New Provision
Section 505, IT Act 2025
Replaces (IT Act 1961)
60 3 285
Chapter
Chapter XXII — Miscellaneous
Effective From
1 April 2026
Statutory Text — Section 505
ery person, being a non-resident, having a liaison office in India set up as per the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999, shall, in respect of its activities in a tax year, prepare and deliver to the Assessing Officer having jurisdiction, a statement, in such form and containing such particulars within such period, as may be prescribed.
Shahi & Co. — Our Understanding
This section falls under Chapter XXII (Miscellaneous) which contains general provisions including powers of the Board, rounding off, and savings provisions.
Practical Note: These provisions govern administrative aspects of the Act. Section 533 (power to make rules) and Section 536 (repeal and savings) are particularly important for understanding the transition from the old Act to the new one.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 505 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.