Subjectwise Contents
[Updated upto Finance, 2023]

Section A : Amendments by the Finance Act, 2023

Income Tax Act, 1961

The Prohibition of Benami Property Transactions Act, 1988

Finance (No. 2) Act, 2004 (Securities Transaction Tax)

Section B--Ready Referencer

A. Tax Rates for Current Assessment Years [Assessment Years 2023-24 and 2024-25]

B. Specified Tax Rates under Income Tax Act

C. TDS Rates [for Financial Year 2023-24]

D. Rates for Tax Collection at Source [for Financial Year 2023-24]

E. Rates for Minimum Alternate Tax [for Financial Year 2023-24]

F. Tax Rates for Last Ten Assessment Years

G. Market Rates of Gold and Silver from 31-3-2008 as on 31-3-2023 and 1-4-1981

H. TDS Chart [Financial Year 2023-24]

I. Fee Structure for Appeals

J. Tax Saving Schemes

K. Accrued Interest on NSC (VIII Issue)

L. Tax Calendar for Recurring Work

M. Audit Reports under Income Tax Act, 1961

N. Period of Limitation under Income Tax

O. Withholding Tax Rates under DTAA

P. List of Bonus Issue of Shares during 1-4-2022 to 31-3-2023

Section C--Basic Concepts

1. Definition of Assessee, Assessment Year, Books of Accounts, Income, Interest, Liable to Tax, Manufacture, Maximum Marginal Rate, Person, Tax and Previous Year [Sections 2(7), 2(9), 2(12A), 2(24), 2(28A), 2(29A), 2(29BA), 2(29C), 2(31), 2(43) and 3]

2. Chargeability of Income, Scope of Total Income and Income Deemed to be Received [Sections 2(45), 4, 5 and 7]

3. Residential Status [Section 6]

4. Income Deemed to Accrue or Arise in India [Section 9]

5. Income on Receipt of Capital Asset or Stock-in-Trade by Specified Person from Specified Entity [Section 9B Inserted by Finance Act, 2021 from Assessment Year 2021-22]

6. Heads of Income [Section 14]

7. New Taxation Regime for Individual or HUF [Section 115BAC]

Section D--Exempt Incomes

8. Generally Exempt Incomes [Section 10]

9. Taxation of ULIPs and Other Insurance Policies [Sections 2(14), 10(10D), 45(1B), 111A & 112A]

10. Agricultural Income [Section 2(1A)]

11. Exemption to Units Located in Special Economic Zone [Section 10AA]

Section E--Taxation of Salary Income

12. Salary--Meaning and Chargeability [Sections 5A, 15 and 17]

13. Special Receipts Taxable as Salary

14. Taxability issues Regarding Various Funds

15. Tax on Interest from Provident Funds [Section 10(11) and 10(12)]

16. Tax Treatment of Allowances

17. Perquisites : General [Sections 10(10CC) and 17]

18. Valuation of Perquisites [Section 17]

19. Perquisite and Stock Options [Section 17(2)(vi)]

20. Deductions from Salary Income [Section 16]

21. Profits in Lieu of Salary [Section 17(3)]

22. Individuals Opting for Special Taxation Regime under Section 115BAC and Salary Income

23. Relief under Section 89 [Section 89]

24. Tax Planning and Salary Income

25. General Illustrations Applicable for Assessment Year 2023-24

Section F--Income from House Property

26. Chargeability [Sections 22 and 27]

27. Annual Value of a Let Out Property [Section 23]

28. Deductions from Annual Value [Section 24]

29. Other Issues [Sections 25, 25A and 26]

30. Planning in Respect of Property Income

31. Illustrations of Income from House Property

Section G--Profits and Gains of Business or Profession

32. Business and Business Income [Section 2(13), 2(36), Section 28 and 29]

33. Rent, Rates, Taxes, Repairs and Insurance for premises [Section 30]

34. Repairs and Insurance of Machinery, Plant and Furniture [Section 31]

35. Depreciation Allowance and Investment Allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C]

36. Business Deductions in Respect of Specified Businesses/Activities [Sections 33AB to 35E]

37. Specific Business Deductions [Section 36 and 94B]

38. Disallowance of Expenditure Against Exempt Income [Section 14A]

39. Business Expenditure [Section 37(1) and 37(2B)]

40. CBDT's Clarifications as to Allowability of Particular Business Expenses [Section 37(1)]

41. Expenses under Sections 30, 31 and 32, Where Assets Used Partly for Business and Partly for Personal Purposes [Section 38]

42. Special Deductions for Agents of Insurance, Mutual Funds, etc.

43. Amounts not Deductible [Sections 40(a) and 40(b)]

44. Expenditures not Deductible [Sections 40A and 43B]

45. Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB]

46. Accounts and Audit [Sections 44AA and 44AB]

47. Presumptive Incomes [Sections 44AD to 44BBB]

Section H--Capital Gains

48. Chargeability and Capital Asset [Sections 2(14) and 45(1)]

49. Transfer, Transactions not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47A]

50. Types of Capital Assets, Gain and Determination of Period of Holding [Sections 2(29A), 2(29B), 2(42A) and 2(42B)]

51. Computation of Capital Gains [Sections 48, 49, 50A, 50D, 51 and 55]

52. Special Provisions for Computation of Capital Gains Arising from Shares, Units, Zero Coupon Bonds and Market Linked Debentures, Etc. [Sections 2(48), 10(33), 10(36), 10(38), 48, 50AA, 111A, 112 and 112A]

53. Exemption from Capital Gain on Compulsory Acquisition of Agricultural Land [Section 10(37)]

54. Exemption to Capital Gains Arising from Transfer of Specified Capital Asset in Certain Cases [Section 10(37A)] [From Assessment Year 2015-16]

55. Taxation of Capital Gain in Certain Specific Instances [Sections 2(19AA), 45, 46, 46A, 49(2C), 49(2D), 50, 50B, 50C, 50CA and 51]

56. Deep Discount Bonds and Strips [Section 45]

57. Employees Stock Options--Capital Gain Tax Implications [Sections 47(iii), 49(2AA) and 49(2AB)]

58. Conversion of Private Company/Unlisted Public Company into LLP and Tax Consequences [Section 47(xiiib), 47A(4), 49(1)(iii)(e) and 49(2AAA)]

59. Deductions from Capital Gains [Sections 54 to 54H]

60. Extension of Dates of Compliances for the Purposes of Sections 54 to 54GB

61. Reference to Valuation Officer [Section 55A and 2(22B)]

62. Rates of Capital Gains Tax [Assessment Years 2023-24 and 2024-25]

Section I--Income from Other Sources, Clubbing, Undisclosed Sources and Set Off and Carry Forward of Losses

63. Income from Other Sources [Sections 56 to 58]

64. Start-up Taxation [Section 56(2)(viib)]

65. Clubbing of Income [Sections 60 to 64]

66. Income from Undisclosed Sources [Sections 68 to 69D]

67. Set Off and Carry Forward of Losses [Sections 70 to 80 and Section 157]

Section J--Deductions Under Chapter VI-A

68. General Provisions as to Deduction From Total Income [Sections 80A to 80B]

69. Deduction From Total Income Concerning Payments-I Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contribution to PF, PPF, Subscription to Certain Equity Shares or Debentures, etc. [Section 80C]

70. Deduction from Total Income Concerning Payments-II [Sections 80CCA, 80CCB, 80CCC, 80CCD, 80CCE, 80CCF, 80CCG, 80CCH, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB and 80GGC]

71. Deduction in Respect of Certain Incomes [Sections 80JJA, 80JJAA, 80LA, 80M, 80QQB, 80RRB, 80TTA, 80TTB and 80U]

72. Deductions in Respect of Income from New Industries, New Hotels and New Convention Centres [Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID and 80-IE]

Section K--Specific Tax Entities

73. Individuals

74. Hindu Undivided Family [Section 171]

75. Assessment of Partnership Firms and Limited Liability Partnership [Sections 2(23), 10(2A), 28(v), 40(b), 115JC to 115JF, 167C, 184, 185, 188 and 189]

76. Taxation of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A]

77. Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company [Sections 115JC to 115JF]

78. Taxation of Companies, MAT and Dividend Distribution Tax [Sections 2(17), 2(18), 2(19AA), 2(22A), 2(23A), 2(26), 2(32), 2(35), 2(36A), 2(41A), 115BBD, 115JAA, 115JB, 115JG, 115JH, 115-O to 115Q and 115QA to 115QC]

79. Taxation of Mutual Funds, New Pension System Trust and Securitisation Trust [Sections 10(23D), 10(23DA), 10(33), 10(35), 10(35A), 10(44), 115R to 115T, 115TA to 115TC and 197A(1E)]

80. Taxation of Charitable Trusts and Exempt Institutions [Sections 2(15), 2(22AAA), 10(23C), 11 to 13, 13B, 115BBC, 115TD to 115TE and 164]

81. Private Trusts, Oral Trusts & Wakfs [Sections 161(1), 161(1A), 164(1), 164(A), 165, 166, 167]

82. Taxation of Co-operative Societies and Producer Companies [Sections 2(19), 2(24)(viia), 80P, 80PA, 115BAD and 115BAE]

83. Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG]

84. Tax on Income from Transfer of Virtual Digital Assets [Section 2(47A), Section 56(2)(x) and Section 115BBH]

85. Tax on Winnings from Online Games [Section 115BBJ from Assessment Year 2024-25, Inserted by the Finance Act, 2023]

86. Taxation of Political Parties [Sections 13A and 139(4B)]

87. Taxation of Non-Residents

88. Foreign Tax Credit [Section 90, 91 and Rule 128]

89. Relief from Taxation on Income from Retirement Benefit Account Maintained in a Notified Country [Section 89A]

90. Tonnage Tax on Shipping Companies [Sections 115V to 115VZC]

Section L--General Illustrations

91. Partnership Firm Assessed as Such and Partners

92. Personal Taxation

93. Company Taxation

94. All Assessees : Capital Gains

Section M--Tax Deduction at Source and Tax Collection at Source

95. Tax Deduction from Salaries [Section 192]

96. Tax Deduction from Payment of Accumulated Balance of Employees' Provident Fund Due to an Employee [Section 192A]

97. TDS from Interest on Securities [Section 193]

98. TDS from Dividends in case of Residents [Section 194, 196 and Section 2(35)]

99. TDS on Interest (including Recurring Deposit) Other than Interest on Securities [Section 194A and section 2(28A)]

100. TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B]

101. TDS on Winnings from Online Games [Section 194BA]

102. TDS on Winnings from Horse Races [Section 194BB]

103. TDS on Payment to Contractors/Sub-Contractors [Section 194C]

104. TDS on Insurance Commission [Section 194D]

105. TDS on Payments under Life Insurance Policy [Section 194DA]

106. TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E]

107. TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE]

108. TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F]

109. TDS from Commission on Sale of Lottery Tickets [Section 194G]

110. TDS on Commission or Brokerage [Section 194H]

111. TDS on Rent Payments [Section 194-I]

112. TDS on Payment on Transfer of Certain Immovable Property other than Agricultural Land [Section 194-IA]

113. TDS on Rent Payment by Individual/HUF in Certain Cases [Section 194-IB]

114. TDS on Payment under Specified Agreement [Section 194-IC]

115. TDS on Payment of Fees for Professional or Technical Services [Section 194-J]

116. TDS in Respect of Income in Respect of Units [Section 194K]

117. TDS from Payment of Compensation on Compulsory Acquisition of Immovable Property [Section 194LA]

118. TDS on Income by Way of Interest from Infrastructure Debt Fund [Section 194LB]

119. TDS on Certain Income from Units of a Business Trust [Section 194LBA]

120. TDS on Income in Respect of Units of Investment Fund [Section 194LBB]

121. TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC]

122. TDS on Income by Way of Interest from Indian Company or Business Trust [Section 194LC]

123. TDS on Income by Way of Interest on Certain Bonds and Government Securities [Section 194LD]

124. Tax Deduction at Source on Payment Towards Contract, Commission or Brokerage or Fees for Professional Services Where Paid to a Resident by Certain Individual/HUF [Section 194M]

125. TDS on Cash Withdrawals [Section 194N]

126. TDS on Payment of Certain Sums by e-Commerce Operator to e-Commerce Participant [Section 194-O]

127. Tax Deduction in Case of Specified Senior Citizens by Banking Companies [Section 194P]

128. Tax Deduction by Buyer of Goods in Certain Cases [Section 194Q]

129. TDS on Benefit or Perquisite in Respect of Business or Profession [Section 194R]

130. TDS on Transfer of Virtual Digital Assets [Section 194S]

131. TDS from Payments to Non-residents [Section 195]

132. Interest or Dividend Payable to Government or RBI or Certain Corporations [Section 196]

133. TDS on Income from Units in Case of Non-Residents [Section 196A]

134. TDS from Payment to Offshore Fund [Section 196B]

135. TDS on Income from FCCB, GDRS [Section 196C]

136. TDS on Income of Foreign Institutional Investor from Securities [Section 196D]

137. Residuary Provisions Related to TDS and Procedural Aspects

138. Furnishing of Quarterly Return in Respect of Payment of Interest to Residents without Deduction of Tax [Section 206A]

139. Collection of Tax at Source [Sections 206C, 206CA, 206CB, 206CC and 271CA]

140. Higher Rate of Tax Deduction/Collection in Case of Non-filers of Return [Sections 206AB and 206CCA]

141. Fee for Defaults in Furnishing TDS/TCS Statements [Section 234E]

Section N--Advance Income Tax

142. Advance Tax Liability [Sections 207 to 210]

143. Advance Tax Instalments [Sections 211, 218 and 219]

Section O--Interest and Fee

144. Interest Related Provision at a Glance [Sections 115QB, 115TB, 115TE, 201(1A), 206C(7), 220(2), 234A to 234D and 244A]

145. Interest under Section 220 [Section 220]

146. Interest for Defaults in Furnishing Return of Income [Section 234A]

147. Interest for Default in Payment of Advance Tax [Section 234B]

148. Interest for Deferment of Advance Tax [Section 234C]

149. Interest on Refund Granted under Section 143(1) [Section 234D]

150. Common Issues

151. Fee Payable under Income Tax Act [Sections 234E to 234H]

152. Interest on Refunds [Section 244A]

153. Refund for Denying Liability to Deduct Tax in Certain Cases [Section 239A]

154. Tax Clearance Certificate [Section 230]

Section P--Penalties

155. Penalties Imposable [Section 140A(3), 221, 271(1)(b), Sections 271A to 272BB]

156. Penalty for Under-Reporting or Mis-Reporting of Income [Sections 270A and 270AA]

157. Penalty in Search Cases [Section 271AAB and Section 271AAC]

158. Penalty for False Entry, etc. in Books of Accounts [Section 271AAD]

159. Common Issues [Sections 273AA, 273B, 274 and 275]

160. Offences and Prosecution [Sections 275A to 280D]

Section Q--Assessment

161. Return of income [Sections 139, 139C, 139D, 140 and 234F]

162. Permanent Account Number [PAN] [Section 139A]

163. Self-Assessment and Tax on Updated Return [Section 140A and 140B]

164. Summary Assessment [Section 143(1)]

165. Reassessment [Section 147 to 151]

166. Method of Accounting and Income Computation and Disclosure Standards [Section 145, 145A and 145B]

Section R--Rectification

167. Rectification of Mistakes [Section 154]

168. Rectification in Certain Specific Cases [Section 155]

Section S--Miscellaneous

169. Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA and 285BA]

170. Statement by Non-residents [Section 285 and 285A]

171. Annual Statement [Section 285BB]

172. Cash Transactions [Sections 269SS to 269T and Section 271D to 271E]

Section T--Other Direct Taxes

173. Securities Transaction Tax and Income Tax Treatment of Gains from Sale of Equity Shares, etc., At a Glance

174. Equalisation Levy

Notes on Tax Tables

Income Tax & Advance Tax Calculation Tables

Income Tax & Advance Tax Tables

Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Ys. 2023-24 & 2024-25]

Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Ys. 2023-24 & 2024-25]

Resident Individual Equal to or Above 80 Years [For A.Ys. 2023-24 & 2024-25]

Firm & Domestic Co. [For A.Ys. 2023-24 & 2024-25]

Firm [For A.Ys. 2023-24 & 2024-25]

Domestic Co. [For A.Ys. 2023-24 & 2024-25]

Special Domestic Co. [For A.Ys. 2023-24 & 2024-25]

Co-operative Society [For A.Ys. 2023-24 & 2024-25]

Income Tax Tables

Individual/HUF [Opting for Section 115BAC] [For A.Y. 2023-24]

Foreign Companies [For A.Y. 2023-24]

Advance Tax Tables

Individual/HUF/AOP/BOI/AJP [Section 115BAC] [For A.Y. 2024-25]

Foreign Companies [For A.Y. 2024-25]