Master Guide to Income Tax Act

The Present Publication is the 34^th Edition, authored by Taxmann’s Editorial Board, and provides comprehensive, division-wise coverage with the following key features:

• Division One | Section-wise Commentary on the Finance (No. 2) Act, 2024
  • This division is the book’s cornerstone, featuring over 300 pages of detailed amendment analysis. It covers:
    • Capital Gains – In-depth analysis of changes in the holding period for capital assets, indexation benefits, and tax rates for long-term and short-term capital gains. It also covers amendments to the taxation of unlisted bonds, debentures, and gifts
    • Taxation of Buyback of Shares – Detailed examination of amendments affecting the buyback of shares and TDS on deemed dividends arising from the buyback
    • Taxation of Charitable and Religious Trusts – Comprehensive analysis of shifts from approval-based to registration-based exemptions and powers given to tax authorities to condone delays in filing an application for registration
    • Income and Tax Computation – Analysis of amendments affecting standard deductions, changes in the new tax regime, and impacts on salary income
    • Business Income – Analysis of changes affecting the profits and gains from business or profession, including presumptive taxation schemes for cruise ships and amendments affecting Arm’s Length Price determinations
    • Deductions and Exemptions – Analysis of changes in deductions under Section 80CCD for contributions to pension schemes, expanded definitions of specified funds, and exemptions for entities in IFSC
    • Returns & Assessment – Detailed discussion of amendments to reassessment procedures and block assessments
    • TDS/TCS – Overview of changes in provisions relating to TDS/TCS, including rationalisation of rates and new provision for claiming TCS credit under Section 192
    • Penalties and Prosecution – Explanation of new penalties for non-compliance, changes in limitation periods for imposing penalties, and decriminalisation of some offences
    • Miscellaneous – Coverage of miscellaneous amendments, including the abolition of the ‘Angel Tax’ and changes to Aadhaar requirements for tax filing
  • The key features are as follows:
    • [Comprehensive Commentary] The section-wise commentary includes a detailed examination of every change made by the Finance (No. 2) Act, 2024, focusing on the following:
      • Pre-amendment Position
      • Impact of Amendments
      • Date of Applicability
    • [Supporting Materials] The analysis is enriched with supporting case laws, circulars, notifications, etc., providing a robust foundation for understanding the amendments
    • [Illustrative Approach] Illustrations and case studies are used to explain complex amendments, making it easier for readers to grasp the implications
    • [Gaps and Opinions] The authors not only explain the amendments but also identify potential gaps and provide reasoned opinions on possible outcomes
    • [Structured Overview] Each chapter begins with a concise summary of the amendments or new sections, supported by cross-referenced discussions for easy navigation.
• Division Two | Income Tax Practice Manual
  • This division is a practical guide, providing step-by-step guidance on compliance and procedural requirements. It covers the essential aspects of tax practice, including:
    • Deduction and Collection of Tax at Source – Comprehensive guide on TDS/TCS provisions, procedural aspects, and practical insights for compliance
    • Return of Income – Comprehensive analysis of all provisions relating to filing returns by various taxpayer categories
    • Assessment/Reassessment – Detailed procedures and timelines for assessments and reassessments, ensuring accurate and timely compliance
• Division Three | Gist of Circulars, Clarifications & Notifications
  • From 1961 to June 2024, this division provides a concise summary of all relevant circulars, clarifications, and notifications. It is organised both section-wise and date-wise, ensuring quick and easy access to the necessary information
• Division Four | Digest of Landmark Rulings
  • This division compiles landmark rulings from 1922 to June 2024, organised section-wise and date-wise. It provides insights into judicial interpretations that have significantly influenced the application of the Income-tax Act