Monthly Archives: April 2026

RULE 28 INCOME-TAX RULES 2026 Form of audit report for claiming deduction for certain preliminary expenses under section 44 and expenditure for prospecting certain minerals under section 51.

By | April 1, 2026
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RULE 28 INCOME-TAX RULES 2026 Form of audit report for claiming deduction for certain preliminary expenses under section 44 and expenditure for prospecting certain minerals under section 51. 28. The report of audit of the accounts of an assessee, other than a company or a co-operative society, under section 44(6) or section 51(7), shall be furnished… Read More »

Section 141 Income Tax Act 2025 Deduction in respect of profits and gains from certain industrial undertakings.

By | April 1, 2026
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Section 141 Income Tax Act 2025 Deduction in respect of profits and gains from certain industrial undertakings. 141.  In respect of any tax year, where— (a) the gross total income of an assessee, includes any profits and gains derived from 49 any business referred to in section 80-IB of the Income-tax Act, 1961 (43 of 1961); and (b) such… Read More »

RULE 27 INCOME-TAX RULES 2026 Form of statement to be furnished regarding certain preliminary expenses eligible for deduction under section 44

By | April 1, 2026
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RULE 27 INCOME-TAX RULES 2026 Form of statement to be furnished regarding certain preliminary expenses eligible for deduction under section 44. 27. (1) The statement containing particulars of expenditure required to be furnished under section 44(3) shall be in Form No. 5 for each tax year. (2) Form No. 5 shall be furnished to the Director… Read More »

Section 155 Income Tax Act 2025 Rebate to be allowed in computing income-tax.

By | April 1, 2026
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Section 155 Income Tax Act 2025 CHAPTER IX Rebates and reliefs A.-Rebates and reliefs Rebate to be allowed in computing income-tax. 83 155. (1) In computing income-tax on the total income of an assessee with which he is chargeable for any tax year, there shall be allowed from income-tax (as computed before allowing the deductions under this… Read More »

Section 156 Income Tax Act 2025 Rebate of income-tax in case of certain individuals.

By | April 1, 2026
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Section 156 Income Tax Act 2025 Rebate of income-tax in case of certain individuals. 84 156. (1) An assessee, being an individual resident in India, shall be entitled to a deduction of 100% of income-tax payable or ₹ 12500, whichever is less, from the income-tax (computed before allowing the deduction under this section) chargeable on the total… Read More »

RULE 26 INCOME-TAX RULES 2026 Cases and circumstances in which a payment or aggregate of payments exceeding ten thousand rupees may be made to a person in a day, otherwise than by specified banking and online mode or through such other electronic mode as provided in rule 48

By | April 1, 2026
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RULE 26 INCOME-TAX RULES 2026 RULE 26 INCOME-TAX RULES 2026 Cases and circumstances in which a payment or aggregate of payments exceeding ten thousand rupees may be made to a person in a day, otherwise than by specified banking and online mode or through such other electronic mode as provided in rule 48 26. (1) No… Read More »

Section 140 Income Tax Act 2025 Special provision in respect of specified business.

By | April 1, 2026
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Section 140 Income Tax Act 2025 Special provision in respect of specified business. 140. (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, as per and subject to the provisions of this section, be allowed, in computing the total income… Read More »

RULE 25 INCOME-TAX RULES 2026 Depreciation.

By | April 1, 2026
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RULE 25 INCOME-TAX RULES 2026 RULE 25 INCOME-TAX RULES 2026 Depreciation. 25. (1) Subject to the provisions of sub-rule (7), the allowance under section 33(3) in respect of depreciation of any block of assets specified in column (2) of the Table in Appendix I shall be calculated at the percentages specified in the column (3) of… Read More »

Section 139C Income Tax Act 2025 Power of Board to dispense with furnishing documents, etc., with return.

By | April 1, 2026
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Section 139C Income Tax Act 2025 Power of Board to dispense with furnishing documents, etc., with return. 139C. (1) The Board may make rules providing for a class or classes of persons who may not be required to furnish documents, statements, receipts, certificates, reports of audit or any other documents, which are otherwise under any other… Read More »