New Provision
Section 150, IT Act 2025
Replaces (IT Act 1961)
149. 228 80P
Chapter
Chapter VIII — Deductions in Computing Total Income
Effective From
1 April 2026
Statutory Text — Section 150
r the purposes of section 149,–– (a) “consumers’ co-operative society” means a society for the benefit of the consumers; (b) “primary agricultural credit society” has the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949; and
(c) “primary co-operative agricultural and rural development bank” means a society having an area of operation confined to a taluk, the principal object of which is to provide long-term credit for agricultural and rural development activities.
Shahi & Co. — Our Understanding
This section falls under Chapter VIII which provides deductions from gross total income — these reduce your taxable income and directly lower your tax liability.
Practical Note: Unlike exemptions (Chapter III), deductions require active claiming in the ITR. Ensure proper documentation — payment proofs, investment certificates, employer certificates — is maintained for every deduction claimed.
Shahi & Co., Chartered Accountants
Need guidance on Section 150?
Our Direct Tax team advises individuals, businesses, and start-ups on all provisions of the Income Tax Act, 2025. We help you navigate the transition from the old Act with zero disruption to your compliance calendar.
Consult Our Tax Team →
Disclaimer: This is a reproduction of Section 150 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.