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This is only a renumbering — Section 37 of ITA 1961 is now Section 34 of ITA 2025. The legal position is unchanged. Existing judicial precedents continue to apply. No action required beyond updating section references in filings from AY 2026-27 onwards.
Section 37(1): Any expenditure laid out wholly and exclusively for the purpose of business or profession, not being capital expenditure or personal expenditure, shall be allowed as deduction.
Section 34: General deduction for business expenditure. Same 'wholly and exclusively' test.
Renumbered from 37 to 34. No change in the general deduction principle.
Only renumbering; substantive law unchanged. Existing judicial precedents continue to apply.
This is only a renumbering — Section 43B of ITA 1961 is now Section 37 of ITA 2025. The legal position is unchanged. Existing judicial precedents continue to apply. No action required beyond updating section references in filings from AY 2026-27 onwards.
Section 43B: Tax, duty, cess — employer PF/ESI/gratuity — bonus/commission — interest to banks/FIs — leave encashment — all deductible only on actual payment basis.
Section 37: Certain deductions allowed on actual payment basis only. Same list of items retained.
Renumbered from 43B to 37. All items retained. No substantive change.
Only renumbering; substantive law unchanged. Existing judicial precedents continue to apply.
This is only a renumbering — Section 10(37) of ITA 1961 is now Section Schedule III, Sl. No. 18 of ITA 2025. The legal position is unchanged. Existing judicial precedents continue to apply. No action required beyond updating section references in filings from AY 2026-27 onwards.
Section 10(37): Capital gains arising from compulsory acquisition of urban agricultural land exempt.
Schedule III (Table: Sl. No. 18): Same exemption. Moved to Schedule III.
Moved from Section 10 to Schedule III. No change.
Only renumbering; substantive law unchanged. Existing judicial precedents continue to apply.