Income Tax Act 2025 Portal

Income Tax Act 2025 (aka Direct Tax Code) designed to simplify & rationalize the income tax code for taxpayers in India. This portal will help you search, read, understand interpretations for taxpayers use and the bill/act as it is.

This document covers

Background
Difference between Income Tax Act 1961 and Income Tax Act 2025
New IT Act — What's changed ?
List of Sections
Old Vs New Section Codes
What more Expected?

1. Background

Mrs. Nirmala Sitharaman, the Hon'ble Finance Minister, has announced a full review of the Income Tax Act 1961 in Budget 2024 (Jul 2024), with the goal of creating a new, more refined tax law.

The new Income Tax Bill 2025 (Direct Tax Code) will replace the Income Tax Act of 1961. The goals of the New Income Tax Bill 2025 are to streamline tax regulations, create a uniform tax system, make compliance easier, and expand the tax net.

Minister of Finance and Corporate Affairs has released the draft version of New Income Tax bill 2025 on 12th February 2025 and the bill was introduced in Lok Sabha on 13th February 2025.

IMPORTANT

The new IT Bill, released on February 12th, 2025, introduced in the lok sabha (parliament) but will be reviewed by the committee before final approval in coming days. The summary and analysis are based on the version of the bill that is available as of February 13th, 2025.

2. Difference between Income Tax Act 1961 and Income Tax Act 2025

The Income Tax Act 1961 and the Income Tax Act 2025 differ in their use of simplified language, elimination of redundant provisions, and more structured approach.

Particulars	Income Tax Act 1961	Income Tax Act 2025
Schedules	14	16
Chapters	47	23
Sections	298 in Original (819 effective sections)	536
Pages	880	622
Words	5.12 lakhs	2.60 lakhs
Provisos	1200	0
Explanations	900	0

3. New IT Act — What's changed ?

Applicability:
The new Income Tax Act 2025 will be effective from 01st April 2026 and it is applicable to whole of India
Change in Tax Year:
Income tax Act 2025 has brought the concept of "Tax year" and it will replace the "Assessment Year" and "Previous Year".
Tax Year means the twelve months period of the financial year commencing on 01st April and ends with 31st March. The concept of tax year will remove the confusion among the taxpayers.
Agriculture Income:
There was speculation that agricultural income would be taxed. The definition of agriculture income has not altered under the Income Tax Act of 2025, and no new measures for taxing agriculture income have been implemented. Schedule II of Income Tax Act 2025 deals with Agriculture income
Income Tax Slabs, Rebate etc:
There are no changes in Income tax slabs under Old and New tax regime and rebate also remains same. The tax slabs and rebate continue to remains same as per Budget 2025.
Residential Status:
The residence status remains unchanged in the Income Tax Act of 2025, as most people would expect. Many people assumed the residential status to be confined to resident and non-resident. However, the three statuses resident, non-resident, and resident but not ordinarily resident — will persist.
Claiming STT as expense:
The Income Tax Act 1961 does not state clearly regarding the claim of STT as expense in computing capital gains. However, the Income Tax Act 2025 clearly started the STT cannot be claimed as expense while computing capital gains
Capital Gain Account Scheme:
According to the Income Tax Act of 1961, taxpayers are required to deposit unutilized capital gains or asset sale revenues into a capital gain account scheme account (CGAS) at a scheduled bank.
However, the Income Tax Act of 2025 requires that any unutilized capital gains or asset sale proceeds be deposited with a designated bank under a system authorized by the Central Government. The finance minister needs to clarify whether this bank account needs to be a CGAS or any account like a savings bank account ?
Signing of Tax Audit:
There are lot of speculations that the CMA, CS, and Cost Accountant will be eligible to sign the Tax Audit Reports. However, the Income Tax Act 2025 has clarified that the tax audits needs to be signed by Chartered Accountants who are having certificate of practice only.
Due Dates:
The Income Tax Act 2025 has not changed any due dates for filing Income Tax returns or TDS returns.
There was a speculation that the due date for filing income tax returns by individuals, HUF and person who are not required to undergo tax audit will be extended to 31st Aug. However the deadlines are similar to earlier years
Govt. compulsory acquisition compensation rules:
The time limit for acquiring new asset or depositing the account in bonds or scheme notified by central government will be counted "from the date of receipt of compensation", if the capital asset is acquired by way of compulsory acquisition under any law.
This is in contrast with old act where it starts from the acquisition date. The Govt. compensation is typically delayed, hence the change would help.
Definition of Virtual Digital Asset:
According to the New Income Tax Act 2025, any crypto-asset is a digital representation of value that uses a cryptographically secured distributed ledger or a comparable technology to validate and safeguard transactions.
The earlier Income Tax Act of 1961 did not include this in the definition of a virtual digital asset (VDA).
Powers to CBDT:
Income Tax Act 2025 provided more power to CBDT in procedural matters, compliance frameworks etc. CBDT will have authority in establishing tax administration, compliance measures etc
This will reduce the involvement of parliament in certain matters, and reduce the dependence on gazette notifications.
TDS and TCS provisions:
Income Tax Act 2025 has simplified the TDS and TCS provisions by merging 43 sections into 1 section under New Income Tax Act. However the TDS rates and thresholds are similar to earlier.
Other Major Changes:
Income tax act 2025 has done the substantial reduction of words in the following areas. They are Exemption related provisions, TDS/TCS provisions and Non profit organizations.

4. Old Vs New Section Codes

For next 3-4 years from 2025, there would be some confusion around old vs new section codes. Refer Comparing Old and New Section Codes to get the comparison for most used sections in the income tax act.

5. List of new Sections

List of new Section codes and a short description of each section.

Section	Description of Section	Section Details
1	Short title, extent and commencement	Section-1
2	Definitions.	Section-2
3	Definition of "tax year".	Section-3
4	Charge of income-tax.	Section-4
5	Scope of total income.	Section-5
6	Residence in India.	Section-6
7	Income deemed to be received.	Section-7
8	Income on receipt of capital asset or stock-in-trade by specified person from specified entity.	Section-8
9	Income deemed to accrue or arise in India.	Section-9
10	Apportionment of income between spouses governed by Portuguese Civil Code.	Section-10
11	Incomes not included in total income.	Section-11
12	Incomes not included in total income of political parties and electoral trusts.	Section-12
13	Heads of income.	Section-13
14	Income not forming part of total income and expenditure in relation to such income.	Section-14
15	Salaries.	Section-15
16	Income from salary.	Section-16
17	Perquisite.	Section-17
18	Profits in lieu of salary.	Section-18
19	Deductions from salaries.	Section-19
20	Income from house property.	Section-20
21	Determination of annual value.	Section-21
22	Deductions from income from house property.	Section-22
23	Arrears of rent and unrealised rent received subsequently.	Section-23
24	Property owned by co-owners.	Section-24
25	Interpretation.	Section-25
26	Income under head "Profits and gains of business or profession".	Section-26
27	Manner of computing profits and gains of business or profession.	Section-27
28	Rent, rates, taxes, repairs and insurance.	Section-28
29	Deductions related to employee welfare.	Section-29
30	Deduction on certain premium.	Section-30
31	Deduction for bad debt and provision for bad and doubtful debt.	Section-31
32	Other deductions.	Section-32
33	Deduction for depreciation.	Section-33
34	General conditions for allowable deductions.	Section-34
35	Amounts not deductible in certain circumstances.	Section-35
36	Expenses or payments not deductible in certain circumstances.	Section-36
37	Certain deductions allowed on actual payment basis only.	Section-37
38	Certain sums deemed as profits and gains of business or profession.	Section-38
39	Computation of actual cost.	Section-39
40	Special provision for computation of cost of acquisition of certain assets.	Section-40
41	Written down value of depreciable asset.	Section-41
42	Capitalising the impact of foreign exchange fluctuation.	Section-42
43	Taxation of foreign exchange fluctuation.	Section-43
44	Amortisation of certain preliminary expenses.	Section-44
45	Expenditure on scientific research.	Section-45
46	Capital expenditure of specified business.	Section-46
47	Expenditure on agricultural extension project and skill development project.	Section-47
48	Tea development account, coffee development account and rubber development account.	Section-48
49	Site Restoration Fund.	Section-49
50	Special provision in the case of trade, profession or similar association.	Section-50
51	Amortisation of expenditure for prospecting certain minerals.	Section-51
52	Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc.	Section-52
53	Full value of consideration for transfer of assets other than capital assets in certain cases.	Section-53
54	Business of prospecting for mineral oils.	Section-54
55	Insurance business.	Section-55
56	Special provision in case of interest income of specified financial institutions.	Section-56
57	Revenue recognition for construction and service contracts.	Section-57
58	Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents.	Section-58
59	Chargeability of royalty and fee for technical services in hands of non-residents.	Section-59
60	Deduction of head office expenditure in case of non-residents.	Section-60
61	Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents.	Section-61
62	Maintenance of books of account.	Section-62
63	Tax audit.	Section-63
64	Facilitating payments in electronic modes.	Section-64
65	Special provision for computing deductions in case of business reorganisation of co-operative banks.	Section-65
66	Interpretation.	Section-66
67	Capital gains.	Section-67
68	Capital gains on distribution of assets by companies in liquidation.	Section-68
69	Capital gains on purchase by company of its own shares or other specified securities.	Section-69
70	Transactions not regarded as transfer.	Section-70
71	Withdrawal of exemption in certain cases.	Section-71
72	Mode of computation of capital gains.	Section-72
73	Cost with reference to certain modes of acquisition.	Section-73
74	Special provision for computation of capital gains in case of depreciable assets.	Section-74
75	Special provision for cost of acquisition in case of depreciable asset.	Section-75
76	Special provision for computation of capital gains in case of Market Linked Debenture.	Section-76
77	Special provision for computation of capital gains in case of slump sale.	Section-77
78	Special provision for full value of consideration in certain cases.	Section-78
79	Special provision for full value of consideration for transfer of share other than quoted share.	Section-79
80	Fair market value deemed to be full value of consideration in certain cases.	Section-80
81	Advance money received.	Section-81
82	Profit on sale of property used for residence.	Section-82
83	Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases.	Section-83
84	Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases.	Section-84
85	Capital gains not to be charged on investment in certain bonds.	Section-85
86	Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house.	Section-86
87	Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area.	Section-87
88	Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone.	Section-88
89	Extension of time for acquiring new asset or depositing or investing amount of capital gains.	Section-89
90	Meaning of "adjusted", "cost of improvement" and "cost of acquisition".	Section-90
91	Reference to Valuation Officer.	Section-91
92	Income from other sources.	Section-92
93	Deductions.	Section-93
94	Amounts not deductible.	Section-94
95	Profits chargeable to tax.	Section-95
96	Transfer of income without transfer of assets.	Section-96
97	Chargeability of income in transfer of assets.	Section-97
98	"Transfer" and "revocable transfer" defined.	Section-98
99	Income of individual to include income of spouse, minor child, etc.	Section-99
100	Liability of person in respect of income included in income of another person.	Section-100
101	Total income.	Section-101
102	Unexplained credits.	Section-102
103	Unexplained investment.	Section-103
104	Unexplained asset.	Section-104
105	Unexplained expenditure.	Section-105
106	Amount borrowed or repaid through negotiable instrument, hundi, etc.	Section-106
107	Charge of tax.	Section-107
108	Set off of losses under the same head of income.	Section-108
109	Set off of losses under any other head of income.	Section-109
110	Carry forward and set off of loss from house property.	Section-110
111	Carry forward and set off of loss from capital gains.	Section-111
112	Carry forward and set off of business loss.	Section-112
113	Set off and carry forward of losses from speculation business.	Section-113
114	Set off and carry forward of losses from specified business.	Section-114
115	Set off and carry forward of losses from specified activity.	Section-115
116	Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc.	Section-116
117	Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases.	Section-117
118	Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks.	Section-118
119	Carry forward and set off of losses not permissible in certain cases.	Section-119
120	No set off of losses against undisclosed income consequent to search, requisition and survey.	Section-120
121	Submission of return for losses.	Section-121
122	Deductions to be made in computing total income.	Section-122
123	Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc.	Section-123
124	Deduction in respect of employer contribution to pension scheme of Central Government.	Section-124
125	Deduction in respect of contribution to Agnipath Scheme.	Section-125
126	Deduction in respect of health insurance premia.	Section-126
127	Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability.	Section-127
128	Deduction in respect of medical treatment, etc.	Section-128
129	Deduction in respect of interest on loan taken for higher education.	Section-129
130	Deduction in respect of interest on loan taken for residential house property.	Section-130
131	Deduction in respect of interest on loan taken for certain house property.	Section-131
132	Deduction in respect of purchase of electric vehicle.	Section-132
133	Deduction in respect of donations to certain funds, charitable institutions, etc.	Section-133
134	Deductions in respect of rents paid.	Section-134
135	Deduction in respect of certain donations for scientific research or rural development.	Section-135
136	Deduction in respect of contributions given by companies to political parties.	Section-136
137	Deduction in respect of contributions given by any person to political parties.	Section-137
138	Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.	Section-138
139	Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone.	Section-139
140	Special provision in respect of specified business.	Section-140
141	Deduction in respect of profits and gains from certain industrial undertakings.	Section-141
142	Deductions in respect of profits and gains from housing projects.	Section-142
143	Special provisions in respect of certain undertakings in North-Eastern States.	Section-143
144	Special provisions in respect of newly established Units in Special Economic Zones.	Section-144
145	Deduction for businesses engaged in collecting and processing of bio-degradable waste.	Section-145
146	Deduction in respect of additional employee cost.	Section-146
147	Deductions for income of Offshore Banking Units and Units of International Financial Services Centre.	Section-147
148	Deduction in respect of certain inter-corporate dividends.	Section-148
149	Deduction in respect of income of co-operative societies.	Section-149
150	Deduction in respect of certain income of Producer Companies.	Section-150
151	Deduction in respect of royalty income, etc., of authors of certain books other than text-books.	Section-151
152	Deduction in respect of royalty on patents.	Section-152
153	Deduction for interest on deposits.	Section-153
154	Deduction in case of a person with disability.	Section-154
155	Rebate to be allowed in computing income-tax.	Section-155
156	Rebate of income-tax in case of certain individuals.	Section-156
157	Relief when salary, etc., is paid in arrears or in advance.	Section-157
158	Relief from taxation in income from retirement benefit account maintained in a notified country.	Section-158
159	Agreement with foreign countries or specified territories and adoption by Central Government of agreement between specified associations for double taxation relief.	Section-159
160	Countries with which no agreement exists.	Section-160
161	Computation of income from international transaction and specified domestic transaction having regard to arm's length price.	Section-161
162	Meaning of associated enterprise.	Section-162
163	Meaning of international transaction.	Section-163
164	Meaning of specified domestic transaction.	Section-164
165	Determination of arm's length price.	Section-165
166	Reference to Transfer Pricing Officer.	Section-166
167	Power of Board to make safe harbour rules.	Section-167
168	Advance pricing agreement.	Section-168
169	Effect to advance pricing agreement.	Section-169
170	Secondary adjustment in certain cases.	Section-170
171	Maintenance, keeping and furnishing of information and document by certain persons.	Section-171
172	Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction.	Section-172
173	Definitions of certain terms relevant to determination of arm's length price, etc.	Section-173
174	Avoidance of income-tax by transactions resulting in transfer of income to non-residents.	Section-174
175	Avoidance of tax by certain transactions in securities.	Section-175
176	Special measures in respect of transactions with persons located in notified jurisdictional area.	Section-176
177	Limitation on interest deduction in certain cases.	Section-177
178	Applicability of General Anti-Avoidance Rule.	Section-178
179	Impermissible avoidance arrangement.	Section-179
180	Arrangement to lack commercial substance.	Section-180
181	Consequences of impermissible avoidance arrangement.	Section-181
182	Treatment of connected person and accommodating party.	Section-182
183	Application of this Chapter.	Section-183
184	Interpretation.	Section-184
185	Mode of taking or accepting certain loans, deposits and specified sum.	Section-185
186	Mode of undertaking transactions.	Section-186
187	Acceptance of payment through prescribed electronic modes.	Section-187
188	Mode of repayment of certain loans or deposits.	Section-188
189	Interpretation.	Section-189
190	Determination of tax where total income includes income on which no tax is payable.	Section-190
191	Tax on accumulated balance of recognised provident fund.	Section-191
192	Tax in case of block assessment of search cases.	Section-192
193	Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.	Section-193
194	Tax on certain incomes.	Section-194
195	Tax on income referred to in section 102 or 103 or 104 or 105 or 106.	Section-195
196	Tax on short-term capital gains in certain cases.	Section-196
197	Tax on long-term capital gains.	Section-197
198	Tax on long-term capital gains in certain cases.	Section-198
199	Tax on income of certain manufacturing domestic companies.	Section-199
200	Tax on income of certain domestic companies.	Section-200
201	Tax on income of new manufacturing domestic companies.	Section-201
202	New tax regime for individuals, Hindu undivided family and others.	Section-202
203	Tax on income of certain resident co-operative societies.	Section-203
204	Tax on income of certain new manufacturing co-operative societies.	Section-204
205	Conditions for tax on income of certain companies and cooperative societies.	Section-205
206	Special provision for minimum alternate tax and alternate minimum tax.	Section-206
207	Tax on dividends, royalty and technical service fees in case of foreign companies.	Section-207
208	Tax on income from units purchased in foreign currency or capital gains arising from their transfer.	Section-208
209	Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.	Section-209
210	Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer.	Section-210
211	Tax on non-resident sportsmen or sports associations.	Section-211
212	Interpretation.	Section-212
213	Special provision for computation of total income of non-residents.	Section-213
214	Tax on investment income and long-term capital gains.	Section-214
215	Capital gains on transfer of foreign exchange assets not to be charged in certain cases.	Section-215
216	Return of income not to be furnished in certain cases.	Section-216
217	Benefit to be available in certain cases even after assessee becomes resident.	Section-217
218	Provisions not to apply if the assessee so chooses.	Section-218
219	Conversion of an Indian branch of foreign company into subsidiary Indian company.	Section-219
220	Foreign company said to be resident in India.	Section-220
221	Tax on income from securitisation trusts.	Section-221
222	Tax on income in case of venture capital undertakings.	Section-222
223	Tax on income of unit holder and business trust.	Section-223
224	Tax on income of investment fund and its unit holders.	Section-224
225	Income from the business of operating qualifying ships.	Section-225
226	Tonnage tax scheme.	Section-226
227	Computation of tonnage income.	Section-227
228	Relevant shipping income and exclusion from book profit.	Section-228
229	Depreciation and gains relating to tonnage tax assets.	Section-229
230	Exclusion of deduction, loss, set off, etc.	Section-230
231	Method of opting of tonnage tax scheme and validity.	Section-231
232	Certain conditions for applicability of tonnage tax scheme.	Section-232
233	Amalgamation and demerger.	Section-233
234	Avoidance of tax and exclusion from tonnage tax scheme.	Section-234
235	Interpretation.	Section-235
236	Income-tax authorities.	Section-236
237	Appointment of income-tax authorities.	Section-237
238	Control of income-tax authorities.	Section-238
239	Instructions to subordinate authorities.	Section-239
240	Taxpayer's Charter.	Section-240
241	Jurisdiction of income-tax authorities.	Section-241
242	Jurisdiction of Assessing Officers.	Section-242
243	Power to transfer cases.	Section-243
244	Change of incumbent of an office.	Section-244
245	Faceless jurisdiction of income-tax authorities.	Section-245
246	Power regarding discovery, production of evidence, etc.	Section-246
247	Search and seizure.	Section-247
248	Powers to requisition.	Section-248
249	Reasons not to be disclosed.	Section-249
250	Application of seized or requisitioned assets.	Section-250
251	Copying, extraction, retention and release of books of account and documents seized or requisitioned.	Section-251
252	Power to call for information.	Section-252
253	Powers of survey.	Section-253
254	Power to collect certain information.	Section-254
255	Power to inspect registers of companies.	Section-255
256	Power of competent authority.	Section-256
257	Proceedings before income-tax authorities to be judicial proceedings.	Section-257
258	Disclosure of information relating to assessees.	Section-258
259	Power to call for information by prescribed income-tax authority.	Section-259
260	Faceless collection of information.	Section-260
261	Interpretation.	Section-261
262	Permanent Account Number.	Section-262
263	Return of income.	Section-263
264	Scheme for submission of returns through tax return preparers.	Section-264
265	Return by whom to be verified.	Section-265
266	Self-assessment.	Section-266
267	Tax on updated return.	Section-267
268	Inquiry before assessment.	Section-268
269	Estimation of value of assets by Valuation Officer.	Section-269
270	Assessment.	Section-270
271	Best judgment assessment.	Section-271
272	Power of Joint Commissioner to issue directions in certain cases.	Section-272
273	Faceless Assessment.	Section-273
274	Reference to Principal Commissioner or Commissioner in certain cases.	Section-274
275	Reference to Dispute Resolution Panel.	Section-275
276	Method of accounting.	Section-276
277	Method of accounting in certain cases.	Section-277
278	Taxability of certain income.	Section-278
279	Income escaping assessment.	Section-279
280	Issue of notice.	Section-280
281	Procedure before issuance of notice under section 280.	Section-281
282	Time limit for notices under sections 280 and 281.	Section-282
283	Provision for cases where assessment is in pursuance of an order on appeal, etc.	Section-283
284	Sanction for issue of notice.	Section-284
285	Other provisions.	Section-285
286	Time limit for completion of assessment, reassessment and recomputation.	Section-286
287	Rectification of mistake.	Section-287
288	Other amendments.	Section-288
289	Notice of demand.	Section-289
290	Modification and revision of notice in certain cases.	Section-290
291	Intimation of loss.	Section-291
292	Assessment of income pertaining to the block period.	Section-292
293	Computation of total income of block period.	Section-293
294	Procedure for block assessment.	Section-294
295	Undisclosed income of any other person.	Section-295
296	Time-limit for completion of block assessment.	Section-296
297	Certain interests and penalties not to be levied or imposed.	Section-297
298	Levy of interest and penalty in certain cases.	Section-298
299	Authority competent to make assessment of block period.	Section-299
300	Application of other provisions of Act.	Section-300
301	Interpretation.	Section-301
302	Legal representative.	Section-302
303	Representative assessee.	Section-303
304	Liability of representative assessee.	Section-304
305	Right of representative assessee to recover tax paid.	Section-305
306	Who may be regarded as agent.	Section-306
307	Charge of tax where share of beneficiaries unknown.	Section-307
308	Charge of tax in case of oral trust.	Section-308
309	Method of computing a member's share in income of association of persons or body of individuals.	Section-309
310	Share of member of an association of persons or body of individuals in income of association or body.	Section-310
311	Charge of tax where shares of members in association of persons or body of individuals unknown, etc.	Section-311
312	Executor.	Section-312
313	Succession to business or profession otherwise than on death.	Section-313
314	Effect of order of tribunal or court in respect of business reorganisation.	Section-314
315	Assessment after partition of a Hindu undivided family.	Section-315
316	Shipping business of non-residents.	Section-316
317	Assessment of persons leaving India.	Section-317
318	Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose.	Section-318
319	Assessment of persons likely to transfer property to avoid tax.	Section-319
320	Discontinued business.	Section-320
321	Association dissolved or business discontinued.	Section-321
322	Company in liquidation.	Section-322
323	Liability of directors of private company.	Section-323
324	Charge of tax in case of a firm.	Section-324
325	Assessment as a Firm.	Section-325
326	Assessment when section 325 not complied with.	Section-326
327	Change in constitution of a firm.	Section-327
328	Succession of one firm by another firm.	Section-328
329	Joint and several liability of partners for tax payable by firm.	Section-329
330	Firm dissolved or business discontinued.	Section-330
331	Liability of partners of limited liability partnership in liquidation.	Section-331
332	Application for registration.	Section-332
333	Switching over of regimes.	Section-333
334	Tax on income of registered non-profit organisation.	Section-334
335	Regular income.	Section-335
336	Taxable regular income.	Section-336
337	Specified income.	Section-337
338	Income not to be included in regular income.	Section-338
339	Corpus donation.	Section-339
340	Deemed corpus donation.	Section-340
341	Application of income.	Section-341
342	Accumulated income.	Section-342
343	Deemed accumulated income.	Section-343
344	Business undertaking held as property.	Section-344
345	Restriction on commercial activities by a registered non-profit organisation.	Section-345
346	Restriction on commercial activities by registered non-profit organisation carrying out advancement of any other object of general public utility.	Section-346
347	Books of account.	Section-347
348	Audit.	Section-348
349	Return of income.	Section-349
350	Permitted modes of investment.	Section-350
351	Specified violation.	Section-351
352	Tax on accreted income.	Section-352
353	Other violations.	Section-353
354	Application for approval for purpose of section 133(1)(b)(ii).	Section-354
355	Interpretation.	Section-355
356	Appealable orders before Joint Commissioner (Appeals).	Section-356
357	Appealable orders before Commissioner (Appeals).	Section-357
358	Form of appeal and limitation.	Section-358
359	Procedure in appeal.	Section-359
360	Powers of Joint Commissioner (Appeals) or Commissioner (Appeals).	Section-360
361	Appellate Tribunal.	Section-361
362	Appeals to Appellate Tribunal.	Section-362
363	Orders of Appellate Tribunal.	Section-363
364	Procedure of Appellate Tribunal.	Section-364
365	Appeal to High Court.	Section-365
366	Case before High Court to be heard by not less than two Judges.	Section-366
367	Appeal to Supreme Court.	Section-367
368	Hearing before Supreme Court.	Section-368
369	Tax to be paid irrespective of appeal, etc.	Section-369
370	Execution for costs awarded by Supreme Court.	Section-370
371	Amendment of assessment on appeal.	Section-371
372	Exclusion of time taken for copy.	Section-372
373	Filing of appeal by income-tax authority.	Section-373
374	Interpretation of "High Court".	Section-374
375	Procedure when assessee claims identical question of law is pending before High Court or Supreme Court.	Section-375
376	Procedure where an identical question of law is pending before High Courts or Supreme Court.	Section-376
377	Revision of orders prejudicial to revenue.	Section-377
378	Revision of other orders.	Section-378
379	Dispute Resolution Committee.	Section-379
380	Interpretation.	Section-380
381	Board for Advance Rulings.	Section-381
382	Vacancies, etc., not to invalidate proceedings.	Section-382
383	Application for advance ruling.	Section-383
384	Procedure on receipt of application.	Section-384
385	Appellate authority not to proceed in certain cases.	Section-385
386	Advance ruling to be void in certain circumstances.	Section-386
387	Powers of the Board for Advance Rulings.	Section-387
388	Procedure of Board for Advance Rulings.	Section-388
389	Appeal.	Section-389
390	Deduction or collection at source and advance payment.	Section-390
391	Direct payment.	Section-391
392	Salary and accumulated balance due to an employee.	Section-392
393	Tax to be deducted at source.	Section-393
394	Collection of tax at source.	Section-394
395	Certificates.	Section-395
396	Tax deducted is income received.	Section-396
397	Compliance and reporting.	Section-397
398	Consequences of failure to deduct or pay or, collect or pay.	Section-398
399	Processing.	Section-399
400	Power of Central Government to relax provisions of this Chapter.	Section-400
401	Bar against direct demand on assessee.	Section-401
402	Interpretation.	Section-402
403	Liability for payment of advance tax.	Section-403
404	Conditions of liability to pay advance tax.	Section-404
405	Computation of advance tax.	Section-405
406	Payment of advance tax by assessee on his own accord.	Section-406
407	Payment of advance tax by assessee in pursuance of order of Assessing Officer.	Section-407
408	Instalments of advance tax and due dates.	Section-408
409	When assessee is deemed to be in default.	Section-409
410	Credit for advance tax.	Section-410
411	When tax payable and when assessee deemed in default.	Section-411
412	Penalty payable when tax in default.	Section-412
413	Certificate by Tax Recovery Officer and Validity thereof.	Section-413
414	Tax Recovery Officer by whom recovery is to be effected.	Section-414
415	Stay of proceedings in pursuance of certificate and amendment or cancellation thereof.	Section-415
416	Other modes of recovery.	Section-416
417	Recovery through State Government.	Section-417
418	Recovery of tax in pursuance of agreements with foreign countries.	Section-418
419	Recovery of penalties, fine, interest and other sums.	Section-419
420	Tax clearance certificate.	Section-420
421	Recovery by suit or under other law not affected.	Section-421
422	Recovery of tax arrear in respect of non-resident from his assets.	Section-422
423	Interest for defaults in furnishing return of income.	Section-423
424	Interest for defaults in payment of advance tax.	Section-424
425	Interest for deferment of advance tax.	Section-425
426	Interest on excess refund.	Section-426
427	Fee for default in furnishing statements.	Section-427
428	Fee for default in furnishing return of income.	Section-428
429	Fee for default relating to statement or certificate.	Section-429
430	Fee for default relating to intimation of aadhaar number.	Section-430
431	Refunds.	Section-431
432	Person entitled to claim refund in certain special cases.	Section-432
433	Form of claim for refund and limitation.	Section-433
434	Refund for denying liability to deduct tax in certain cases.	Section-434
435	Refund on appeal, etc.	Section-435
436	Correctness of assessment not to be questioned.	Section-436
437	Interest on refunds.	Section-437
438	Set off and withholding of refunds in certain cases.	Section-438
439	Penalty for under-reporting and misreporting of income.	Section-439
440	Immunity from imposition of penalty, etc.	Section-440
441	Failure to keep, maintain or retain books of account, documents, etc.	Section-441
442	Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.	Section-442
443	Penalty in respect of certain income.	Section-443
444	Penalty for false entry, etc., in books of account.	Section-444
445	Benefits to related persons.	Section-445
446	Failure to get accounts audited.	Section-446
447	Penalty for failure to furnish report under section 172.	Section-447
448	Penalty for failure to deduct tax at source.	Section-448
449	Penalty for failure to collect tax at source.	Section-449
450	Penalty for failure to comply with the provisions of section 185.	Section-450
451	Penalty for failure to comply with provisions of section 186.	Section-451
452	Penalty for failure to comply with provisions of section 187.	Section-452
453	Penalty for failure to comply with provisions of section 188.	Section-453
454	Penalty for failure to furnish statement of financial transaction or reportable account.	Section-454
455	Penalty for furnishing inaccurate statement of financial transaction or reportable account.	Section-455
456	Penalty for failure to furnish statement or information or document by an eligible investment fund.	Section-456
457	Penalty for failure to furnish information or document under section 171.	Section-457
458	Penalty for failure to furnish information or document under section 506.	Section-458
459	Penalty for failure to furnish report or for furnishing inaccurate report under section 511.	Section-459
460	Penalty for failure to submit statement under section 505.	Section-460
461	Penalty for failure to furnish statements, etc.	Section-461
462	Penalty for failure to furnish information or furnishing inaccurate information under section 397(3)(d).	Section-462
463	Penalty for furnishing incorrect information in reports or certificates.	Section-463
464	Penalty for failure to furnish statements, etc.	Section-464
465	Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.	Section-465
466	Penalty for failure to comply with the provisions of section 254.	Section-466
467	Penalty for failure to comply with the provisions of section 262.	Section-467
468	Penalty for failure to comply with the provisions of section 397(1).	Section-468
469	Power to reduce or waive penalty, etc., in certain cases.	Section-469
470	Penalty not to be imposed in certain cases.	Section-470
471	Procedure.	Section-471
472	Bar of limitation for imposing penalties.	Section-472
473	Contravention of order made under section 247.	Section-473
474	Failure to comply with section 247(1)(b)(ii).	Section-474
475	Removal, concealment, transfer or delivery of property to prevent tax recovery.	Section-475
476	Failure to pay tax to credit of Central Government under Chapter XIX-B.	Section-476
477	Failure to pay tax collected at source.	Section-477
478	Wilful attempt to evade tax, etc.	Section-478
479	Failure to furnish returns of income.	Section-479
480	Failure to furnish return of income in search cases.	Section-480
481	Failure to produce accounts and documents.	Section-481
482	False statement in verification, etc.	Section-482
483	Falsification of books of account or document, etc.	Section-483
484	Abetment of false return, etc.	Section-484
485	Punishment for second and subsequent offences.	Section-485
486	Punishment not to be imposed in certain cases.	Section-486
487	Offences by companies.	Section-487
488	Offences by Hindu undivided family.	Section-488
489	Presumption as to assets, books of account, etc., in certain cases.	Section-489
490	Presumption as to culpable mental state.	Section-490
491	Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.	Section-491
492	Certain offences to be non-cognizable.	Section-492
493	Proof of entries in records or documents.	Section-493
494	Disclosure of particulars by public servants.	Section-494
495	Special Courts.	Section-495
496	Offences triable by Special Court.	Section-496
497	Trial of offences as summons case.	Section-497
498	Application of Bharatiya Nagarik Suraksha Sanhita, 2023 to proceedings before Special Court.	Section-498
499	Certain transfers to be void.	Section-499
500	Provisional attachment to protect revenue in certain cases.	Section-500
501	Service of notice, generally.	Section-501
502	Authentication of notices and other documents.	Section-502
503	Service of notice when family is disrupted or firm, etc., is dissolved.	Section-503
504	Service of notice in case of discontinued business.	Section-504
505	Submission of statement by a non-resident having liaison office.	Section-505
506	Furnishing of information or documents by an Indian concern in certain cases.	Section-506
507	Submission of statements by producers of cinematograph films or persons engaged in specified activity.	Section-507
508	Obligation to furnish statement of financial transaction or reportable account.	Section-508
509	Obligation to furnish information on transaction of crypto-asset.	Section-509
510	Annual information statement.	Section-510
511	Furnishing of report in respect of international group.	Section-511
512	Publication of information respecting assessees in certain cases.	Section-512
513	Appearance by registered valuer in certain matters.	Section-513
514	Registration of Valuers.	Section-514
515	Appearance by authorised representative.	Section-515
516	Rounding off of amount of total income, or tax payable or refundable.	Section-516
517	Receipt to be given.	Section-517
518	Indemnity.	Section-518
519	Power to tender immunity from prosecution.	Section-519
520	Cognizance of offences.	Section-520
521	Probation of Offenders Act, 1958 and section 401 of Bharatiya Nagarik Suraksha Sanhita, 2023, not to apply.	Section-521
522	Return of income, etc., not to be invalid on certain grounds.	Section-522
523	Notice deemed to be valid in certain circumstances.	Section-523
524	Presumption as to assets, books of account, etc.	Section-524
525	Authorisation and assessment in case of search or requisition.	Section-525
526	Bar of suits in civil courts.	Section-526
527	Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils.	Section-527
528	Power of Central Government or Board to condone delays in obtaining approval.	Section-528
529	Power to withdraw approval.	Section-529
530	Act to have effect pending legislative provision for charge of tax.	Section-530
531	Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961.	Section-531
532	Power to frame Schemes.	Section-532
533	Power to make rules.	Section-533
534	Laying before Parliament.	Section-534
535	Removal of difficulties.	Section-535
536	Repeal and savings.	Section-536

6. What more Expected?

The new Income Tax Act Bill, which was recently released, has yet to be passed by parliament. According to the EZTax Team's early study, there are no significant changes, and both the industry and EZTax's expectations have not been satisfied. EZTax expectations can be found at the DTC - Direct Tax Code 2025 Portal