GUIDE ON INCOME TAX LAW
CHAPTER IV – COMPUTATION OF INCOME
A – Heads of Income
Section 13 – Heads of Income
Section 14 - Income not forming part of total income and expenditure in relation to such income
B – Salaries
Section 15 – Salaries
Section 16 – Income from Salary
Section 17 – Perquisite
Section 18- Profit in lieu of Salary
Section 19 – Deductions from Salary
C – Income from House Property
Section 20 – Income from House Property
Section 21 – Determination of Annual Value
Section 22 – Deductions from Income from House Property
Section 23 - Arrears of rent and unrealized rent received subsequently
Section 24 – Property owned by Co-owners
Section 25 – Interpretation
D – Profit and gains of business or Profession
Section 26 - Income under head “Profits and gains of business or profession”
Section 27 - Manner of computing profits and gains of business or profession
Section 28 - Rent, rates, taxes, repairs and insurance
Section 29 - Deductions related to employee welfare
Section 30 - Deduction on certain premium
Section 31 - Deduction for bad debt and provision for bad and doubtful debt
Section 32 - Other deductions
Section 33 - Deduction for depreciation
Section 34 - General conditions for allowable deductions
Section 35 - Amounts not deductible in certain circumstances
Section 36 - Expenses or payments not deductible in certain circumstances
Section 37 - Certain deductions allowed on actual payment basis only
Section 38 - Certain sums deemed as profits and gains of business or profession
Section 39 - Computation of actual cost
Section 40 - Special provision for computation of cost of acquisition of certain assets
Section 41 - Written down value of depreciable asset
Section 42 - Capitalising impact of foreign exchange fluctuation
Section 43 - Taxation of foreign exchange fluctuation
Section 44 - Amortisation of certain preliminary expenses
Section 45 - Expenditure on scientific research
Section 46 - Capital expenditure of specified business
Section 47 - Expenditure on agricultural extension project and skill development project
Section 48 - Tea development account, coffee development account and rubber development account
Section 49 - Site Restoration Fund
Section 50 - Special provision in case of trade, profession or similar association
Section 51 - Amortisation of expenditure for prospecting certain minerals
Section 52 - Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc
Section 53 - Full value of consideration for transfer of assets other than capital assets in certain cases
Section 54 - Business of prospecting for mineral oils
Section 55 - Insurance business
Section 56 - Special provision in case of interest income of specified financial institutions
Section 57 - Revenue recognition for construction and service contracts
Section 58 - Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
Section 59 - Computation of royalty and fee for technical services in hands of non-residents
Section 60 - Deduction of head office expenditure in case of non-residents
Section 61 - Special provision for computation of income on presumptive basis in respect of certain business activities of certain non-residents
Section 62 - Maintenance of books of account
Section 63 - Tax audit
Section 64 - Special provision for computing deductions in case of business reorganisation of co-operative banks
Section 65 - Interpretation for purposes of section 64
Section 66 – Interpretation
CHAPTER XIX COLLECTION AND RECOVERY OF TAX
A – General
Section 390 – Deduction or collection at source and advance payment
Section 391 – Direct Payment
B – Deduction and collection at source
Section 392 - Salary and accumulated balance due to an employee
Section 393 - Tax to be deducted at source
Section 394 - Collection of tax at source
Section 395 – Certificates
Section 396 - Tax deducted is income received
Section 397 - Compliance and reporting
Section 398 - Consequences of failure to deduct or pay or, collect or pay
Section 399 – Processing
Section 400 - Power of Central Government to relax provisions of this Chapter
Section 401 - Bar against direct demand on assessee
Section 402 - Interpretation
