Description
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
[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
Volume Two | Rules
[Action Points for Forms] All Forms carry Action Points that explain the Relevant Provisions and Process of Filing
[Return Forms] for A.Y. 2023-24
[Quick Identification for Redundant & e-Forms]
Volume Three | Landmark Rulings, Circulars, Clarifications, Notifications, etc.
[15+ Schemes] relevant under the Income-tax Act
[Words & Phrases] as defined by various Courts
[Circulars, Clarifications & Notifications | 1961 – February 2023] Gist of all Circulars and Notifications which are in force
[Case Laws | 1922 – February 2023] Digest of all Landmark Rulings by the Supreme Court, High Courts
[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:
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
Finance Act 2023
Prohibition of Benami Property Transactions Act, 1988, as amended by the Finance Act 2023
Securities Transaction Tax as amended by the Finance Act 2023
Commodities Transaction Tax
Equalisation Levy, along with Notification u/s 164 of the Finance Act, 2016
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:
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
Income Computation and Disclosure Standards
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
Commodities Transaction Tax Rules, 2013
Securities Transaction Tax Rules, 2004
Authority for Advance Rulings (Procedure) Rules, 1996
Prohibition of Benami Property Transaction Rules, 2016
Equalisation Levy Rules, 2016
Capital Gains Accounts Scheme, 1988
Electoral Trusts Scheme, 2013
Income-tax (Dispute Resolution Panel) Rules, 2009
Reduction of interest under Section 234A/234B/234C
CBDT’s Instructions for waiver or reduction of interest
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
Reverse Mortgage Scheme, 2008
Centralised Verification Scheme, 2019
Faceless Assessment Scheme, 2019 with Directions
Faceless Appeal Scheme, 2021
Faceless Penalty Scheme, 2021 with Directions
Site Restoration Fund Scheme, 1999
National Pension Scheme Tier II – Tax Saver Scheme, 2020
Centralised Processing of Returns Scheme, 2011
Application of provisions of the Act relating to the processing of Returns
e-Settlement Scheme, 2021
e-Verification Scheme, 2021, with FAQs
e-Advance Rulings Scheme, 2022
Relaxation of Validation (Section 119 of the Finance Act 2012) Rules, 2021
Faceless Jurisdiction of Income-tax Authorities Scheme, 2022
e-Assessment of Income Escaping Assessment Scheme, 2022
Faceless Inquiry or Valuation Scheme, 2022
e-Dispute Resolution Scheme, 2022
Centralised Processing of Equalisation Levy Statement Scheme, 2023
[Return Forms for Assessment Year 2023-24 & Other Rules/Schemes]
[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
[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:
[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
[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
[Circulars, Clarifications & Notifications | 1961 – February 2023] Gist of all Circulars and Notifications which are in force
[Case Laws | 1922 – February 2023] Digest of all Landmark Rulings by the Supreme Court, High Courts
[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)
