This book has been widely recognized as the most authoritative content for tax professionals, legal practitioners, academicians, and anyone engaged in the application and interpretation of the Income-tax Act, 1961.
The Present Publication, in its 69th Edition, upholds its tradition of unmatched accuracy and reliability. It is updated to incorporate the latest amendments introduced by the Finance Act, 2024, and the Finance (No. 2) Act, 2024. A glimpse of the recent changes include:
• New Sections Introduced
o Section 44BBC – A new presumptive taxation scheme for non-residents operating cruise ships, simplifying tax compliance for this sector
o Section 194T – Partnership firms are now required to deduct tax at source on sums paid or payable to their partners, ensuring transparency
o Section 271GC – Imposes penalties on non-resident assessee with Liaison Offices (LO) in India for non-compliance in furnishing the annual statement in Form No. 49C
• Key Amendments to Existing Provisions
o Section 2(42A) – Amended to prescribe only two holding periods for determining the nature of capital assets
o Section 48 – Revised to eliminate the availability of indexation benefits for long-term capital assets
o Sections 111A, 112, and 112A – Updated to adjust the tax rates applicable to capital gains
o Section 50AA – Expanded to include unlisted bonds and debentures within its scope
o Section 47(iii) – Substituted to classify the transfer of a capital asset by any person other than an Individual or HUF under a gift, will, or irrevocable trust as a taxable transfer
o Section 2(22)(f) – Now treats sums received by shareholders during a share buyback as deemed dividends
o Section 10(23C) and Section 12AB – The approval-based exemption under Section 10(23C) has been merged with the registration-based exemption under Section 12AB
o Standard Deduction – Increased from Rs. 50,000 to Rs. 75,000 under the new tax regime
o Chapter XIV-B (Sections 158B to 158BH) – Substituted to establish a new framework for block assessments in cases of search and requisition conducted on or after September 1, 2024
This book is authored and edited by Taxmann's Editorial Board, continuing its legacy as a cornerstone in Direct Tax, with the following noteworthy features:
• Comprehensive Coverage
o Division One – Income-tax Act, 1961
§ The text is thoroughly updated and annotated, reflecting all amendments made by the Finance Act, 2024 and Finance (No. 2) Act, 2024
§ Appendix – Includes a detailed list and text of provisions from Allied Acts, Circulars, and Regulations that are referred to within the Income-tax Act, providing a cross-referential understanding of the legal framework
§ Validation Provisions – Key provisions that validate the applicability of certain sections
§ Subject Index – A well-structured index that allows for quick and easy location of relevant sections and topics.
o Division Two – Finance Act 2024 and Finance (No. 2) Act 2024
§ Text of the Finance Act, 2024 and Finance (No. 2) Act, 2024
o Division Three – Securities Transaction Tax
§ Text of the Securities Transaction Tax
o Division Four – Commodities Transaction Tax
§ Text of the Commodities Transaction Tax
o Division Five – Equalisation Levy
§ Text of the Equalisation Levy along with the relevant Notification under Section 164 of the Finance Act, 2016
• Detailed Annotations and Practical Tools
o Each section is accompanied by extensive annotations that provide:
§ Relevant Rules & Forms applicable to that section
§ Key Circulars & Notifications issued by the government, which are essential for interpretation and application
§ Dates of Enforcement for specific provisions, enabling readers to understand the chronological application of the law
§ Cross-references to Allied Laws, which are crucial for a holistic understanding of the legal context in which the Income-tax Act operates
• Historical Context and Legislative Evolution
o Legislative History
§ The book includes a detailed history of amendments to the Income-tax Act since 1961, providing insights into the evolution of the Income-tax Act. This feature is particularly useful for legal professionals and researchers who seek to understand the legislative intent and historical developments behind current provisions
• User-Friendly Design and Accessibility
o Quick Navigation Features
§ The book is designed with user convenience in mind. Section numbers are prominently printed in folios, enabling readers to navigate the text swiftly. The comprehensive Table of Contents further enhances the ease of access
o Bestseller Legacy
§ As part of Taxmann's renowned series of bestseller publications, this book continues a legacy of over five decades, trusted by generations of tax professionals and students for its accuracy and reliability
o Six Sigma Quality Assurance
§ Adhering to the Six Sigma methodology, the book is reviewed to achieve the highest benchmark of 'Zero Error,' making it one of the most reliable references in the field of Direct Taxes