Section 147 Income Tax Act 2025 Income escaping assessment. 147. If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any other allowance… Read More »
Section 146 Income Tax Act 2025 Reopening of assessment at the instance of the assessee. 146. [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]
RULE 42 INCOME-TAX RULES 2026 RULE 42 INCOME-TAX RULES 2026 Special provision regarding interest on bad and doubtful debt of specified financial institution. 42. (1) The provisions of section 56 shall apply in the case of every public financial institution, scheduled bank, State Financial Corporation and State Industrial Investment Corporation, if its income from interest is… Read More »
Section 146 Income Tax Act 2025 Deduction in respect of additional employee cost. 146. (1) Subject to the conditions specified in sub-sections (2) and (3), if the gross total income of an assessee, to whom section 63 applies, includes any profits and gains derived from business, a deduction of an amount equal to 30% of additional employee cost… Read More »
Section 147 Income Tax Act 2025 Deductions for income of Offshore Banking Units and Units of International Financial Services Centre. 147. (1) Where the following assessee has any income of the nature referred to in sub-section (3), there shall be allowed a deduction equal to 100% of such income:— (a) a scheduled bank, or a… Read More »
RULE 41 INCOME-TAX RULES 2026 Expenditure for obtaining right to use spectrum for telecommunication services. 41. (1) For the purposes of section 52(7)(a) read with section 52(1) [Table: Sl. No. 3], the term “actually paid” shall mean,— (a) where an assessee has opted and been allowed by the Department of Telecommunications, Government of India to make… Read More »
RULE 39 INCOME-TAX RULES 2026 RULE 39 INCOME-TAX RULES 2026 Procedure for approval of skill development projects under section 47(1)(b). 39. (1) A skill development project (herein referred as the project) shall be considered for notification, if it is undertaken by an eligible company and the project is undertaken in a separate facility in a training… Read More »
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 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 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 »