Section 98 Income Tax Act 2025 “Transfer” and “revocable transfer” defined. 98. For the purposes of sections 96 and 97, and this section,— (a) “transfer” includes any settlement, trust, covenant, agreement or arrangement; (b) a transfer shall be deemed to be revocable, if— (i) it contains any provision for the direct or indirect re-transfer of the whole or any part of… Read More »
Section 93 Income Tax Act 2025 Deductions. 93. (1) The income chargeable under the head “Income from other sources” shall be computed after making the following deductions:— (a) for dividends [excluding those referred to in section 2(40)(f)] or interest on securities, any reasonable sum paid as commission or remuneration to a banker or any other person… Read More »
Section 106 Income Tax Act 2025 Amount borrowed or repaid through negotiable instrument, hundi, etc. 106. (1) Where any amount (including interest thereof) is borrowed or repaid through a negotiable instrument or on a hundi, otherwise than an account payee cheque, or through any mode as specified by the Board in this behalf, the amount so borrowed… Read More »
Section 104 Income Tax Act 2025 Unexplained asset. 104.(1) Where in any tax year, any asset has been found to be owned by or belonging to the assessee which is not recorded in the books of account, if any, maintained by such assessee for any source of income, or the Assessing Officer finds that the… Read More »
Section 105 Income Tax Act 2025 Unexplained expenditure. 105.(1) Where any expenditure has been incurred by the assessee in any tax year, and— (a) the assessee offers no explanation about the source of such expenditure or part thereof; or (b) the explanation offered about the source of such expenditure by the assessee is not satisfactory… Read More »
Section 103 Income Tax Act 2025 Unexplained investment. 103. Where in any tax year, any investment has been made by the assessee which is not recorded in the books of account, if any, maintained by such assessee for any source of income, or, the Assessing Officer finds that the amount of such investment exceeds the… Read More »
Section 102 Income Tax Act 2025 Unexplained credits. 102. (1) Where any sum is found credited in the books of an assessee maintained for any tax year, and— (a) the assessee offers no explanation about the nature and source of such credit; or (b) the explanation offered about the nature and source of such credit by assessee… Read More »
Section 101 Income Tax Act 2025 CHAPTER VI AGGREGATION OF INCOME Total income. 101. In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter XVII-A4.
Section 100 Income Tax Act 2025 Liability of person in respect of income included in income of another person. 100. Where, income of a person, other than the assessee, arising from any asset, or income from membership of a firm, is included in the total income of the assessee under this Chapter or under section 25(a),… Read More »
Section 99 Income Tax Act 2025 Income of individual to include income of spouse, minor child, etc. 99.(1) The total income of any individual, for a tax year, shall include the income arising directly or indirectly,— (a) to the spouse of such individual,— (i) by way of salary, commission, fees or any other form of… Read More »