Income Tax Act 1961

INCOME-TAX ACT, 1961 [43 OF 1961]

Contents

Title	Income-tax Act, 1961
Sections	Particulars
Chapter I	Preliminary
1	Short title, extent and commencement
2	Definitions
3	“Previous year” defined.
Chapter II	Basis of Charge
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
9A	Certain activities not to constitute business connection in India
9B	Income on receipt of capital asset or stock in trade by specified person from specified entity
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
10CC	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
12AB	Procedure for fresh registration
12AC	Merger of charitable trusts or institutions in certain cases
13	Section 11 not to apply in certain cases
13A	Special provision relating to incomes of political parties
13B	Special provisions relating to voluntary contributions received by electoral trust
Chapter IV	Computation of Total Income
14	Heads of income
14A	Expenditure incurred in relation to income not includible in total income
15	Salaries
16	Deductions from salaries
17	“Salary”, “perquisite” and “profits in lieu of salary” defined
18 to 21	[Omitted by the Finance Act, 1988, w.e.f. 1-4-1989.]
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 arrears of rent and unrealised rent received 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
32AC	Investment in new plant or machinery
32AD	Investment in new plant or machinery in notified backward areas in certain States
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
35ABA	Expenditure for obtaining right to use spectrum for telecommunication services
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	Export markets development allowance
35C	Agricultural development allowance
35CC	Rural development allowance
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	Managing agency commission
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

ITax1956