This book combines the following, making it a one-stop resource for statutes & case laws on direct taxes:
• Acts
• Rules
• Landmark Rulings
• Direct Taxes Law Lexicon
• Circulars, Clarifications & Notifications
• Schemes, Models & Drafts
This book comes in a set of three volumes and incorporates all changes made by the following:
• Volume One | Acts – Amended by the Finance Act, 2023
• Volume Two | Rules – Updated till the Income-tax (Third Amendment) Rules, 2023
• Volume Three | Landmark Rulings, Circulars, Clarifications, Notifications, etc. – Amended/Updated up to February 2023
The Present Publication is the 53rd Edition, edited by Taxmann's Editorial Board, with the following volume-wise noteworthy features:
• Volume One | Acts
o [Annotations] under each section shows:
§ Relevant Rules & Forms
§ Relevant Circulars & Notifications
§ Date of enforcement of provisions
§ Allied Laws referred to in the section
o [Legislative History of Amendments] since 1961
o Comprehensive Table of Contents
o [Quick Navigation] Relevant section numbers are printed in folios for quick navigation
• Volume Two | Rules
o [Action Points for Forms] All Forms carry Action Points that explain the Relevant Provisions and Process of Filing
o [Return Forms] for A.Y. 2023-24
o [Quick Identification for Redundant & e-Forms]
• Volume Three | Landmark Rulings, Circulars, Clarifications, Notifications, etc.
o [15+ Schemes] relevant under the Income-tax Act
o [Words & Phrases] as defined by various Courts
o [Circulars, Clarifications & Notifications | 1961 – February 2023] Gist of all Circulars and Notifications which are in force
o [Case Laws | 1922 – February 2023] Digest of all Landmark Rulings by the Supreme Court, High Courts
o [25+ Models & Drafts] helpful in your day-to-day practice
• [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'
The volume-wise coverage of this book is as follows:
• [Acts] The following Acts are covered in this book:
o Income Tax Act, 1961, as amended by the Finance Act 2023. It also includes the list/text of provisions of allied Acts, Circulars, and Regulations referred to in the Income-tax Act, along with validation provisions & subject-index
o Finance Act 2023
o Prohibition of Benami Property Transactions Act, 1988, as amended by the Finance Act 2023
o Securities Transaction Tax as amended by the Finance Act 2023
o Commodities Transaction Tax
o Equalisation Levy, along with Notification u/s 164 of the Finance Act, 2016
o Black Money Act
§ Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
§ Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015
• [Rules] The following Rules are covered in this book:
o Income-tax Rules, 1962 amended up to date with the list/text of provisions of Allied Laws referred to in Income-tax Rules along with Subject Index
o Income Computation and Disclosure Standards
o Income-tax (Appellate Tribunal) Rules, 1963
§ Standing Order under Income-tax (Appellate Tribunal) Rules 1963
§ Other Notifications & Instructions
§ Income-tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules 1963
§ Subject Index
o Commodities Transaction Tax Rules, 2013
o Securities Transaction Tax Rules, 2004
o Authority for Advance Rulings (Procedure) Rules, 1996
o Prohibition of Benami Property Transaction Rules, 2016
o Equalisation Levy Rules, 2016
o Capital Gains Accounts Scheme, 1988
o Electoral Trusts Scheme, 2013
o Income-tax (Dispute Resolution Panel) Rules, 2009
o Reduction of interest under Section 234A/234B/234C
§ CBDT's Instructions for waiver or reduction of interest
o Delay in Filing Refund Claim
§ Condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Income-tax Act
o Reverse Mortgage Scheme, 2008
o Centralised Verification Scheme, 2019
o Faceless Assessment Scheme, 2019 with Directions
o Faceless Appeal Scheme, 2021
o Faceless Penalty Scheme, 2021 with Directions
o Site Restoration Fund Scheme, 1999
o National Pension Scheme Tier II – Tax Saver Scheme, 2020
o Centralised Processing of Returns Scheme, 2011
§ Application of provisions of the Act relating to the processing of Returns
o e-Settlement Scheme, 2021
o e-Verification Scheme, 2021, with FAQs
o e-Advance Rulings Scheme, 2022
o Relaxation of Validation (Section 119 of the Finance Act 2012) Rules, 2021
o Faceless Jurisdiction of Income-tax Authorities Scheme, 2022
o e-Assessment of Income Escaping Assessment Scheme, 2022
o Faceless Inquiry or Valuation Scheme, 2022
o e-Dispute Resolution Scheme, 2022
o Centralised Processing of Equalisation Levy Statement Scheme, 2023
• [Return Forms for Assessment Year 2023-24 & Other Rules/Schemes]
o [Return Forms]
§ ITR-1 | SAHAJ – Individual Income Tax Return
§ ITR-2 | Return of Income – For Individuals and HUFs not having income from profits and gains of business or profession
§ ITR-2A | [Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f.
1-4-2017]
§ ITR-3 | Return of Income – For Individuals and HUFs having income from profits and gains of business or profession
§ ITR-4 | SUGAM – For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs. 50 lakh and having income from business and profession, which is computed under section 44AD, 44ADA or 44AE [Not for an individual who is either Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP or has agricultural income more than Rs. 5000]
§ ITR-4 | [Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017]
§ ITR-5 | Return of Income – For persons other than — (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
§ ITR-6 | Return of Income – For Companies other than companies claiming exemption under section 11
§ ITR-7 | Return of Income – For persons including companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C), or 139(4D) only
§ ITR-8 | [Omitted by the IT (Twenty-First Amdt.) Rules, 2021, w.e.f. 29-7-2021]
§ ITR-V | Verification Form | Acknowledgment
o [Other Rules & Schemes]
§ Income-tax (Certificate Proceedings) Rules, 1962
§ Income-tax Settlement Commission (Procedure) Rules, 1997
§ Tax Return Preparer Scheme, 2006
§ Bank Term Deposit Scheme, 2006
§ Sukanya Samriddhi Account Scheme, 2019
§ Senior Citizens' Savings Scheme, 2019
§ Kisan Vikas Patra Scheme, 2019
§ Public Provident Fund Scheme, 2019
§ National Savings Certificates (VIII Issue) Scheme, 2019
• [Landmark Rulings, Direct Taxes Law Lexicon, Circulars, Clarifications & Notifications, and Schemes, Models & Drafts] are included:
o [15+ Schemes] relevant under the Income-tax Act, 1961, are included:
§ Income Tax Informants Rewards Scheme, 2018
§ Hospitalisation and Domiciliary Hospitalisation Benefit Policy
§ Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2015
§ Income-tax Welfare Fund Rules, 2007
§ Guidelines for Providing Training by Shipping Companies for Tonnage Tax Scheme under Chapter XII-G of Income-tax Act
§ Equity Linked Savings Scheme, 2005
§ Income Tax Ombudsman Guidelines, 2010
§ Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016
§ Electoral Bond Scheme, 2018
§ Prohibition of Benami Property Transactions (Conditions of Services of Members of Adjudicating Authority) Rules, 2019
§ Tribunals Reforms Act, 2021
§ Conditions of Service of Chairperson and Members of Tribunals, Appellate Tribunals and other Authorities
§ Tribunal (Conditions of Service) Rules, 2021
§ Direct Tax Vivad se Vishwas Act, 2020
§ Direct Tax Vivad se Vishwas Rules, 2020
o [Words & Phrases] as defined by various Courts
§ Section key to Words and Phrases judicially defined under Income-tax Act
§ Alphabetical key to Words and Phrases judicially defined under Income-tax Act
o [Circulars, Clarifications & Notifications | 1961 – February 2023] Gist of all Circulars and Notifications which are in force
o [Case Laws | 1922 – February 2023] Digest of all Landmark Rulings by the Supreme Court, High Courts
o [25+ Models & Drafts]
§ Partnership deed
§ Specimen of dissolution deed of partnership firm
§ Specimen deed of dissolution of HUF
§ Gift deed
§ Will
§ Lease Deed
§ Indemnity Bond-I
§ Indemnity Bond-II
§ Specimen affidavit
§ Specimen letter of communication with the previous auditor
§ Power of attorney
§ Intimation to AO regarding discontinuance of business
§ Letter to AO regarding giving of appeal effect
§ Application to AO requesting a stay of demand
§ Letter to AO regarding setting off of tax payable against the refund due
§ Reply to notice under section 221(1)
§ Specimen affidavit under rule 10 of the Income-tax (Appellate Tribunal) Rules
§ Specimen application to Appellate Tribunal for admission of delayed appeal
§ Specimen application for rectification of mistake
§ Specimen application for revision under section 264
§ Specimen application for the exercise of option under clause (2) of the Explanation to section 11(1)
§ Draft Letter of Appointment
§ Specimen letter for seeking adjournment for video conferencing in faceless assessment
§ Specimen letter to submit information in the course of faceless assessment proceeding
§ Specimen application for condonation of delay in filing of Appeal before CIT (Appeals)
§ Specimen Application for Admission of Additional evidence in an Appeal
§ Specimen deed to create a Family Trust (Discretionary Trust)
