Section 275 Income Tax Act 2025 Reference to Dispute Resolution Panel. 275. (1) The Assessing Officer shall, irrespective of anything to the contrary contained in this Act, in the first instance, forward a draft of the proposed order of assessment (hereafter in this section referred to as the draft order) to the eligible assessee, if he… Read More »
Section 276 Income Tax Act 2025 Method of accounting. 276. (1) Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall, subject to the provisions of sub-section (2), be computed as per either cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government… Read More »
Section 115A Income Tax Act 2025 Tax on dividends, royalty and technical service fees in the case of foreign companies. 115A. [(1) Where the total income of- (a) a non-resident (not being a company) or of a foreign company, includes any income by way of- (i) dividends [***] ; or (ii) interest received from Government… Read More »
Section 115 Income Tax Act 2025 Set off and carry forward of losses from specified activity. 115. (1) Any loss incurred by the assessee in specified activity in any tax year shall be set off only against income from specified activity. (2) Where for any tax year, loss computed in respect of a specified activity cannot… Read More »
Section 114 Income Tax Act 2025 Set off and carry forward of losses computed in respect of specified business. 89 114. (1) Any loss, computed in respect of a specified business, referred to in section 46, shall be set off only against profits and gains of another specified business. (2) Where for any tax year, loss computed in… Read More »
Section 113Income Tax Act 2025 Set off and carry forward of losses computed in respect of speculation business. 113.(1) Any loss, computed in respect of a speculation business carried on86 by the assessee shall be set off only against profits and gains of another speculation business. (2) Where for any tax year, loss computed in respect… Read More »
Section 277 Income Tax Act 2025 Method of accounting in certain cases. 277. (1) For the purposes of determining the income chargeable under the head “Profits and gains of business or profession”,— (i) the valuation of inventory shall be made at lower of actual cost or net realisable value computed as per the income computation… Read More »
Section 112 Income Tax Act 2025 Carry forward and set off of business loss. 83 112. 84 (1) Where for any tax year, loss computed under the head “Profits and gains of business or profession” (not being a loss sustained in a speculation business) cannot be wholly set off against the income under any other head as per section… Read More »
Section 278 Income Tax Act 2025 Taxability of certain income. 278. (1) Any interest received by an assessee on any compensation or on enhanced compensation, shall be deemed to be the income of the tax year in which it is received, irrespective of anything to the contrary contained in section 276. (2) Any claim for escalation of… Read More »
Section 111 Income Tax Act 2025 Carry forward and set off of loss from Capital gains. 111. (1)(a) Where for any tax year, loss computed under the head “Capital gains” cannot be wholly set off against the income under the head “Capital gains” as per section 108, so much of the loss not so set off or… Read More »