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Income-tax Act, 1961

The principal law governing the taxation of income in India. It applies for financial years up to and including FY 2025-26 (AY 2026-27), after which it is replaced by the Income-tax Act, 2025. Below are plain-language summaries of the most-referenced sections.

Official source ↗
Basis of Charge
§ 4Charge of income-tax§ 5Scope of total income§ 6Residence in India
Exemptions
§ 10Incomes not included in total income
Heads of Income
§ 15Salaries — chargeability§ 24Deductions from income from house property§ 28Profits and gains of business or profession
Presumptive Tax
§ 44ABTax audit§ 44ADPresumptive income — business§ 44ADAPresumptive income — professionals
Capital Gains
§ 45Capital gains — chargeability§ 54Exemption on sale of residential house
Deductions
§ 80CDeduction for investments & payments§ 80DDeduction for health insurance
Rebate & Relief
§ 87ARebate for resident individuals
Return & Assessment
§ 139Return of income§ 143Assessment§ 147Income escaping assessment (reassessment)
TDS / TCS
§ 194ATDS on interest (other than securities)§ 194CTDS on payments to contractors§ 194JTDS on professional / technical fees§ 194ITDS on rent
Interest & Fees
§ 234AInterest for late filing of return§ 234BInterest for default in advance tax§ 234CInterest for deferment of advance tax§ 234FFee for late filing of return