The Income Tax Act 2025 introduces a series of updated provisions and amendments aimed at streamlining taxation processes for individuals, businesses, and organizations in India. This category covers key changes and new regulations under the Act, including tax rates, exemptions, deductions, compliance requirements, and procedural updates. It is designed to guide taxpayers, chartered accountants, and legal professionals through the latest tax laws, ensuring accurate filing, improved transparency, and enhanced ease of doing business. Explore detailed insights on the income tax landscape for 2025, including provisions for both direct and indirect taxation, digital taxation trends, and government initiatives for economic growth.
(1) For the purposes of section 20, the annual value of any property shall be deemed to be the higher of the following:—(a) the sum for which it might reasonably be expected to let from year to year; or(b) the actual rent received or receivable by the owner, if the property or any part of […]
(1) The income under the head “Income from house property” shall be computed after allowing the following deductions:––(a) 30% of the annual value;(b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital.(2) In case of property or properties referred to in
(1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenant shall deemed to be the income from house property in respect of the tax year in which such rent is received or realised.(2) The amount deemed to be income from house property under sub-section (1)
(1) For property co-owned with definite and ascertainable share, the co-owners shall not be assessed as an association of persons and their income computed separately as per their respective share under this Chapter shall be included in their total income.(2) The relief available under section 21(6) shall be provided as if each co-owner is individually
For the purposes of sections 20 to 24, the “owner” in relation to a property shall include––(a) an individual who transfers without adequate consideration, any property to the spouse (except under an agreement to live apart), orto a minor child (other than a married daughter);(b) the holder of an impartible estate;(c) a member of a
(1) The income from any business or profession carried on by the assessee at any time during the tax year shall be chargeable toincome-tax under the head “Profits and gains of business or profession”.(2) The income under sub-section (1) shall include––(a) the profits and gains of any business or profession carried on by the assessee
The income referred to in section 26 shall be computed as per the provisions of sections 28 to 60, except section 58.
(1) The following amounts shall be allowed as deduction in respect of premises, machinery, plant or furniture, wholly and exclusively, used for the purposes of the business or profession:––(a) any premium paid in respect of insurance against risk of damage or destruction thereof;(b) land revenue, local rates or municipal taxes paid;(c) rent paid, when the
(1) The following sums, when paid by the assessee as an employer, shall be allowed as deduction in computing income chargeable under section 26:––(a) any contribution paid to a recognised provident fund or an approved superannuation fund, subject to––(i) the limits as prescribed for recognising the provident fund or approving the superannuation fund; and(ii) the
The following sums shall be allowed as deduction in computing income chargeable under section 26, being premium paid:––(a) by any assessee in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of business or profession;(b) by a federal milk co-operative society to effect or to keep in