Income Tax Act, 2025

(1) For the purposes of different provisions for computation of income under the head “Profits and gains of business or profession”, written down value for the tax year shall be as mentioned in column C of the Table below: Sl. No. Circumstances Written down value A B C 1 In case the asset is acquired […]

(1) Irrespective of anything contained in any other provision of this Act, where at the time of making payment during the tax year, there is a variation in liability of an assessee as expressed in Indian currency due to change in rate of exchange in relation to an asset acquired for the purpose of business

(1) Subject to the provisions of section 42 any gain or loss arising on account of change in foreign exchange rates on foreign currency transactions shall be treated as income or loss, and shall be computed as per the income computationand disclosure standards notified under section 276(2).(2) The provisions of sub-section (1) shall be applicable

(1) If an assessee, being an Indian company or a person (other than a company), who is resident in India, incurs any expenditure specified in sub-section (2)—(a) before the commencement of its business; or(b) after the commencement of its business, in connection with the extension of its undertaking or in connection with its setting up

(1) A deduction shall be allowed for any expenditure, being in the nature of––(a) capital expenditure, but not on acquisition of land, as such or as part of any property; or(b) revenue expenditure; or(c) both, incurred on scientific research related to the business of the assessee subject to provisions of this section.(2)(a) A deduction shall

(1) An assessee, at his option, shall be allowed a deduction of the whole of the capital expenditure incurred, wholly and exclusively, for the purposes of any specified business carried on by him during the tax year in which such expenditure is incurred.(2) Where the expenditure referred to in sub-section (1) is incurred prior to

(1) Any expenditure (excluding cost of any land or building) incurred, on––(a) agricultural extension project by any assessee; or(b) any skill development project by a company, shall be allowed as a deduction, in the tax year in which such expenditure is incurredprovided such project is notified as per the guidelines issued by the Board.(2) If

(1) Where an assessee is carrying on business of growing and manufacturing tea or coffee or rubber in India, such assessee shall be allowed a deduction on the basis of deposits into the tea development account, coffee development account orrubber development account or any other designated account and computed as per the provisions of the

(1) An assessee carrying on a business of prospecting, extracting, or producing petroleum or natural gas, or both, in India, and who has an agreement with the Central Government for this business, shall be allowed a deduction on the basis ofdeposit to special account or the site restoration account, computed as per the provisions of

(1) Irrespective of anything to the contrary contained in this Act, if, during the tax year, the amount received by a specified association from its members falls short of the expenditure incurred by such association solely for the protection or advancement of common interest of its members, then the amount so falling short Shall be