
50	115A	Tax on dividends, royalty and technical service fees in the case of foreign companies.
51	115AB	Tax on income from units purchased in foreign currency or capital gains arising from their transfer
52	115AC	Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.
53	115ACA	Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
54	115AD	Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
55	115BBD	Tax on certain dividends received from foreign companies
56	115C	Definitions.
57	115E	Tax on investment income and long-term capital gains
58	115F	Capital gains on transfer of foreign exchange assets not to be charged in certain cases.
59	115G	Return of income not to be filed in certain cases.
60	115H	Benefit under Chapter to be available in certain cases even after the assessee becomes resident.
61	115JG	Conversion of an Indian branch of foreign company into subsidiary Indian company
62	139	Return of income
63	139A	Permanent account number
64	140	Return by whom to be signed
65	140A	Self-assessment
66	160	Representative assessee
67	161	Liability of representative assessee
68	162	Right of representative assessee to recover taxes paid
69	163	Who may be regarded as agent
70	166	Direct assessment or recovery not barred
71	167	Remedies against property in cases of representative assessee
72	172	Shipping business of non-residents.
73	173	Recovery of tax in respect of non-resident from his assets
74	174	Assessment of persons leaving India.
75	195	Other sums.
76	195A	Income payable “net of tax”
77	196A	Income in respect of units of non-residents
78	196B	Income from units.
79	196C	Income from foreign currency bonds or shares of Indian company.
80	196D	Income of Foreign Institutional Investors from securities.
81	197	Certificate of deduction at lower rate
82	199	Credit for tax deducted
83	200	Duty of person deducting tax
84	201	Consequences of failure to deduct or pay
85	204	Meaning of person responsible for paying
86	205	Bar against direct demand on assessee
87	206AA	Requirement to furnish Permanent Account Number
88	207	Liability for payment of advance tax
89	208	Conditions of liability to pay advance tax
90	209	Computation of advance tax
91	210	Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer
92	211	Instalment of advance tax and due taxes
93	214	Interest payable by Government
94	215	Interest payable by assessee
95	216	Interest payable by assessee in case of under-estimate, etc.
96	217	Interest payable by assessee in case of under-estimate, etc.
97	218	When assessee deemed to be in default
98	219	Credit for advance tax
99	228A	Recovery of tax in pursuance of agreements withforeign countries.
100	234A	Interest for default in furnishing return of income
101	234B	Interest for default in payment of advance tax
102	234C	Interest for deferment of advance tax
103	245N	Definitions.
104	245-O	Authority for Advance Rulings.
105	245P	Vacancies, etc., not to invalidate proceedings.
106	245Q	Application for advance ruling.
107	245R	Procedure on receipt of application.
108	245RR	Appellate authority not to proceed in certain cases.
109	245S	Applicability of advance ruling.
110	245T	Advance ruling to be void in certain circumstances
111	245U	Powers of the Authority.
112	245V	Procedure of Authority
113	271BA	Penalty for failure to furnish report under section 92E.
114	271C	Penalty for failure to deduct tax at source
115	271G	Penalty for failure to furnish information or document under section 92D
116	285	Submission of statement by a non-resident having liaison office
117	115BBA	Tax on non-resident sportsmen or sports associations.
118	115D	Special provision for computation of total income of nonresidents.
119	115I	Chapter not to apply if the assessee so chooses.
120	115J	Special provisions relating to certain companies
121	115JA	Deemed income relating to certain companies
122	115JAA	Tax credit in respect of tax paid on deemed income relating to certain companies
123	115JB	Special provisions for payment of tax by certain companies
124	194E	Payments to non-resident sportsmen or sports associations.
125	220	When tax payable and when assessee deemed in default
126	221	Penalty payable when tax in default
127	222	Certificate to tax recovery officer
128	226	Other modes of recovery
129	230	Tax clearance certificate