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Bare acts > Income Tax Act, 1961
 
 
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SECTIONS Income Tax Act, 1961
   
  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
 
 
 
Section 80A-115JF Section 115K-181
Section 182-260B Section 261-298
First Schedule Second Schedule
Third Schedule Fourth Schedule
Fifth Schedule Sixth Schedule
Seventh Schedule Eighth Schedule
Ninth Schedule Tenth Schedule
Eleventh Schedule Twelfth Schedule
Thirteenth Schedule Fourteenth Schedule
 

 

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