The Income-tax Act, 1961
Central Act · Act 43 of 1961863 provisions8,942 citing judgments
Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026
The enactment
| Type | Act |
|---|---|
| Citation | Act 43 of 1961 |
| Year | 1961 |
| Jurisdiction | Central |
| Status | Repealed |
| Provisions published | 863 |
| Subjects | taxation |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.1 citing judgment
- Section 2 Definitions.1 citing judgment
- Section 3 “Previous year” defined1 citing judgment
- Section 4 Charge of income-tax76 citing judgments
- Section 5 Scope of total income1 citing judgment
- Section 5A Apportionment of income between spouses governed by Portuguese Civil Code1 citing judgment
- Section 6 Residence in India4 citing judgments
- Section 7 Income deemed to be received29 citing judgments
- Section 8 Dividend income28 citing judgments
- Section 9 Income deemed to accrue or arise in India13 citing judgments
- Section 9A Certain activities not to constitute business connection in India.
- Section 9B Income on receipt of capital asset or stock in trade by specified person from specified entity
- Section 10 Incomes not included in total income.6 citing judgments
- Section 10A Special provision in respect of newly established undertakings in free trade zone, etc55 citing judgments
- Section 10AA Special provisions in respect of newly established Units in Special Economic Zones6 citing judgments
- Section 10B Special provisions in respect of newly established hundred per cent export-oriented undertakings36 citing judgments
- Section 10BA Special provisions in respect of export of certain articles or things
- Section 10BB Meaning of computer programmes in certain cases
- Section 10C Special provision in respect of certain industrial undertakings in North- Eastern Region
- Section 11 Income105 citing judgments
- Section 12 Income of trusts or institutions from contributions1 citing judgment
- Section 12A Conditions for applicability of sections 11 and 1260 citing judgments
- Section 12AA Procedure for registration26 citing judgments
- Section 12AB Procedure for fresh registration.
- Section 12AC Merger of charitable trusts or institutions in certain cases
- Section 13 Section 11 not to apply in certain cases.16 citing judgments
- Section 13A Special provision relating to incomes of political parties.5 citing judgments
- Section 13B Special provisions relating to voluntary contributions received by electoral trust
- Section 14 Heads of income1 citing judgment
- Section 14A Expenditure incurred in relation to income not includible in total income251 citing judgments
- Section 15 Salaries17 citing judgments
- Section 16 Deductions from salaries.15 citing judgments
- Section 17 “Salary”, “perquisite” and “profits in lieu of salary” defined6 citing judgments
- Section 22 Income from house property5 citing judgments
- Section 23 Annual value how determined10 citing judgments
- Section 24 Deductions from income from house property2 citing judgments
- Section 25 Amounts not deductible from income from house property20 citing judgments
- Section 25A Special provision for arrears of rent and unrealised rent received subsequently
- Section 26 Property owned by co-owners15 citing judgments
- Section 27 “Owner of house property”, “annual charge”, etc , defined6 citing judgments
- Section 28 Profits and gains of business or profession6 citing judgments
- Section 29 Income from profits and gains of business or profession, how computed12 citing judgments
- Section 30 Rent, rates, taxes, repairs and insurance for buildings3 citing judgments
- Section 31 Repairs and insurance of machinery, plant and furniture2 citing judgments
- Section 32 Depreciation51 citing judgments
- Section 32A Investment allowance24 citing judgments
- Section 32AB Investment deposit account7 citing judgments
- Section 32AC Investment in new plant or machinery1 citing judgment
- Section 32AD Investment in new plant or machinery in notified backward areas in certain States
- Section 33 Development rebate1 citing judgment
- Section 33A Development allowance
- Section 33AB Tea development account ,coffee development account and rubber deve-lopment account
- Section 33ABA Site Restoration Fund
- Section 33AC Reserves for shipping business
- Section 33B Rehabilitation allowance1 citing judgment
- Section 34 Conditions for depreciation allowance and development rebate14 citing judgments
- Section 34A Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
- Section 35 Expenditure on scientific research1 citing judgment
- Section 35A Expenditure on acquisition of patent rights or copyrights1 citing judgment
- Section 35AB Expenditure on know-how4 citing judgments
- Section 35ABA Expenditure for obtaining right to use spectrum for telecommunication services
- Section 35ABB Expenditure for obtaining licence to operate telecommunication services9 citing judgments
- Section 35AC Expenditure on eligible projects or schemes1 citing judgment
- Section 35AD Deduction in respect of expenditure on specified business
- Section 35B Export markets development allowance9 citing judgments
- Section 35C Agricultural development allowance4 citing judgments
- Section 35CC Rural development allowance
- Section 35CCA Expenditure by way of payment to associations and institutions for carrying out rural development programmes
- Section 35CCB Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources
- Section 35CCC Expenditure on agricultural extension project
- Section 35CCD Expenditure on skill development project
- Section 35D Amortisation of certain preliminary expenses9 citing judgments
- Section 35DD Amortisation of expenditure in case of amalgamation or demerger
- Section 35DDA Amortisation of expenditure incurred under voluntary retirement scheme1 citing judgment
- Section 35E Deduction for expenditure on prospecting, etc , for certain minerals
- Section 36 Other deductions1 citing judgment
- Section 37 General91 citing judgments
- Section 38 Building, etc , partly used for business, etc , or not exclusively so used12 citing judgments
- Section 40 Amounts not deductible11 citing judgments
- Section 40A Expenses or payments not deductible in certain circumstances3 citing judgments
- Section 41 Profits chargeable to tax1 citing judgment
- Section 42 Special provision for deductions in the case of business for prospecting, etc , for mineral oil2 citing judgments
- Section 43 Definitions of certain terms relevant to income from profits and gains of business or profession15 citing judgments
- Section 43A Special provisions consequential to changes in rate of exchange of currency7 citing judgments
- Section 43AA Taxation of foreign exchange fluctuation
- Section 43B Certain deductions to be only on actual payment93 citing judgments
- Section 43C Special provision for computation of cost of acquisition of certain assets3 citing judgments
- Section 43CA Special provision for full value of consideration for transfer of assets other than capital assets in certain cases1 citing judgment
- Section 43CB Computation of income from construction and service contracts
- Section 43D Special provision in case of income of public financial institutions, *** etc2 citing judgments
- Section 44 Insurance business6 citing judgments
- Section 44A Special provision for deduction in the case of trade, professional or similar association
- Section 44AA Maintenance of accounts by certain persons carrying on profession or business1 citing judgment
- Section 44AB Audit of accounts of certain persons carrying on business or profession7 citing judgments
- Section 44AD Special provision for computing profits and gains of business on presumptive basis1 citing judgment
- Section 44ADA Special provision for computing profits and gains of profession on presumptive basis
- Section 44AE Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages1 citing judgment
- Section 44AF Special provisions for computing profits and gains of retail business1 citing judgment
- Section 44B Special provision for computing profits and gains of shipping business other than cruise shipping in case of non-residents
- Section 44BB Special provision for computing profits and gains in connection with the business of exploration, etc , of mineral oils12 citing judgments
- Section 44BBA Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents1 citing judgment
- Section 44BBB Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc , in certain turnkey power projects2 citing judgments
- Section 44BBC Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents
- Section 44BBD Special provision for computing profits and gains of non-residents engaged in business of providing services or technology for setting up an electronics manufacturing facility or…
- Section 44C Deduction of head office expenditure in the case of non-residents11 citing judgments
- Section 44D Special provisions for computing income by way of royalties, etc , in the case of foreign companies2 citing judgments
- Section 44DA Special provision for computing income by way of royalties, etc , in case of non-residents1 citing judgment
- Section 44DB Special provision for computing deductions in the case of business reorganization of co-operative banks
- Section 45 Capital gains9 citing judgments
- Section 46 Capital gains on distribution of assets by companies in liquidation2 citing judgments
- Section 46A Capital gains on purchase by company of its own shares or other specified securities1 citing judgment
- Section 47 Transactions not regarded as transfer1 citing judgment
- Section 47A Withdrawal of exemption in certain cases
- Section 48 Mode of computation2 citing judgments
- Section 49 Cost with reference to certain modes of acquisition6 citing judgments
- Section 50 Special provision for computation of capital gains in case of depreciable assets5 citing judgments
- Section 50A Special provision for cost of acquisition in case of depreciable asset
- Section 50AA Special provision for computation of capital gains in case of Market Linked Debenture
- Section 50B Special provision for computation of capital gains in case of slump sale4 citing judgments
- Section 50C Special provision for full value of consideration in certain cases8 citing judgments
- Section 50CA Special provision for full value of consideration for transfer of share other than quoted share
- Section 50D Fair market value deemed to be full value of consideration in certain cases
- Section 51 Advance money received3 citing judgments
- Section 54 Profit on sale of property used for residence9 citing judgments
- Section 54A Relief of tax on capital gains in certain cases
- Section 54B Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
- Section 54C Capital gain on transfer of jewellery held for personal use not to be charged in certain cases
- Section 54D Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases
- Section 54E Capital gain on transfer of capital assets not to be charged in certain cases
- Section 54EA Capital gain on transfer of long-term capital assets not to be charged in the case of investment in specified securities
- Section 54EB Capital gain on transfer of long-term capital assets not to be charged in certain cases
- Section 54EC Capital gain not to be charged on investment in certain bonds2 citing judgments
- Section 54ED Capital gain on transfer of certain listed securities or unit not to be charged in certain cases
- Section 54EE Capital gain not to be charged on investment in units of a specified fund
- Section 54F Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house13 citing judgments
- Section 54G Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area
- Section 54GA Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
- Section 54GB Capital gain on transfer of residential property not to be charged in certain cases
- Section 54H Extension of time for acquiring new asset or depositing or investing amount of capital gain
- Section 55 Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”4 citing judgments
- Section 55A Reference to Valuation Officer5 citing judgments
- Section 56 Income from other sources6 citing judgments
- Section 57 Deductions1 citing judgment
- Section 58 Amounts not deductible
- Section 59 Profits chargeable to tax3 citing judgments
- Section 60 Transfer of income where there is no transfer of assets7 citing judgments
- Section 61 Revocable transfer of assets1 citing judgment
- Section 62 Transfer irrevocable for a specified period5 citing judgments
- Section 63 “Transfer” and “revocable transfer” defined5 citing judgments
- Section 64 Income of individual to include income of spouse, minor child, etc5 citing judgments
- Section 65 Liability of person in respect of income included in the income of another person7 citing judgments
- Section 66 Total income66 citing judgments
- Section 67A Method of computing a member’s share in income of association of persons or body of individuals49 citing judgments
- Section 68 Cash credits259 citing judgments
- Section 69 Unexplained investments15 citing judgments
- Section 69A Unexplained money, etc24 citing judgments
- Section 69B Amount of investments, etc , not fully disclosed in books of account28 citing judgments
- Section 69C Unexplained expenditure, etc10 citing judgments
- Section 69D Amount borrowed or repaid on hundi
- Section 70 Set off of loss from one source against income from another source under the same head of income2 citing judgments
- Section 71 Set off of loss from one head against income from another4 citing judgments
- Section 71A Transitional provisions for set off of loss under the head “Income from house property”1 citing judgment
- Section 71B Carry forward and set off of loss from house property
- Section 72 Carry forward and set off of business losses2 citing judgments
- Section 72A Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc13 citing judgments
- Section 72AA Carry forward and set off of accumulated loss and unabsorbed depreciation allowance in scheme of amalgamation in certain cases
- Section 72AB Provisions relating to carry forward and set-off of accumulated loss and unabsorbed depreciation allowance in business reorganisation of co-operative banks
- Section 73 Losses in speculation business5 citing judgments
- Section 73A Carry forward and set off of losses by specified business
- Section 74 Losses under the head “Capital gains”3 citing judgments
- Section 74A Losses from certain specified sources falling under the head “Income from other sources”
- Section 75 Losses of firms1 citing judgment
- Section 78 Carry forward and set off of losses in case of change in constitution of firm or on succession5 citing judgments
- Section 79 Carry forward and set off of losses in case of certain companies31 citing judgments
- Section 79A No set off of losses consequent to search, requisition and survey1 citing judgment
- Section 80 Submission of return for losses2 citing judgments
- Section 80-I Deduction in respect of profits and gains from industrial undertakings after a certain date, etc3 citing judgments
- Section 80-IC Special provisions in respect of certain undertakings or enterprises in certain special category States1 citing judgment
- Section 80-ID Deduction in respect of profits and gains from business of hotels and convention centres in specified area
- Section 80-IA Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc4 citing judgments
- Section 80-IAB Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone
- Section 80-IAC Special provision in respect of specified business
- Section 80-IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings1 citing judgment
- Section 80-IBA Deductions in respect of profits and gains from housing projects
- Section 80-IE Special provisions in respect of certain undertakings in North-Eastern States
- Section 80-O Deduction in respect of royalties, etc , from certain foreign enterprises
- Section 80A Deductions to be made in computing total income3 citing judgments
- Section 80AB Deductions to be made with reference to the income included in the gross total income1 citing judgment
- Section 80AC Deduction not to be allowed unless return furnished3 citing judgments
- Section 80B Definitions
- Section 80C Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc2 citing judgments
- Section 80CCA Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan
- Section 80CCB Deduction in respect of investment made under Equity Linked Savings Scheme
- Section 80CCC Deduction in respect of contribution to certain pension funds
- Section 80CCD Deduction in respect of contribution to pension scheme of Central Govern-ment
- Section 80CCE Limit on deductions under sections 80C, 80CCC and 80CCD
- Section 80CCF Deduction in respect of subscription to long-term infrastructure bonds
- Section 80CCG Deduction in respect of investment made under an equity savings scheme
- Section 80CCH Deduction in respect of contribution to Agnipath Scheme
- Section 80D Deduction in respect of health insurance premia
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