RULE 218 INCOME-TAX RULES 2026 RULE 218 INCOME-TAX RULES 2026 Time and mode of payment to Government account of tax deducted or collected at source or tax paid under section 392(2)(a). 218. (1) All sums deducted or collected under the provisions of Chapter XIX-B of the Act or construed as deductible under section 392(2), by an… Read More »
RULE 217 INCOME-TAX RULES 2026 RULE 217 INCOME-TAX RULES 2026 Conditions under section 397(2)(c) for non-application of deduction of tax at higher rate, in case of non-residents. 217. (1) The provisions of section 397(2)(b)(i) shall not apply to a non-resident, not being a company, or a foreign company (the deductee), where such deductee does not have… Read More »
RULE 216 INCOME-TAX RULES 2026 RULE 216 INCOME-TAX RULES 2026 Application for allotment of a tax deduction and collection account number. 216. (1) The application under section 397(1)(a) for the allotment of a tax deduction and collection account number shall be made in–– (a) Form No. 134, in case of a Government entity; or (b) Form… Read More »
SCHEDULE XVI Income Tax Act 2025 [See section 350] PERMITTED MODES OF INVESTMENT OR DEPOSITS forms or modes of investment or deposits by a registered non-profit organisation 1. The modes of investing or depositing the money referred to in section 350 shall be the following:— (1) investment in savings certificates as defined in section 2(c) of the Government Savings… Read More »
SCHEDULE XV Income Tax Act 2025 [See section 123] DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES, ETC. Sums qualifying as deduction. 1. For any tax year, the following amounts shall qualify as deduction for the purpose of section 123— (a) premium paid for a life insurance policy— (i)… Read More »
SCHEDULE XIV Income Tax Act 2025 [See section 55] INSURANCE BUSINESS A.-Life insurance business Profits of life insurance business to be computed separately. 1. If a person is engaged in life insurance business during the tax year, the profits and gains of such business shall be computed separately from profits and gains of any other business. Computation… Read More »
SCHEDULE XIII Income Tax Act 2025 [See section 45(2)] LIST OF ARTICLES OR THINGS 1. Beer, wine and other alcoholic spirits. 2. Tobacco and tobacco preparations, such as, cigars and cheroots, cigarettes, biris, smoking mixtures for pipes and cigarettes, chewing tobacco and snuff. 3. Cosmetics and toilet preparations. 4. Tooth paste, dental cream, tooth powder and… Read More »
SCHEDULE XII Income Tax Act 2025 [See section 51] PART A MINERALS 1. Aluminium ores. 2. Apatite and phosphatic ores. 3. Beryl. 4. Chrome ore. 5. Coal and lignite. 6. Columbite, Samarskite and other minerals of the “rare earths” group. 7. Copper. 8. Gold. 9. Gypsum. 10. Iron ore. 11. Lead. 12. Manganese ore. 13. Molybdenum.… Read More »
SCHEDULE XI Income Tax Act 2025 [See section 2(91)] PART A RECOGNISED PROVIDENT FUNDS Application of Part 1. This Part shall not apply to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies. Definitions. 2. For the purposes of this Part, unless the context otherwise requires,— (a) “approving authority” means the Principal Chief… Read More »
SCHEDULE X Income Tax Act 2025 [See section 49] DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD “PROFITS AND GAINS OF BUSINESS OR PROFESSION” Quantum of deduction. 1. (1) An assessee shall be allowed deduction of,— (a) the amount or aggregate of the amount deposited by the assessee in the account as specified in… Read More »