Income Tax Act

This book covers the amended, updated & annotated text of the Income-tax Act 1961 & the Finance Act 2023.

The recent changes in the Income-tax Act, 1961 are as follows:

[Insertion] of 5+ new sections
[Important New Sections] include:
Section 50AA – Special provision for computation of capital gains in case of Market Linked Debenture and specified mutual funds
Section 80CCH – Deduction in respect of contribution to the Agnipath Scheme
Section 115BAE – Tax on income of certain new manufacturing co-operative societies
Section 115BBJ – Tax on winnings from online games
Section 194BA – TDS on winnings from online games
[Amendments] in 115+ sections
[Important Amendments] include:
Taxation of life insurance policies
The new avatar of the alternative tax regime of Section 115BAC
Rebate under Section 87A allowed to the individuals opting for the alternative tax regime
Increase in the rate of TCS on remittance under LRS
Changes in the provisions relating to the taxation of charitable trusts and institutions
Deduction for the sum payable to micro and small enterprises to be allowed on a payment basis
The threshold for presumptive tax scheme under Section 44AD and Section 44ADA has been increased
Interest claimed as a deduction will not form part of the cost of the acquisition
Taxation of a sum received by a unit holder from the business trust
Change in the limitation period for completion of assessment
A new authority for appeals is created at Joint Commissioner (Appeals)
Increase in the tax on royalty and FTS income of non-residents and foreign company
The Present Publication is the 68th Edition and has been amended by the Finance Act 2023. This book is edited by Taxmann’s Editorial Board, with the following noteworthy features:

[Coverage] of this book includes:
Division One – Income-tax Act, 1961
Arrangement of Sections
Text of the Income-tax Act, 1961, as amended by the Finance Act, 2023
Appendix
List of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
Validation Provisions
Subject Index
Division Two – Finance Act, 2023
Text of the Finance Act, 2023
[Annotations] under each section shows:
Relevant Rules & Forms
Relevant Circulars & Notifications
Date of enforcement of provisions
Allied Laws referred to in the section
[Legislative History of Amendments] since 1961
Comprehensive Table of Contents
[Quick Navigation] Relevant section numbers are printed in folios for quick navigation
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