Section 54 Income Tax Act 2025 Business of prospecting for mineral oils. 54. (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) For the purposes of this section, “specified… Read More »
Section 53 Income Tax Act 2025 Full value of consideration for transfer of assets other than capital assets in certain cases. 53. (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… Read More »
Section 52 Income Tax Act 2025 Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc. 52. (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… Read More »
Section 51 Income Tax Act 2025 Amortisation of expenditure for prospecting certain minerals. 51. (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… Read More »
Section 50 Income Tax Act 2025 Special provision in case of trade, profession or similar association. 50. (1) Irrespective of anything to the contrary contained in this Act, if, during the tax year, the amount received by a specified association from its members falls short of the expenditure incurred by such association solely for the… Read More »
Section 49 Income Tax Act 2025 Site Restoration Fund. 49. (1) An assessee carrying on a business of prospecting, extracting, or producing petroleum or natural gas, or both, in India, and who has an agreement with the Central Government for this business, shall be allowed a deduction on the basis of deposit to special account or… Read More »
Section 48 Income Tax Act 2025 Tea development account, coffee development account and rubber development account. 48. (1) Where an assessee is carrying on business of growing and manufacturing tea or coffee or rubber in India, such assessee shall be allowed a deduction on the basis of deposits into the special account or deposit account and… Read More »
Section 47 Income Tax Act 2025 Expenditure on agricultural extension project and skill development project. 47. (1) Any expenditure (excluding cost of any land or building) incurred, on— (a) agricultural extension project by any assessee; or (b) any skill development project by a company, shall be allowed as a deduction, in the tax year in which… Read More »
Section 46 Income Tax Act 2025 Capital expenditure of specified business. 46. (1) An assessee, at his option, shall be allowed a deduction of the whole of the capital expenditure incurred, wholly and exclusively, for the purposes of any specified business carried on by him during the tax year in which such expenditure is incurred. (2)… Read More »
Section 45 Income Tax Act 2025 Expenditure on scientific research. 45. (1)(a) A deduction shall be allowed for any expenditure, being in the nature of— (i) capital expenditure, but not on acquisition of land which is acquired as such or as part of any property; or (ii) revenue expenditure, incurred on scientific research related to… Read More »