Taxmann’s Income Tax Act – As Amended by Finance Act 2022 – 67th Edition 2022.

Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format. Amended by the Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 – 66th Edition 2021.

Description

This book covers the Amended, Updated & Annotated text of the Income-tax Act, Finance Act 2022 & Taxation Laws (Amendment) Act, 2021.

The recent changes in the Income-tax Act, 1961 are as follows:

• [Insertion] of 10+ new sections
  • [Important New Sections] include:
    • Taxation of Virtual Digital Asset (VDA)
    • TDS u/s 194S on the transfer of VDAs
    • TDS u/s 194R on Benefits or Perquisites
    • Updated Returns
    • Tax relief for COVID related compensation received from employers & well-wishers
• [Amendments] in 70+ sections
  • [Important Amendments] include:
    • New provisions for Faceless Assessment & Reassessment
    • Changes in surcharge rate on long-term capital gain, AOPs & co-operative societies
    • Change in provisions relating to the taxation of charitable trust and institutions
    • Filing of application before AO to get the refund of tax deducted from the payment made to non-resident
    • Increase in the scope of reporting obligation cast on producers of cinematograph films

The Present Publication is the 67^th Edition and amended by the Finance Act 2022 & the Taxation Laws (Amendment) Act, 2021. This book is authored by Taxmann’s Editorial Board, with the following noteworthy features:

• [Coverage] of this book includes:
  • Division One – Income-tax Act, 1961
    • Arrangement of Sections
    • Text of the Income-tax Act, 1961 as amended by the Finance Act, 2022 and Taxation Laws (Amendment) Act, 2021
    • Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
    • Validation Provisions
    • Subject Index
  • Division Two – Finance Act, 2022 and Taxation Laws (Amendment) Act, 2021
• [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
• [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’