COMPUTATION OF TOTAL INCOME

Heads of income - Income-tax Act, 1961

Chapter: IV
COMPUTATION OF TOTAL INCOME Heads of income
Section 14	:	Heads of income
Section 14A	:	Expenditure incurred in relation to income not includible in total income
Part: A
Salaries
Section 15	:	Salaries
Section 16	:	Deductions from salaries
Section 17	:	Salary, perquisite and profits in lieu of salary defined
Part: B
[Omitted]
Section 18	:	Omitted
Section 19	:	Omitted
Section 20	:	Omitted
Section 21	:	Omitted
Part: C
Income from house property
Section 22	:	Income from house property
Section 23	:	Annual value how determined
Section 24	:	Deductions from income from house property
Section 25	:	Amounts not deductible from income from house property
Section 25A	:	Special provision for arrears of rent and unrealised rent received subsequently.
Section 25AA	:	Omitted
Section 25B	:	Omitted
Section 26	:	Property owned by co-owners
Section 27	:	Owner of house property, annual charge, etc., defined
Part: D
Profits and gains of business or profession
Section 28	:	Profits and gains of business or profession
Section 29	:	Income from profits and gains of business or profession, how computed
Section 30	:	Rent, rates, taxes, repairs and insurance for buildings
Section 31	:	Repairs and insurance of machinery, plant and furniture
Section 32	:	Depreciation
Section 32A	:	Investment allowance
Section 32AB	:	Investment deposit account
Section 32AC	:	Investment in new plant or machinery.
Section 32AD	:	Investment in new plant or machinery in notified backward areas in certain States
Section 33	:	Development rebate
Section 33A	:	Development allowance
Section 33AB	:	Tea development account, coffee development account and rubber development account
Section 33ABA	:	Site Restoration Fund
Section 33AC	:	Reserves for shipping business
Section 33B	:	Rehabilitation allowance
Section 34	:	Conditions for depreciation allowance and development rebate
Section 34A	:	Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
Section 35	:	Expenditure on scientific research
Section 35A	:	Expenditure on acquisition of patent rights or copyrights
Section 35AB	:	Expenditure on know-how
Section 35ABA	:	Expenditure for obtaining right to use spectrum for telecommunication services.
Section 35ABB	:	Expenditure for obtaining licence to operate telecommunication services
Section 35AC	:	Expenditure on eligible projects or schemes
Section 35AD	:	Deduction in respect of expenditure on specified business.
Section 35B	:	Omitted
Section 35C	:	Omitted
Section 35CC	:	Omitted
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 expenses
Section 35DD	:	Amortisation of expenditure in case of amalgamation or demerger
Section 35DDA	:	Amortisation of expenditure incurred under voluntary retirement scheme
Section 35E	:	Deduction for expenditure on prospecting, etc., for certain minerals
Section 36	:	Other deductions
Section 37	:	General
Section 38	:	Building, etc., partly used for business, etc., or not exclusively so used
Section 39	:	Omitted
Section 40	:	Amounts not deductible
Section 40A	:	Expenses or payments not deductible in certain circumstances
Section 41	:	Profits chargeable to tax
Section 42	:	Special provision for deductions in the case of business for prospecting, etc., for mineral oil
Section 43	:	Definitions of certain terms relevant to income from profits and gains of business or profession
Section 43A	:	Special provisions consequential to changes in rate of exchange of currency
Section 43AA.	:	Taxation of foreign exchange fluctuation
Section 43B	:	Certain deductions to be only on actual payment
Section 43C	:	Special provision for computation of cost of acquisition of certain assets
Section 43CA	:	Special provision for full value of consideration for transfer of assets other than capital assets in certain cases.
Section 43CB	:	Computation of income from construction and service contracts.
Section 43D	:	Special provision in case of income of public financial institutions, etc.
Section 44	:	Insurance business
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 business
Section 44AB	:	Audit of accounts of certain persons carrying on business or profession
Section 44AC	:	Omitted
Section 44AD	:	Special provision for computing profits and gains of business on presumptive basis.
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 carriages
Section 44AF	:	Special provisions for computing profits and gains of retail business
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 oils
Section 44BBA	:	Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
Section 44BBB	:	Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects
Section 44BBC	:	Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents
Section 44C	:	Deduction of head office expenditure in the case of non-residents
Section 44D	:	Special provisions for computing income by way of royalties, etc., in the case of foreign companies
Section 44DA	:	Special provision for computing income by way of royalties, etc., in case of non-residents
Section 44DB	:	Special provision for computing deductions in the case of business reorganization of co-operative banks
Part: E
Capital gains
Section 45	:	Capital gains
Section 46	:	Capital gains on distribution of assets by companies in liquidation
Section 46A	:	Capital gains on purchase by company of its own shares or other specified securities
Section 47	:	Transactions not regarded as transfer
Section 47A	:	Withdrawal of exemption in certain cases
Section 48	:	Mode of computation
Section 49	:	Cost with reference to certain modes of acquisition
Section 50	:	Special provision for computation of capital gains in case of depreciable assets
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 sale
Section 50C	:	Special provision for full value of consideration in certain cases
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 received
Section 52	:	Omitted by the Finance Act, 1987, w.e.f. 1-4-1988
Section 53	:	Omitted
Section 54	:	Profit on sale of property used for residence
Section 54A	:	Omitted
Section 54B	:	Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases
Section 54C	:	Omitted
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 bonds
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 house
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
Section 55A	:	Reference to Valuation Officer
Part: F
Income from other sources
Section 56	:	Income from other sources
Section 57	:	Deductions
Section 58	:	Amounts not deductible
Section 59	:	Profits chargeable to tax