Section 65 Income Tax Act 2025 Interpretation for purposes of section 64. 65. For the purposes of section 64,— (a) “amalgamation” means the merger of an amalgamating co-operative bank with an amalgamated co-operative bank, if— (i) all the assets and liabilities of the amalgamating co-operative bank or banks immediately before the merger (other than the assets transferred, by… Read More »
Section 64 Income Tax Act 2025 Special provision for computing deductions in case of business reorganisation of co-operative banks. 64. (1) The deduction under section 33 or 44 or 52(1) (Table: Sl. No. 1 or 2) shall, in a case where business reorganisation of a co-operative bank has taken place during the tax year, be allowed as per provisions of this… Read More »
Section 63 Income Tax Act 2025 Tax audit. 63. (1) Every person, carrying on the business or profession fulfilling any of the conditions specified in column B of the Table below, shall get his accounts of the tax year audited by an accountant, before the specified date. Table Sl. No. Conditions for getting books of… Read More »
Section 62 Income Tax Act 2025 Maintenance of books of account. 62. (1)(a) Any person carrying on specified profession; or (b) any person carrying on, business; or any profession [not being a profession referred to in clause (a)] and satisfying the conditions referred to in sub-section (2), shall keep and maintain such books of account… Read More »
Section 61 Income Tax Act 2025 Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents. 61. (1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the manner of computation of profits and gains of the specified business in sub-section (2).… Read More »
Section 60 Income Tax Act 2025 Deduction of head office expenditure in case of non-residents. 60. (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… Read More »
Section 59 Income Tax Act 2025 Computation of royalty and fee for technical services in hands of non-residents. 59. (1) Income in the nature of royalty or fees for technical services received by a specified assessee during a tax year, shall be computed under the head “Profits and gains of business or profession” under this Act,… Read More »
Section 58 Income Tax Act 2025 Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents. 58. (1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the manner of computation of profits and gains of the specified business or profession… Read More »
Section 57 Income Tax Act 2025 Revenue recognition for construction and service contracts. 57. (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, subject to provisions of sub-section (2), as per the income computation and disclosure standards notified… Read More »
Section 56 Income Tax Act 2025 Special provision in case of interest income of specified financial institutions. 56. (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… Read More »