Master Guide to Income Tax Act

The Master Guide to Income-tax Act is a comprehensive, up-to-date, and authoritative treatise on the Indian Income-tax Act. Thoroughly amended by the Finance Act 2025, this book combines:

Threadbare analysis of newly introduced provisions
Ratios of landmark jurisprudence from the Supreme Court and High Courts
Government notifications that shape administrative practices
CBDT’s circulars clarifying policy directions
All these elements are presented in one accessible resource that stands out for its detailed explanations, practical illustrations, and timely insights. It dives into amendments in the provisions relating to basic concepts (such as definitions, tax rates, and compliance requirements) and advanced topics (such as the new presumptive tax scheme for non-residents and the intricacies of Virtual Digital Assets). It carries Taxmann’s tradition of precise legal commentary, structured analysis, and user-friendly format. Its unique market position truly sets it apart, reflecting Taxmann’s unparalleled track record in publishing authoritative tax law references and delivering timely, detailed analyses that practitioners can rely on.

This book is helpful for the following audience:

Tax Professionals & Chartered Accountants
Gain in-depth knowledge of every amendment introduced by the Finance Act 2025
Access a one-stop reference for all relevant case laws, notifications, and circulars for accurate client advisories
Lawyers & Legal Practitioners
Utilise authoritative citations of landmark rulings (1922 ? February 2025) and government clarifications for litigation and advisory
Enhance arguments and interpretations with comprehensive cross-references spanning the entire Income-tax Act
Corporate Tax Departments & CFOs
Leverage expert commentary for strategic tax planning and compliance under the new regime
Stay updated on TDS/TCS changes, rationalised rates, and special provisions like the new presumptive scheme for non-residents
The Present Publication is the 35th Edition | 2025, authored by Taxmann’s Editorial Board. This book is amended by the Finance Act 2025 with the following noteworthy features:

[Complete Analysis of Finance Act 2025 Amendments] Provides a focused analysis of all changes introduced by the Finance Act 2025 in the Income-tax Act 1961, explaining the rationale, practical repercussions, and implementation timelines
[Historical & Contemporary Perspective]
Traces landmark judicial rulings from as early as 1922, illustrating how court decisions have continuously shaped and refined Income-tax law
It encompasses the relevant notifications and circulars (1961 ? February 2025), reflecting both historical context and current policy positions
[Commentary & Quick-Reference Combined]
Detailed commentary illuminates nuanced provisions?like the new presumptive taxation scheme for non-residents under Section 44BBD?while quick-reference tools (tables, charts) offer immediate clarity on rates, thresholds, and compliance steps
Structured to help both experienced professionals and newcomers confidently navigate tax complexities
[Decoding TDS & TCS]
Detailed tables highlight the sections, rates, thresholds, and compliance timelines for tax deduction and tax collection at the source
[Structured Analysis & Cross-referencing]
Chapters progress logically from fundamental concepts to advanced issues
Cross-references link each topic to relevant notifications, circulars, or other statutory provisions for holistic understanding
[Authenticity & Reliability]
Curated and compiled by Taxmann, a long-standing authority in tax and corporate law publishing
Reviewed by experts to ensure accuracy, currency, and practical value
[User-friendly Format] Intuitive structure, thorough indexing, and cross-referenced headings make navigating easy
The coverage of the book is as follows:

Division One | Commentary on Finance Act 2025
Tax Rates
Changes in rebate eligibility under Section 87A, new thresholds, and updates to the new tax regime under Section 115BAC
Profits and Gains from Business and Profession
Detailed discussion on new presumptive schemes for non-residents (Section 44BBD)
Implications, comprehensive illustrations, and how they interact with existing provisions
Taxation of Non-Residents and Investment Funds
Changes in the provisions of significant economic presence
Salary and House Property
Clarifications on perquisite taxation, rules for employees’ travel/medical treatments, and annual value of up to two self-occupied houses
Capital Gains
Treatment of ULIPs taxable under capital gains, refinements for FIIs, and updates for business trusts
Deductions and Exemptions
Introduction of the NPS Vatsalya Scheme and associated deductions and extended start-up benefits
TDS and TCS
A thorough breakdown of revised thresholds, rationalised TCS rates (e.g., on remittances), and provisions for default
Tonnage Tax Scheme
Amendments aligning the Tonnage Tax Scheme with the Inland Vessels
Transfer Pricing
Highlights block TP assessment, validation provisos, ALP computations, and how these changes apply to two consecutive years
Virtual Digital Assets (VDAs)
Expanded definitions, reporting obligations under Section 285BAA, and the effect on block assessments in search and seizure scenarios
Search and Seizure
Extended timelines for retaining documents, newly defined block periods, manner of computing undisclosed income, and associated penalties
Taxation of Charitable & Religious Trusts
Extended registration periods, rationalised definition of ‘substantial contributor’, and compliance details
Penalties and Prosecutions
Expanded powers of the Assessing Officer, modifications to immunity provisions, and decriminalisation of certain TCS defaults
Miscellaneous
Updates on the faceless regime, dealing with ITR inconsistencies, and removal of the equalisation levy in certain scenarios
Division Two | TDS & TCS Tables at a Glance
Simplifies tax deduction and tax collection complexities by providing easy-to-navigate tables
Each table identifies relevant sections, applicable rates, threshold limits, and compliance timelines
Division Three | Circulars, Clarifications & Notifications (1961 ? February 2025)
A curated repository of official circulars, clarifications, and notifications issued by the Government and CBDT
Designed for swift access, allowing users to directly reference the statutory origins or clarifications that influence everyday tax practice
Division Four | Landmark Rulings of Supreme Court/High Courts (1922 ? February 2025)
Summaries of seminal judicial decisions that have shaped current tax laws
Citations and concise briefs of each ruling facilitate quick identification of case precedents for litigation or advisory work
The structure of the book is as follows:

Logical Segmentation ? Divided into four major divisions?each tackles a separate aspect of Income-tax practice: Commentary on Finance Act 2025, TDS/TCS Tables, Circulars & Notifications, and Landmark Rulings
Chapter-wise Detailing
Within each division, chapters progress from basic concepts (definitions, rates, etc.) to advanced areas (search & seizure, penalties)
This arrangement mirrors the natural progression of the Income-tax Act, ensuring a coherent learning path
Cross-references
Each discussion references relevant sections, notifications, or rulings.
Footnotes and endnotes direct readers to primary sources (e.g., gazette notifications)
Practical Illustrations
Examples clarify complex computations, such as computing undisclosed income in a block assessment or applying the non-resident presumptive scheme
Step-by-step scenarios help professionals and students interpret real-world issues
User-friendly Navigation
Well-planned layout with appropriate headings and thorough indexing
Encourages quick lookups during day-to-day practice and in-depth study when required