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) The amount mentioned in column C of the Table below, in respect of any provision for bad and doubtful debts made by the assessee specified in column B thereof, shall be allowed as a deduction in computation of income chargeable under section 26. Sl No. Specified Assessee Amount of Deduction A B C 1 […]
(1) The following amounts shall be allowed as deduction in computing income chargeable under section 26:––(a) bonus or commission paid to an employee for services rendered, but only when such sum would not have been payable to the employee as profits or dividend if it had not been paid as bonus or commission;(b) interest paid
(1) A deduction in respect of depreciation of—(a) buildings, machinery, plant or furniture, being tangible assets;(b) know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, beingintangible assets acquired, not being goodwill of a business or profession, owned wholly or partly by the assessee and used wholly and exclusively
(1) Any expenditure (not being an expenditure of the nature specified in sections 28 to 33 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under
Irrespective of any other provision of ChapterIV-D, the following amounts shall not be allowed as deduction in computing the income chargeable under the head “Profits and gains of business or profession”:—(a) any amount on account of––(i) tax paid on income; or(ii) tax paid by employer referred to in Schedule III (Table: Sl. No. 10); or(iii)
(1) The provisions of this section shall have effect irrespective of anything to the contrary contained in any other provision of this Act relating to computation of income under the head “Profits and gains of business or profession”.(2) If the assessee incurs any expenditure for which payment has been or is to be made to
(1) The following sums payable, as specified in sub-section (2), shall be allowed as deduction while computing the income chargeable under section 26 only in the tax year in which such sums are actually paid irrespective of––(a) any provision to the contrary in this Act; or(b) method of accounting regularly followed; or(c) the tax year
(1) The following sums shall be deemed to be profit and gains of business or profession and shall be chargeable to income-tax, in the manner specified below, subject to the provisions of sub-section (2):––(a) where an allowance or deduction has been allowed in respect of any loss, expenditure or trading liability incurred by the assessee
(1) For the purposes of computation of income under the head “Profits and gains of business or profession”, cost of acquisition of an asset acquired by––(a) an amalgamated company under a scheme of amalgamation; or(b) an assessee, under a gift, or will, or an irrevocable trust, or on total or partial partition of a Hindu