Income Tax India, Income Tax Act, 1961, Income Tax 1961, PAN, Income Tax Law India , Bare Acts
Income Tax Act, 1961

(Act no. 43 of 1961)

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CONTENTS

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Sections

Particulars

Preamble
     Abbreviations
   
1 Short title, extent and commencement.
2 Definitions.
3 Previous year defined.
4 Charge of Income-Tax.
5 Scope of total income.
5A 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.
10A Special provision in respect of newly established industrial undertakings in free tade zones.
10B Special provision in respect of newly established hundred percent export-oriented undertakings.
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 as to registration of trusts, etc.
12AA Procedure for registration.
13 Section 11 not to apply in certain cases.
13A Special provision relating to incomes of political parties.
14 Heads of income.
15 Salaries.
16 Deductions from salaries.
17 Salary, "Perquisite" and "Profits in lieu of salary" Defined.
18 Omitted.
19 Omitted.
20 Omitted.
21 Omitted.
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.
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.
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.
35B Omitted.
35C Omitted.
35CC Omitted.
35CCA Expenditure by way of payment to associations and institutions for carrying out rural development programmes.
35CCB Expenditure by way of payment  to association 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.
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.
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, 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.
44AC Omitted.
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 Specila 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 Comapnies engaged inthe business of civil construction, etc., in certain trunkey 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.
45 Capital Gains.
46 Capital gains on distribution of assets by companies in liquidation.
46A Capital gains on purchases by company of its own 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 provisions for computation of capital gains in case of slump sale.
51 Advance money received.
52 Omitted.
53 Omitted.
54 Profit on sale of property used for Residence.
54A Omitted.
54B Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.
54C Omitted.
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 land-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.
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.
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.
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 accounts.
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.
73 Losses in speculation 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.
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.
80A Deductions to be made in computing total income.
80AA Omitted.
80AB Deductions to be made with reference to the Income included in the gross total income.
80B Definitions.
80C Omitted.
80CC Omitted.
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.
80D Deduction in respect of medical insurance premia.
80DD Deduction in respect of maintenance including medical treatment of handicapped dependent.
80DDB Deduction in respect of medical treatment, etc.
80E Deduction in respect of  repayment of loan taken for higher education.
80F Omitted.
80FF Omitted.
80G Deduction in respect of donations to certain funds, charitable institutions, etc.
80GG Deduction in respect of rents paid.
80GGA Deduction in respect of certain donations for scientific research or rural development.
80H Omitted.
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.
80HHC Deduction in respect of profits retained for export business.
80HHD Deduction in respect of earnings in convertible foreign exchange.
80HHE Deduction in respect of profits from export of Computer Software, etc.
80HHF Deduction in respect of profits and gains from export or transfer of film Software, etc.
80I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc.
80IA Deduction in respect of profits and gains from industrial undertakings, etc., in certain cases.
80IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings.
80J Omitted.
80JJ Omitted.
80JJA Deduction in respect of profit and gains from business of collecting and processing of Bio-Degradable waste.
80JJAA Deduction in respect of employment of new workmen.
80K Omitted
80L Deductions in respect of interest on certain securities, dividends, etc.
80M Omitted.
80MM Omitted.
80N Omitted.
80-O Deduction in respect of royalties, etc., from certain Foreign Enterprises.
80P Deduction in respect of Income of Co-Operative societies.
80Q Deduction in respect of profits and gains from the business of publication of books.
80QQ Omitted.
80QQA Deduction in respect of professional income of authors of text books in Indian Languages.
80R Decuction in respect of remuneration from certain Foreign sources in the case or Professors, Teachers, etc.
80RR Deduction in respect of professional income from Foreign sources in certain cases.
80RRA Deduction in respect of remuneration received for services rendered outside India.
80S Omitted.
80T Omitted.
80TT Omitted.
80U Deduction in the Case of Permanent Physical Disability (Including Blindness).
80V Omitted.
80VV Omitted.
80VVA Omitted.
81 Omitted.
82 Omitted.
83 Omitted.
84 Omitted.
85 Omitted.
85A Omitted.
85B Omitted.
85C Omitted.
86 Share of member of an association of persons or body of individuals in the Income of the Association or Body.
86A Omitted.
87 Rebate to be allowed in Computing Income-Tax.
87A Omitted.
88 Rebate on Life Insurance Premia, Contribution to Provident Fund, etc.
88A Omitted.
88B Rebate of Income-Tax in case of Individuals of Sixty-Five Years or Above.
89 Relief when salary, etc., is paid in arrears or in advance.
89A Omitted.
90 Agreement with Foreign Countries.
91 Countries with which no agreement exists.
92 Income from Transactions with Non-Residents, How Computed in certain cases.
93 Avoidance of Income-Tax by transactions resulting in transfer of Income to Non-Residents.
94 Avoidance of tax by certain transactions in securities.
95