Income Tax Act 1961
( Compilation of important Sections )
Section 6 : Residence in India.
Section 17 : Salary, perquisite and profits in lieu of salary
Section 24 : Deductions from income from house property
Section 43AA : Taxation of foreign exchange fluctuation.
Section 43B : Certain deductions to be only on actual payment.
Section 44AA : Maintenance of accounts by certain persons carrying on profession or business.
Section 44AB Income Tax Act 1961 ; FA 2018
Section 44AD Special provision for computing profits and gains of business on presumptive basis.
Section 43CB : Computation of income from construction and service contracts.
Section 54 Profit on sale of property used for residence.
Section 54F Income Tax Capital Gains Tax Exemption if investment in residential house
Section 54 EC Income Tax Act : Capital gain not to be charged on investment in certain bonds.
Section 54GB Income Tax Capital Gain Exemption on transfer of residential property
Section 80D of Income tax Act 1961 : Deduction in respect of health insurance premia.
Section 80DDB Income Tax – Dedction for Medical Treatment
Section 80G Income Tax Act : Deduction for donations to certain funds, charitable institutions, etc.
Section 80EEA : Deduction for interest on loan taken for residential house property.
Section 80PA : Deduction in respect of certain income of Producer Companies
Section 80TTA Deduction of Income Tax : Saving Bank Interest Income
Section 80EE of Income Tax Act : Deduction of House Loan Interest
Section 80TTB :Deduction in respect of interest on deposits in case of senior citizens.
Section 89 : Relief when salary, etc., is paid in arrears or in advance.
Section 112 Income Tax Act Tax on long-term capital gains.
Section 112A : Tax on long-term capital gains in certain cases.
Section 115BBJ Tax on winnings from online games.
Section 115BAC New Tax Regime in Income Tax
Section 148 : Notice if Income escaped assessment.
Section 148A: Conducting Inquiry, providing opportunity before issue of notice u/s 148
Section 154 : Rectification of mistake.
Section 156 : Notice of demand
Section 194BA : Winnings from online games.
Section 194I Income Tax TDS on Rent
Section 194IB : Payment of rent by certain individuals or Hindu undivided family
Section 194J Income Tax TDS on Fees for professional or technical services
Section 194M : Payment of certain sums by certain individuals or Hindu undivided family.
Section 194S Income Tax for TDS on Payment on transfer of virtual digital asset.
Section 194N : Payment of certain amounts in cash
Section 194O : Payment of certain sums by e-commerce operator to e-commerce participant
Section 206C(1G) of Income Tax : TCS on overseas Tour Package & Foreign Remittance
Section 206CC : Requirement to furnish Permanent Account number by collectee.
Section 211 : Installments of advance tax and due dates
Section 234E : Fee for default in furnishing statements.
Section 234F : Fees for default in furnishing return of income
Section 269SU Income Tax : Acceptance of payment through prescribed electronic modes.
Section 271DB Income Tax Act : Penalty for failure to comply with provisions of section 269SU
Section 272B : Penalty for failure to comply with the provisions of section 139A.
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