Income Tax Act, 2025
Complete Text — All 536 Sections

§1 Short title, extent and commencemen §2 Definitions §3 Definition of “tax year” §4 Charge of income-tax §5 Scope of total income §6 Residence in India §7 Income deemed to be received and di §8 Income on receipt of capital asset §9 Income deemed to accrue or arise in §10 Apportionment of income between spo §11 11 §12 12 §13 Heads of Income §14 Income not forming part of total in §15 15 §16 Income from salary §17 17 §18 Profits in lieu of salary §19 Deductions from salaries §20 Income from house property §21 Determination of annual value §22 Deductions from income from house p §23 Arrears of rent and unrealised rent §24 Property owned by co-owners §25 Interpretation §26 Income under head “Profits and gain §27 Manner of computing profits and gai §28 Rent, rates, taxes, repairs and ins §29 Deductions related to employee welf §30 Deduction on certain premium §31 Deduction for bad debt and provisio §32 Other deductions §33 Deduction for depreciation §34 General conditions for allowable de §35 Amounts not deductible in certain c §36 Expenses or payments not deductible §37 Certain deductions allowed on actua §38 Certain sums deemed as profits and §39 Computation of actual cost §40 Special provision for computation o §41 Written down value of depreciable a §42 Capitalising impact of foreign exch §43 Taxation of foreign exchange fluctu §44 Amortisation of certain preliminary §45 Expenditure on scientific research §46 Capital expenditure of specified bu §47 Expenditure on agricultural extensi §48 Tea development account, coffee dev §49 Site Restoration Fund §50 Special provision in case of trade, §51 Amortisation of expenditure for pro §52 Amortisation of expenditure for §53 Full value of consideration for tra §54 Business of prospecting for mineral §55 Insurance business §56 Special provision in case of intere §57 Revenue recognition for constructio §58 Special provision for computing pro §59 Computation of royalty and fee for §60 Deduction of head office expenditur §61 Special provision for computation o §62 Maintenance of books of account §63 63 §64 Special provision for computing ded §65 Interpretation for purposes of sect §66 Interpretation §67 Capital gains §68 Capital gains on distribution of as §69 Capital gains on purchase by compan §70 Transactions not regarded as transf §71 Withdrawal of exemption in certain §72 Mode of computation of capital gain §73 Cost with reference to certain mode §74 Special provision for computation o §75 Special provision for cost of acqui §76 Special provision for computation o §77 Special provision for computation o §78 Special provision for full value of §79 Special provision for full value of §80 Fair market value deemed to be full §81 Advance money received §82 Profit on sale of property used for §83 Capital gains on transfer of land u §84 Capital gains on compulsory acquisi §85 Capital gains not to be charged on §86 Capital gains on transfer of certai §87 Exemption of capital gains on trans §88 Exemption of capital gains on trans §89 Extension of time for acquiring new §90 Meaning of “adjusted”, “cost of imp §91 Reference to Valuation Officer §92 Income from other sources §93 Deductions §94 Amounts not deductible §95 Profits chargeable to tax §96 Transfer of income without transfer §97 Chargeability of income in transfer §98 98 §99 Income of individual to include inc §100 Liability of person in respect of i §101 Total income §102 Unexplained credits §103 Unexplained investment §104 Unexplained asset §105 Unexplained expenditure §106 Amount borrowed or repaid through n §107 107 §108 Set off of losses under same head o §109 Set off of losses under any other h §110 Carry forward and set off of loss f §111 Carry forward and set off of loss f §112 Carry forward and set off of busine §113 Set off and carry forward of losses §114 Set off and carry forward of losses §115 Set off and carry forward of losses §116 Treatment of accumulated losses and §117 Treatment of accumulated losses and §118 Carry forward and set off of losses §119 Carry forward and set off of losses §120 No set off of losses against undisc §121 Submission of return for losses §122 Deductions to be made in computing §123 Deduction for life insurance premia §124 Deduction in respect of employer an §125 Deduction in respect of contributio §126 Deduction in respect of health insu §127 Deduction in respect of maintenance §128 Deduction in respect of medical tre §129 Deduction in respect of interest on §130 Deduction in respect of interest on §131 Deduction in respect of interest on §132 Deduction in respect of purchase of §133 Deduction in respect of donations t §134 Deductions in respect of rents paid §135 Deduction in respect of certain don §136 Deduction in respect of contributio §137 Deduction in respect of contributio §138 Deductions in respect of profits an §139 Deductions in respect of profits an §140 Special provision in respect of spe §141 Deduction in respect of profits and §142 Deductions in respect of profits an §143 Special provisions in respect of ce §144 Special provisions in respect of ne §145 Deduction for businesses engaged in §146 Deduction in respect of additional §147 Deductions for income of Offshore B §148 Deduction in respect of certain int §149 Deduction in respect of income of c §150 Interpretation for purposes of sect §151 Deduction in respect of royalty inc §152 Deduction in respect of royalty on §153 Deduction for interest on deposits §154 Deduction in case of a person with §155 Rebate to be allowed in computing i §156 Rebate of income-tax in case of cer §157 Relief when salary, etc., is paid i §158 Relief from taxation in income from §159 Agreement with foreign countries or §160 Countries with which no agreement e §161 Computation of income from internat §162 Meaning of associated enterprise §163 Meaning of international transactio §164 Meaning of specified domestic trans §165 Determination of arm’s length price §166 Reference to Transfer Pricing Offic §167 Power of Board to make safe harbour §168 Advance pricing agreement §169 Effect to advance pricing agreement §170 Secondary adjustment in certain cas §171 Maintenance, keeping and furnishing §172 Report from an accountant to be fur §173 Definitions of certain terms releva §174 Avoidance of income-tax by transact §175 Avoidance of tax by certain transac §176 Special measures in respect of tran §177 Limitation on interest deduction in §178 Applicability of General Anti-Avoid §179 Impermissible avoidance arrangement §180 Arrangement to lack commercial subs §181 Consequences of impermissible avoid §182 Treatment of connected person and a §183 Application of this Chapter §184 Interpretation §185 Mode of taking or accepting certain §186 Mode of undertaking transactions §187 Acceptance of payment through presc §188 Mode of repayment of certain loans §189 Interpretation §190 Determination of tax where total in §191 Tax on accumulated balance of recog §192 Tax in case of block assessment of §193 Tax on income from Global Depositor §194 Tax on certain incomes §195 T ax on income referred to in secti §196 Tax on short-term capital gains in §197 Tax on long-term capital gains §198 Tax on long-term capital gains in c §199 Tax on income of certain manufactur §200 Tax on income of certain domestic c §201 Tax on income of new manufacturing §202 New tax regime for individuals, Hin §203 Tax on income of certain resident c §204 Tax on income of certain new manufa §205 Conditions for tax on income of cer §206 Special provision for minimum alter §207 Tax on dividends, royalty and fees §208 Tax on income from units purchased §209 Tax on income from bonds or Global §210 Tax on income of Foreign Institutio §211 Tax on non-resident sportsmen or sp §212 Interpretation §213 Special provision for computation o §214 Tax on investment income and long-t §215 Capital gains on transfer of foreig §216 Return of income not to be furnishe §217 Benefit to be available in certain §218 Chapter not to apply if the assesse §219 Conversion of an Indian branch of f §220 Foreign company said to be resident §221 Tax on income from securitisation t §222 Tax on income in case of venture ca §223 Tax on income of unit holder and bu §224 Tax on income of investment fund an §225 Income from the business of operati §226 Tonnage tax scheme §227 Computation of tonnage income §228 Relevant shipping income and exclus §229 Depreciation and gains relating to §230 Exclusion of deduction, loss, set o §231 Method of opting of tonnage tax sch §232 Certain conditions for applicabilit §233 Amalgamation and demerger §234 Avoidance of tax and exclusion from §235 Interpretation §236 Income-tax authorities §237 Appointment of income-tax authoriti §238 Control of income-tax authorities §239 Instructions to subordinate authori §240 Taxpayer’s Charter §241 Jurisdiction of income-tax authorit §242 Jurisdiction of Assessing Officers §243 Power to transfer cases §244 Change of incumbent of an office §245 Faceless jurisdiction of income-tax §246 Power regarding discovery, producti §247 Search and seizure §248 Powers to requisition §249 Reasons not to be disclosed §250 Application of seized or requisitio §251 Copying, extraction, retention and §252 Power to call for information §253 Powers of survey §254 Power to collect certain informatio §255 Power to inspect registers of compa §256 Power of certain income-tax authori §257 Proceedings before income-tax autho §258 Disclosure of information relating §259 Power to call for information by pr §260 Faceless collection of information §261 Interpretation §262 Permanent Account Number §263 Return of income §264 Scheme for submission of returns th §265 Return by whom to be verified §266 Self-assessment §267 Tax on updated return §268 Inquiry before assessment §269 Estimation of value of assets by Va §270 Assessment §271 Best judgment assessment §272 Power of Joint Commissioner to issu §273 Faceless Assessment §274 Reference to Principal Commissioner §275 Reference to Dispute Resolution Pan §276 Method of accounting §277 Method of accounting in certain cas §278 Taxability of certain income §279 Income escaping assessment §280 Issue of notice where income has es §281 Procedure before issuance of notice §282 Time limit for notices under sectio §283 Provision for cases where assessmen §284 Sanction for issue of notice §285 Other provisions §286 Time limit for completion of assess §287 Rectification of mistake §288 Other amendments §289 Notice of demand §290 Modification and revision of notice §291 Intimation of loss §292 Assessment of total undisclosed inc §293 Computation of total undisclosed in §294 Procedure for block assessment §295 Undisclosed income of any other per §296 Time-limit for completion of block §297 Certain interests and penalties not §298 Levy of interest and penalty in cer §299 Authority competent to make assessm §300 Application of other provisions of §301 Interpretation §302 Legal representative §303 Representative assessee §304 Liability of representative assesse §305 Right of representative assessee to §306 Who may be regarded as agent §307 Charge of tax where share of benefi §308 Charge of tax in case of oral trust §309 Method of computing a member's shar §310 Share of member of association of p §311 Charge of tax where shares of membe §312 312 §313 Succession to business or professio §314 Effect of order of tribunal or cour §315 Assessment after partition of a Hin §316 Shipping business of non-residents §317 Assessment of persons leaving India §318 Assessment of association of person §319 Assessment of persons likely to tra §320 Discontinued business §321 Association dissolved or business d §322 Company in liquidation §323 Liability of directors of private c §324 Charge of tax in case of a firm §325 Assessment as a Firm §326 Assessment when section §327 Change in constitution of a firm §328 Succession of one firm by another f §329 Joint and several liability of part §330 Firm dissolved or business disconti §331 Liability of partners of limited li §332 Application for registration §333 Switching over of regimes §334 334 §335 Regular income §336 336 §337 Specified income §338 338 §339 Corpus donation §340 340 §341 Application of income §342 342 §343 343 §344 344 §345 345 §346 Restriction on commercial activitie §347 Books of account §348 348 §349 Return of income §350 350 §351 Specified violation §352 Tax on accreted income §353 Other violations §354 354 §355 Interpretation §356 Appealable orders before Joint Comm §357 Appealable orders before Commission §358 Form of appeal and limitation §359 Procedure in appeal §360 Powers of Joint Commissioner (Appea §361 Appellate Tribunal §362 Appeals to Appellate Tribunal §363 Orders of Appellate Tribunal §364 Procedure of Appellate Tribunal §365 Appeal to High Court §366 Case before High Court to be heard §367 Appeal to Supreme Court §368 Hearing before Supreme Court §369 Tax to be paid irrespective of appe §370 Execution for costs awarded by Supr §371 Amendment of assessment on appeal §372 Exclusion of time taken for copy §373 Filing of appeal by income-tax auth §374 Interpretation of “High Court” §375 Procedure when assessee claims iden §376 Procedure where an identical questi §377 Revision of orders prejudicial to r §378 Revision of other orders §379 Dispute Resolution Committee §380 Interpretation §381 Board for Advance Rulings §382 Vacancies, etc., not to invalidate §383 Application for advance ruling §384 Procedure on receipt of application §385 Appellate authority not to proceed §386 Advance ruling to be void in certai §387 Powers of the Board for Advance Rul §388 Procedure of Board for Advance Ruli §389 389 §390 Deduction or collection at source a §391 Direct payment §392 Salary and accumulated balance due §393 Tax to be deducted at source §394 Collection of tax at source §395 Certificates §396 Tax deducted is income received §397 Compliance and reporting §398 Consequences of failure to deduct o §399 399 §400 Power of Central Government to rela §401 Bar against direct demand on assess §402 Interpretation §403 Liability for payment of advance ta §404 Conditions of liability to pay adva §405 Computation of advance tax §406 Payment of advance tax by assessee §407 Payment of advance tax by assessee §408 Instalments of advance tax and due §409 When assessee is deemed to be in de §410 Credit for advance tax §411 When tax payable and when assessee §412 Penalty payable when tax in default §413 Certificate by Tax Recovery Officer §414 Tax Recovery Officer by whom recove §415 Stay of proceedings in pursuance of §416 Other modes of recovery §417 Recovery through State Government §418 Recovery of tax in pursuance of agr §419 Recovery of penalties, fine, intere §420 Tax clearance certificate §421 Recovery by suit or under other law §422 Recovery of tax arrear in respect o §423 Interest for defaults in furnishing §424 Interest for defaults in payment of §425 Interest for deferment of advance t §426 Interest on excess refund §427 Fee for default in furnishing state §428 Fee for default in furnishing retur §429 Fee for default relating to stateme §430 Fee for default relating to intimat §431 431 §432 Person entitled to claim refund in §433 Form of claim for refund and limita §434 Refund for denying liability to ded §435 Refund on appeal, etc §436 Correctness of assessment not to be §437 Interest on refunds §438 Set off and withholding of refunds §439 Penalty for under-reporting and mis §440 440 §441 Failure to keep, maintain or retain §442 Penalty for failure to keep and mai §443 Penalty in respect of certain incom §444 Penalty for false entry, etc., in b §445 Benefits to related persons §446 Failure to get accounts audited §447 Penalty for failure to furnish repo §448 Penalty for failure to deduct tax a §449 Penalty for failure to collect tax §450 Penalty for failure to comply with §451 Penalty for failure to comply with §452 Penalty for failure to comply with §453 Penalty for failure to comply with §454 Penalty for failure to furnish stat §455 Penalty for furnishing inaccurate s §456 Penalty for failure to furnish stat §457 Penalty for failure to furnish info §458 Penalty for failure to furnish info §459 Penalty for failure to furnish repo §460 Penalty for failure to submit state §461 Penalty for failure to furnish stat §462 Penalty for failure to furnish info §463 Penalty for furnishing incorrect in §464 Penalty for failure to furnish stat §465 Penalty for failure to answer quest §466 Penalty for failure to comply with §467 Penalty for failure to comply with §468 Penalty for failure to comply with §469 Power to reduce or waive penalty, e §470 Penalty not to be imposed in certai §471 471 §472 Bar of limitation for imposing pena §473 Contravention of order made under s §474 Failure to comply with section §475 Removal, concealment, transfer or d §476 Failure to pay tax to credit of Cen §477 Failure to pay tax collected at sou §478 Wilful attempt to evade tax, etc §479 Failure to furnish returns of incom §480 Failure to furnish return of income §481 Failure to produce accounts and doc §482 False statement in verification, et §483 Falsification of books of account o §484 Abetment of false return, etc §485 Punishment for second and subsequen §486 Punishment not to be imposed in cer §487 Offences by companies §488 Offences by Hindu undivided family §489 Presumption as to assets, books of §490 Presumption as to culpable mental s §491 Prosecution to be at instance of Pr §492 Certain offences to be non-cognizab §493 Proof of entries in records or docu §494 Disclosure of particulars by public §495 Special Courts §496 Offences triable by Special Court §497 Trial of offences as summons case §498 Application of Bharatiya Nagarik Su §499 Certain transfers to be void §500 Provisional attachment to protect r §501 Service of notice, generally §502 Authentication of notices and other §503 Service of notice when family is di §504 Service of notice in case of discon §505 Submission of statement by a non-re §506 Furnishing of information or docume §507 Submission of statements by produce §508 Obligation to furnish statement of §509 Obligation to furnish information o §510 Annual information statement §511 Furnishing of report in respect of §512 Publication of information respecti §513 Appearance by registered valuer in §514 Registration of valuers §515 Appearance by authorized representa §516 Rounding off of amount of total inc §517 Receipt to be given §518 518 §519 Power to tender immunity from prose §520 Cognizance of offences §521 Probation of Offenders Act, §522 Return of income, etc., not to be i §523 Notice deemed to be valid in certai §524 Presumption as to assets, books of §525 Authorisation and assessment in cas §526 Bar of suits in civil courts §527 Power to make exemption, etc., in r §528 Power of Central Government or Boar §529 Power to withdraw approval §530 Act to have effect pending legislat §531 Power to rescind exemption in relat §532 Power to frame schemes §533 Power to make rules §534 Laying before Parliament §535 Removal of difficulties §536 Repeal and savings