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

CHAPTER III

10

Incomes not included in total income

10A

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

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 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

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

[OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]

19

[OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]

20

[OMITTED BY THE FINANCE ACT, 1988 W.E.F. 1-4-1989]

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 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

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

35B

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]

35C

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]

35CC

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]

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

39

[OMITTED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987, W.E.F. 1-4-1989]

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

44AC

[OMITTED BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]

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

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

52

[OMITTED BY THE FINANCE ACT, 1987, W.E.F. 1-4-1988]

53

[OMITTED BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]

54

Profit on sale of property used for residence

54A

[OMITTED BY THE FINANCE (NO. 2) ACT, 1971, W.E.F. 1-4-1972]

54B

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

54C

[OMITTED BY THE FINANCE ACT, 1976, W.E.F. 1-4-1976]

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

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

INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S TOTAL INCOME

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

AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS

66

Total income

67

[OMITTED BY THE FINANCE ACT, 1992, W.E.F. 1-4-1993]

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 account

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