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Income-tax Act, 2025
Income-tax Act, 2025
536 sections published.
1
Short title, extent and commencement
2
Definitions
3
Definition of "tax year"
4
Charge of income-tax
5
Scope of total income
6
Residence in India
7
Income deemed to be received and dividend deemed to be income in a tax year
8
Income on receipt of capital asset or stock-in-trade by specified person from specified entity
9
Income deemed to accrue or arise in India
10
Apportionment of income between spouses governed by Portuguese Civil Code
11
Incomes not included in total income
12
Incomes not included in total income of political parties and electoral trusts
13
Heads of income
14
Income not forming part of total income and expenditure in relation to such income
15
Salaries
16
Income from salary
17
Perquisite
18
Profits in lieu of salary
19
Deductions from salaries
20
Income from house property
21
Determination of annual value
22
Deductions from income from house property
23
Arrears of rent and unrealised rent received subsequently
24
Property owned by co-owners
25
Interpretation
26
Income under head "Profits and gains of business or profession"
27
Manner of computing profits and gains of business or profession
28
Rent, rates, taxes, repairs and insurance
29
Deductions related to employee welfare
30
Deduction on certain premium
31
Deduction for bad debt and provision for bad and doubtful debt
32
Other deductions
33
Deduction for depreciation
34
General conditions for allowable deductions
35
Amounts not deductible in certain circumstances
36
Expenses or payments not deductible in certain circumstances
37
Certain deductions allowed on actual payment basis only
38
Certain sums deemed as profits and gains of business or profession
39
Computation of actual cost
40
Special provision for computation of cost of acquisition of certain assets
41
Written down value of depreciable asset
42
Capitalising impact of foreign exchange fluctuation
43
Taxation of foreign exchange fluctuation
44
Amortisation of certain preliminary expenses
45
Expenditure on scientific research
46
Capital expenditure of specified business
47
Expenditure on agricultural extension project and skill development project
48
Tea development account, coffee development account and rubber development account
49
Site Restoration Fund
50
Special provision in case of trade, profession or similar association
51
Amortisation of expenditure for prospecting certain minerals
52
Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc
53
Full value of consideration for transfer of assets other than capital assets in certain cases
54
Business of prospecting for mineral oils
55
Insurance business
56
Special provision in case of interest income of specified financial institutions
57
Revenue recognition for construction and service contracts
58
Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
59
Computation of royalty and fee for technical services in hands of non-residents
60
Deduction of head office expenditure in case of non-residents
61
Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
62
Maintenance of books of account
63
Tax Audit
64
Special provision for computing deductions in case of business reorganisation of co-operative banks
65
For the purposes of section 64,––
66
Interpretation
67
Capital gains
68
Capital gains on distribution of assets by companies in liquidation
69
Capital gains on purchase by company of its own shares or other specified securities
70
Transactions not regarded as transfer
71
Withdrawal of exemption in certain cases
72
Mode of computation of capital gains
73
Cost with reference to certain modes of acquisition
74
Special provision for computation of capital gains in case of depreciable assets
75
Special provision for cost of acquisition in case of depreciable asset
76
Special provision for computation of capital gains in case of Market Linked Debenture
77
Special provision for computation of capital gains in case of slump sale
78
Special provision for full value of consideration in certain cases
79
Special provision for full value of consideration for transfer of share other than quoted share
80
Fair market value deemed to be full value of consideration in certain cases
81
Advance money received
82
Profit on sale of property used for residence
83
Capital gains on transfer of land used for agricultural purposes not to be charged in certain cases
84
Capital gains on compulsory acquisition of lands and buildings not to be charged in certain cases
85
Capital gains not to be charged on investment in certain bonds
86
Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house
87
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
88
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
89
Extension of time for acquiring new asset or depositing or investing amount of capital gains
90
Meaning of "adjusted", "cost of improvement" and "cost of acquisition"
91
Reference to Valuation Officer
92
Income from other sources
93
Deductions
94
Amounts not deductible
95
Profits chargeable to tax
96
Transfer of income without transfer of assets
97
Chargeability of income in transfer of assets
98
"Transfer" and "revocable transfer" defined
99
Income of individual to include income of spouse, minor child, etc
100
Liability of person in respect of income included in income of another person
101
Total income
102
Unexplained credits
103
Unexplained investment
104
Unexplained asset
105
Unexplained expenditure
106
Amount borrowed or repaid through negotiable instrument, hundi, etc
107
Charge of tax
108
Set off of losses under same head of income
109
Set off of losses under any other head of income
110
Carry forward and set off of loss from house property
111
Carry forward and set off of loss from Capital gains
112
Carry forward and set off of business loss
113
Set off and carry forward of losses computed in respect of speculation business
114
Set off and carry forward of losses computed in respect of specified business
115
Set off and carry forward of losses from specified activity
116
Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc
117
Treatment of accumulated losses and unabsorbed depreciation in scheme of amalgamation in certain cases
118
Carry forward and set off of losses and unabsorbed depreciation in business reorganisation of co-operative banks
119
Carry forward and set off of losses not permissible in certain cases
120
No set off of losses against undisclosed income consequent to search, requisition and survey
121
Submission of return for losses
122
Deductions to be made in computing total income
123
Deduction for life insurance premia, deferred annuity, contributions to provident fund, etc
124
Deduction in respect of employer and assessee contribution to pension scheme of Central Government
125
Deduction in respect of contribution to Agnipath Scheme
126
Deduction in respect of health insurance premia
127
Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability
128
Deduction in respect of medical treatment, etc
129
Deduction in respect of interest on loan taken for higher education
130
Deduction in respect of interest on loan taken for residential house property
131
Deduction in respect of interest on loan taken for certain house property
132
Deduction in respect of purchase of electric vehicle
133
Deduction in respect of donations to certain funds, charitable institutions, etc
134
Deductions in respect of rents paid
135
Deduction in respect of certain donations for scientific research or rural development
136
Deduction in respect of contributions given by companies to political parties
137
Deduction in respect of contributions given by any person to political parties
138
Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc
139
Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
140
Special provision in respect of specified business
141
Deduction in respect of profits and gains from certain industrial undertakings
142
Deductions in respect of profits and gains from housing projects
143
Special provisions in respect of certain undertakings in North-Eastern States
144
Special provisions in respect of newly established Units in Special Economic Zones
145
Deduction for businesses engaged in collecting and processing of bio-degradable waste
146
Deduction in respect of additional employee cost
147
Deductions for income of Offshore Banking Units and Units of International Financial Services Centre
148
Deduction in respect of certain inter-corporate dividends
149
Deduction in respect of income of co-operative societies
150
Interpretation for purposes of section 149
151
Deduction in respect of royalty income, etc., of authors of certain books other than text-books
152
Deduction in respect of royalty on patents
153
Deduction for interest on deposits
154
Deduction in case of a person with disability
155
Rebate to be allowed in computing income-tax
156
Rebate of income-tax in case of certain individuals
157
Relief when salary, etc., is paid in arrears or in advance
158
Relief from taxation in income from retirement benefit account maintained in a notified country
159
Agreement with foreign countries or specified territories and adoption by Central Government of agreement between specified associations for double taxation relief
160
Countries with which no agreement exists
161
Computation of income from international transaction and specified domestic transaction having regard to arm's length price
162
Meaning of associated enterprise
163
Meaning of international transaction
164
Meaning of specified domestic transaction
165
Determination of arm's length price
166
Reference to Transfer Pricing Officer
167
Power of Board to make safe harbour rules
168
Advance pricing agreement
169
Effect to advance pricing agreement
170
Secondary adjustment in certain cases
171
Maintenance, keeping and furnishing of information and document by certain persons
172
Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction
173
Definitions of certain terms relevant to determination of arm’s length price, etc
174
Avoidance of income-tax by transactions resulting in transfer of income to non-residents
175
Avoidance of tax by certain transactions in securities
176
Special measures in respect of transactions with persons located in notified jurisdictional area
177
Limitation on interest deduction in certain cases
178
Applicability of General Anti-Avoidance Rule
179
Impermissible avoidance arrangement
180
Arrangement to lack commercial substance
181
Consequences of impermissible avoidance arrangement
182
Treatment of connected person and accommodating party
183
Application of this Chapter
184
Interpretation
185
Mode of taking or accepting certain loans, deposits and specified sum
186
Mode of undertaking transactions
187
Acceptance of payment through prescribed electronic modes
188
Mode of repayment of certain loans or deposits or specified advances
189
Interpretation
190
Determination of tax where total income includes income on which no tax is payable
191
Tax on accumulated balance of recognised provident fund
192
Tax in case of block assessment of search cases
193
Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
194
Tax on certain incomes
195
Tax on income referred to in sections 102 to 106
196
Tax on short-term capital gains in certain cases
197
Tax on long-term capital gains
198
Tax on long-term capital gains in certain cases
199
Tax on income of certain manufacturing domestic companies
200
Tax on income of certain domestic companies
201
Tax on income of new manufacturing domestic companies
202
New tax regime for individuals, Hindu undivided family and others
203
Tax on income of certain resident co-operative societies
204
Tax on income of certain new manufacturing co-operative societies
205
Conditions for tax on income of certain companies and co-operative societies
206
Special provision for minimum alternate tax and alternate minimum tax
207
Tax on dividends, royalty and fees for technical service in case of foreign companies
208
Tax on income from units purchased in foreign currency or capital gains arising from their transfer
209
Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
210
Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
211
Tax on non-resident sportsmen or sports associations
212
Interpretation
213
Special provision for computation of total income of non-residents
214
Tax on investment income and long-term capital gains
215
Capital gains on transfer of foreign exchange assets not to be charged in certain cases
216
Return of income not to be furnished in certain cases
217
Benefit under Chapter to be available in certain cases even after assessee becomes resident
218
Chapter not to apply if the assessee so chooses
219
Conversion of an Indian branch of foreign company into subsidiary Indian company
220
Foreign company said to be resident in India
221
Tax on income from securitisation trusts
222
Tax on income in case of venture capital undertakings
223
Tax on income of unit holder and business trust
224
Tax on income of investment fund and its unit holders
225
Income from business of operating qualifying ships
226
Tonnage tax scheme
227
Computation of tonnage income
228
Relevant shipping income and exclusion from book profit
229
Depreciation and gains relating to tonnage tax assets
230
Exclusion of deduction, loss, set off, etc
231
Method of opting of tonnage tax scheme and validity
232
Certain conditions for applicability of tonnage tax scheme
233
Amalgamation and demerger
234
Avoidance of tax and exclusion from tonnage tax scheme
235
Interpretation
236
Income-tax authorities
237
Appointment of income-tax authorities
238
Control of income-tax authorities
239
Instructions to subordinate authorities
240
Taxpayer's Charter
241
Jurisdiction of income-tax authorities
242
Jurisdiction of Assessing Officers
243
Power to transfer cases
244
Change of incumbent of an office
245
Faceless jurisdiction of income-tax authorities
246
Power regarding discovery, production of evidence, etc
247
Search and seizure
248
Powers to requisition
249
Reasons not to be disclosed
250
Application of seized or requisitioned assets
251
Copying, extraction, retention and release of books of account and documents seized or requisitioned
252
Power to call for information
253
Powers of survey
254
Power to collect certain information
255
Power to inspect registers of companies
256
Power of certain income-tax authorities
257
Proceedings before income-tax authorities to be judicial proceedings
258
Disclosure of information relating to assessees
259
Power to call for information by prescribed income-tax authority
260
Faceless collection of information
261
Interpretation
262
Permanent Account Number
263
Return of income
264
Scheme for submission of returns through tax return preparers
265
Return by whom to be verified
266
Self-assessment
267
Tax on updated return
268
Inquiry before assessment
269
Estimation of value of assets by Valuation Officer
270
Assessment
271
Best judgment assessment
272
Power of Joint Commissioner to issue directions in certain cases
273
Faceless Assessment
274
Reference to Principal Commissioner or Commissioner in certain cases
275
Reference to Dispute Resolution Panel
276
Method of accounting
277
Method of accounting in certain cases
278
Taxability of certain income
279
Income escaping assessment
280
Issue of notice where income has escaped assessment
281
Procedure before issuance of notice under section 280
282
Time limit for notices under sections 280 and 281
283
Provision for cases where assessment is in pursuance of an order on appeal, etc
284
Sanction for issue of notice
285
Other provisions
286
Time limit for completion of assessment, reassessment and recomputation
287
Rectification of mistake
288
Other amendments
289
Notice of demand
290
Modification and revision of notice in certain cases
291
Intimation of loss
292
Assessment of total undisclosed income as a result of search
293
Computation of total undisclosed income of block period
294
Procedure for block assessment
295
Undisclosed income of any other person
296
Time-limit for completion of block assessment
297
Certain interests and penalties not to be levied or imposed
298
Levy of interest and penalty in certain in cases
299
Authority competent to make assessment of block period
300
Application of other provisions of Act
301
Interpretation
302
Legal representatives
303
Representative assessees
304
Liability of representative assessee
305
Right of representative assessee to recover tax paid
306
Who may be regarded as agent
307
Charge of tax where share of beneficiaries unknown
308
Charge of tax in case of oral trust
309
Method of computing a member's share in income of association of persons or body of individuals
310
Share of member of association of persons or body of individuals in income of association or body
311
Charge of tax where shares of members in association of persons or body of individuals unknown, etc
312
Executor
313
Succession to business or profession otherwise than on death
314
Effect of order of tribunal or court in respect of business reorganisation
315
Assessment after partition of Hindu undivided family
316
Shipping business of non-residents
317
Assessment of persons leaving India
318
Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose
319
Assessment of persons likely to transfer property to avoid tax
320
Discontinued business
321
Association dissolved or business discontinued
322
Company in liquidation
323
Liability of directors of private company
324
Charge of tax in case of a firm
325
Assessment as a firm
326
Assessment when section 325 not complied with
327
Change in constitution of a firm
328
Succession of one firm by another firm
329
Joint and several liability of partners for tax payable by firm
330
Firm dissolved or business discontinued
331
Liability of partners of limited liability partnership in liquidation
332
Application for registration
333
Switching over of regimes
334
Tax on income of registered non-profit organisation
335
Regular income
336
Taxable regular income
337
Specified income
338
Income not to be included in regular income
339
Corpus donation
340
Deemed corpus donation
341
Application of income
342
Accumulated income
343
Deemed accumulated income
344
Business undertaking held as property
345
Restriction on commercial activities by a registered non-profit organisation
346
Restriction on commercial activities by registered non-profit organisation, carrying out advancement of any other object of general public utility
347
Books of account
348
Audit
349
Return of income
350
Permitted modes of investment
351
Specified violation
352
Tax on accreted income
353
Other violations
354
Application for approval for purpose of section 133(1)(b)(ii)
355
Interpretation
356
Appealable orders before Joint Commissioner (Appeals)
357
Appealable orders before Commissioner (Appeals)
358
Form of appeal and limitation
359
Procedure in appeal
360
Powers of Joint Commissioner (Appeals) or Commissioner (Appeals)
361
Appellate Tribunal
362
Appeals to Appellate Tribunal
363
Orders of Appellate Tribunal
364
Procedure of Appellate Tribunal
365
Appeal to High Court
366
Case before High Court to be heard by not less than two Judges
367
Appeal to Supreme Court
368
Hearing before Supreme Court
369
Tax to be paid irrespective of appeal, etc
370
Execution for costs awarded by Supreme Court
371
Amendment of assessment on appeal
372
Exclusion of time taken for copy
373
Filing of appeal by income-tax authority
374
Interpretation of "High Court"
375
Procedure when assessee claims identical question of law is pending before High Court or Supreme Court
376
Procedure where an identical question of law is pending before High Courts or Supreme Court
377
Revision of orders prejudicial to revenue
378
Revision of other orders
379
Dispute Resolution Committee
380
Interpretation
381
Board for Advance Rulings
382
Vacancies, etc., not to invalidate proceedings
383
Application for advance ruling
384
Procedure on receipt of application
385
Appellate authority not to proceed in certain cases
386
Advance ruling to be void in certain circumstances
387
Powers of the Board for Advance Rulings
388
Procedure of Board for Advance Rulings
389
Appeal
390
Deduction or collection at source and advance payment
391
Direct payment
392
Salary and accumulated balance due to an employee
393
Tax to be deducted at source
394
Collection of tax at source
395
Certificates
396
Tax deducted is income received
397
Compliance and reporting
398
Consequences of failure to deduct or pay or, collect or pay
399
Processing
400
Power of Central Government to relax provisions of this Chapter
401
Bar against direct demand on assessee
402
Interpretation
403
Liability for payment of advance tax
404
Conditions of liability to pay advance tax
405
Computation of advance tax
406
Payment of advance tax by assessee on his own accord
407
Payment of advance tax by assessee in pursuance of order of Assessing Officer
408
Instalments of advance tax and due dates
409
When assessee is deemed to be in default
410
Credit for advance tax
411
When tax payable and when assessee deemed in default
412
Penalty payable when tax in default
413
Certificate by Tax Recovery Officer and validity thereof
414
Tax Recovery Officer by whom recovery is to be effected
415
Stay of proceedings in pursuance of certificate and amendment or cancellation thereof
416
Other modes of recovery
417
Recovery through State Government
418
Recovery of tax in pursuance of agreements with foreign countries
419
Recovery of penalties, fine, interest and other sums
420
Tax clearance certificate
421
Recovery by suit or under other law not affected
422
Recovery of tax arrear in respect of non-resident from his assets
423
Interest for defaults in furnishing return of income
424
Interest for defaults in payment of advance tax
425
Interest for deferment of advance tax
426
Interest on excess refund
427
Fee for default in furnishing statements
428
Fee for default in furnishing return of income
429
Fee for default relating to statement or certificate
430
Fee for default relating to intimation of Aadhaar number
431
Refunds
432
Person entitled to claim refund in certain special cases
433
Form of claim for refund and limitation
434
Refund for denying liability to deduct tax in certain cases
435
Refund on appeal, etc
436
Correctness of assessment not to be questioned
437
Interest on refunds
438
Set off and withholding of refunds in certain cases
439
Penalty for under-reporting and misreporting of income
440
Immunity from imposition of penalty, etc
441
Failure to keep, maintain or retain books of account, documents, etc
442
Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
443
Penalty in respect of certain income
444
Penalty for false entry, etc., in books of account
445
Benefits to related persons
446
Failure to get accounts audited
447
Penalty for failure to furnish report under section 172
448
Penalty for failure to deduct tax at source
449
Penalty for failure to collect tax at source
450
Penalty for failure to comply with provisions of section 185
451
Penalty for failure to comply with provisions of section 186
452
Penalty for failure to comply with provisions of section 187
453
Penalty for failure to comply with provisions of section 188
454
Penalty for failure to furnish statement of financial transaction or reportable account
455
Penalty for furnishing inaccurate statement of financial transaction or reportable account
456
Penalty for failure to furnish or statement information or document by an eligible investment fund
457
Penalty for failure to furnish information or document under section 171
458
Penalty for failure to furnish information or document under section 506
459
Penalty for failure to furnish report or for furnishing inaccurate report under section 511
460
Penalty for failure to submit statement under section 505
461
Penalty for failure to furnish statements, etc
462
Penalty for failure to furnish information or furnishing inaccurate information under section 397 (3)(d)
463
Penalty for furnishing incorrect information in reports or certificates
464
Penalty for failure to furnish statements, etc
465
Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc
466
Penalty for failure to comply with the provisions of section 254
467
Penalty for failure to comply with the provisions of section 262
468
Penalty for failure to comply with the provisions of section 397
469
Power to reduce or waive penalty, etc., in certain cases
470
Penalty not to be imposed in certain cases
471
Procedure
472
Bar of limitation for imposing penalties
473
Contravention of order made under section 247
474
Failure to comply with section 247(1)(ii)
475
Removal, concealment, transfer or delivery of property to prevent tax recovery
476
Failure to pay tax to credit of Central Government under Chapter XIX-B
477
Failure to pay tax collected at source
478
Wilful attempt to evade tax, etc
479
Failure to furnish returns of income
480
Failure to furnish return of income in search cases
481
Failure to produce accounts and documents
482
False statement in verification, etc
483
Falsification of books of account or document, etc
484
Abetment of false return, etc
485
Punishment for second and subsequent offences
486
Punishment not to be imposed in certain cases
487
Offences by companies
488
Offences by Hindu undivided family
489
Presumption as to assets, books of account, etc., in certain cases
490
Presumption as to culpable mental state
491
Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner
492
Certain offences to be non-cognizable
493
Proof of entries in records or documents
494
Disclosure of particulars by public servants
495
Special Courts
496
Offences triable by Special Court
497
Trial of offences as summons case
498
Application of Bharatiya Nagarik Suraksha Sanhita, 2023 to proceedings before Special Court
499
Certain transfers to be void
500
Provisional attachment to protect revenue in certain cases
501
Service of notice, generally
502
Authentication of notices and other documents
503
Service of notice when family is disrupted or firm etc., is dissolved
504
Service of notice in case of discontinued business
505
Submission of statement by a non-resident having liaison office
506
Furnishing of information or documents by an Indian concern in certain cases
507
Submission of statements by producers of cinematograph films or persons engaged in specified activity
508
Obligation to furnish statement of financial transaction or reportable account
509
Obligation to furnish information on transaction of crypto-asset
510
Annual information statement
511
Furnishing of report in respect of international group
512
Publication of information respecting assessees in certain cases
513
Appearance by registered valuer in certain matters
514
Registration of valuers
515
Appearance by authorised representative
516
Rounding off of amount of total income, or amount payable or refundable
517
Receipt to be given
518
Indemnity
519
Power to tender immunity from prosecution
520
Cognizance of offences
521
Probation of Offenders Act, 1958 and section 401 of Bharatiya Nagarik Suraksha Sanhita, 2023, not to apply
522
Return of income, etc., not to be invalid on certain grounds
523
Notice deemed to be valid in certain circumstances
524
Presumption as to assets, books of account, etc
525
Authorisation and assessment in case of search or requisition
526
Bar of suits in civil courts
527
Power to make exemption, etc., in relation to participation in business of prospecting for, extraction, etc., of mineral oils
528
Power of Central Government or Board to condone delays in obtaining approval
529
Power to withdraw approval
530
Act to have effect pending legislative provision for charge of tax
531
Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961
532
Power to frame schemes
533
Power to make rules
534
Laying before Parliament
535
Removal of difficulties
536
Repeal and savings
