Income Tax Act 2025: Section 518 for Tax Year 2025-26

Indemnity Every person deducting, retaining, or paying any tax in pursuance of this Act in respect of an income belonging to another person shall be indemnified for the deduction, retention, or payment thereof.

AUBSP

inIncome Tax

Share: WhatsApp Twitter Facebook

Indemnity

Every person deducting, retaining, or paying any tax in pursuance of this Act in respect of an income belonging to another person shall be indemnified for the deduction, retention, or payment thereof.

February 14, 2025

Income Tax Act 2025

Suresh Prasad

A first-class Commerce graduate, semi-qualified CA & CS, with 24+ years of experience in GST, Income Tax and Corporate Law, has written 3,800+ articles.

Submit Your Content

Income Tax Act 2025: Section 51 for Tax Year 2025-26
Amortization of mineral prospecting expenses allows a 10-year deduction for eligible costs incurred before and during production, with carry-forward and transfer provisions.
Income Tax Act 2025: Section 52 for Tax Year 2025-26
Amortization of telecom, amalgamation, demerger & VRS costs under Section 52(1) of the Income Tax Act 2025, with deductions spread over specified years.
Income Tax Act 2025: Section 53 for Tax Year 2025-26
If transfer consideration is below stamp duty value, the latter is deemed full value unless within 110% margin or pre-agreed.
Income Tax Act 2025: Section 54 for Tax Year 2025-26
Deductions for businesses engaged in oil exploration. It defines eligible activities, agreements with the government, allowable deductions, and tax treatment of transfers.
Income Tax Act 2025: Section 55 for Tax Year 2025-26
Insurance business profits are computed as per Schedule XIV, overriding other tax provisions for house property, capital gains, or other income.

M	T	W	T	F	S	S
					1	2
3	4	5	6	7	8	9
10	11	12	13	14	15	16
17	18	19	20	21	22	23
24	25	26	27	28

Income Tax Act 2025: Section 518 for Tax Year 2025-26

Indemnity

GST and Company Law Book