Daily Archives: April 1, 2026

Section 145 Income Tax Act 2025 Deduction for businesses engaged in collecting and processing of bio-degradable waste.

By | April 1, 2026
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Section 145 Income Tax Act 2025 Deduction for businesses engaged in collecting and processing of bio-degradable waste. 145. If the gross total income of an assessee includes any profits and gains derived from the business of collecting and processing or treating of bio-degradable waste57 for,— (a) generating power; or (b) producing bio-fertilizers, bio-pesticides or other biological agents;… Read More »

RULE 38 INCOME-TAX RULES 2026 Conditions for notification of agricultural extension projects under section 47(1)(a).

By | April 1, 2026
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RULE 38 INCOME-TAX RULES 2026 RULE 38 INCOME-TAX RULES 2026 Conditions for notification of agricultural extension projects under section 47(1)(a). 38. (1) The assessee undertaking an agricultural extension project (herein referred as the project) shall maintain separate books of account of the project notified under section 47(1)(a) and get such books of account audited by an… Read More »

RULE 37 INCOME-TAX RULES 2026 Procedure for approval of agricultural extension project under section 47(1)(a).

By | April 1, 2026
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RULE 37 INCOME-TAX RULES 2026 RULE 37 INCOME-TAX RULES 2026 Procedure for approval of agricultural extension project under section 47(1)(a). 37. (1) The agricultural extension project (herein referred as the project) shall be considered for notification, if it fulfils the following conditions:— (a) the project shall be undertaken by an assessee for training, education and guidance… Read More »

RULE 36 INCOME-TAX RULES 2026 Procedure for notification of an affordable housing project as a specified business under section 46(11)(d)(vii) and a semi-conductor wafer fabrication manufacturing unit as a specified business under section 46(11)(d)(xiii).

By | April 1, 2026
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RULE 36 INCOME-TAX RULES 2026 RULE 36 INCOME-TAX RULES 2026 Procedure for notification of an affordable housing project as a specified business under section 46(11)(d)(vii) and a semi-conductor wafer fabrication manufacturing unit as a specified business under section 46(11)(d)(xiii). 36. (1) The applicant shall apply for notification of–– (a) an affordable housing project (herein referred to… Read More »

RULE 35 INCOME-TAX RULES 2026 Prescribed authority, procedure, form, manner and conditions for approval by a company for deduction for expenditure on scientific research under section 45(3)(b).

By | April 1, 2026
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RULE 35 INCOME-TAX RULES 2026 RULE 35 INCOME-TAX RULES 2026 Prescribed authority, procedure, form, manner and conditions for approval by a company for deduction for expenditure on scientific research under section 45(3)(b). 35. (1) For the purposes section 45(3)(b), the prescribed authority shall be the Chief Commissioner of Income-tax having jurisdiction over the applicant. (2) The… Read More »

Section 148 Income Tax Act 2025 Deduction in respect of certain inter-corporate dividends.

By | April 1, 2026
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Section 148 Income Tax Act 2025 Deduction in respect of certain inter-corporate dividends. 148. (1) If the gross total income of a domestic company in any tax year includes any income by way of dividends from— (a) any other domestic company; or (b) a foreign company; or (c) a business trust, such domestic company shall be… Read More »

RULE 34 INCOME-TAX RULES 2026 Conditions subject to which approval is to be granted to a University, college or other institution for deduction for expenditure on scientific research under section 45(4) read with section 45(3)(a).

By | April 1, 2026
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RULE 34 INCOME-TAX RULES 2026 RULE 34 INCOME-TAX RULES 2026 Conditions subject to which approval is to be granted to a University, college or other institution for deduction for expenditure on scientific research under section 45(4) read with section 45(3)(a). 34. (1) The sum paid to a University, college or other institution shall be used for… Read More »

Section 150 Income Tax Act 2025 Interpretation for purposes of section 149.

By | April 1, 2026
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Section 150 Income Tax Act 2025 Interpretation for purposes of section 149. 150. For the purposes of section 149,— (a) “consumers’ co-operative society” means a society for the benefit of the consumers; (b) “primary agricultural credit society” has the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949); and… Read More »

RULE 33 INCOME-TAX RULES 2026 Conditions subject to which approval is to be granted to a research association for deduction for expenditure on scientific research under section 45(4) read with section 45(3)(a).

By | April 1, 2026
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RULE 33 INCOME-TAX RULES 2026 RULE 33 INCOME-TAX RULES 2026 Conditions subject to which approval is to be granted to a research association for deduction for expenditure on scientific research under section 45(4) read with section 45(3)(a). 33. (1) The sole object of the applicant research association shall be to undertake scientific research or research in… Read More »

Section 144B Income Tax Act 2025 Faceless Assessment.

By | April 1, 2026
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Section 144B Income Tax Act 2025 Faceless Assessment. 144B. [(1) Notwithstanding anything to the contrary contained in any other provision of this Act, the assessment, reassessment or recomputation under sub-section (3) of section 143 or under section 144 or under section 147, as the case may be, with respect to the cases referred to in sub-section (2), shall be made in… Read More »