| SECTIONS |
Income
Tax Act, 1961 |
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|
| |
Preamble |
| |
|
| 1. |
Short
title, extent and commencement |
| 2. |
Definitions |
| 3. |
“Previous
year” defined |
| 4. |
Charge
of income-tax |
| 5. |
Scope
of total income |
| 5-A. |
Apportionment
of income between spouses governed by Portuguese Civil
Code |
| 6. |
Residence
in India |
| 7. |
Income
deemed to be received |
| 8. |
Dividend
income |
| 9. |
Income
deemed to accrue or arise in India |
| 10. |
Incomes
not included in total income |
| 10-A. |
Special
provision in respect of newly established undertakings
in free trade zone, etc. |
| 10-AA. |
Special
provisions in respect of newly established units in Special
Economic Zones |
| 10-B. |
Special
provisions in respect of newly established hundred per
cent export-oriented undertakings |
| 10-BA. |
Special
provisions in respect of export of certain articles or
things |
| 10-BB. |
Meaning
of computer programmes in certain cases |
| 10-C. |
Special
provision in respect of certain industrial undertakings
in North-Eastern Region |
| 11. |
Income
from property held for charitable or religious purposes |
| 12. |
Income
of trusts or institutions from contributions |
| 12-A. |
Conditions
for applicability of sections 11 and 12 |
| 12-AA. |
Procedure
for registration |
| 13. |
Section
11 not to apply in certain cases |
| 13-A. |
Special
provision relating to incomes of political parties |
| 13-B. |
Special
provisions relating to voluntary contributions received
by electoral trust |
| 14. |
Heads
of income |
| 14-A. |
Expenditure
incurred in relation to income not includible in total
income |
| 15. |
Salaries |
| 16. |
Deductions
from salaries |
| 17. |
“Salary”,
“perquisite” and “profits in lieu of salary” defined |
| 18. |
[OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989] |
| 19. |
[OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989] |
| 20. |
[OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989] |
| 21. |
[OMITTED
BY THE FINANCE ACT, 1988, W.E.F. 1-4-1989] |
| 22. |
Income
from house property |
| 23. |
Annual
value how determined |
| 24. |
Deductions
from income from house property |
| 25. |
Amounts
not deductible from income from house property |
| 25-A. |
Special
provision for cases where unrealised rent allowed as deduction
is realised subsequently |
| 25-AA. |
Unrealised
rent received subsequently to be charged to income-tax |
| 25-B. |
Special
provision for arrears of rent received |
| 26. |
Property
owned by co-owners |
| 27. |
“Owner
of house property”, “annual charge”, etc., defined |
| 28. |
Profits
and gains of business or profession |
| 29. |
Income
from profits and gains of business or profession, how
computed |
| 30. |
Rent,
rates, taxes, repairs and insurance for buildings |
| 31. |
Repairs
and insurance of machinery, plant and furniture |
| 32. |
Depreciation |
| 32-A. |
Investment
allowance |
| 32-AB. |
Investment
deposit account |
| 33. |
Development
rebate |
| 33-A. |
Development
allowance |
| 33-AB. |
Tea
development account, coffee development account and rubber
development account |
| 33-ABA. |
Site
Restoration Fund |
| 33-AC. |
Reserves
for shipping business |
| 33-B. |
Rehabilitation
allowance |
| 34. |
Conditions
for depreciation allowance and development rebate |
| 34-A. |
Restriction
on unabsorbed depreciation and unabsorbed investment allowance
for limited period in case of certain domestic companies |
| 35. |
Expenditure
on scientific research |
| 35-A. |
Expenditure
on acquisition of patent rights or copyrights |
| 35-B. |
Expenditure
on know-how |
| 35-ABB. |
Expenditure
for obtaining licence to operate telecommunication services |
| 35-AC. |
Expenditure
on eligible projects or schemes |
| 35-AD. |
Deduction
in respect of expenditure on specified business |
| 35-B. |
[OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989] |
| 35-C. |
[OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989] |
| 35-CC. |
[OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989] |
| 35-CCA. |
Expenditure
by way of payment to associations and institutions for
carrying out rural development programmes |
| 35-CCB. |
Expenditure
by way of payment to associations and institutions for
carrying out programmes of conservation of natural resources |
| 35-D. |
Amortisation
of certain preliminary expenses |
| 35-DD. |
Amortisation
of expenditure in case of amalgamation or demerger |
| 35-DDA. |
Amortisation
of expenditure incurred under voluntary retirement scheme |
| 35-E. |
Deduction
for expenditure on prospecting, etc., for certain minerals |
| 36. |
Other
deductions |
| 37. |
General |
| 38. |
Building,
etc., partly used for business, etc., or not exclusively
so used |
| 39. |
[OMITTED
BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989] |
| 40. |
Amounts
not deductible |
| 40-A. |
Expenses
or payments not deductible in certain circumstances |
| 41. |
Profits
chargeable to tax |
| 42. |
Special
provision for deductions in the case of business for prospecting,
etc., for mineral oil |
| 43. |
Definitions
of certain terms relevant to income from profits and gains
of business or profession |
| 43-A. |
Special
provisions consequential to changes in rate of exchange
of currency |
| 43-B. |
Certain
deductions to be only on actual payment |
| 43-C. |
Special
provision for computation of cost of acquisition of certain
assets |
| 43-D. |
Special
provision in case of income of public financial institutions,
public companies, etc. |
| 44. |
Insurance
business |
| 44-A. |
Special
provision for deduction in the case of trade, professional
or similar association |
| 44-AA. |
Maintenance
of accounts by certain persons carrying on profession
or business |
| 44-AB. |
Audit
of accounts of certain persons carrying on business or
profession |
| 44-AC. |
[OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993] |
| 44-AD. |
Special
provision for computing profits and gains of business
on presumptive basis |
| 44-AE. |
Special
provision for computing profits and gains of business
of plying, hiring or leasing goods carriages |
| 44-AF. |
Special
provisions for computing profits and gains of retail business |
| 44-B. |
Special
provision for computing profits and gains of shipping
business in the case of non-residents |
| 44-BB. |
Special
provision for computing profits and gains in connection
with the business of exploration, etc., of mineral oils |
| 44-BBA. |
Special
provision for computing profits and gains of the business
of operation of aircraft in the case of nonresidents |
| 44-BBB. |
Special
provision for computing profits and gains of foreign companies
engaged in the business of civil construction, etc., in
certain turnkey power projects |
| 44-C. |
Deduction
of head office expenditure in the case of nonresidents |
| 44-D. |
Special
provisions for computing income by way of royalties, etc.,
in the case of foreign companies |
| 44-DA. |
Special
provision for computing income by way of royalties, etc.,
in case of non-residents |
| 44-DB. |
Special
provision for computing deductions in the case of business
reorganization of co-operative banks |
| 45. |
Capital
gains |
| 46. |
Capital
gains on distribution of assets by companies in liquidation |
| 46-A. |
Capital
gains on purchase by company of its own shares or other
specified securities |
| 47. |
Transactions
not regarded as transfer |
| 47-A. |
Withdrawal
of exemption in certain cases |
| 48. |
Mode
of computation |
| 49. |
Cost
with reference to certain modes of acquisition |
| 50. |
Special
provision for computation of capital gains in case of
depreciable assets |
| 50-A. |
Special
provision for cost of acquisition in case of depreciable
asset |
| 50-B. |
Special
provision for computation of capital gains in case of
slump sale |
| 50-C. |
Special
provision for full value of consideration in certain cases |
| 51. |
Advance
money received |
| 52. |
[OMITTED
BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988] |
| 53. |
[OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993] |
| 54. |
Profit
on sale of property used for residence |
| 54-A. |
[OMITTED
BY THE FINANCE (NO. 2) ACT, 1971, W.E.F. 1-4-1972] |
| 54-B. |
Capital
gain on transfer of land used for agricultural purposes
not to be charged in certain cases |
| 54-C. |
[OMITTED
BY THE FINANCE ACT, 1976, W.E.F. 1-4-1976] |
| 54-D. |
Capital
gain on compulsory acquisition of lands and buildings
not to be charged in certain cases |
| 54-E. |
Capital
gain on transfer of capital assets not to be charged in
certain cases |
| 54-EA. |
Capital
gain on transfer of long-term capital assets not to be
charged in the case of investment in specified securities |
| 54-EB. |
Capital
gain on transfer of long-term capital assets not to be
charged in certain cases |
| 54-EC. |
Capital
gain not to be charged on investment in certain bonds |
| 54-ED. |
Capital
gain on transfer of certain listed securities or unit
not to be charged in certain cases |
| 54-F. |
Capital
gain on transfer of certain capital assets not to be charged
in case of investment in residential house |
| 54-G. |
Exemption
of capital gains on transfer of assets in cases of shifting
of industrial undertaking from urban area |
| 54-GA. |
Exemption
of capital gains on transfer of assets in cases of shifting
of industrial undertaking from urban area to any Special
Economic Zone |
| 54-H. |
Extension
of time for acquiring new asset or depositing or investing
amount of capital gain |
| 55. |
Meaning
of “adjusted”, “cost of improvement” and “cost of acquisition” |
| 55-A. |
Reference
to Valuation Officer |
| 56. |
Income
from other sources |
| 57. |
Deductions |
| 58. |
Amounts
not deductible |
| 59. |
Profits
chargeable to tax |
| 60. |
Transfer
of income where there is no transfer of assets |
| 61. |
Revocable
transfer of assets |
| 62. |
Transfer
irrevocable for a specified period |
| 63. |
“Transfer”
and “revocable transfer” defined |
| 64. |
Income
of individual to include income of spouse, minor child,
etc. |
| 65. |
Liability
of person in respect of income included in the income
of another person |
| 66. |
Total
income |
| 67. |
[OMITTED
BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993] |
| 67-A. |
Method
of computing a member’s share in income of association
of persons or body of individuals |
| 68. |
Cash
credits |
| 69. |
Unexplained
investments |
| 69-A. |
Unexplained
money, etc. |
| 69-B. |
Amount
of investments, etc., not fully disclosed in books of
account |
| 69-C. |
Unexplained
expenditure, etc. |
| 69-D. |
Amount
borrowed or repaid on hundi |
| 70. |
Set
off of loss from one source against income from another
source under the same head of income |
| 71. |
Set
off of loss from one head against income from another |
| 71-A. |
Transitional
provisions for set off of loss under the head “Income
from house property” |
| 71-B. |
Carry
forward and set off of loss from house property |
| 72. |
Carry
forward and set off of business losses |
| 72-A. |
Provisions
relating to carry forward and set off of accumulated loss
and unabsorbed depreciation allowance in amalgamation
or demerger, etc. |
| 72-AA. |
Provisions
relating to carry forward and set off of accumulated loss
and unabsorbed depreciation allowance in scheme of amalgamation
of banking company in certain cases |
| 72-AB. |
Provisions
relating to carry forward and set off of accumulated loss
and unabsorbed depreciation allowance in business reorganisation
of co-operative banks |
| 73. |
Losses
in speculation business |
| 73-A. |
Carry
forward and set off of losses by specified busines |
| 74. |
Losses
under the head "Capital gains" |
| 74-A. |
Losses
from certain specified sources falling under the head
"Income from other sources" |
| 75. |
Losses
of firms |
| 76. |
Omitted |
| 77. |
Omitted |
| 78. |
Carry
forward and set off of losses in case of change in constitution
of firm or on succession |
| 79. |
Carry
forward and set off of losses in the case of certain companies |
| 80. |
Submission of
return for losses |
