Tax Summary - Sectionwise

CHAPTER – III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME

  10

Incomes not included in total income

  10A

Special provision in respect of newly established undertakings in free trade zone, etc

  10AA

Special provisions in respect of newly established Units in Special Economic Zones

  10B

Special provisions in respect of newly established hundred per cent export-oriented undertakings

  10BA

Special provisions in respect of export of certain articles or things

  10BB

Meaning of computer programmes in certain cases

  10C

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

  12A

Conditions for applicability of sections 11 and 12

  12AA

Procedure for registration

  13

Section 11 not to apply in certain cases

  13A

Special provision relating to incomes of political parties

CHAPTER – IV COMPUTATION OF TOTAL INCOME

  14

Heads of income

  14A

Expenditure incurred in relation to income not includible in total income

A.      SALARIES

  15

Salaries

  16

Deductions from salaries

  17

“Salary”, “perquisite” and “profits in lieu of salary” defined

B.      INCOME FROM HOUSE PROPERTY

  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

  25A

Special provision for cases where unrealised rent allowed as deduction is realised subsequently

  25AA

Unrealised rent received subsequently to be charged to income-tax

  25B

Special provision for arrears of rent received

  26

Property owned by co-owners

  27

“Owner of house property”, “annual charge”, etc., defined

A.      PROFITS AND GAINS FROM BUSINESS OR PROFESSION

  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

  35ABB

Expenditure for obtaining licence to operate telecommunication services

  35AC

Expenditure on eligible projects or schemes

  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

  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

  40

Amounts not deductible

  40A

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

  43A

Special provisions consequential to changes in rate of exchange of currency

  43B

Certain deductions to be only on actual payment

  43C

Special provision for computation of cost of acquisition of certain assets

  43D

Special provision in case of income of public financial institutions, public companies, etc.

  44

Insurance business

  44A

Special provision for deduction in the case of trade, professional or similar association

  44AA

Maintenance of accounts by certain persons carrying on profession or business

  44AB

Audit of accounts of certain persons carrying on business or profession

  44AD

Special provision for computing profits and gains of business of civil construction, etc.

  44AE

Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages

  44AF

Special provisions for computing profits and gains of retail business

  44B

Special provision for computing profits and gains of shipping business in the case of non-residents

  44BB

Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils

  44BBA

Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents

  44BBB

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

  44C

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

  44D

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

  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

A.      CAPITAL GAINS

  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

  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

  50B

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

  50C

Special provision for full value of consideration in certain cases

  51

Advance money received

  54

Profit on sale of property used for residence

  54B

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

  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

  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

B.      INCOME FROM OTHER SOURCES

  56

Income from other sources

  57

Deductions

  58

Amounts not deductible

  59

Profits chargeable to tax