Chapter XXIII of the Income-tax Act, 2025 — Miscellaneous

What this chapter does

Sections 499 to 504 carry service of notice and the voidness of certain transfers. Sections 505 to 511 carry the reporting obligations: liaison office statements, information from an Indian concern, statements of financial transaction, the annual information statement, and country-by-country reporting for international groups. Section 509 obliges reporting of crypto-asset transactions. Sections 512 to 536 carry authorised representatives, registered valuers, rounding off, immunity, rule-making power and, in section 536, the repeal of the Income-tax Act, 1961 and the savings that go with it.

What to watch

• Section 536 is the section that decides what survives from the 1961 Act; every transitional argument starts there.
• Sections 508 to 510 are why an assessee's own records and the department's information rarely disagree for long.

The sections in this chapter

• Section 499 — Certain transfers to be void
• Section 500 — Provisional attachment to protect revenue in certain cases
• Section 501 — Service of notice, generally
• Section 502 — Authentication of notices and other documents
• Section 503 — Service of notice when family is disrupted or firm etc , is dissolved
• Section 504 — Service of notice in case of discontinued business
• Section 505 — Submission of statement by a non-resident having liaison office
• Section 506 — Furnishing of information or documents by an Indian concern in certain cases
• Section 507 — Submission of statements by producers of cinematograph films or persons engaged in specified activity
• Section 508 — Obligation to furnish statement of financial transaction or reportable account
• Section 509 — Obligation to furnish information on transaction of crypto-asset
• Section 510 — Annual information statement
• Section 511 — Furnishing of report in respect of international group
• Section 512 — Publication of information respecting assessees in certain cases
• Section 513 — Appearance by registered valuer in certain matters
• Section 514 — Registration of valuers
• Section 515 — Appearance by authorised representative
• Section 516 — Rounding off of amount of total income, or amount payable or refundable
• Section 517 — Receipt to be given
• Section 518 — Indemnity
• Section 519 — Power to tender immunity from prosecution
• Section 520 — Cognizance of offences
• Section 521 — Probation of Offenders Act, 1958 and section 401 of Bharatiya Nagarik Suraksha Sanhita, 2023, not to apply
• Section 522 — Return of income, etc , not to be invalid on certain grounds
• Section 523 — Notice deemed to be valid in certain circumstances
• Section 524 — Presumption as to assets, books of account, etc
• Section 525 — Authorisation and assessment in case of search or requisition
• Section 526 — Bar of suits in civil courts
• Section 527 — Power to make exemption, etc , in relation to participation in business of prospecting for, extraction, etc , of mineral oils
• Section 528 — Power of Central Government or Board to condone delays in obtaining approval
• Section 529 — Power to withdraw approval
• Section 530 — Act to have effect pending legislative provision for charge of tax
• Section 531 — Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961
• Section 532 — Power to frame schemes
• Section 533 — Power to make rules
• Section 534 — Laying before Parliament
• Section 535 — Removal of difficulties
• Section 536 — Repeal and savings