The present 42nd edition of the book has been thoroughly revised in the light of the amendments made by The Income Tax Act, 1961; The Income Tax Rules, 1962, (as amended up-to-date); Salient Features of the Direct Tax including Tax Planning & Management Book: Even the last-minute changes in the law have been incorporated in this revised edition of the book and as such, it is the latest and most updated book on Income Tax for the Assessment Year 2021-22. Further, the amendments made by the Finance Act, 2020 and the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, applicable for the Assessment Year 2021-22, have been incorporated in the book. Features of the New tax payer-friendly e-filing Portal launched by the Income Tax Department on 7th June 2021 have been included in the chapter Procedure For Assessment. The language of the book is simple and lucid. Small illustrations and examples are given for ticklish law points so as to make them easy and self-explanatory for students to understand the subject. All important case laws and circulars/notifications reported up to June 2021 have been incorporated. More than 500 solved illustrations have been given in various chapters from the questions set for examinations conducted by the various Universities, All important aspects of Tax Planning and Management for the Assessment Years 2021-22 and 2022-23 have been included in the book.