INCOME TAX ACT TAXMANN BY FINANCE (ACT.2) 2024

This book has been widely recognized as the most authoritative content for tax professionals, legal practitioners, academicians, and anyone engaged in the application and interpretation of the Income-tax Act, 1961.

The Present Publication, in its 69th Edition, upholds its tradition of unmatched accuracy and reliability. It is updated to incorporate the latest amendments introduced by the Finance Act, 2024, and the Finance (No. 2) Act, 2024. A glimpse of the recent changes include:

• New Sections Introduced
• Section 44BBC – A new presumptive taxation scheme for non-residents operating cruise ships, simplifying tax compliance for this sector
• Section 194T – Partnership firms are now required to deduct tax at source on sums paid or payable to their partners, ensuring transparency
• Section 271GC – Imposes penalties on non-resident assessee with Liaison Offices (LO) in India for non-compliance in furnishing the annual statement in Form No. 49C
• Key Amendments to Existing Provisions
• Section 2(42A) – Amended to prescribe only two holding periods for determining the nature of capital assets
• Section 48 – Revised to eliminate the availability of indexation benefits for long-term capital assets
• Sections 111A, 112, and 112A – Updated to adjust the tax rates applicable to capital gains
• Section 50AA – Expanded to include unlisted bonds and debentures within its scope
• Section 47(iii) – Substituted to classify the transfer of a capital asset by any person other than an Individual or HUF under a gift, will, or irrevocable trust as a taxable transfer
• Section 2(22)(f) – Now treats sums received by shareholders during a share buyback as deemed dividends
• Section 10(23C) and Section 12AB – The approval-based exemption under Section 10(23C) has been merged with the registration-based exemption under Section 12AB
• Standard Deduction – Increased from Rs. 50,000 to Rs. 75,000 under the new tax regime
• Chapter XIV-B (Sections 158B to 158BH) – Substituted to establish a new framework for block assessments in cases of search and requisition conducted on or after September 1, 2024

This book is authored and edited by Taxmann's Editorial Board, continuing its legacy as a cornerstone in Direct Tax, with the following noteworthy features:

• Comprehensive Coverage
• Division One – Income-tax Act, 1961
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