Income Tax Act 1961 - Section Wise

Section No

Section Heading

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

32A

Investment allowance

32ab

Investment deposit account

33

Development rebate

33a

Development allowance

33ab

Tea development account ,coffee development account and rubber development account

33aba

Site Restoration Fund

33ac

Reserves for shipping business

33b

Rehabilitation allowance

34

Conditions for depreciation allowance and development rebate

34a

Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies

35

Expenditure on scientific research

35a

Expenditure on acquisition of patent rights or copyrights

35ab

Expenditure on know-how

Section No

Section Heading

35abb

Expenditure for obtaining licence to operate telecommunication services

35ac

Expenditure on eligible projects or schemes

35ad

Deduction in respect of expenditure on specified business

35B

Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989

35C

Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989

35CC

Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989

35cca

Expenditure by way of payment to associations and institutions for carrying out rural development programmes

35ccb

Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources

35ccc

Expenditure on agricultural extension project

35ccd

Expenditure on skill development project

35d

Amortisation of certain preliminary expenses

35dd

Amortisation of expenditure in case of amalgamation or demerger

35dda

Amortisation of expenditure incurred under voluntary retirement scheme

35e

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

40a

Expenses or payments not deductible in certain circumstances

Section No

Section Heading

44bbb

Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects

80-IAB

Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone.

44c

Deduction of head office expenditure in the case of non-residents

80-IB

Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings

80-IC

Special provisions in respect of certain undertakings or enterprises in certain special category States

80-ID

Deduction in respect of profits and gains from business of hotels and convention centres in specified area.

44d

Special provisions for computing income by way of royalties, etc., in the case of foreign companies

80-IE

Special provisions in respect of certain undertakings in North-Eastern States.

44da

Special provision for computing income by way of royalties, etc., in case of non-residents

44DB

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

46a

Capital gains on purchase by company of its own shares or other specified securities

47

Transactions not regarded as transfer

80-O

Deduction in respect of royalties, etc., from certain foreign enterprises.

47a

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

50a

Special provision for cost of acquisition in case of depreciable asset

Section No

Section Heading

50b

Special provision for computation of capital gains in case of slump sale

50c

Special provision for full value of consideration in certain cases

50d

Fair market value deemed to be 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

54a

Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972

54b

Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases

54C

Omitted by the Finance Act, 1976, w.e.f. 1-4-1976

54d

Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases

54e

Capital gain on transfer of capital assets not to be charged in certain cases

54EA

Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities

54eb

Capital gain on transfer of long-term capital assets not to be charged in certain cases

54ec

Capital gain not to be charged on investment in certain bonds

54ed

Capital gain on transfer of certain listed securities or unit not to be charged in certain cases

54f

Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house

54g

Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area

54ga

Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone

54gb

Capital gain on transfer of residential property not to be charged in certain cases

Section No

Section Heading

54h

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”

55a

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

67a

Method of computing a member’s share in income of association of persons or body of individuals

68

Cash credits

69

Unexplained investments

69a

Unexplained money, etc

69b

Amount of investments, etc., not fully disclosed in books of account

Section No

Section Heading

69c

Unexplained expenditure, etc

69d

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

71a

Transitional provisions for set off of loss under the head “Income from house property”

71b

Carry forward and set off of loss from house property

72

Carry forward and set off of business losses

72a

Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc

72aa

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

72ab

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

73a

Carry forward and set off of losses by specified business

74

Losses under the head “Capital gains”

74a

Losses from certain specified sources falling under the head “Income from other sources”

75

Losses of firms

76

Omitted by the Finance Act, 1992, w.e.f. 1-4-1993

77

Omitted by the Finance Act, 1992, w.e.f. 1-4-1993

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 No

Section Heading

80A

Deductions to be made in computing total income

80AA

Omitted by the Finance Act, 1997, w.e.f. 1-4-1998

80AB

Deductions to be made with reference to the income included in the gross total income.

80AC

Deduction not to be allowed unless return furnished.

80B

Definitions.

80C

Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscripttion to certain equity shares or debentures, etc.

80CC

Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1993

80CCA

Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan.

80CCB

Deduction in respect of investment made under Equity Linked Savings Scheme.

80CCC

Deduction in respect of contribution to certain pension funds.

80CCD

Deduction in respect of contribution to pension scheme of Central Government.

80CCE

Limit on deductions under sections 80C, 80CCC and 80CCD.

80CCF

Deduction in respect of subscripttion to long-term infrastructure bonds.

80CCG

Deduction in respect of investment made under an equity savings scheme

80D

Deduction in respect of health insurance premia.

80DD

Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability.

80DDB

Deduction in respect of medical treatment, etc.

80E

Deduction in respect of interest on loan taken for higher education.

80F

Omitted by the Finance Act, 1985, w.e.f. 1-4-1986.

80FF

Omitted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981

Section No

Section Heading

80G

Deduction in respect of donations to certain funds, charitable institutions, etc.

80GG

Deductions in respect of rents paid.

80GGA

Deduction in respect of certain donations for scientific research or rural development.

80GGB

Deduction in respect of contributions given by companies to political parties.

80GGC

Deduction in respect of contributions given by any person to political parties.

80H

Omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.

80HH

Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas.

80HHA

Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas.

80HHB

Deduction in respect of profits and gains from projects outside India.

80HHBA

Deduction in respect of profits and gains from housing projects in certain cases.

80HHE

Deduction in respect of profits from export of computer software, etc.

80HHC

Deduction in respect of profits retained for export business.

80HHD

Deduction in respect of earnings in convertible foreign exchange.

80HHF

Deduction in respect of profits and gains from export or transfer of film software, etc.

80J

[Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1989.]

80JJ

[Omitted by the Finance Act, 1997, w.e.f. 1-4-1998.]

80JJA

Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste.

80JJAA

Deduction in respect of employment of new workmen.

80K

Omitted by the Finance Act, 1986, w.e.f. 1-4-1987

80L

[Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]

Section No

Section Heading

80VVA

[Omitted by the Finance Act, 1987, w.e.f. 1-4-1988]

81 to 85C

[Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.]

86

Share of member of an association of persons or body of individuals in the income of the association or body.

86A

[Omitted by the Finance Act, 1988, w.e.f. 1-4-1989]

87

Rebate to be allowed in computing income-tax.

87A

[Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.]

88

Rebate on life insurance premia, contribution to provident fund, etc.

88A

[Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1994.]

88B

[Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]

88C

[Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]

88D

[Omitted by the Finance Act, 2005, w.e.f. 1-4-2006.]

88E

Rebate in respect of securities transaction tax.

89

Relief when salary, etc., is paid in arrears or in advance.

89A

[Omitted by the Finance Act, 1983, w.e.f. 1-4-1983.]

90

Agreement with foreign countries or specified territories.

90A

Adoption by Central Government of agreement between specified associations for double taxation relief.

91

Countries with which no agreement exists.

92

Computation of income from international transaction having regard to arm’s length price.

92A

Meaning of associated enterprise.

92B

Meaning of international transaction.