Section 34 Income Tax Act 2025 General conditions for allowable deductions. 34. (1) Any expenditure (not being an expenditure of the nature specified in sections 28 to 33, 44 to 49, 51 and 52 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and… Read More »
Section 33 Income Tax Act 2025 Deduction for depreciation. 33. (1) A deduction in respect of depreciation of— (a) buildings, machinery, plant or furniture, being tangible assets; (b) know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st April, 1998, not… Read More »
Section 32 Income Tax Act 2025 Other deductions. 32. The following amounts shall be allowed as deduction in computing income chargeable under section 26:— (a) bonus or commission paid to an employee for services rendered, but only when such amount would not have been payable to the employee as profits or dividend if it had not been… Read More »
Section 31 Income Tax Act 2025 Deduction for bad debt and provision for bad and doubtful debt. 31. (1) The amount mentioned in column C of the Table below, in respect of any provision for bad and doubtful debts made by the assessee specified in column B thereof, shall be allowed as a deduction in… Read More »
Section 30 Income Tax Act 2025 Deduction on certain premium. 30. The following sums shall be allowed as deduction in computing income chargeable under section 26, being premium paid:— (a) by any assessee in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of business or profession; (b) by… Read More »
Section 29 Income Tax Act 2025 Deductions related to employee welfare. 29. (1) The following sums, in the case of an assessee being an employer, shall be allowed as deduction in computing income chargeable under section 26:— (a) any sum paid by way of contribution towards a recognised provident fund or an approved superannuation fund, subject to—… Read More »
Section 28 Income Tax Act 2025 Rent, rates, taxes, repairs and insurance. 28. (1) The following amounts shall be allowed as deduction in respect of premises, machinery, plant or furniture used for the purposes of the business or profession:— (a) any premium paid in respect of insurance against risk of damage or destruction thereof; (b)… Read More »
Section 26 Income Tax Act 2025 D.-Profits and gains of business or profession Income under head “Profits and gains of business or profession”. 26. (1) The incomes referred to in sub-section (2) shall be chargeable to income-tax under the head “Profits and gains of business or profession”. (2) The income under sub-section (1) shall include—… Read More »
Section 25 Income Tax Act 2025 Interpretation. 25. For the purposes of sections 20 to 24, the “owner” in relation to a property or any part thereof shall include— (a) an individual who transfers without adequate consideration, any property to the spouse (except under an agreement to live apart), or to a minor child (other than a married… Read More »
Section 24 Income Tax Act 2025 Property owned by co-owners. 24.(1) For property co-owned with definite and ascertainable share, the co-owners shall not be assessed as an association of persons and their income computed separately under this Part as per their respective share shall be included in their total income. (2) The relief available under section… Read More »