(Corrected as per Corrigenda dt. 03/09/2025) No. 30 of 2025 [21st August, 2025.] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 21st August, 2025/Shravana 30,194 7 (Saka) The following Act of Parliament received the assent of the President on the list August, 2025 and is Hereby published for general information:-- An Act to consolidate and amend the law relating to income-tax. BE it enacted by Parliament in the Seventy-sixth Year of the Republic of India as follows:--

Read full Act

S.3 Definition of "tax year".--

S.4 Charge of income-tax.--

S.5 Scope of total income.--

S.6 Residence in India.--

S.7 Income deemed to be received and dividend deemed to be income in a tax year.--

S.8 Income on receipt of capital asset or stock-in-trade by specified person from specified entity.--

S.9 Income deemed to accrue or arise in India.--

S.10 Apportionment of income between spouses governed by Portuguese Civil Code.--

S.A.--Heads of income

S.B.--Salaries

S.C.--Income from house property

S.D.--Profits and gains of business or profession

S.96 Transfer of income without transfer of assets.--

S.438 Set off and withholding of refunds in certain cases.--

S.439 Penalty for under-reporting and misreporting of income.--

S.440 Immunity from imposition of penalty, etc.--

S.441 Failure to keep, maintain or retain books of account, documents, etc.--

S.442 Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.--

S.443 Penalty in respect of certain income.--

S.444 Penalty for false entry, etc., in books of account.--

S.445 Benefits to related persons.--

S.446 Failure to get accounts audited.--

S.447 Penalty for failure to furnish report under section 172.--

S.448 Penalty for failure to deduct tax at source.--

S.449 Penalty for failure to collect tax at source.--

S.450 Penalty for failure to comply with provisions of section 185.--

S.451 Penalty for failure to comply with provisions of section 186.--

S.452 Penalty for failure to comply with provisions of section 187.--

S.453 Penalty for failure to comply with provisions of section 188.--

S.454 Penalty for failure to furnish statement of financial transaction or reportable account.--

S.455 Penalty for furnishing inaccurate statement of financial transaction or reportable account.--

S.456 Penalty for failure to furnish statement or information or document by an eligible investment fund.--

S.457 Penalty for failure to furnish information or document under section 171.--

S.458 Penalty for failure to furnish information or document under section 506.--

S.459 Penalty for failure to furnish report or for furnishing inaccurate report under section 511.--

S.460 Penalty for failure to submit statement under section 505.--

S.461 Penalty for failure to furnish statements, etc.--

S.462 Penalty for failure to furnish information or furnishing inaccurate information under section 397 (3)(d).--

S.463 Penalty for furnishing incorrect information in reports or certificates.--

S.464 Penalty for failure to furnish statements, etc.--

S.465 Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.--

S.466 Penalty for failure to comply with the provisions of section 254.--

S.467 Penalty for failure to comply with the provisions of section 262.--

S.468 Penalty for failure to comply with the provisions of section 397.--

S.469 Power to reduce or waive penalty, etc., in certain cases.--

S.470 Penalty not to be imposed in certain cases.--

S.471 Procedure.--

S.472 Bar of limitation for imposing penalties.--

S.473 Contravention of order made under section 247.--

S.474 Failure to comply with section 247(1)(ii).--

S.475 Removal, concealment, transfer or delivery of property to prevent tax recovery.--

S.476 Failure to pay tax to credit of Central Government under Chapter XIX-B.--

S.477 Failure to pay tax collected at source.--

S.478 Wilful attempt to evade tax, etc.--

S.479 Failure to furnish returns of income.--

S.480 Failure to furnish return of income in search cases.--

S.481 Failure to produce accounts and documents.--

S.482 False statement in verification, etc.--

S.483 Falsification of books of account or document, etc.--

S.484 Abetment of false return, etc.--

S.485 Punishment for second and subsequent offences.--

S.486 Punishment not to be imposed in certain cases.--

S.487 Offences by companies.--

S.488 Offences by Hindu undivided family.--

S.489 Presumption as to assets, books of account, etc., in certain cases.--

S.490 Presumption as to culpable mental state.--

S.491 Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.--

S.492 Certain offences to be noncognizable.--

S.493 Proof of entries in records or documents.--

S.494 Disclosure ofparticulars by public servants.--

S.495 Special Courts.--

S.496 Offences triable by Special Court.--

S.497 Trial of offences as summons case.--

S.498 Application of Bharatiya Nagarik Suraksha Sanhita, 2023 to proceedings before Special Court.--

S.499 Certain transfers to be void.--

S.500 Provisional attachment to protect revenue in certain cases.--

S.501 Service of notice, generally.--

S.502 Authentication of notices and other documents.--

S.503 Service of notice when family is disrupted or firm etc., is dissolved.--

S.504 Service of notice in case of discontinued business.--

S.505 Submission of statement by a non-resident having liaison office.--

S.506 Furnishing of information or documents by an Indian concern in certain cases.--

S.507 Submission of statements by producers of cinematograph films or persons engaged in specified activity.--

S.508 Obligation to furnish statement of financial transaction or reportable account.--

S.509 Obligation to furnish information on transaction of crypto-asset.--

S.510 Annual information statement.--

S.511 Furnishing of report in respect of international group.--

S.512 Publication of information respecting assessees in certain cases.--

S.513 Appearance by registered valuer in certain matters.--

S.514 Registration of valuers.--

S.515 Appearance by authorised representative.--

S.516 Rounding off of amount of total income, or amount payable or refundable.--

S.517 Receipt to be given.--

S.518 Indemnity.--

S.519 Power to tender immunity from prosecution.--

S.520 Cognizance of offences.--

S.521 Probation of Offenders Act, 1958 and section 401 of Bharatiya Nagarik Suraksha Sanhita, 2023, not to apply.--

S.522 Return of income, etc., not to be invalid on certain grounds.--

S.523 Notice deemed to be valid in certain circumstances.--

S.524 Presumption as to assets, books of account, etc.--

S.525 Authorisation and assessment in case of search or requisition.--

S.526 Bar of suits in civil courts.--

S.527 Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils.--

S.528 Power of Central Government or Board to condone delays in obtaining approval.--

S.529 Power to withdraw approval.--

S.530 Act to have effect pending legislative provision for charge of tax.--

S.531 Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act 1961.--

S.532 Power to frame schemes.--

S.533 Power to make rules.--

S.534 Laying before Parliament.--

S.535 Removal of difficulties.--

S.536 Repeal and savings.--

S.9(12)]

S.11)

S.1

S.48)

S.49)

S.PART C

S.PART A

S.PART B

S.45(2)]

S.55)

S.123)

S.350)

S.97 Chargeability of income in transfer of assets.--

S.98 "Transfer" and "revocable transfer" defined.--

S.99 Income of individual to include income of spouse, minor child, etc.--

S.100 Liability of person in respect of income included in income of another person.--

S.101 Total income.--

S.102 Unexplained credits.--

S.103 Unexplained investment.--

S.104 Unexplained asset.--

S.105 Unexplained expenditure.--

S.106 Amount borrowed or repaid through negotiable instrument, hundi, etc.--

S.107 Charge of tax.--

S.108 Set off of losses under same head of income.--

S.109 Set off of losses under any other head of income.--

S.110 Carry forward and set off of loss from house property.--

S.111 Carry forward and set off of loss from Capital gains.--

S.112 Carry forward and set off of business loss.--

S.113 Set off and carry forward of losses computed in respect of speculation business.--

S.114 Set off and carry forward of losses computed in respect of specified business.--

S.115 Set off and carry forward of losses from specified activity.--

S.116 Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc.--

S.117 Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases.--

S.118 Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks.--

S.119 Carry forward and set off of losses not permissible in certain cases.--

S.120 No set off of losses against undisclosed income consequent to search, requisition and survey.--

S.121 Submission of return for losses.--

S.A.--General

S.B.--Deductions in respect of certain payments

S.C.--Deductions in respect of certain incomes

S.D.--Deductions in respect of other incomes

S.E.--Other deductions

S.A.--Rebates and reliefs

S.B.--Double taxation relief

S.161 Computation of income from international transaction and specified domestic transaction having regard to arm's length price.--

S.162 Meaning of associated enterprise.--

S.163 Meaning of international transaction.--

S.164 Meaning of specified domestic transaction.--

S.165 Determination of arm's length price.--

S.166 Reference to Transfer Pricing Officer.--

S.167 Power of Board to make safe harbour rules.--

S.168 Advance pricing agreement.--

S.169 Effect to advance pricing agreement.--

S.170 Secondary adjustment in certain cases.--

S.171 Maintenance, keeping and furnishing of information and document by certain persons.--

S.172 Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction.--

S.173 Definitions of certain terms relevant to determination of arm's length price, etc.--

S.174 Avoidance of income-tax by transactions resulting in transfer of income to non-residents.--

S.175 Avoidance of tax by certain transactions in securities.--

S.176 Special measures in respect of transactions with persons located in notified jurisdictional area.--

S.177 Limitation on interest deduction in certain cases.--

S.178 Applicability of General Anti-Avoidance Rule.--

S.179 Impermissible avoidance arrangement.--

S.180 Arrangement to lack commercial substance.--

S.181 Consequences of impermissible avoidance arrangement.--

S.182 Treatment of connected person and accommodating party.--

S.183 Application of this Chapter.--

S.184 Interpretation.--

S.185 Mode of taking or accepting certain loans, deposits and specified sum.--

S.186 Mode of undertaking transactions.--

S.187 Acceptance of payment through prescribed electronic modes.--

S.188 Mode of repayment of certain loans or deposits or specified advances.--

S.189 Interpretation.--

S.A.--Determination of tax in certain special cases

S.C.--New tax regime

S.D.--Special provisions relating to minimum alternate tax and alternate minimum tax

S.E.--Special provisions relating to non-residents and foreign companies

S.F.--Special provisions relating to pass-through entities

S.G.--Special provisions relating to income of shipping companies

S.A.--Authorities, jurisdiction and functions

S.B.--Powers

S.A.--Allotment of Permanent Account Number

S.B.--Filing of return of income

S.A.--Procedure for assessment

S.B.--Special procedure for assessment of search cases

S.A.--Association of persons, firm, Hindu undivided family, etc.

S.B.--Special provisions for registered non-profit organisation 1.--Registration

S.A.-- Appeals

S.B.-- Special provisions for avoiding repetitive appeals

S.C.-- Revision by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner

S.D.-- Alternate Dispute Resolutions

S.A.-- General

S.B.-- Deduction and collection at source

S.C.-- Advance payment of tax

S.D.-- Collection and Recovery

S.E.-- Interest chargeable in certain cases

S.F.-- Levy of fee in certain cases

S.431 Refunds.--

S.432 Person entitled to claim refund in certain special cases.--

S.433 Form of claim for refund and limitation.--

S.434 Refund for denying liability to deduct tax in certain cases.--

S.435 Refund on appeal, etc.--

S.436 Correctness of assessment not to be questioned.--

S.437 Interest on refunds.--

S.2 Definitions.--

S.B.--Special provisions relating to tax on capital gains

S.A.--Incomes not to be included in total income

S.B.--Incomes not to be included in total income of political parties and electoral trusts

S.F.--Income from other sources

S.E.--Capital gains