We prove the localization theorem for torus actions in equivariant intersection theory. Using the theorem we give another proof of the Bott residue formula for Chern numbers of bundles on smooth complete varieties. In addition, our techniques allow us to obtain residue formulas for bundles on a certain class of singular schemes which admit torus actions. This class is rather special, but it includes some interesting examples such as complete intersections and Schubert varieties.