Taxmann’s Income Tax Act – As Amended by Finance Act 2023

Description

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 68^th 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
• [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’