Monthly Archives: April 2026

RULE 61 INCOME-TAX RULES 2026 RULE 61 INCOME-TAX RULES 2026 Certificate of a medical authority in respect of autism, cerebral palsy and multiple disabilities for the purposes of deduction under section 127 and section 154. 61. (1) For the purposes of sections 127(9)(e) and 154(3), the medical authority responsible for certifying “autism”, “cerebral palsy”, “multiple disabilities”,… Read More »

RULE 60 INCOME-TAX RULES 2026 RULE 60 INCOME-TAX RULES 2026 Conditions for carrying forward or set-off of accumulated loss and unabsorbed depreciation allowance in case of amalgamation. 60. (1) The conditions referred to in section 116(4)(b)(iii) shall be the following:— (a) the amalgamated company, owning an industrial undertaking of the amalgamating company by way of amalgamation,… Read More »

RULE 59 INCOME-TAX RULES 2026 RULE 59 INCOME-TAX RULES 2026 Computation of income chargeable to tax under section 92(2)(l) 59. (1) For the purposes of section 92(2)(l), if a person receives any sum, including the amount allocated by way of bonus, during a tax year under a life insurance policy, then the income chargeable to tax… Read More »

RULE 58 INCOME-TAX RULES 2026 RULE 58 INCOME-TAX RULES 2026 Prescribed class of persons for the purpose of section 92(3)(i) and section 79. 58. (1) The provisions of section 92(2)(m) shall not apply to class of persons referred to in column B of the following Table, where such persons receive assets in the nature referred to… Read More »

RULE 57 INCOME-TAX RULES 2026 RULE 57 INCOME-TAX RULES 2026 Determination of fair market value. 57. For the purpose of following sections referred to in column B of the Table below, the fair market value of the property of the nature referred to column C shall be determined in the manner provided in column D thereof… Read More »

RULE 56 INCOME-TAX RULES 2026 RULE 56 INCOME-TAX RULES 2026 Meaning of expressions used in determination of fair market value. 56. For the purposes of this rule and rule 57,— (a) “balance sheet”, in relation to any company, means,— (i) in relation to an Indian company, the balance sheet of such company (including the notes annexed… Read More »

RULE 55 INCOME-TAX RULES 2026 Conditions for reference to Valuation Officers under section 91(1)(b). 55. For the purposes of section 91(1)(b)(i),— (a) the percentage of the value of the asset shall be 15%; and (b) the amount shall be ten lakh rupees. ******************************** Read more Income Tax Act 2025 INCOME TAX RULES 2026   for more… Read More »

RULE 54 INCOME-TAX RULES 2026 Form of report of an accountant in respect of slump sale. 54. In case of a slump sale under section 77(4), every assessee is required to submit a report from an accountant as defined in section 515(3)(b), in Form No. 28 before the specified date referred to in section 63. *******************… Read More »

RULE 53 INCOME-TAX RULES 2026 RULE 53 INCOME-TAX RULES 2026 Computation of fair market value of capital assets for purposes of section 77. 53. (1) For the purposes of section 77(3)(b), the fair market value of the capital assets shall be the FMV1 determined under sub-rule (2) or FMV2 determined under sub-rule (3), whichever is higher.… Read More »

RULE 52 INCOME-TAX RULES 2026 RULE 52 INCOME-TAX RULES 2026 Rate of exchange for conversion of rupees into foreign currency and reconversion of foreign currency into rupees for purpose of computation of capital gains under section 72. 52. (1) For the purpose of computing capital gains arising from the transfer of a capital asset being shares… Read More »