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
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