Income Tax Interlinked

Edition: 1st edn., 2026

ISBN: 978-93-4777-918-3

Pages: 2040

Author: Rishabh Aggarwal, Adv. Prof. (Dr.) Vaibhav Goel Bhartiya CA. Mayank Agarwal

CHAPTER I
PRELIMINARY
Section No. Page No.
1. Short title, extent and commencement
2. Definitions
3. Definition of “tax year”
CHAPTER II
BASIS OF CHARGE
4. Charge of income-tax
5. Scope of total income
6. Residence in India
7. Income deemed to be received and dividend deemed to be income in a tax year
8. Income on receipt of capital asset or stock-in-trade by specified person from specified entity
9. Income deemed to accrue or arise in India
10. Apportionment of income between spouses governed by Portuguese Civil Code
CHAPTER III
INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
A.—Incomes not to be included in total income
11. Incomes not included in total income
B.—Incomes not to be included in total income of political parties and electoral trusts
12. Incomes not included in total income of political parties and electoral trusts
CHAPTER IV
COMPUTATION OF TOTAL INCOME
A.—Heads of income
13. Heads of income
14. Income not forming part of total income and expenditure in relation to such income
B.—Salaries
15. Salaries
16. Income from salary
17. Perquisite
18. Profits in lieu of salary
Section No.
19. Deductions from salaries
C.—Income from house property
20. Income from house property
21. Determination of annual value
22. Deductions from income from house property
23. Arrears of rent and unrealised rent received subsequently
24. Property owned by co-owners
25. Interpretation
D.—Profits and gains of business or profession
26. Income under head “Profits and gains of business or profession”
27. Manner of computing profits and gains of business or profession
28. Rent, rates, taxes, repairs and insurance
29. Deductions related to employee welfare
30. Deduction on certain premium
31. Deduction for bad debt and provision for bad and doubtful debt
32. Other deductions
33. Deduction for depreciation
34. General conditions for allowable deductions
35. Amounts not deductible in certain circumstances
36. Expenses or payments not deductible in certain circumstances
37. Certain deductions allowed on actual payment basis only
38. Certain sums deemed as profits and gains of business or profession
39. Computation of actual cost
40. Special provision for computation of cost of acquisition of certain assets
41. Written down value of depreciable asset
42. Capitalising impact of foreign exchange fluctuation
43. Taxation of foreign exchange fluctuation
44. Amortisation of certain preliminary expenses
45. Expenditure on scientific research
46. Capital expenditure of specified business
47. Expenditure on agricultural extension project and skill development project
48. Tea development account, coffee development account and rubber development account
49. Site Restoration Fund
50. Special provision in case of trade, profession or similar association
51. Amortisation of expenditure for prospecting certain minerals
52. Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc.
53. Full value of consideration for transfer of assets other than capital assets in certain cases
54. Business of prospecting for mineral oils
55. Insurance business
56. Special provision in case of interest income of specified financial institutions
57. Revenue recognition for construction and service contracts
58. Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
Section No.
59. Computation of royalty and fee for technical services in hands of non-residents
60. Deduction of head office expenditure in case of non-residents
61. Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents.
62. Maintenance of books of account
63. Tax audit
64. Special provision for computing deductions in case of business reorganisation of co-operative banks
65. Interpretation for purposes of section 64
66 Interpretation
E.—Capital gains
67. Capital gains
68. Capital gains on distribution of assets by companies in liquidation
69. Capital gains on purchase by company of its own shares or other specified securities
70. Transactions not regarded as transfer
71. Withdrawal of exemption in certain cases
72. Mode of computation of capital gains
73. Cost with reference to certain modes of acquisition
74. Special provision for computation of capital gains in case of depreciable assets
75. Special provision for cost of acquisition in case of depreciable asset
76. Special provision for computation of capital gains in case of Market Linked Debenture
77. Special provision for computation of capital gains in case of slump sale
78. Special provision for full value of consideration in certain cases
79. Special provision for full value of consideration for transfer of share other than quoted share
80. Fair market value deemed to be full value of consideration in certain case
81. Advance money received
82. Profit on sale of property used for residence
83. Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
84. Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
85. Capital gains not to be charged on investment in certain bonds
86. Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
87. Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
88. Exemption of capital gains on transfer of assets in cases of sh