Taxmanns Income Tax Act | Special Edition A Trusted Cornerstone, Amended by Finance (No. 2) Act 2024, Featuring Detailed Anno

Income Tax Act Special Edition has been widely recognised as the most authoritative content for tax professionals, legal practitioners, academicians, and anyone engaged in applying and interpreting the Incometax Act, 1961.In its 69th Edition, the Present Publication 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. The key enhancements in the Special Edition include: MultiColour Text for Enhanced Navigationo Designed to optimise the reading experience, the colourcoded text aids in quicker identification of sections, amendments, and relevant provisions, ensuring seamless access to informationA glimpse of the recent changes include: New Sections Introducedo Section 44BBC A new presumptive taxation scheme for nonresidents operating cruise ships, simplifying tax compliance for this sectoro Section 194T Partnership firms are now required to deduct tax at source on sums paid or payable to their partners, ensuring transparencyo Section 271GC Imposes penalties on nonresident assessee with Liaison Offices (LO) in India for noncompliance in furnishing the annual statement in Form No. 49C Key Amendments to Existing Provisionso Section 2(42A) Amended to prescribe only two holding periods for determining the nature of capital assetso Section 48 Revised to eliminate the availability of indexation benefits for longterm capital assetso Sections 111A, 112, and 112A Updated to adjust the tax rates applicable to capital gainso Section 50AA Expanded to include unlisted bonds and debentures within its scopeo 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 transfero Section 2(22)(f) Now treats sums received by shareholders during a share buyback as deemed dividendso Section 10(23C) and Section 12AB The approvalbased exemption under Section 10(23C) has been merged with the registrationbased exemption under Section 12ABo Standard Deduction Increased from Rs. 50,000 to Rs. 75,000 under the new tax regimeo Chapter XIVB (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, 2024This book is authored and edited by Taxmanns Editorial Board, continuing its legacy as a cornerstone in Direct Tax, with the following noteworthy features: Comprehensive Coverageo Division One Incometax Act, 1961 The text is thoroughly updated and annotated, reflecting all amendments made by the Finance Act, 2024 and Finance (No. 2) Act, 2024 Appendix Includes a detailed list and text of provisions from Allied Acts, Circulars, and Regulations that are referred to within the Incometax Act, providing a crossreferential understanding of the legal framework Validation Provisions Key provisions that validate the applicability of certain sections Subject Index A wellstructured index that allows for quick and easy location of relevant sections and topics.o Division Two Finance Act 2024 and Finance (No. 2) Act 2024 Text of the Finance Act, 2024 and Finance (No. 2) Act, 2024o Division Three Securities Transaction Tax Text of the Securities Transaction Taxo Division Four Commodities Transaction Tax Text of the Commodities Transaction Taxo Division Five Equalisation Levy Text of the Equalisation Levy along with the relevant Notification under Section 164 of the Finance Act, 2016 Detailed Annotations and Practical Toolso Each section is accompanied by extensive annotations that provide: Relevant Rules & Forms applicable to that section Key Circulars & Notifications issued by the government, which are essential for interpretation and application Dates of Enforcement for specific provisions, enabling readers to understand the chronological application of the law Crossreferences to Allied Laws, which are crucial for a holistic understanding of the legal context in which the Incometax Act operates Historical Context and Legislative Evolutiono Legislative History The book includes a detailed history of amendments to the Incometax Act since 1961, providing insights into the evolution of the Incometax Act. This feature is particularly useful for legal professionals and researchers who seek to understand the legislative intent and historical developments behind current provisions UserFriendly Design and Accessibilityo Quick Navigation Features The book is designed with user convenience in mind. Section numbers are prominently printed in folios, enabling readers to navigate the text swiftly. The comprehensive Table of Contents further enhances the ease of accesso Bestseller Legacy As part of Taxmanns renowned series of bestseller publications, this book continues a legacy of over five decades, trusted by gene