Section 127 Income Tax Act 2025 Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability. 127. (1) An assessee being an individual or a Hindu undivided family, who is a resident in India, shall be allowed a deduction up to ₹ 75000 from his gross total income of… Read More »
Section 126 Income Tax Act 2025 Deduction in respect of health insurance premia. 126. (1) An assessee, being an individual or a Hindu undivided family, shall be allowed a deduction of a sum as specified in sub-sections (2) to (8), payment of which is made by any mode as specified in sub-section (9), out of his… Read More »
Section 164 Income Tax Act 2025 Meaning of specified domestic transaction. 164. For the purposes of this Chapter, the expression “specified domestic transaction” in case of an assessee means any of the following transactions (not being an international transaction),— (a) any transaction referred to in section 122; (b) any transfer of goods or services referred to… Read More »
Section 125 Income Tax Act 2025 Deduction in respect of contribution to Agnipath Scheme. 125. (1) An assessee, being an individual who has enrolled in the Agnipath Scheme and subscribes to the Agniveer Corpus Fund on or after the 1st November, 2022, shall be allowed a deduction in the computation of his total income, of the whole of the amount paid… Read More »
Section 116 Income Tax Act 2025 Treatment of accumulated losses and unabsorbed depreciation in amalgamation or demerger, etc. 116.(1) Where there has been an amalgamation of,— (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company referred to in section 5(c) of the Banking… Read More »
Section 165 Income Tax Act 2025 Determination of arm’s length price. 5 165. 6 (1) The arm’s length price in relation to an international transaction or specified domestic transaction shall be determined by any of the following methods, being the most appropriate method— (a) comparable uncontrolled price method; (b) resale price method; (c) cost plus method; (d) profit… Read More »
Section 118 Income Tax Act 2025 Carry forward and set off of losses and unabsorbed depreciation in business reorganization of co-operative banks. 118. (1) The assessee, being a successor co-operative bank, shall, in a case where the amalgamation has taken place during the tax year* , be allowed to set off the accumulated loss and the unabsorbed… Read More »
Section 166 Income Tax Act 2025 Reference to Transfer Pricing Officer. 166.(1) Where,— (a) the assessee has entered into an international transaction or specified domestic transaction in any tax year; and (b) the Assessing Officer considers it necessary or expedient so to do, he may refer the determination of the arm’s length price in relation… Read More »
Section 167 Income Tax Act 2025 Power of Board to make safe harbour rules. 167. (1) The determination of— (a) income referred to in section 9(2); or (b) arm’s length price under section 165 or 166, shall be subject to safe harbour rules. (2) For the purposes of sub-section (1), the Board may make rules for safe harbour. (3)… Read More »
Section 120 Income Tax Act 2025 No set off of losses against undisclosed income consequent to search, requisition and survey. 7 120. (1) Irrespective of anything contained in any other provision of this Act, any loss, whether brought forward or otherwise or unabsorbed depreciation, shall not be allowed to be set off against any undisclosed income which… Read More »