Income Tax Act 1961

By | November 27, 2017
(Last Updated On: November 16, 2023)

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 Profit on sale of property used for residence.

Section 54F Income Tax Capital Gains Tax Exemption if investment in residential house

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

Section 54GB Income Tax Capital Gain Exemption on transfer of residential property

Section 57 : Deductions

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

Section 80DDB Income Tax – Dedction for Medical Treatment

Section 80G Income Tax Act : Deduction for donations to certain funds, charitable institutions, etc.

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 112 Income Tax Act Tax on long-term capital gains.

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

Section 115BBJ Tax on winnings from online games.

Section 115BAC New Tax Regime in Income Tax

Section 133  Power to call for information.

Section 148 : Notice if Income escaped assessment.

Section 148A: Conducting Inquiry, providing opportunity before issue of notice u/s 148

Section 154 : Rectification of mistake.

Section 156 : Notice of demand

Section 194BA : Winnings from online games.

Section 194I Income Tax TDS on Rent 

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 194J Income Tax TDS on Fees for professional or technical services

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

Section 194S Income Tax for TDS on Payment on transfer of virtual digital asset.

Section 194N : Payment of certain amounts in cash

Section 194O  : Payment of certain sums by e-commerce operator to e-commerce participant

Section 195 : Other sums.

Section 203  Certificate for tax deducted.

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

Section 206C(1G) of Income Tax : TCS on overseas Tour Package & Foreign Remittance

Section 206AA Income Tax Act Requirement to furnish Permanent Account Number.

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 245  : Set off and withholding of refunds in certain cases

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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