Section 44 Income Tax Act 2025 Amortisation of certain preliminary expenses. 44. (1) If an assessee, being an Indian company or a person (other than a company), who is resident in India, incurs any expenditure specified in sub-section (2)— (a) before the commencement of its business; or (b) after the commencement of its business, in… Read More »
Section 43 Income Tax Act 2025 Taxation of foreign exchange fluctuation. 43. (1) Subject to the provisions of section 42, any gain or loss arising on account of change in foreign exchange rates on foreign currency transactions shall be treated as income or loss, as the case may be, and shall be computed as per the income… Read More »
Section 42 Income Tax Act 2025 Capitalsing impact of foreign exchange fluctuation. 42. (1) Irrespective of anything contained in any other provision of this Act, where at the time of making payment during the tax year, there is a variation in liability of an assessee as expressed in Indian currency, due to change in rate… Read More »
Section 41 Income Tax Act 2025 Written down value of depreciable asset. 41. (1) For the purposes of computation of income under the head “Profits and gains of business or profession”, written down value means— (a) in case the asset is acquired in the tax year, the actual cost to the assessee; (b) in case… Read More »
Section 40 Income Tax Act 2025 Special provision for computation of cost of acquisition of certain assets. 40. (1) For the purposes of computation of income under the head “Profits and gains of business or profession”, cost of acquisition of an asset which becomes property of— (a) an amalgamated company under a scheme of amalgamation; or… Read More »
Section 38 Income Tax Act 2025 Certain sums deemed as profits and gains of business or profession. 38. (1) The following sums shall be deemed to be profits and gains of business or profession and shall be chargeable to income-tax, in the manner specified below, subject to the provisions of sub-section (2):— (a) where an allowance… Read More »
Section 37 Income Tax Act 2025 Certain deductions allowed on actual payment basis only. 37. (1) The sums payable, as specified in sub-section (2), which are otherwise allowable as a deduction under this Act, shall be allowed as a deduction while computing the income chargeable under section 26 only in the tax year in which such… Read More »
Section 36 Income Tax Act 2025 Expenses or payments not deductible in certain circumstances. 36. (1) The provisions of this section shall have effect irrespective of anything to the contrary contained in any other provision of this Act relating to computation of income under the head “Profits and gains of business or profession”. (2) If… Read More »
Section 39 Income Tax Act 2025 Computation of actual cost. 53 39. (1) The actual cost of an asset used for the purposes of the business or profession shall be the actual cost54 to the assessee, as reduced by the following amounts:— (a) part of cost of asset, if any, met54 by any other person or authority, directly or… Read More »
Section 35 Income Tax Act 2025 Amounts not deductible in certain circumstances. 35. Irrespective of any other provision of Chapter IV-D, the following amounts shall not be allowed as deduction in computing the income chargeable under the head “Profits and gains of business or profession”:— (a) any amount on account of— (i) tax paid on… Read More »