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 |