Income Tax Act 1961

By | November 27, 2017
(Last Updated On: July 14, 2019)

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 44AE  : Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages.

Section 44ADA  : Special provision for computing profits and gains of profession on presumptive basis.

 Section 43CB : Computation of income from construction and service contracts.

Section 54 EC Income Tax Act : Capital gain not to be charged on investment in certain bonds.

Section 57 : Deductions

Section 80D of Income tax Act 1961 : Deduction in respect of health insurance premia.

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 87A : Rebate of income-tax in case of certain individuals. : Rebate of income-tax in case of certain individuals.

Section 89 : Relief when salary, etc., is paid in arrears or in advance.

Section 112A : Tax on long-term capital gains in certain cases.

Section 154 : Rectification of mistake.

Section 156 : Notice of demand

Section 194IA Income Tax : Payment on transfer of certain immovable property other than agricultural land

Section 194IB : Payment of rent by certain individuals or Hindu undivided family

Section 194M : Payment of certain sums by certain individuals or Hindu undivided family.

Section 194N : Payment of certain amounts in cash

Section 195 : Other sums.

Section  206C : Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.

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.

Section 285BA of Income Tax Act 1961 : Obligation to furnish statement of financial transaction or reportable account

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