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    Act RulesIncome Tax
    Comparison of Section 118 "Carry forward and set off of losses and unabsorbed depreciation in busine...
    Act RulesIncome Tax
    Comparison of Section 115 "Set off and carry forward of losses from specified activity." between the...
    Act RulesIncome Tax
    Comparison of Section 114 "Set off and carry forward of losses computed in respect of specified busi...
    Act RulesIncome Tax
    Comparison of Section 113 "Set off and carry forward of losses computed in respect of speculation" b...
    Act RulesIncome Tax
    Comparison of Section 112 "Carry forward and set off of business loss." between the Income-Tax Act, ...
    Act RulesIncome Tax
    Comparison of Section 111 "Carry forward and set off of loss from Capital gains." between the Income...
    Act RulesIncome Tax
    Comparison of Section 110 "Carry forward and set off of loss from house property." between the Incom...
    Act RulesIncome Tax
    Comparison of Section 108 "Set off of losses under same head of income." between the Income-Tax Act,...
    Act RulesIncome Tax
    Comparison of Section 106 "Amount borrowed or repaid through negotiable instrument, hundi, etc." bet...
    Act RulesIncome Tax
    Comparison of Section 105 "Unexplained expenditure." between the Income-Tax Act, 2025 (as passed) an...
    Act RulesIncome Tax
    Comparison of Section 104 "Unexplained asset." between the Income-Tax Act, 2025 (as passed) and the ...
    Act RulesIncome Tax
    Comparison of Section 103 "Unexplained investments." between the Income-Tax Act, 2025 (as passed) an...
    Act RulesIncome Tax
    Comparison of Section 102 "Unexplained credits." between the Income-Tax Act, 2025 (as passed) and th...
    Act RulesIncome Tax
    Comparison of Section 99 "Income of individual to include income of spouse, minor child, etc." betwe...
    Act RulesIncome Tax
    Comparison of Section 93 "Deduction" between the Income-Tax Act, 2025 (as passed) and the Income-Tax...
    Act RulesIncome Tax
    Comparison of Section 92 "Income from other sources." between the Income-Tax Act, 2025 (as passed) a...
    Act RulesIncome Tax
    Comparison of Section 90 "Meaning of "adjusted", "cost of improvement" and "cost of acquisition." be...
    Act RulesIncome Tax
    Comparison of Section 88 "Exemption of capital gains on transfer of assets in cases of shifting of i...
    Act RulesIncome Tax
    Comparison of Section 87 "Exemption of capital gains on transfer of assets in cases of shifting of i...
    Act RulesIncome Tax
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    Act RulesIncome Tax
    Comparison of Section 118 "Carry forward and set off of losses and unabsorbed depreciation in busine...
    Show AI Summary
    Carry-forward of predecessor losses: successor bank may set off losses as if reorganisation had not occurred, subject to continuity conditions.
    Section 118 permits successor or resulting co operative banks to carry forward and set off predecessor accumulated losses and unabsorbed depreciation on amalgamation or demerger "as if the business reorganisation had not taken place," subject to the Act's set-off and depreciation rules. Demergers transfer directly attributable losses to the resulting undertaking and require pro rata apportionment of non direct losses by asset distribution. Qualification depends on continuity of banking activity and specified fixed asset holding thresholds, deemed tax year splitting, prescribed/notified conditions, and denial of set offs as taxable income upon non compliance.
    Act RulesIncome Tax
    Comparison of Section 115 "Set off and carry forward of losses from specified activity." between the...
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    Ring-fencing of race-horse losses restricts set-off to stake-money income and allows limited carry forward period.
    Losses from owning and maintaining race horses are ring-fenced and may be set off only against income from the same specified activity (stake money). Unabsorbed losses may be carried forward for set-off solely against future stake-money income in years when the assessee carries on the specified activity, subject to a limited carry-forward period after which unabsorbed amounts expire. Definitions narrow the scope of eligible income and losses.
    Act RulesIncome Tax
    Comparison of Section 114 "Set off and carry forward of losses computed in respect of specified busi...
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    Set-off restriction for specified business losses limits use to profits of other specified business activities only.
    Losses computed in respect of a specified business carried on by the assessee in a tax year may be set off only against profits and gains of other specified business activities for that year; any portion not so set off is an unabsorbed loss that may be carried forward and set off only against profits and gains of specified businesses in subsequent years.
    Act RulesIncome Tax
    Comparison of Section 113 "Set off and carry forward of losses computed in respect of speculation" b...
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    Speculation loss ring fencing: losses only offset against speculation profits with limited carry forward and priority in set off.
    Losses from speculation business may be set off only against speculation business profits; any unabsorbed speculation business loss is carried forward and set off only against future speculation business profits, subject to a statutory temporal limitation and applied before certain other carried forward allowances. A deeming rule treats companies buying and selling shares of other companies as carrying on speculation business to that extent, subject to carve outs where specified income heads or principal business activities prevail.
    Act RulesIncome Tax
    Comparison of Section 112 "Carry forward and set off of business loss." between the Income-Tax Act, ...
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    Carry forward of unabsorbed business loss limited to set off only against business profits, with a temporal carry forward limit.
    Unabsorbed business loss (loss under Profits and gains of business or profession excluding speculation loss not absorbed under inter head set off) shall be carried forward and may be set off only against business or profession profits in subsequent years; any amount not so set off is carried forward iteratively, subject to a limit of not more than eight succeeding tax years, and such unabsorbed loss is to be given effect before allowing set off of specified carried forward allowances.
    Act RulesIncome Tax
    Comparison of Section 111 "Carry forward and set off of loss from Capital gains." between the Income...
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    Carry forward of capital losses: limited temporal carry forward with distinct set off rules for long term and short term losses.
    A statutory regime prescribes distinct set off rules for losses under the head Capital gains: short term capital losses may be set off against gains from any other capital asset, long term capital losses only against gains from other long term assets, and any residual loss after intra year set off qualifies for carry forward but only for a limited number of succeeding tax years; the Bill defined this residual as an unabsorbed capital loss, whereas the enacted provision omits that label but retains equivalent practical effect.
    Act RulesIncome Tax
    Comparison of Section 110 "Carry forward and set off of loss from house property." between the Incom...
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    Carry-forward restriction of house property losses confines set-off to future house property income with a time-limited ceiling.
    Residual losses computed under Income from house property that are not wholly absorbed by intra-year set-off qualify as unabsorbed loss from house property and may be carried forward, to be set off only against future house property income in subsequent years until the loss is absorbed or the statutory temporal limit expires; the clause defines the qualifying unabsorbed loss by reference to prior application of intra-year set-off rules.
    Act RulesIncome Tax
    Comparison of Section 108 "Set off of losses under same head of income." between the Income-Tax Act,...
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    Capital gains set-off rules restrict long-term losses to long-term gains while short-term losses offset any capital gains.
    Section 108 separates general intra-head set-off (excluding capital gains) from specific capital gains rules: long-term capital losses are only set off against other long-term capital gains in the same year, while short-term capital losses may be set off against gains from any capital asset, with classification and computation governed by the capital gains framework.
    Act RulesIncome Tax
    Comparison of Section 106 "Amount borrowed or repaid through negotiable instrument, hundi, etc." bet...
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    Deeming rule for non-account-payee instruments treats amounts (including interest) as taxable income in the year of transaction.
    Amounts (including interest) borrowed or repaid through a negotiable instrument, a hundi, or any mode specified by the Board shall be deemed to be the income of the borrower or repayer for the tax year of the transaction; transactions effected by an account payee cheque are excluded, and sub-section (2) prevents re-assessment of the same amount under that sub-section on repayment.
    Act RulesIncome Tax
    Comparison of Section 105 "Unexplained expenditure." between the Income-Tax Act, 2025 (as passed) an...
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    Unexplained expenditure deemed income, disallowing deduction when source is not satisfactorily explained by assessing officer.
    Section 105 deems expenditure to be income when the assessee offers no explanation of its source or offers an explanation the Assessing Officer deems unsatisfactory; the deemed amount cannot be claimed as a deduction under the Act, the deeming may apply to part of an expenditure, and the provision contains no definitions, procedural safeguards, evidentiary standards, or appeal mechanisms.
    Act RulesIncome Tax
    Comparison of Section 104 "Unexplained asset." between the Income-Tax Act, 2025 (as passed) and the ...
    Show AI Summary
    Unexplained asset: acquisition expenditure governs deeming as income when taxpayers give no satisfactory explanation on source.
    An unexplained asset found to belong to an assessee, or where the asset measure exceeds recorded books, may be deemed income for the year if the assessee offers no explanation or an explanation unsatisfactory to the Assessing Officer; the enacted text measures the asset by the amount expended in acquiring such asset and expressly includes virtual digital assets, while leaving valuation mechanics, evidential burdens, and procedural standards unspecified.
    Act RulesIncome Tax
    Comparison of Section 103 "Unexplained investments." between the Income-Tax Act, 2025 (as passed) an...
    Show AI Summary
    Unexplained investments deemed income when not recorded or inadequately explained to the assessing officer.
    Section 103 deems the value of investments to be income in the tax year where an investment is not recorded in the assessee's books of account, if any, or where the Assessing Officer finds the amount exceeds recorded entries, and the assessee either offers no explanation or an explanation that is not satisfactory in the opinion of the Assessing Officer.
    Act RulesIncome Tax
    Comparison of Section 102 "Unexplained credits." between the Income-Tax Act, 2025 (as passed) and th...
    Show AI Summary
    Unexplained credits: credited sums may be taxed if explanations are absent or unsatisfactory, shifting evidentiary burden to taxpayers and counterparties.
    Section 102 allows sums found credited in an assessee's books to be charged as income where no explanation is given or the explanation is not satisfactory to the Assessing Officer. It places special deeming requirements on loans/borrowings and certain private company receipts, requiring the person in whose name the credit stands to provide a satisfactory explanation to the Assessing Officer, while excluding specified venture capital funds from those counterparty requirements.
    Act RulesIncome Tax
    Comparison of Section 99 "Income of individual to include income of spouse, minor child, etc." betwe...
    Show AI Summary
    Clubbing of family income risks expanding under revised spouse professional-income wording, increasing compliance and valuation complexities.
    Section 99 requires inclusion in an individual's total income of amounts arising to a spouse, son's wife, minor child, or where property is converted into HUF property; it prescribes exclusions for certain minor child earnings, a proportionate apportionment formula for assets invested in business or partnership, deems income to include loss, preserves a temporal carve out for conversions on or before 31 December 1969, and identifies documentation and valuation consequences where Bill wording diverges on spouse professional income carve outs, third party benefit attribution and the denominator reference date for apportionment.
    Act RulesIncome Tax
    Comparison of Section 93 "Deduction" between the Income-Tax Act, 2025 (as passed) and the Income-Tax...
    Show AI Summary
    Deductions under Section 93 clarify allowable expenses and caps for income from other sources, with key exclusions.
    Section 93 prescribes allowable deductions in computing income from other sources, including reasonable commissions for realising dividends and interest, cross-referenced expense allowances applied "so far as may be," capped deductions for family pension depending on tax computation method, revenue expenditures wholly and exclusively laid out, a single fixed-percentage deduction for a specified income class with no other deductions permitted, and sub-section rules denying deductions for a defined dividend class while limiting interest deductions for certain dividend or unit incomes.
    Act RulesIncome Tax
    Comparison of Section 92 "Income from other sources." between the Income-Tax Act, 2025 (as passed) a...
    Show AI Summary
    Income from other sources determines taxability of miscellaneous receipts and prescribes valuation, thresholds, and exemptions.
    Section 92 creates a residuary head, Income from other sources, taxing miscellaneous receipts not chargeable under other heads and listing illustrative categories (dividends, winnings, specified insurance proceeds, interest, hire income, forfeited advances, compensation interest, termination payments, business trust distributions). It prescribes valuation and computation methods, monetary thresholds for gratuitous receipts with enumerated exceptions (relatives, marriage, inheritance, specified non profits, non transfer transactions), and cross references to other statutory definitions and procedures affecting payment modes and valuation challenges.
    Act RulesIncome Tax
    Comparison of Section 90 "Meaning of "adjusted", "cost of improvement" and "cost of acquisition." be...
    Show AI Summary
    Cost of acquisition rules clarify valuation and allocation for capital gains, with special treatment for intangibles and pre-existing equity holdings.
    The provision defines cost of improvement and cost of acquisition for capital gains, treating improvements to specified intangibles as nil, excluding deductible expenditures, and reducing acquisition cost by prior depreciation on goodwill. It prescribes allocation rules for acquisitions by purchase, allotment, bonus, subscription and renunciation, and provides alternative valuation anchors-including an option to adopt a historic fair market value, exchange quotes, net asset value and the Cost Inflation Index-for certain pre-existing and unlisted equity holdings.
    Act RulesIncome Tax
    Comparison of Section 88 "Exemption of capital gains on transfer of assets in cases of shifting of i...
    Show AI Summary
    Exemption of capital gains for relocation to SEZs: reinvestment within prescribed window defers taxation, subject to deposit and scheme compliance
    Exemption applies to capital gains from transfer of assets when shifting an industrial undertaking from an urban area to a Special Economic Zone, functioning as a reinvestment relief if gains are applied to acquire or construct specified new assets in the SEZ within one year before to three years after transfer. Unutilised amounts must be deposited with a specified institution by the return filing due date and later utilised under a notified scheme; any portion unutilised after three years is charged as income. Cost basis of the new asset is adjusted for subsequent transfers within three years.
    Act RulesIncome Tax
    Comparison of Section 87 "Exemption of capital gains on transfer of assets in cases of shifting of i...
    Show AI Summary
    Capital gains exemption on industrial relocation: reinvestment in new assets prevents taxation, subject to deposit and proof rules.
    A reinvestment linked exemption for capital gains applies where assets used in an industrial undertaking situated in a urban area are transferred as part of shifting the undertaking outside urban limits. The assessee must, within one year before or three years after transfer, acquire specified new assets or incur notified scheme expenses; reinvestment equal to or exceeding the gain prevents charging of the gain, shortfalls are charged as income, and unutilised proceeds must be deposited under a notified scheme with proof filed by the return due date.
    Act RulesIncome Tax
    Comparison of Section 86 "Capital gains on transfer of certain capital assets not to be charged in c...
    Show AI Summary
    Capital gains relief for reinvestment into residential property requires timely deposit and triggers recapture if proceeds remain unutilised.
    Provision grants a proportionate exemption from long term capital gains where individuals/HUFs reinvest proceeds from sale of a non residential long term asset into one residential house in India, subject to purchase/construction time windows. Unutilised proceeds must be deposited under a notified scheme by the return filing due date with proof; recapture applies if deposits are not used within three years. The enacted text ties deposit triggers to net consideration, shortens the disqualification window for subsequent purchases, and imposes monetary caps and heightened compliance obligations.

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      Bill

      Extension of period of deduction for units in IFSC and rationalization of tax rate

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      The provisions of section 147 provide for deduction of 100% on certain incomes to the units of IFSC and OBUs. This is available for 10 consecutive years out of 15 years for units in IFSC and 10 consecutive years for OBUs.

      2. To increase the competitiveness of IFSC, it is proposed to increase the period of deduction to 20 consecutive years out of 25 years for units in IFSC and 20 consecutive years for OBUs. It is also proposed that the business income of these units from IFSC after the expiry of period of deduction will be taxed at rate of 15%.

      3. These amendments will take effect from the 1st day of April, 2026 and shall accordingly, apply in relation to the tax year 2026-27 and subsequent tax years.

      [Clause 38 and 51]

       

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      Union Budget 2026-27 - Finance Bill, 2026

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      ActsIncome Tax
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