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The present 44th 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 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 update book on Income Tax for the Assessment Year 2023-24. Further, the amendments made by the Finance Act, 2022 and the Finance Act, 2023, applicable for the Assessment Year 2023-24, have been incorporated in the book. • The present edition of the book has several unparalleled features which make it distinct from other available text books on Income Tax. • A simplified, systematic approach to the understanding of a complex subject written in a unique, simple and easy to understand language. • User-friendly examination-oriented style facilitating easy comprehension of each topic. • A unique feature of the revised edition is that Section-wise Index has been incorporated. • 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 upto June 2023 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 2023-24 and 2024-25 have been included in the book. Inspite of the best possible care some mistakes might have crept into the book inadvertently, for which the authors tender unqualified apology for inconvenience caused to readers and request the readers and friends to mail their suggestions and point out the mistakes, which will be most welcome.

CONTENTS:
❐ Salient Features of the Finance Act, 2023 ❐ Section-wise Index 1. Introduction And Important Definitions 2. Residence And Tax Liability (Basis Of Charge) 3. Exemptions From Tax (Non-Taxable Income) 4. Income From Salaries 5. Income From Salaries (Retirement) 6. Income From House Property 7. Profits And Gains Of Business Or Profession 7A. Determination Of Income Of Certain Business Or Profession On A Presumptive Basis 8. Depreciation And Investment Allowance 9. Capital Gains 10. Income From Other Sources 11. Clubbing Of Incomes And Aggregation Of Incomes Or Deemed Incomes 12. Set-Off And Carry-Forward Of Losses 13. Deductions To Be Made From Gross Total Income While Computing Total Income 14. Agricultural Income 15. Rebate And Relief Of Tax 16. Computation Of Total Income Of Individuals 17. Computation Of Tax Liability Of Individuals 18. Assessment Of Hindu Undivided Families 19. Assessment Of Partnership Firms And Aop/Boi 20. Assessment Of Companies 21. Assessment Of Co-Operative Societies 22. Assessment Of Trusts 23. Income Tax Authorities And Their Powers 24. Procedure For Assessment 25. Deduction And Collection Of Tax At Source 26. Advance Payment Of Tax 27. Recovery And Refund Of Tax 28. Appeals And Revision 29. Penalties 30. Offences Liable To Prosecution 31. Capital And Revenue 32. Assessment Of Non-Residents In India 33. Assessment Of Insurance Business 34. Assessment Of Discontinued Business 35. Double Taxation Relief 36. Liability In Special Cases 37. Interim Board Of Settlement (In Place Of Income Tax Settlement Commission) Board For Advance Ruling (Bar) [In Place Of Authority For Advance Ruling (Aar)] 38. Mode Of Acceptance Or Repayment Of Loans Or Deposits 39. Survey, Search And Seizure 40. Equalisation Levy (Also Known As ‘Google Tax’) Tax Planning And Management 41. Tax Planning Concepts 42. Tax Planning For Individuals 43. Tax Planning For New Business 44. Tax Planning And Financial Management Decisions 45. Tax Planning And Managerial Decisions 46. Special Tax Provisions 47. Amalgamation And Demerger