Section 30 Income Tax Act 2025 Deduction on certain premium. 30. The following sums shall be allowed as deduction in computing income chargeable under section 26, being premium paid:— (a) by any assessee in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of business or profession; (b) by… Read More »
Section 29 Income Tax Act 2025 Deductions related to employee welfare. 29. (1) The following sums, in the case of an assessee being an employer, shall be allowed as deduction in computing income chargeable under section 26:— (a) any sum paid by way of contribution towards a recognised provident fund or an approved superannuation fund, subject to—… Read More »
Section 28 Income Tax Act 2025 Rent, rates, taxes, repairs and insurance. 28. (1) The following amounts shall be allowed as deduction in respect of premises, machinery, plant or furniture used for the purposes of the business or profession:— (a) any premium paid in respect of insurance against risk of damage or destruction thereof; (b)… Read More »
Section 26 Income Tax Act 2025 D.-Profits and gains of business or profession Income under head “Profits and gains of business or profession”. 26. (1) The incomes referred to in sub-section (2) shall be chargeable to income-tax under the head “Profits and gains of business or profession”. (2) The income under sub-section (1) shall include—… Read More »
Section 25 Income Tax Act 2025 Interpretation. 25. For the purposes of sections 20 to 24, the “owner” in relation to a property or any part thereof shall include— (a) an individual who transfers without adequate consideration, any property to the spouse (except under an agreement to live apart), or to a minor child (other than a married… Read More »
Section 24 Income Tax Act 2025 Property owned by co-owners. 24.(1) For property co-owned with definite and ascertainable share, the co-owners shall not be assessed as an association of persons and their income computed separately under this Part as per their respective share shall be included in their total income. (2) The relief available under section… Read More »
Section 23 Income Tax Act 2025 Arrears of rent and unrealised rent received subsequently. 23. (1) The amount of arrears of rent received by an assessee from a tenant, or the unrealised rent realised subsequently from a tenant, shall be deemed to be the income from house property in respect of the tax year in… Read More »
Section 22 Income Tax Act 2025 Deductions from income from house property. 22. (1) The income under the head “Income from house property” shall be computed after making the following deductions:— (a) 30% of the annual value as determined under section 21; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed… Read More »
Section 21 Income Tax Act 2025 Determination of annual value. 21. (1) For the purposes of section 20, the annual value of any property shall be deemed to be the higher of the following:— (a) the sum for which it might reasonably be expected to let from year to year; or (b) the actual rent received… Read More »
Section 20 Income Tax Act 2025 C.-Income from house property Income from house property. 20.(1) The annual valueof property consisting of any buildingsor lands appurtenantthereto, owned by the assessee shall be chargeable to income-tax under the head “Income from house property”. (2) The provisions of sub-section (1) shall not apply to such portions of the… Read More »