Section 50 Income Tax Act 2025 Special provision in case of trade, profession or similar association. 50. (1) Irrespective of anything to the contrary contained in this Act, if, during the tax year, the amount received by a specified association from its members falls short of the expenditure incurred by such association solely for the… Read More »
Section 49 Income Tax Act 2025 Site Restoration Fund. 49. (1) An assessee carrying on a business of prospecting, extracting, or producing petroleum or natural gas, or both, in India, and who has an agreement with the Central Government for this business, shall be allowed a deduction on the basis of deposit to special account or… Read More »
Section 48 Income Tax Act 2025 Tea development account, coffee development account and rubber development account. 48. (1) Where an assessee is carrying on business of growing and manufacturing tea or coffee or rubber in India, such assessee shall be allowed a deduction on the basis of deposits into the special account or deposit account and… Read More »
Section 47 Income Tax Act 2025 Expenditure on agricultural extension project and skill development project. 47. (1) Any expenditure (excluding cost of any land or building) incurred, on— (a) agricultural extension project by any assessee; or (b) any skill development project by a company, shall be allowed as a deduction, in the tax year in which… Read More »
Section 46 Income Tax Act 2025 Capital expenditure of specified business. 46. (1) An assessee, at his option, shall be allowed a deduction of the whole of the capital expenditure incurred, wholly and exclusively, for the purposes of any specified business carried on by him during the tax year in which such expenditure is incurred. (2)… Read More »
Section 45 Income Tax Act 2025 Expenditure on scientific research. 45. (1)(a) A deduction shall be allowed for any expenditure, being in the nature of— (i) capital expenditure, but not on acquisition of land which is acquired as such or as part of any property; or (ii) revenue expenditure, incurred on scientific research related to… Read More »
Section 44 Income Tax Act 2025 Amortisation of certain preliminary expenses. 44. (1) If an assessee, being an Indian company or a person (other than a company), who is resident in India, incurs any expenditure specified in sub-section (2)— (a) before the commencement of its business; or (b) after the commencement of its business, in… Read More »
Section 43 Income Tax Act 2025 Taxation of foreign exchange fluctuation. 43. (1) Subject to the provisions of section 42, any gain or loss arising on account of change in foreign exchange rates on foreign currency transactions shall be treated as income or loss, as the case may be, and shall be computed as per the income… Read More »
Section 42 Income Tax Act 2025 Capitalsing impact of foreign exchange fluctuation. 42. (1) Irrespective of anything contained in any other provision of this Act, where at the time of making payment during the tax year, there is a variation in liability of an assessee as expressed in Indian currency, due to change in rate… Read More »
Section 41 Income Tax Act 2025 Written down value of depreciable asset. 41. (1) For the purposes of computation of income under the head “Profits and gains of business or profession”, written down value means— (a) in case the asset is acquired in the tax year, the actual cost to the assessee; (b) in case… Read More »