The present 45th 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 2024-25. Further, the amendments made by the Finance Act, 2023 and the Finance Act, 2024, applicable for the Assessment Year 2024-25, 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 2024 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 2024-25 and 2025-26 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.