Heads of income
(a)
Salaries;
(b)
Income from house property;
(c)
Profits and gains of business or profession;
(d)
Capital gains; and
(e)
Income from other sources.
Chapters23
- ¶Chapter 4 overview
- 13Heads of income
- 14Income not forming part of total income and expenditure in relation to such income
- 15Salaries
- 16Income from salary
- 17Perquisite
- 18Profits in lieu of salary
- 19Deductions from salaries
- 20Income from house property
- 21Determination of annual value
- 22Deductions from income from house property
- 23Arrears of rent and unrealised rent received subsequently
- 24Property owned by co-owners
- 25Interpretation
- 26Income under head “Profits and gains of business or profession”
- 27Manner of computing profits and gains of business or profession
- 28Rent, rates, taxes, repairs and insurance
- 29Deductions related to employee welfare
- 30Deduction on certain premium
- 31Deduction for bad debt and provision for bad and doubtful debt
- 32Other deductions
- 33Deduction for depreciation
- 34General conditions for allowable deductions
- 35Amounts not deductible in certain circumstances
- 36Expenses or payments not deductible in certain circumstances
- 37Certain deductions allowed on actual payment basis only
- 38Certain sums deemed as profits and gains of business or profession
- 39Computation of actual cost
- 40Special provision for computation of cost of acquisition of certain assets
- 41Written down value of depreciable asset
- 42Capitalising the impact of foreign exchange fluctuation
- 43Taxation of foreign exchange fluctuation
- 44Amortisation of certain preliminary expenses
- 45Expenditure on scientific research
- 46Capital expenditure of specified business
- 47Expenditure on agricultural extension project and skill development project
- 48Tea development account, coffee development account and rubber development account
- 49Site Restoration Fund
- 50Special provision in the case of trade, profession or similar association
- 51Amortisation of expenditure for prospecting certain minerals
- 52Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc
- 53Full value of consideration for transfer of assets other than capital assets in certain cases
- 54Business of prospecting for mineral oils
- 55Insurance business
- 56Special provision in case of interest income of specified financial institutions
- 57Revenue recognition for construction and service contracts
- 58Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
- 59Chargeability of royalty and fee for technical services in hands of non-residents
- 60Deduction of head office expenditure in case of non-residents
- 61Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
- 62Maintenance of books of account
- 63Tax audit
- 64Facilitating payments in electronic modes
- 65Special provision for computing deductions in case of business reorganisation of co-operative banks
- 66Interpretation
- 67Capital gains
- 68Capital gains on distribution of assets by companies in liquidation
- 69Capital gains on purchase by company of its own shares or other specified securities
- 70Transactions not regarded as transfer
- 71Withdrawal of exemption in certain cases
- 72Mode of computation of capital gains
- 73Cost with reference to certain modes of acquisition
- 74Special provision for computation of capital gains in case of depreciable assets
- 75Special provision for cost of acquisition in case of depreciable asset
- 76Special provision for computation of capital gains in case of Market Linked Debenture
- 77Special provision for computation of capital gains in case of slump sale
- 78Special provision for full value of consideration in certain cases
- 79Special provision for full value of consideration for transfer of share other than quoted share
- 80Fair market value deemed to be full value of consideration in certain cases
- 81Advance money received
- 82Profit on sale of property used for residence
- 83Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
- 84Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
- 85Capital gains not to be charged on investment in certain bonds
- 86Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
- 87Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
- 88Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
- 89Extension of time for acquiring new asset or depositing or investing amount of capital gains
- 90Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
- 91Reference to Valuation Officer
- 92Income from other sources
- 93Deductions
- 94Amounts not deductible
- 95Profits chargeable to tax
Search this Act
Jump directly to a section by number or title.