1Short title, extent and commencement
This Act may be called the Business Profits Tax Act, 1947. It extends to the whole of British India. It shall come into force on such date as the Central Go...
2Interpretation
"abatement" means, in respect of any chargeable accounting period, a sum which bears to a sum equal to- in the case of a company, not being a company deemed...
3Tax authorities
Every Commissioner of Income-tax, Appellate Assistant Commissioner of Income-tax, Inspecting assistant Commissioner of Income-tax and Income-tax Officer s...
4Charge of tax
Subject to the provisions of this Act, there shall, in respect of any business to which this Act applies, be charged, levied and paid on the amount of the...
5Application of Act
This Act shall apply to every business of which any part of the profits made during the chargeable accounting period is chargeable to income-tax by virtue o...
6Relief on occurrence of deficiency of profits
Where a deficiency of profits occurs in any chargeable accounting period in any business, the taxable profits of the business shall be deemed to be reduced...
7Change in persons carrying on business
As from the date of any change in the persons carrying on a business, the business shall be deemed for all the purposes of this act to have been discontin...
8Inter connected companies
Where any interest, annuity, or other annual payment, or any royalty or rent, is payable by one company to another company, and one of those companies is ...
9Aggregation of profits in certain cases
Where an individual is entitled to profits arising  from more than one business, of which at least one is carried on by a firm in which he is a partner, t...
10Allowances of business profit tax in computing income for income-tax purposes
The amount of the business profits tax payable by any person for any chargeable accounting period shall, in computing total income for the purposes of the r...
11Issue of notice for assessment
The Income-tax Officer may, for the purposes of this  Act, require any person whom he believes to be engaged in any business to which this Act applies, or ...
12Assessments
The Income-tax Officer shall, by an order in writing after considering such evidence, if any, as he has required under section 11, assess to the best of hi...
13Power to make provisional assessments
The Income-tax Officer, before proceeding to make an assessment (in this section referred to as the regular assessment) under section 12, may, at any time...
14Profits escaping assessment
If, in consequence of definite information which has come into his possession, the Income-tax Officer discovers that profits of any chargeable accounting pe...
15Penalties
if the Income-tax Officer, the Appellate Assistant Commissioner of Income-tax or the Commissioner of Income-tax, in the course of any  proceedings under th...
16Appeals to Appellate Assistant Commissioner of Income-tax
Any person objecting to the amount of business profits tax for which he is liable as assessed by the Income-tax Officer or denying his liability to be asses...
17Appeal to Appellate Tribunal
Any Income-tax Officer or any person in respect of whose business an order under section 12 has been passed and who objects to an order passed by an Appel...
18Rectification of mistakes
The Commissioner of Income-tax may, at any time within four years from the date of any order passed by any Appellate Assistant Commissioner of Income-tax o...
19Application of provisions of Act XI of 1922.19.Application of provisions of Act XI of 1922
The sections of the Indian Income-tax Act, 1922, as applied to excess profits tax by virtue of section 21 of the Excess Profits Tax Act, 1940, shall, in s...
20Income-tax papers to be available for the purposes of this Act
Notwithstanding anything contained in the Indian Income- tax Act, 1922, all information contained in any statement or return made or furnished under the p...
21Failure to deliver returns or statements
If any person fails, without reasonable cause or excuse, to furnish in due time any return or statement, or to produce, or cause to be produced, any account...
22False statements
If a person makes in any return required under section 11 any statement which is false, and which he either knows or believes to be false or does not beli...
23Institution of proceedings and composition of offenses
A person shall not be proceeded against for an offence under section 21.or section 22 except at the instance of the Inspecting Assistant Commissioner of I...
24Power to make rules
The Central Board of Revenue may, subject to the control of the Central Government,  make rules for carrying out the purposes of this Act. Without prejudic...
schedulesSchedule I
The profits of a business during any chargeable accounting period shall be separately computed, and shall, subject to the provisions of this Schedule, be co...
Schedule II
Rules for computing the capital of a company for purposes of Business Profits Tax For the purposes of ascertaining the abatement under this act in respect ...
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