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Taxmann’s Income Tax Act As Amended by Finance Act 2023 68th Edition



This book covers amended, updated & annotated text of the Income-tax Act & Finance Act 2023. Annotation under each section includes relevant Rules, Forms, Circulars, Notifications, legislative history, etc. The relevant section numbers are printed in folios for quick navigation.

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This book covers the amended, updated & annotated text of the Income-tax Act 1961 & the Finance Act 2023.

The recent changes in the Income-tax Act, 1961 are as follows:

  • [Insertion] of 5+ new sections
    • [Important New Sections] include:
      • Section 50AA – Special provision for computation of capital gains in case of Market Linked Debenture and specified mutual funds
      • Section 80CCH – Deduction in respect of contribution to the Agnipath Scheme
      • Section 115BAE – Tax on income of certain new manufacturing co-operative societies
      • Section 115BBJ – Tax on winnings from online games
      • Section 194BA – TDS on winnings from online games
  • [Amendments] in 115+ sections
    • [Important Amendments] include:
      • Taxation of life insurance policies
      • The new avatar of the alternative tax regime of Section 115BAC
      • Rebate under Section 87A allowed to the individuals opting for the alternative tax regime
      • Increase in the rate of TCS on remittance under LRS
      • Changes in the provisions relating to the taxation of charitable trusts and institutions
      • Deduction for the sum payable to micro and small enterprises to be allowed on a payment basis
      • The threshold for presumptive tax scheme under Section 44AD and Section 44ADA has been increased
      • Interest claimed as a deduction will not form part of the cost of the acquisition
      • Taxation of a sum received by a unit holder from the business trust
      • Change in the limitation period for completion of assessment
      • A new authority for appeals is created at Joint Commissioner (Appeals)
      • Increase in the tax on royalty and FTS income of non-residents and foreign company

The Present Publication is the 68th Edition and has been amended by the Finance Act 2023. This book is edited by Taxmann’s Editorial Board, with the following noteworthy features:

  • [Coverage] of this book includes:
    • Division One – Income-tax Act, 1961
      • Arrangement of Sections
      • Text of the Income-tax Act, 1961, as amended by the Finance Act, 2023
      • Appendix
        • List of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
        • Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
      • Validation Provisions
      • Subject Index
    • Division Two – Finance Act, 2023
      • Text of the Finance Act, 2023
  • [Annotations] under each section shows:
    • Relevant Rules & Forms
    • Relevant Circulars & Notifications
    • Date of enforcement of provisions
    • Allied Laws referred to in the section
  • [Legislative History of Amendments] since 1961
  • Comprehensive Table of Contents
  • [Quick Navigation] Relevant section numbers are printed in folios for quick navigation
  • [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’

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