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
- [Important New Sections] include:
- [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
- [Important Amendments] include:
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, 2022
- Text of the Finance Act, 2023
- Division One – Income-tax Act, 1961
- [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
- [Bestseller Series] Taxmann’s series of bestseller books for more than five decades
- [Zero Error] Follows the six-sigma approach to achieve the benchmark of ‘Zero Error’
- Publisher : Taxmann
- Author : Taxmann
- Edition : 68th Edition 2023
- ISBN-13 : 9789356226845
- ISBN-10 : 9789356226845
- Language : English
- Binding : Paperback