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Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 4 | 95 | Profits chargeable to tax | The provision of section 38(1), (2), (3) and (4) shall apply in computing the income of an assessee under section 92, as they apply in computing the income of an assessee under the head “Profits and gains of business or profession”. | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 4: COMPUTATION OF TOTAL INCOME | Section 95: Profits chargeable to tax | The provision of section 38(1), (2), (3) and (4) shall apply in computing the income of an assessee under section 92, as they apply in computing the income of an assessee u... | COMPUTATION OF TOTAL INCOME | COMPUTATION OF TOTAL INCOME | ITA2025_95_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 5 | 96 | Transfer of income without transfer of assets | All income arising to any person by virtue of a transfer,— (a) whether revocable or not, and whether effected before or after the commencement of this Act; and (b) where there is no transfer of assets from which such income arises, shall be chargeable to income-tax as the income of the transferor and shall be included ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 5: INCOME OF OTHER PERSONS INCLUDED | Section 96: Transfer of income without transfer of assets | All income arising to any person by virtue of a transfer,— (a) whether revocable or not, and whether effected before or after the commencement of t... | INCOME OF OTHER PERSONS INCLUDED | INCOME OF OTHER PERSONS INCLUDED | ITA2025_96_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 5 | 97 | Chargeability of income in transfer of assets | (1) All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as income of the transferor and shall be included in his total income. (2) The provisions of sub-section (1) shall not apply,— (a) where a transfer is by way of trust which is not revocable during the life... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 5: INCOME OF OTHER PERSONS INCLUDED | Section 97: Chargeability of income in transfer of assets | (1) All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as income of the transferor and ... | INCOME OF OTHER PERSONS INCLUDED | INCOME OF OTHER PERSONS INCLUDED | ITA2025_97_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 5 | 98 | “Transfer” and “revocable transfer” defined | For the purposes of sections 96 and 97, and this section,— (a) “transfer” includes any settlement, trust, covenant, agreement or arrangement; (b) a transfer shall be deemed to be revocable, if— (i) it contains any provision for the direct or indirect re-transfer of the whole or any part of the income or assets to the t... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 5: INCOME OF OTHER PERSONS INCLUDED | Section 98: “Transfer” and “revocable transfer” defined | For the purposes of sections 96 and 97, and this section,— (a) “transfer” includes any settlement, trust, covenant, agreement or arrangement; (b) a t... | INCOME OF OTHER PERSONS INCLUDED | INCOME OF OTHER PERSONS INCLUDED | ITA2025_98_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 5 | 99 | Income of individual to include income of spouse, minor child, etc | (1) The total income of any individual, for a tax year, shall include the income arising directly or indirectly,— (a) to the spouse of such individual,— (i) by way of salary, commission, fees or any other form of remuneration, whether in cash or kind, from a concern in which such individual has a substantial interest b... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 5: INCOME OF OTHER PERSONS INCLUDED | Section 99: Income of individual to include income of spouse, minor child, etc | (1) The total income of any individual, for a tax year, shall include the income arising directly or indirectly,— (a) to the s... | INCOME OF OTHER PERSONS INCLUDED | INCOME OF OTHER PERSONS INCLUDED | ITA2025_99_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 5 | 11 | spouse or son’s wife, in any business or in the nature of capital contributed as a | Substituted for “sub-section (1)(a)(i) or (b)” by the Finance Act, 2026, w.e.f. 1-4-2026. partner in a firm, or, as the case may be, for being admitted to the benefits of partnership in a firm, then, the income to be included in the hands of the individual for the tax year shall be as follows:— C A=B× D where ,— ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 5: INCOME OF OTHER PERSONS INCLUDED | Section 11: spouse or son’s wife, in any business or in the nature of capital contributed as a | Substituted for “sub-section (1)(a)(i) or (b)” by the Finance Act, 2026, w.e.f. 1-4-2026. partner in a firm, o... | INCOME OF OTHER PERSONS INCLUDED | INCOME OF OTHER PERSONS INCLUDED | ITA2025_11_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 5 | 100 | Liability of person in respect of income included in income of another person | Where, income of a person, other than the assessee, arising from any asset, or income from membership of a firm, is included in the total income of the assessee under this Chapter or under section 25(a), then, irrespective of anything to the contrary contained in any other law in force,— (a) such person, in whose name ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 5: INCOME OF OTHER PERSONS INCLUDED | Section 100: Liability of person in respect of income included in income of another person | Where, income of a person, other than the assessee, arising from any asset, or income from membership of a firm, i... | INCOME OF OTHER PERSONS INCLUDED | INCOME OF OTHER PERSONS INCLUDED | ITA2025_100_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 101 | Total income | In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter XVII-A4. Unexplained credits. | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 101: Total income | In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter XVII-A4. Unexplained credits. | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_101_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 102 | Unexplained credits | (1) Where any sum is found credited in the books of an assessee maintained for any tax year, and— (a) the assessee offers no explanation about the nature and source of such credit; or (b) the explanation offered about the nature and source of such credit by assessee is not satisfactory in the opinion of the Assessing O... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 102: Unexplained credits | (1) Where any sum is found credited in the books of an assessee maintained for any tax year, and— (a) the assessee offers no explanation about the nature and source of such credit; or... | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_102_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 103 | Unexplained investment | Where in any tax year, any investment has been made by the assessee which is not recorded in the books of account, if any, maintained by such assessee for any source of income, or, the Assessing Officer finds that the amount of such investment exceeds the amount recorded in such books of account and— (a) the assessee o... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 103: Unexplained investment | Where in any tax year, any investment has been made by the assessee which is not recorded in the books of account, if any, maintained by such assessee for any source of income, or,... | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_103_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 104 | Unexplained asset | (1) Where in any tax year, any asset has been found to be owned by or belong ing to the assessee which is not recorded in the books of account, if any, maintained by such assessee for any source of income, or the Assessing Officer finds that the amount expended in acquiring such asset exceeds the amount recorded in suc... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 104: Unexplained asset | (1) Where in any tax year, any asset has been found to be owned by or belong ing to the assessee which is not recorded in the books of account, if any, maintained by such assessee for a... | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_104_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 105 | Unexplained expenditure | (1) Where any expenditure has been incurred by the assessee in any tax year, and— (a) the assessee offers no explanation about the source of such expenditure or part thereof; or (b) the explanation offered about the source of such expenditure by the assessee is not satisfactory in the opinion of the Assessing Officer, ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 105: Unexplained expenditure | (1) Where any expenditure has been incurred by the assessee in any tax year, and— (a) the assessee offers no explanation about the source of such expenditure or part thereof; or (... | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_105_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 106 | Amount borrowed or repaid through negotiable instrument, hundi, etc | (1) Where any amount (including interest thereof) is borrowed or repaid through a negotiable instrument or on a hundi, otherwise than an account payee cheque, or through any mode as specified by the Board in this behalf, the amount so borrowed or repaid (including interest paid on the borrowed amount) shall be deemed t... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 106: Amount borrowed or repaid through negotiable instrument, hundi, etc | (1) Where any amount (including interest thereof) is borrowed or repaid through a negotiable instrument or on a hundi, otherwise than a... | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_106_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 6 | 107 | Charge of tax | Income referred to in sections 102, 103, 104, 105 and 106 shall be charged to tax as per the provisions of section 195. | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 6: AGGREGATION OF INCOME | Section 107: Charge of tax | Income referred to in sections 102, 103, 104, 105 and 106 shall be charged to tax as per the provisions of section 195. | AGGREGATION OF INCOME | AGGREGATION OF INCOME | ITA2025_107_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 108 | Set off of losses under same head of income | (1) Unless provided otherwise in this Act, for any tax year, if net result of computation from any source under any head of income (other than “Capital gains”) is a loss, then assessee shall be entitled to set off such loss against his income from any other source under the same head for that tax year. (2) Where the ne... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 108: Set off of losses under same head of income | (1) Unless provided otherwise in this Act, for any tax year, if net result of computation from any source under any head of income (o... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_108_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 109 | Set off of losses under any other head of income | (1) Subject to the provisions of this Chapter, for any tax year, if income com puted under any head of income (other than “Capital gains”) is a loss, such loss shall be set off against income of the assessee under any other head, including “Capital gains”, if any, assessable for that tax year, subject to the following ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 109: Set off of losses under any other head of income | (1) Subject to the provisions of this Chapter, for any tax year, if income com puted under any head of income (other than “Capit... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_109_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 110 | Carry forward and set off of loss from house property | (1) Where for any tax year, loss computed under the head “Income from house property” cannot be wholly set off against the income under any other head as per section 109, so much of the loss not so set off or the whole loss, as the case may be, shall be carried forward to the following tax year and— (a) be set off only... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 110: Carry forward and set off of loss from house property | (1) Where for any tax year, loss computed under the head “Income from house property” cannot be wholly set off against the ... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_110_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 111 | Carry forward and set off of loss from Capital gains | (1)(a) Where for any tax year, loss computed under the head “Capital gains” cannot be wholly set off against the income under the head “Capital gains” as per section 108, so much of the loss not so set off or the whole loss, as the case may be, shall be carried forward to the following tax year and shall be set off in ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 111: Carry forward and set off of loss from Capital gains | (1)(a) Where for any tax year, loss computed under the head “Capital gains” cannot be wholly set off against the income unde... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_111_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 112 | Carry forward and set off of business loss | (1) Where for any tax year, loss computed under the head “Profits and gains of business or profession” (not being a loss sustained in a speculation business) cannot be wholly set off against the income under any other head as per section 109, so much of the loss not so set off or the whole loss, as the case may be, sha... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 112: Carry forward and set off of business loss | (1) Where for any tax year, loss computed under the head “Profits and gains of business or profession” (not being a loss sustained in ... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_112_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 113 | business | (1) Any loss, computed in respect of a speculation business carried on by the assessee shall be set off only against profits and gains of another speculation business. (2) Where for any tax year, loss computed in respect of a speculation business cannot be wholly set off under sub-section (1), so much of the loss not s... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 113: business | (1) Any loss, computed in respect of a speculation business carried on by the assessee shall be set off only against profits and gains of another speculation business. ... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_113_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 114 | Set off and carry forward of losses computed in respect of specified business | (1) Any loss, computed in respect of a specified business, referred to in section 46, shall be set off only against profits and gains of another specified business. (2) Where for any tax year, loss computed in respect of a specified business cannot be wholly set off under sub-section (1), so much of the loss not so set... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 114: Set off and carry forward of losses computed in respect of specified business | (1) Any loss, computed in respect of a specified business, referred to in section 46, shall be set ... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_114_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 115 | Set off and carry forward of losses from specified activity | (1) Any loss incurred by the assessee in specified activity in any tax year shall be set off only against income from specified activity. (2) Where for any tax year, loss computed in respect of a specified activity cannot be wholly set off under sub-section (1), so much of the loss not so set off or the whole loss, as ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 115: Set off and carry forward of losses from specified activity | (1) Any loss incurred by the assessee in specified activity in any tax year shall be set off only against income from... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_115_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 116 | or demerger, etc | (1) Where there has been an amalgamation of,— (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company referred to in section 5(c) of the Banking Regulation Act, 1949 (10 of 1949) with a specified bank; or (c) one or more public sector company with one or more o... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 116: or demerger, etc | (1) Where there has been an amalgamation of,— (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_116_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 117 | amalgamation in certain cases | (1) Irrespective of anything contained in section 2(6)(a) to (c) or section 116, where there has been an amalgamation of,— (a) one or more banking company with— (i) any other banking institution under a scheme sanctioned and brought into force by the Central Government under section 45(7) of the Banking Regulation Act,... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 117: amalgamation in certain cases | (1) Irrespective of anything contained in section 2(6)(a) to (c) or section 116, where there has been an amalgamation of,— (a) one or more banking ... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_117_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 118 | reorganization of co-operative banks | (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the tax year, be allowed to set off the accumulated loss and the unabsorbed depreciation, if any, of the predecessor co-operative bank as if the amalgamation had not taken place, and all the other provi... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 118: reorganization of co-operative banks | (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the tax year, be allow... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_118_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 119 | Carry forward and set off of losses not permissible in certain cases | (1) In case of change in constitution of a firm during a tax year, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits, if any, in the firm in respect of the tax year. (2) If an... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 119: Carry forward and set off of losses not permissible in certain cases | (1) In case of change in constitution of a firm during a tax year, nothing in this Chapter shall entitle the... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_119_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 120 | No set off of losses against undisclosed income consequent to search, requisition and survey | (1) Irrespective of anything contained in any other provision of this Act, any loss, whether brought forward or otherwise or unabsorbed depreciation, shall not be allowed to be set off against any undisclosed income which is included in the total income of any tax year, consequent to a search conducted under section 24... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 120: No set off of losses against undisclosed income consequent to search, requisition and survey | (1) Irrespective of anything contained in any other provision of this Act, any loss,... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_120_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 7 | 121 | Submission of return for losses | Irrespective of anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed under section 263(1), shall be carried forward and set off under section 111(1) or 112(1) or 113(2) or 114(2) or 115(2). | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 7: SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | Section 121: Submission of return for losses | Irrespective of anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed under section 263(1), sh... | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | SET OFF, OR CARRY FORWARD AND SET OFF OF LOSSES | ITA2025_121_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 122 | Deductions to be made in computing total income | (1) In computing the total income of an assessee, the deductions specified in this Chapter shall be allowed from his gross total income, as per and subject to the provisions of this Chapter. (2) The aggregate amount of the deductions under this Chapter shall not, in any case, exceed the gross total income of the assess... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 122: Deductions to be made in computing total income | (1) In computing the total income of an assessee, the deductions specified in this Chapter shall be allowed from his gross total ... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_122_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 123 | Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc | An individual or a Hindu undivided family, shall be allowed a deduction of the whole of the amount paid or deposited in the tax year, being the aggregate of the sums enumerated in Schedule XV, as does not exceed ` 150000, while computing the total income for that year, subject to the conditions specified in that Schedu... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 123: Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc | An individual or a Hindu undivided family, shall be allowed a deduction of the whole ... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_123_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 124 | scheme of Central Government | (1) Where in the case of an assessee, being an individual employed by any employer, if the employer makes any contribution in his account under a pension scheme notified by the Central Government, the assessee shall be allowed a deduction in the computation of his total income, of the whole of the amount contributed by... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 124: scheme of Central Government | (1) Where in the case of an assessee, being an individual employed by any employer, if the employer makes any contribution in his account under a pe... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_124_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 125 | Deduction in respect of contribution to Agnipath Scheme | (1) An assessee, being an individual who has enrolled in the Agnipath Scheme and subscribes to the Agniveer Corpus Fund on or after the 1st November, 2022, shall be allowed a deduction in the computation of his total income, of the whole of the amount paid or deposited in his account in the said Fund during the tax yea... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 125: Deduction in respect of contribution to Agnipath Scheme | (1) An assessee, being an individual who has enrolled in the Agnipath Scheme and subscribes to the Agniveer Corpus Fund o... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_125_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 126 | Deduction in respect of health insurance premia | (1) An assessee, being an individual or a Hindu undivided family, shall be allowed a deduction of a sum as specified in sub-sections (2) to (8), payment of which is made by any mode as specified in sub-section (9), out of his income chargeable to tax in the tax year. (2) In the case of an assessee, being an individual,... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 126: Deduction in respect of health insurance premia | (1) An assessee, being an individual or a Hindu undivided family, shall be allowed a deduction of a sum as specified in sub-secti... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_126_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 127 | dependant who is a person with disability | (1) An assessee being an individual or a Hindu undivided family, who is a resident in India, shall be allowed a deduction up to ` 75000 from his gross total income of a tax year, subject to the provisions of this section, if during that year he has— (a) incurred expenditure for the medical treatment (including nursing)... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 127: dependant who is a person with disability | (1) An assessee being an individual or a Hindu undivided family, who is a resident in India, shall be allowed a deduction up to ` 75000... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_127_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 128 | Deduction in respect of medical treatment, etc | (1) An assessee who is resident in India, shall be allowed a deduction of the amount actually paid during the tax year or a sum of ` 40000, whichever is less, from income chargeable to tax of that tax year, for the medical treatment of such disease or ailment as may be prescribed— (a) for himself or a dependant, in cas... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 128: Deduction in respect of medical treatment, etc | (1) An assessee who is resident in India, shall be allowed a deduction of the amount actually paid during the tax year or a sum of... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_128_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 129 | Deduction in respect of interest on loan taken for higher education | (1) An assessee, being an individual, shall be allowed a deduction of amount paid as interest during a tax year, subject to the provisions of this section, on a loan taken by him from any financial institution or any approved charitable institution, if the— (a) loan taken is for the purpose of pursuing higher education... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 129: Deduction in respect of interest on loan taken for higher education | (1) An assessee, being an individual, shall be allowed a deduction of amount paid as interest during a tax ye... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_129_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 130 | Deduction in respect of interest on loan taken for residential house property | (1) An assessee, being an individual, shall be allowed a deduction of interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property as per the provisions of this section. (2) The deduction under sub-section (1) shall not exceed ` 50000 and shall be a... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 130: Deduction in respect of interest on loan taken for residential house property | (1) An assessee, being an individual, shall be allowed a deduction of interest payable on loan take... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_130_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 131 | Deduction in respect of interest on loan taken for certain house property | (1) An assessee, being an individual not eligible to claim deduction under section 130, shall be allowed a deduction of interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property, subject to a maximum limit of ` 150000 in a tax year and on fulfilm... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 131: Deduction in respect of interest on loan taken for certain house property | (1) An assessee, being an individual not eligible to claim deduction under section 130, shall be allowe... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_131_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 132 | Deduction in respect of purchase of electric vehicle | (1) An assessee, being an individual, shall be allowed a deduction of interest payable on loan taken by him from any financial institution for the purpose of purchase of an electric vehicle, as per the provisions of this section. (2) The deduction under sub-section (1) shall be subject to the condition that the loan ha... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 132: Deduction in respect of purchase of electric vehicle | (1) An assessee, being an individual, shall be allowed a deduction of interest payable on loan taken by him from any financi... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_132_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 133 | Deduction in respect of donations to certain funds, charitable institutions, etc | (1) In computing the total income of an assessee, there shall be deducted, as per and subject to the provisions of this section,— (a) the whole of the aggregate of the sum or the sums paid by the assessee, in the tax year as donations to— (i) the National Defence Fund set up by the Central Government; or (ii) the Prime... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 133: Deduction in respect of donations to certain funds, charitable institutions, etc | (1) In computing the total income of an assessee, there shall be deducted, as per and subject to... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_133_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 134 | Deductions in respect of rents paid | (1) In computing the total income of an assessee, subject to other provisions of this section, there shall be deducted any expenditure incurred by him towards payment of rent (by whatever name called) in respect of any furnished or unfurnished accommodation occupied by him for the purposes of his own residence. (2) The... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 134: Deductions in respect of rents paid | (1) In computing the total income of an assessee, subject to other provisions of this section, there shall be deducted any expenditure incurr... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_134_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 135 | development | (1) In computing the total income of an assessee, there shall be deducted, as per the provisions of this section, any sum paid by the assessee in the tax year to,— (a) a research association which has as its object the undertaking of scientific research, or a University, college or other institution approved for the pu... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 135: development | (1) In computing the total income of an assessee, there shall be deducted, as per the provisions of this section, any sum paid by the assessee in the tax year to,— (... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_135_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 136 | Deduction in respect of contributions given by companies to political parties | (1) An assessee, being an Indian company, shall be allowed a deduction for the amount contributed by it, other than by way of cash, during a tax year to a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951) or an electoral trust. (2) For the purposes of this section, ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 136: Deduction in respect of contributions given by companies to political parties | (1) An assessee, being an Indian company, shall be allowed a deduction for the amount contributed b... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_136_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 137 | Deduction in respect of contributions given by any person to political parties | An assessee, (other than a local authority and an artificial juridical person wholly or partly funded by the Government), shall be allowed a deduction for the amount contributed by him, other than by way of cash, during a tax year to a political party registered under section 29A of the Representation of the People Act... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 137: Deduction in respect of contributions given by any person to political parties | An assessee, (other than a local authority and an artificial juridical person wholly or partly fun... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_137_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 138 | enterprises engaged in infrastructure development, etc | In respect of any tax year, where— (a) the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in section 80-IA of the Income-tax Act, 1961 (43 of 1961); and (b) such assessee is eligible to claim a deduction from the profits and gain... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 138: enterprises engaged in infrastructure development, etc | In respect of any tax year, where— (a) the gross total income of an assessee includes any profits and gains derived by an ... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_138_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 139 | engaged in development of Special Economic Zone | In respect of any tax year, where— (a) the gross total income of an assessee, being a Developer, includes any profits and gains derived by an undertaking or an enterprise from any business of developing a Special Economic Zone, notified on or after the 1st April, 2005 under the Special Economic Zones Act, 2005 (28 of 2... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 139: engaged in development of Special Economic Zone | In respect of any tax year, where— (a) the gross total income of an assessee, being a Developer, includes any profits and gains d... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_139_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 140 | Special provision in respect of specified business | (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, as per and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to 100% of the profits ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 140: Special provision in respect of specified business | (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligi... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_140_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 141 | Deduction in respect of profits and gains from certain industrial under-takings | In respect of any tax year, where— (a) the gross total income of an assessee, includes any profits and gains derived from any business referred to in section 80-IB of the Incometax Act, 1961 (43 of 1961); and (b) such assessee is eligible to claim a deduction from the profits and gains derived from such business for su... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 141: Deduction in respect of profits and gains from certain industrial under-takings | In respect of any tax year, where— (a) the gross total income of an assessee, includes any profit... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_141_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 12 | from the profits and gains derived from such business, subject to the conditions that— | Substituted for “one” by the Finance Act, 2026, w.e.f. 1-4-2026. (i) the amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961 (43 of 1961); and (ii) the deduction under this Act shall be allowed only for such tax years, as would have been allowed under section 80-IB of th... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 12: from the profits and gains derived from such business, subject to the conditions that— | Substituted for “one” by the Finance Act, 2026, w.e.f. 1-4-2026. (i) the amount of deductio... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_12_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 142 | Deductions in respect of profits and gains from housing projects | In respect of any tax year, where— (a) the gross total income of an assessee, includes any profits and gains derived from the business of developing and building housing projects or rental housing projects referred to in section 80-IBA of the Income-tax Act, 1961 (43 of 1961); and (b) such assessee is eligible to claim... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 142: Deductions in respect of profits and gains from housing projects | In respect of any tax year, where— (a) the gross total income of an assessee, includes any profits and gains der... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_142_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 143 | Special provisions in respect of certain undertakings in North-Eastern States | (1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking, to which this section applies, from any business referred to in sub-section (2), there shall be allowed, in computing the total income of the assessee, a deduction of an amount equal to 100% of the profits and gain... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 143: Special provisions in respect of certain undertakings in North-Eastern States | (1) Where the gross total income of an assessee includes any profits and gains derived by an undert... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_143_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 144 | Zones | In respect of any tax year, where— (a) in computing the total income of an assessee, being an entrepreneur as referred to in section 2(j) of the Special Economic Zones Act, 2005 (28 of 2005), who begins to manufacture or produce articles or things or provide any services, as referred to in section 10AA of the Income-ta... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 144: Zones | In respect of any tax year, where— (a) in computing the total income of an assessee, being an entrepreneur as referred to in section 2(j) of the Special Economic Zones Act... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_144_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 145 | Deduction for businesses engaged in collecting and processing of bio-degradable waste | If the gross total income of an assessee includes any profits and gains derived from the business of collecting and processing or treating of biodegradable waste for,— (a) generating power; or (b) producing bio-fertilizers, bio-pesticides or other biological agents; or (c) producing bio-gas; or (d) making pellets or br... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 145: Deduction for businesses engaged in collecting and processing of bio-degradable waste | If the gross total income of an assessee includes any profits and gains derived from the bu... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_145_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 146 | Deduction in respect of additional employee cost | (1) Subject to the conditions specified in sub-sections (2) and (3), if the gross total income of an assessee, to whom section 63 applies, includes any profits and gains derived from business, a deduction of an amount equal to 30% of additional employee cost incurred in the course of such business in the tax year shall... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 146: Deduction in respect of additional employee cost | (1) Subject to the conditions specified in sub-sections (2) and (3), if the gross total income of an assessee, to whom section 6... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_146_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 147 | Financial Services Centre | (1) Where the following assessee has any income of the nature referred to in sub-section (3), there shall be allowed a deduction equal to 100% of such income:— (a) a scheduled bank, or a bank incorporated under the laws of a country outside India, and having an Offshore Banking Unit in a Special Economic Zone; or (b) a... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 147: Financial Services Centre | (1) Where the following assessee has any income of the nature referred to in sub-section (3), there shall be allowed a deduction equal to 100% of such ... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_147_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 13 | ended on the 31st March, 2025, for further ten consecutive years from | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (2) read as under : “(2) The deduction shall be allowed— (a) for ten consecutive tax years beginning from the relevant tax year in the case of an entity mentioned in sub-section (1)(a); (b) for ten consecutive tax years out of... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 13: ended on the 31st March, 2025, for further ten consecutive years from | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (2) read as un... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_13_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 14 | 14 | Sub-sections (5) and (6) substituted for sub-section (5) by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (5) read as under : ‘(5) For the purposes of this section,— (a) “relevant tax year” shall be,— (i) in case of an entity mentioned in sub-section (1)(a), the tax year in which permis... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 14: 14 | Sub-sections (5) and (6) substituted for sub-section (5) by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (5) read as under : ‘(5) For the pur... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_14_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 148 | Deduction in respect of certain inter-corporate dividends | (1) If the gross total income of a domestic company in any tax year includes any income by way of dividends from— (a) any other domestic company; or (b) a foreign company; or (c) a business trust, such domestic company shall be allowed a deduction of an amount equal to so much of the income by way of dividends received... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 148: Deduction in respect of certain inter-corporate dividends | (1) If the gross total income of a domestic company in any tax year includes any income by way of dividends from— (a) a... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_148_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 149 | Deduction in respect of income of co-operative societies | (1) If the gross total income of an assessee, being a co-operative society, includes any income referred to in sub-section (2), the sums specified in the said sub-section shall, in accordance with and subject to the provisions of this section, be allowed as deduction in computing the total income of such assessee. (2) ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 149: Deduction in respect of income of co-operative societies | (1) If the gross total income of an assessee, being a co-operative society, includes any income referred to in sub-secti... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_149_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 15 | 16 | Inserted by the Finance Act, 2026, w.e.f. 1-4-2026. | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 15: 16 | Inserted by the Finance Act, 2026, w.e.f. 1-4-2026. | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_15_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 16 | 16 | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, clause (d) read as under : “(d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income;” (i) interest; or (ii) divide... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 16: 16 | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, clause (d) read as under : “(d) in respect of any income by way of interest or dividends deri... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_16_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 17 | it in Part V of the Banking Regulation Act, 1949 (10 of 1949); and | Inserted by the Finance Act, 2026, w.e.f. 1-4-2026. (c) “primary co-operative agricultural and rural development bank” means a society having an area of operation confined to a taluk, the principal object of which is to provide long-term credit for agricultural and rural development activities.] 18 [Deduction in respec... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 17: it in Part V of the Banking Regulation Act, 1949 (10 of 1949); and | Inserted by the Finance Act, 2026, w.e.f. 1-4-2026. (c) “primary co-operative agricultural and rural developmen... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_17_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 150 | [Deduction in respect of income of federal co-operative | (1) If the gross total income of an assessee being a federal co-operative, in any tax year, includes any income by way of dividends received from its investment with any company, a deduction shall be allowed from such income, to the extent of the amount which,— (a) has arisen from such investment as recorded in its boo... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 150: [Deduction in respect of income of federal co-operative | (1) If the gross total income of an assessee being a federal co-operative, in any tax year, includes any income by way of... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_150_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 151 | than text-books | (1) Where, in the case of an individual, being an author resident in India, the gross total income includes any income, derived by him in the exercise of his profession, on account of any lump sum consideration for the assignment or grant of any of his interests in the copyright of any book being a work of literary, ar... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 151: than text-books | (1) Where, in the case of an individual, being an author resident in India, the gross total income includes any income, derived by him in the exercise of his pro... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_151_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 18 | deduction under this section | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, section 150 read as under : ‘150. Interpretation for purposes of section 149.—For the purposes of section 149,— (a) “consumers’ co-operative society” means a society for the benefit of the consumers; (b) “primary agricultural credit socie... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 18: deduction under this section | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, section 150 read as under : ‘150. Interpretation for purposes of se... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_18_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 152 | Deduction in respect of royalty on patents | (1) An assessee, being an individual, who is— (a) resident in India; (b) a patentee; (c) in receipt of income by way of royalty in respect of a patent registered on or after the 1st April, 2003 under the Patents Act, 1970 (39 of 1970); and (d) having gross total income for the tax year which includes royalty, shall be ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 152: Deduction in respect of royalty on patents | (1) An assessee, being an individual, who is— (a) resident in India; (b) a patentee; (c) in receipt of income by way of royalty in res... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_152_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 153 | Deduction for interest on deposits | (1) An assessee who is— (a) an individual, not being a senior citizen; or (b) an individual, being a senior citizen; or (c) a Hindu undivided family, shall be allowed a deduction from the gross total income, subject to conditions specified in sub-section (2), where it includes income by way of interest on deposits with... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 153: Deduction for interest on deposits | (1) An assessee who is— (a) an individual, not being a senior citizen; or (b) an individual, being a senior citizen; or (c) a Hindu undivided ... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_153_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 8 | 154 | Deduction in case of a person with disability | (1) An individual, being resident in India, who is certified by a medical authority, at any time during the tax year, as a person with disability or person with severe disability, shall be allowed a deduction of ` 75000 or ` 125000, respectively, while computing his total income. (2) The deduction under sub-section (1)... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 8: DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | Section 154: Deduction in case of a person with disability | (1) An individual, being resident in India, who is certified by a medical authority, at any time during the tax year, as a person w... | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME | ITA2025_154_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 9 | 155 | Rebate to be allowed in computing income-tax | (1) In computing income-tax on the total income of an assessee with which he is chargeable for any tax year, there shall be allowed from income-tax (as computed before allowing the deductions under this Part), subject to the provisions of section 156, the deductions specified therein. (2) The deduction under section 15... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 9: REBATES AND RELIEFS | Section 155: Rebate to be allowed in computing income-tax | (1) In computing income-tax on the total income of an assessee with which he is chargeable for any tax year, there shall be allowed from income-tax (as computed... | REBATES AND RELIEFS | REBATES AND RELIEFS | ITA2025_155_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 9 | 156 | Rebate of income-tax in case of certain individuals | (1) An assessee, being an individual resident in India, shall be entitled to a deduction of 100% of income-tax payable or ` 12500, whichever is less, from the income-tax (computed before allowing the deduction under this section) chargeable on the total income for any tax year if such total income does not exceed ` 500... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 9: REBATES AND RELIEFS | Section 156: Rebate of income-tax in case of certain individuals | (1) An assessee, being an individual resident in India, shall be entitled to a deduction of 100% of income-tax payable or ` 12500, whichever is less, fro... | REBATES AND RELIEFS | REBATES AND RELIEFS | ITA2025_156_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 9 | 158 | in a notified country | (1) The income accrued to a specified person in a specified account shall be taxed in such manner and in such tax year, as may be prescribed. (2) For the purposes of this section,— (a) “notified country” means a country as may be notified by the Central Government; (b) “specified account” means an account maintained in... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 9: REBATES AND RELIEFS | Section 158: in a notified country | (1) The income accrued to a specified person in a specified account shall be taxed in such manner and in such tax year, as may be prescribed. (2) For the purposes of this section,— (a... | REBATES AND RELIEFS | REBATES AND RELIEFS | ITA2025_158_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 9 | 160 | Countries with which no agreement exists | (1) If any person who is resident in India in any tax year proves that, in respect of his income which accrued or arose during that tax year outside India (and which is not deemed to accrue or arise in India), he has paid in any country with which there is no agreement under section 159 for the relief or avoidance of d... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 9: REBATES AND RELIEFS | Section 160: Countries with which no agreement exists | (1) If any person who is resident in India in any tax year proves that, in respect of his income which accrued or arose during that tax year outside India (and whic... | REBATES AND RELIEFS | REBATES AND RELIEFS | ITA2025_160_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 162 | Meaning of associated enterprise | (1) For the purposes of this Chapter, the expression “associated enterprise”, in relation to another enterprise, means an enterprise— (a) which participates, directly or indirectly, or through one or more intermediaries, in the management or control or capital of the other enterprise in the following manner,— (i) one o... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 162: Meaning of associated enterprise | (1) For the purposes of this Chapter, the expression “associated enterprise”, in relation to another enterprise, means an enterprise— (a) which... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_162_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 19 | enterprises for the allocation or apportionment of, or any contribution | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, clause (c) read as under : “(c) other units, undertakings, enterprises or business of such assessee, or other person referred to in section 140(13) in respect of a transaction referred to in section 144 or the transactions referred to in ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 19: enterprises for the allocation or apportionment of, or any contribution | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, clause (c) read as unde... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_19_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 20 | domestic transaction has actually been undertaken, if the variation | Words “or section 144” omitted by the Finance Act, 2026, w.e.f. 1-4-2026. between the arm’s length price so determined and price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed such percentage not exceeding 3% of the latter, notified by the Central G... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 20: domestic transaction has actually been undertaken, if the variation | Words “or section 144” omitted by the Finance Act, 2026, w.e.f. 1-4-2026. between the arm’s length price so d... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_20_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 21 | enterprise | Words “under section 144 or” omitted by the Finance Act, 2026, w.e.f. 1-4-2026. Reference to Transfer Pricing Officer. | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 21: enterprise | Words “under section 144 or” omitted by the Finance Act, 2026, w.e.f. 1-4-2026. Reference to Transfer Pricing Officer. | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_21_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 166 | Reference to Transfer Pricing Officer | (1) Where,— (a) the assessee has entered into an international transaction or specified domestic transaction in any tax year; and (b) the Assessing Officer considers it necessary or expedient so to do, he may refer the determination of the arm’s length price in relation to such transaction to the Transfer Pricing Offic... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 166: Reference to Transfer Pricing Officer | (1) Where,— (a) the assessee has entered into an international transaction or specified domestic transaction in any tax year; and (b) the ... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_166_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 22 | tax year, in the order referred to in sub-section (6) and on receipt of such order, the | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (7) read as under : “(7) Where a reference was made under sub-section (1), an order under sub-section (6) may be made at any time sixty days before the expiry of the limitation period referred to in section 286 or 296, for mak... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 22: tax year, in the order referred to in sub-section (6) and on receipt of such order, the | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-sec... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_22_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 167 | Power of Board to make safe harbour rules | (1) The determination of— (a) income referred to in section 9(2); or (b) arm’s length price under section 165 or 166, shall be subject to safe harbour rules. (2) For the purposes of sub-section (1), the Board may make rules for safe harbour. (3) For the purposes of this section, “safe harbour” means circumstances in wh... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 167: Power of Board to make safe harbour rules | (1) The determination of— (a) income referred to in section 9(2); or (b) arm’s length price under section 165 or 166, shall be subject... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_167_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 168 | Advance pricing agreement | (1) The Board, with the approval of the Central Government, may enter into an advance pricing agreement with any person, determining the— (a) arm’s length price or specifying the manner in which the arm’s length price is to be determined, in relation to an international transaction to be entered into by that person; (b... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 168: Advance pricing agreement | (1) The Board, with the approval of the Central Government, may enter into an advance pricing agreement with any person, determining the— (a) arm’s le... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_168_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 169 | Effect to advance pricing agreement | 23[(1) Irrespective of anything to the contrary contained in section 263, where an income is modified as a result of advance pricing agreement entered into with any person then, such person shall, or any other person being an associated enterprise may,— (a) furnish a return or a modified return in accordance with and l... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 169: Effect to advance pricing agreement | 23[(1) Irrespective of anything to the contrary contained in section 263, where an income is modified as a result of advance pricing agreeme... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_169_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 23 | were initiated before the filing of such return then,— | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (1) read as under : “(1) If a return of income for any tax year covered by an advance pricing agreement has been furnished by any person, before the date of entering into the said agreement, he shall, irrespective of anything ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 23: were initiated before the filing of such return then,— | Substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to its substitution, sub-section (1) read as under : “(1) If ... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_23_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 171 | persons | (1) Every person, who— (a) has entered into an international transaction or specified domestic transaction; or (b) is a constituent entity of an international group, shall keep and maintain such information and document in respect thereof and for such period and in such manner, as may be prescribed. (2) The Assessing O... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 171: persons | (1) Every person, who— (a) has entered into an international transaction or specified domestic transaction; or (b) is a constituent entity of an international group, sh... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_171_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 173 | Definitions of certain terms relevant to determination of arm’s length price, etc | For the purposes of this section and sections 161, 162, 163, 165, 171 and 172, unless the context otherwise requires,— (a) “arm’s length price” means a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled conditions; (b) “enterprise” means ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 173: Definitions of certain terms relevant to determination of arm’s length price, etc | For the purposes of this section and sections 161, 162, 163, 165, 171 and 172, unless the cont... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_173_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 174 | non-residents | (1) Where there is a transfer of assets before and after the commencement of this Act, and by virtue or in consequence of it,— (a) either alone; or (b) in conjunction with associated operations, any income becomes payable to a non-resident, the provisions of this section shall apply. (2) If any person (“first mentioned... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 174: non-residents | (1) Where there is a transfer of assets before and after the commencement of this Act, and by virtue or in consequence of it,— (a) either alone; or (b) in conjunc... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_174_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 175 | Avoidance of tax by certain transactions in securities | (1) Where the owner of any securities (herein referred to as “the owner”) sells or transfers such securities and buys back or reacquires them or buys or acquires any similar securities, any interest that becomes payable in respect of such securities,— (a) is receivable by a person other than the owner, shall be deemed,... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 175: Avoidance of tax by certain transactions in securities | (1) Where the owner of any securities (herein referred to as “the owner”) sells or transfers such securities and buys bac... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_175_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 176 | jurisdictional area | (1) The Central Government may, by notification specify any country or territory outside India, as a notified jurisdictional area in relation to transactions entered into by any assessee, having regard to the lack of effective exchange of information with such jurisdiction. (2) Irrespective of anything contrary in this... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 176: jurisdictional area | (1) The Central Government may, by notification specify any country or territory outside India, as a notified jurisdictional area in relation to transaction... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_176_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 10 | 177 | Limitation on interest deduction in certain cases | (1) Irrespective of anything contrary in this Act, any expenditure by way of interest or similar payment in respect of excess interest, as specified in sub-section (4), shall not be deductible in computation of income chargeable under the head “Profits and gains of business or profession”, if,— (a) it is paid or payabl... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 10: SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | Section 177: Limitation on interest deduction in certain cases | (1) Irrespective of anything contrary in this Act, any expenditure by way of interest or similar payment in respect of excess ... | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX | ITA2025_177_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 178 | Applicability of General Anti-Avoidance Rule | (1) Irrespective of anything contained in this Act, an arrangement entered into by an assessee may be declared to be an impermissible avoidance arrangement and the consequence in relation to tax arising from it may be determined subject to the provisions of this Chapter. (2) The provisions of this Chapter may be applie... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 178: Applicability of General Anti-Avoidance Rule | (1) Irrespective of anything contained in this Act, an arrangement entered into by an assessee may be declared to be an impermissible avoidance arrange... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_178_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 179 | Impermissible avoidance arrangement | (1) An impermissible avoidance arrangement means an arrangement, the main purpose of which is to obtain a tax benefit, and it— (a) creates rights, or obligations, which are not ordinarily created between persons dealing at arm’s length; (b) results, directly or indirectly, in the misuse, or abuse, of the provisions of ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 179: Impermissible avoidance arrangement | (1) An impermissible avoidance arrangement means an arrangement, the main purpose of which is to obtain a tax benefit, and it— (a) creates rights, or obligation... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_179_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 180 | Arrangement to lack commercial substance | (1) An arrangement shall be deemed to lack commercial substance, if— (a) the substance or effect of the arrangement as a whole, is inconsistent with, or differs significantly from, the form of its individual steps or a part; or (b) it involves or includes— (i) round trip financing; (ii) an accommodating party; (iii) el... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 180: Arrangement to lack commercial substance | (1) An arrangement shall be deemed to lack commercial substance, if— (a) the substance or effect of the arrangement as a whole, is inconsistent with, or di... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_180_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 181 | Consequences of impermissible avoidance arrangement. [S. 98 of the 1961 Act] | (1) If an arrangement is declared to be an impermissible avoidance arrangement, then, the consequences, in relation to tax, of the arrangement, including denial of tax benefit or a benefit under a tax treaty, shall be determined, in the manner as deemed appropriate in the circumstances of the case. (2) The consequences... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 181: Consequences of impermissible avoidance arrangement. [S. 98 of the 1961 Act] | (1) If an arrangement is declared to be an impermissible avoidance arrangement, then, the consequences, in relation to ... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_181_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 182 | Treatment of connected person and accommodating party | In this Chapter, in determining whether a tax benefit exists,— (a) the parties who are connected persons in relation to each other may be treated as one and the same person; (b) any accommodating party may be disregarded; (c) the accommodating party and any other party may be treated as one and the same person; (d) the... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 182: Treatment of connected person and accommodating party | In this Chapter, in determining whether a tax benefit exists,— (a) the parties who are connected persons in relation to each other may be trea... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_182_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 183 | Application of this Chapter | The provisions of this Chapter shall apply— (a) in addition to, or in lieu of, any other basis for determination of tax liability; (b) as per such guidelines and subject to such conditions, as may be prescribed. Interpretation. | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 183: Application of this Chapter | The provisions of this Chapter shall apply— (a) in addition to, or in lieu of, any other basis for determination of tax liability; (b) as per such guidelines and subjec... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_183_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 11 | 184 | Interpretation | For the purposes of this Chapter, unless the context otherwise requires,— (1) “accommodating party” means a party to an arrangement, if the main purpose of the direct or indirect participation of that party in the arrangement, in whole or in part, is to obtain, directly or indirectly, a tax benefit (but for the provisi... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 11: GENERAL ANTI-AVOIDANCE RULE | Section 184: Interpretation | For the purposes of this Chapter, unless the context otherwise requires,— (1) “accommodating party” means a party to an arrangement, if the main purpose of the direct or indirect pa... | GENERAL ANTI-AVOIDANCE RULE | GENERAL ANTI-AVOIDANCE RULE | ITA2025_184_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 12 | 185 | Mode of taking or accepting certain loans, deposits and specified sum | (1) No person shall take or accept from another person any loan or deposit or specified sum, except through— (a) an account payee cheque; or (b) account payee bank draft; or (c) electronic clearing system through a bank account; or (d) any other prescribed electronic mode, if,— (i) the amount or the aggregate amount of... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 12: MODE OF PAYMENT IN CERTAIN CASES, ETC. | Section 185: Mode of taking or accepting certain loans, deposits and specified sum | (1) No person shall take or accept from another person any loan or deposit or specified sum, except through— (a) an... | MODE OF PAYMENT IN CERTAIN CASES, ETC. | MODE OF PAYMENT IN CERTAIN CASES, ETC. | ITA2025_185_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 12 | 186 | Mode of undertaking transactions | (1) No person shall receive an amount of ` 200000 or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, except through— (i) an account payee cheque; or (ii) account payee bank draft; or (iii) electr... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 12: MODE OF PAYMENT IN CERTAIN CASES, ETC. | Section 186: Mode of undertaking transactions | (1) No person shall receive an amount of ` 200000 or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in... | MODE OF PAYMENT IN CERTAIN CASES, ETC. | MODE OF PAYMENT IN CERTAIN CASES, ETC. | ITA2025_186_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 12 | 187 | Acceptance of payment through prescribed electronic modes | Every person shall provide facility for accepting payment, through electronic modes as may be prescribed, in addition to other electronic modes, if any, being provided by him, where— (a) such person is carrying on business or profession; and (b) total sales, turnover or gross receipts in such business or profession exc... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 12: MODE OF PAYMENT IN CERTAIN CASES, ETC. | Section 187: Acceptance of payment through prescribed electronic modes | Every person shall provide facility for accepting payment, through electronic modes as may be prescribed, in addition to other ... | MODE OF PAYMENT IN CERTAIN CASES, ETC. | MODE OF PAYMENT IN CERTAIN CASES, ETC. | ITA2025_187_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 12 | 188 | Mode of repayment of certain loans or deposits or specified advances | (1) No branch of a banking company or co-operative bank and no other company or co-operative society and no firm or other person shall repay— (a) any loan or deposit made with it; or (b) any specified advance received by it, except through— (i) an account payee cheque; (ii) account payee bank draft drawn in the name of... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 12: MODE OF PAYMENT IN CERTAIN CASES, ETC. | Section 188: Mode of repayment of certain loans or deposits or specified advances | (1) No branch of a banking company or co-operative bank and no other company or co-operative society and no firm or ... | MODE OF PAYMENT IN CERTAIN CASES, ETC. | MODE OF PAYMENT IN CERTAIN CASES, ETC. | ITA2025_188_0 | 0 | 1 |
Income-Tax Act, 2025 | ITA2025 | 2026-04-01T00:00:00 | 12 | 189 | Interpretation | For the purposes of this Chapter, unless the context otherwise requires,— (a) “banking company” means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act; (b) “primary agricultural credit society”, ... | Act: Income-Tax Act, 2025 (ITA2025) | Effective From: 2026-04-01 | Chapter 12: MODE OF PAYMENT IN CERTAIN CASES, ETC. | Section 189: Interpretation | For the purposes of this Chapter, unless the context otherwise requires,— (a) “banking company” means a company to which the provisions of the Banking Regulation Act, 194... | MODE OF PAYMENT IN CERTAIN CASES, ETC. | MODE OF PAYMENT IN CERTAIN CASES, ETC. | ITA2025_189_0 | 0 | 1 |
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