Section 71 Income Tax Act 2025 Withdrawal of exemption in certain cases. 71. (1) The profits or gains arising from the transfer of capital asset not charged under section 67 by virtue of section 70(1)(c) and (d) shall, irrespective of anything contained in the said clauses, be deemed to be income chargeable under the head “Capital gains” of the tax… Read More »
Section 70 Income Tax Act 2025 Transactions not regarded as transfer. 70. (1) The provisions of section 67 shall not apply to transfer— (a) by way of distribution of capital assets on the total or partial partition of a Hindu undivided family; (b) of a capital asset by an individual or a Hindu undivided family, under a… Read More »
Section 69 Income Tax Act 2025 Capital gains on purchase by company of its own shares or other specified securities. 69. (1) If a shareholder or a holder of other specified securities receives any consideration from any company for the purchase of its own shares or other specified securities held by such shareholder or holder of… Read More »
Section 68 Income Tax Act 2025 Capital gains on distribution of assets by companies in liquidation. 68. (1) Irrespective of anything contained in section 67, where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for the purposes of the… Read More »
Section 67 Income Tax Act 2025 E.-Capital gains Capital gains. 67. (1) Any profits or gains arising from the transfer of a capital asset effected in a tax year shall, save as otherwise provided in sections 82, 83, 84, 85, 86, 87, 88 and 89, be chargeable to income-tax under the head “Capital gains” and shall be deemed to be the income of the tax… Read More »
Section 66 Income Tax Act 2025 Interpretation. 66. For the purposes of Part D of this Chapter,— (1) “agreement”, for the purposes of section 26(2)(h), includes any arrangement or understanding or action in concert,— (A) whether or not such arrangement, understanding or action is formal or in writing; or (B) whether or not such arrangement, understanding or… Read More »
Section 65 Income Tax Act 2025 Interpretation for purposes of section 64. 65. For the purposes of section 64,— (a) “amalgamation” means the merger of an amalgamating co-operative bank with an amalgamated co-operative bank, if— (i) all the assets and liabilities of the amalgamating co-operative bank or banks immediately before the merger (other than the assets transferred, by… Read More »
Section 64 Income Tax Act 2025 Special provision for computing deductions in case of business reorganisation of co-operative banks. 64. (1) The deduction under section 33 or 44 or 52(1) (Table: Sl. No. 1 or 2) shall, in a case where business reorganisation of a co-operative bank has taken place during the tax year, be allowed as per provisions of this… Read More »
Section 63 Income Tax Act 2025 Tax audit. 63. (1) Every person, carrying on the business or profession fulfilling any of the conditions specified in column B of the Table below, shall get his accounts of the tax year audited by an accountant, before the specified date. Table Sl. No. Conditions for getting books of… Read More »
Section 62 Income Tax Act 2025 Maintenance of books of account. 62. (1)(a) Any person carrying on specified profession; or (b) any person carrying on, business; or any profession [not being a profession referred to in clause (a)] and satisfying the conditions referred to in sub-section (2), shall keep and maintain such books of account… Read More »