Income Tax Act, 2025

(1) An assessee, being an Indian company or a person (other than a company) who is resident in India, who is engaged in any operations relating to prospecting for, or extraction or production of, any mineral, shall be allowed a deduction of an amount equal to one-tenth of the amount of expenditure referred to in […]

(1) Where an expenditure of the nature specified in column B of the Table given below is incurred during the tax year, a deduction or part thereof shall be allowed in equal instalments in each of the tax years as mentioned in column D of the said Table, beginning from the initial tax year specified

(1) In case of transfer of an asset (other than a capital asset), being land or building or both, if the consideration received or accrued from such transfer is less than the stamp duty, then such stamp duty value for computing profits and gains from transfer of such asset shall be deemed to be the

(1) Where the assessee undertakes specified oil exploration business, then deduction specified in sub-sections (3) and (4) shall be allowed while computing the income under the head “Profits and gains of business or profession”.(2) In this section, “specified oil exploration business” means business consisting of prospecting for or extraction or production of mineral oils where

Irrespective of anything to the contrary contained in the provisions of this Act for computing income under the head “Income from house property”, “Capital gains” or “Income from other sources”, or in section 390(5) and (6), or in sections 26 to 54, theprofits and gains of any business of insurance, including any such business carried

(1) Irrespective of anything to the contrary contained in this Act, the interest income in relation to bad or doubtful debts of a specified financial institution shall be chargeable to tax under the head “Profits and gains of business or profession” in the tax year in which such interest is—(a) credited to the profit and

(1) The profits and gains arising from a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method, as per the income computation and disclosure standards notified under section 276(2).(2) The profits and gains arising from a contract for providing services under sub-section (1) shall be

(1) Income in the nature of royalty or fees for technical services received by a specified assessee during a tax year, shall be charged to income-tax under the head “Profits and gains of business or profession” under this Act, if the following conditions are satisfied:––(a) income is received from the Government or an Indian concern;(b)

(1) Irrespective of anything to the contrary contained in sections 26 to 54, in the case of a non-resident assessee, deduction of head office expenditure incurred by such assessee as is attributable to his business or profession in India, shall be allowed in computing the income chargeable under the head “Profits and gains of business

(1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the specified business mentioned in column B of the Table in sub-section (2).(2) The profits and gains of any specified business as mentioned in column B of the Table below, carried on by a specified assessee