Description
Taxmann Income Tax Act – Special Edition by Taxmann's Editorial Board
Income Tax Act – Special Edition has been widely recognised as the most authoritative content for tax professionals, legal practitioners, academicians, and anyone engaged in applying and interpreting the Income-tax Act, 1961.
In its 69th Edition, the Present Publication 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. The key enhancements in the 'Special Edition' include:
Multi-Colour Text for Enhanced Navigation
Designed to optimise the reading experience, the colour-coded text aids in quicker identification of sections, amendments, and relevant provisions, ensuring seamless access to information
A glimpse of the recent changes include:
New Sections Introduced
Section 44BBC – A new presumptive taxation scheme for non-residents operating cruise ships, simplifying tax compliance for this sector
Section 194T – Partnership firms are now required to deduct tax at source on sums paid or payable to their partners, ensuring transparency
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
Section 2(42A) – Amended to prescribe only two holding periods for determining the nature of capital assets
Section 48 – Revised to eliminate the availability of indexation benefits for long-term capital assets
Sections 111A, 112, and 112A – Updated to adjust the tax rates applicable to capital gains
Section 50AA – Expanded to include unlisted bonds and debentures within its scope
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
Section 2(22)(f) – Now treats sums received by shareholders during a share buyback as deemed dividends
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
Standard Deduction – Increased from Rs. 50,000 to Rs. 75,000 under the new tax regime
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
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.
Division Two – Finance Act 2024 and Finance (No. 2) Act 2024
Text of the Finance Act, 2024 and Finance (No. 2) Act, 2024
Division Three – Securities Transaction Tax
Text of the Securities Transaction Tax
Division Four – Commodities Transaction Tax
Text of the Commodities Transaction Tax
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
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
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
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
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
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