Master Guide to Income Tax Act is an authoritative and comprehensive resource that is a benchmark in its field. This publication provides an in-depth analysis of the amendments to the Income-tax Act by the Finance (No. 2) Act, 2024, showcasing Taxmann’s unparalleled expertise and commitment to precision.

What sets this book apart is its unique market position—virtually unmatched due to the timely, detailed analysis only Taxmann can provide. The book is divided into four key sections, which are as follows:

• Section-wise Commentary on the Finance (No. 2) Act, 2024 – A detailed analysis of the latest amendments and their practical implications
• Income Tax Practice Manual – Serves as a practical guide for tax practitioners, offering step-by-step guidance on TDS, TCS, return filing, and assessment procedures
• Gist of Circulars and Notifications – Organised section-wise, this feature allows practitioners to locate up-to-date circulars and notifications easily
• Digest of Landmark Rulings – A section-wise summary of vital judicial decisions that have shaped the interpretation of the Income-tax Act, offering a concise understanding of critical rulings

This book is essential for tax professionals, legal practitioners, chartered accountants, financial consultants, academicians, and students. It is helpful for anyone involved in tax planning, compliance, litigation, or academic study, providing a thorough understanding of the Income-tax Act.

The Present Publication is the 34^th Edition, authored by Taxmann’s Editorial Board, and provides comprehensive, division-wise coverage with the following key features:

• Division One | Section-wise Commentary on the Finance (No. 2) Act, 2024
  • This division is the book’s cornerstone, featuring over 300 pages of detailed amendment analysis. It covers:
    • Capital Gains – In-depth analysis of changes in the holding period for capital assets, indexation benefits, and tax rates for long-term and short-term capital gains. It also covers amendments to the taxation of unlisted bonds, debentures, and gifts
    • Taxation of Buyback of Shares – Detailed examination of amendments affecting the buyback of shares and TDS on deemed dividends arising from the buyback
    • Taxation of Charitable and Religious Trusts – Comprehensive analysis of shifts from approval-based to registration-based exemptions and powers given to tax authorities to condone delays in filing an application for registration
    • Income and Tax Computation – Analysis of amendments affecting standard deductions, changes in the new tax regime, and impacts on salary income
    • Business Income – Analysis of changes affecting the profits and gains from business or profession, including presumptive taxation schemes for cruise ships and amendments affecting Arm’s Length Price determinations
    • Deductions and Exemptions – Analysis of changes in deductions under Section 80CCD for contributions to pension schemes, expanded definitions of specified funds, and exemptions for entities in IFSC
    • Returns & Assessment – Detailed discussion of amendments to reassessment procedures and block assessments
    • TDS/TCS – Overview of changes in provisions relating to TDS/TCS, including rationalisation of rates and new provision for claiming TCS credit under Section 192
    • Penalties and Prosecution – Explanation of new penalties for non-compliance, changes in limitation periods for imposing penalties, and decriminalisation of some offences
    • Miscellaneous – Coverage of miscellaneous amendments, including the abolition of the ‘Angel Tax’ and changes to Aadhaar requirements for tax filing
  • The key features are as follows:
    • [Comprehensive Commentary] The section-wise commentary includes a detailed examination of every change made by the Finance (No. 2) Act, 2024, focusing on the following:
      • Pre-amendment Position
      • Impact of Amendments
      • Date of Applicability
    • [Supporting Materials] The analysis is enriched with supporting case laws, circulars, notifications, etc., providing a robust foundation for understanding the amendments
    • [Illustrative Approach] Illustrations and case studies are used to explain complex amendments, making it easier for readers to grasp the implications
    • [Gaps and Opinions] The authors not only explain the amendments but also identify potential gaps and provide reasoned opinions on possible outcomes
    • [Structured Overview] Each chapter begins with a concise summary of the amendments or new sections, supported by cross-referenced discussions for easy navigation.
• Division Two | Income Tax Practice Manual
  • This division is a practical guide, providing step-by-step guidance on compliance and procedural requirements. It covers the essential aspects of tax practice, including:
    • Deduction and Collection of Tax at Source – Comprehensive guide on TDS/TCS provisions, procedural aspects, and practical insights for compliance
    • Return of Income – Comprehensive analysis of all provisions relating to filing returns by various taxpayer categories
    • Assessment/Reassessment – Detailed procedures and timelines for assessments and reassessments, ensuring accurate and timely compliance
• Division Three | Gist of Circulars, Clarifications & Notifications
  • From 1961 to June 2024, this division provides a concise summary of all relevant circulars, clarifications, and notifications. It is organised both section-wise and date-wise, ensuring quick and easy access to the necessary information
• Division Four | Digest of Landmark Rulings
  • This division compiles landmark rulings from 1922 to June 2024, organised section-wise and date-wise. It provides insights into judicial interpretations that have significantly influenced the application of the Income-tax Act.