Monthly Archives: March 2026

Section 61 Income Tax Act 2025 Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents.  61. (1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the manner of computation of profits and gains of the specified business in sub-section (2).… Read More »

Section 60 Income Tax Act 2025 Deduction of head office expenditure in case of non-residents.  60.  (1) Irrespective of anything to the contrary contained in sections 26 to 54, in the case of a non-resident assessee, deduction of head office expenditure incurred by such assessee as is attributable to his business or profession in India, shall be allowed… Read More »

Section 59 Income Tax Act 2025 Computation of royalty and fee for technical services in hands of non-residents. 59. (1) Income in the nature of royalty or fees for technical services received by a specified assessee during a tax year, shall be computed under the head “Profits and gains of business or profession” under this Act,… Read More »

Section 58 Income Tax Act 2025 Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents.  58. (1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the manner of computation of profits and gains of the specified business or profession… Read More »

Section 57 Income Tax Act 2025 Revenue recognition for construction and service contracts. 57. (1) The profits and gains arising from a construction contract or a contract for providing services, shall be determined on the basis of percentage of completion method, subject to provisions of sub-section (2), as per the income computation and disclosure standards notified… Read More »

Section 56 Income Tax Act 2025 Special provision in case of interest income of specified financial institutions.  56. (1) Irrespective of anything to the contrary contained in this Act, the interest income in relation to bad or doubtful debts of a specified financial institution shall be chargeable to tax under the head “Profits and gains of… Read More »

Section 54 Income Tax Act 2025 Business of prospecting for mineral oils. 54.  (1) Where the assessee undertakes specified oil exploration business, then deduction specified in sub-sections (3) and (4) shall be allowed while computing the income under the head “Profits and gains of business or profession”. (2) For the purposes of this section, “specified… Read More »

Section 53 Income Tax Act 2025 Full value of consideration for transfer of assets other than capital assets in certain cases. 53. (1) In case of transfer of an asset (other than a capital asset), being land or building or both, if the consideration received or accrued from such transfer is less than the stamp duty… Read More »

Section 52 Income Tax Act 2025 Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc.  52.  (1) Where an expenditure of the nature specified in column B of the Table given below is incurred during the tax year, a deduction or part thereof shall be allowed in equal instalments in each… Read More »

Section 51 Income Tax Act 2025 Amortisation of expenditure for prospecting certain minerals.  51.  (1) An assessee, being an Indian company or a person (other than a company) who is resident in India, who is engaged in any operations relating to prospecting for, or extraction or production of, any mineral, shall be allowed a deduction… Read More »