Section A : Amendments by the Finance Act, 2024 and Finance (No. 2) Act, 2024

Income Tax Act, 1961

Amendments by the Finance Act, 2024 and Finance (No. 2) Act, 2024

Direct Tax Vivad Se Vishwas Scheme, 2024

Equalisation levy [Finance Act, 2016]

Section B : Ready Referencer

A.

Tax Rates for Current Assessment Year [Assessment Year 2025-26]

B.

Specified Tax Rates under Income Tax Act

C.

TDS Rates [For Financial Year 2024-25]

D.

Rates for Tax Collection at Source [For Financial Year 2024-25]

E.

Rates for Minimum Alternate Tax

F.

Tax Rates for Last Ten Assessment Years

G.

Market Rates of Gold and Silver from 31-3-2008 [As on 31-3-2024 and 1-4-1981]

H.

TDS Chart [Financial Year 2024-25]

I.

Rates of Depreciation as per Income-Tax Rules

J.

Fee Structure for Filing Appeals

K.

Tax Saving Schemes

L.

Accrued Interest on NSC (VIII Issue)

M.

Tax Calendar for Recurring Work

N.

Audit Reports under Income Tax Act, 1961

O.

Period of Limitation under Income Tax

P.

Withholding Tax Rates under DTAA

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

2.

Chargeability of Income, Scope of Total Income and Income deemed to be received

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

6.

Heads of Income [Section 14]

7.

New taxation regime [Section 115BAC]

Section D : Exempt Incomes

8.

Generally Exempt Incomes [Section 10]

9.

Taxation of ULIPs and Other Insurance Policies

10.

Agricultural Income [Section 2(1A)]

11.

Deduction to Units Located in Special Economic Zone [Section 10AA]

Section E : Taxation of Salary Income

12.

SalaryMeaning and Chargeability

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 Filing ITR under Special Taxation Regime under Section 115BAC and Salary Income

23.

Relief under Section 89 r/w Rule 21A

24.

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

25.

Tax Planning and Salary Income

26.

General Illustrations Applicable for Assessment Year 2024-25

Section F : Income from House Property

27.

Charge of Tax on Income from House Property

28.

Annual Value of Let Out Property [Section 23]

29.

Deductions from Annual Value [Section 24]

30.

Other Issues [Sections 25, 25A and 26]

31.

Planning in Respect of Property Income

32.

Illustrations of Income from House Property

Section G : Profits and Gains of Business or Profession

33.

Business and Business Income

34.

Rent, Rates, Taxes, Repairs and Insurance for Premises [Section 30]

35.

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

36.

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

37.

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

38.

Specific Business Deductions [Section 36 and 94B]

39.

Disallowance of Expenditure against Exempt Income [Section 14A]

40.

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

41.

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

42.

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

43.

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

44.

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

45.

Expenditures not Deductible [Sections 40A and 43B]

46.

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

47.

Accounts and audit [Sections 44AA and 44AB]

48.

Presumptive Taxation Schemes

Section H : Capital Gains

49.

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

50.

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

51.

Types of Capital Assets, Gain and Determination of Period of Holding

52.

Computation of Capital Gains

53.

Special Provisions for Computation of Capital Gains Arising from Shares, Units, Zero Coupon Bonds and Market linked debentures, Etc.

54.

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

55.

Exemption to Capital Gains Arising from Transfer of Specified Capital Asset in Certain Cases [Section 10(37A)]

56.

Taxation of Capital Gain in Certain Specific Instances

57.

Deep Discount Bonds and Strips [Section 45]

58.

Employees Stock OptionsCapital Gain Tax Implications

59.

Conversion of Private Company/Unlisted Public Company into LLP and Tax Consequences

60.

Deductions from Capital Gains [Sections 54 to 54H]

61.

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

62.

Reference to Valuation Officer

63.

Rates of Capital Gains Tax

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

64.

Income from Other Sources

65.

Taxation of Start-ups [Section 56(2)(viib)]

66.

Clubbing of Income [Sections 60 to 64]

67.

Income from Undisclosed Sources [Sections 68 to 69D]

68.

Set Off and Carry Forward of Losses

Section J : Deductions under Chapter VI-A

69.

General Provisions as to Deduction from Total Income

70.

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]

71.

Deduction from Total Income Concerning Payments-II

72.

Deduction in Respect of Certain Incomes

73.

Deductions in Respect of Income from New Industries, New Hotels and New Convention Centres

Section K : Specific Tax Entities

74.

Individuals

75.

Hindu Undivided Family [Section 171]

76.

Assessment of Partnership Firms and Limited Liability Partnership

77.

Taxation of Association of Persons

78.

Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company

79.

Taxation of Companies, MAT and Dividend Distribution Tax

80.

Taxation of Mutual Funds, New Pension System Trust and Securitisation Trust

81.

Taxation of Charitable Trusts and Exempt Institutions

82.

Private Trusts, Oral Trusts, Etc.

83.

Taxation of Co-operative Societies and Producer Companies

84.

Special Rate of Tax on Income from Patent and Carbon Credits

85.

Tax on Income from Transfer of Virtual Digital Assets [Section 115BBH]

86.

Tax on Winnings from Online Games

87.

Taxation of Political Parties [Sections 13A]

88.

Taxation of Non-Residents

89.

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

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]

99.

TDS on Interest (including Recurring Deposit) other than Interest on Securities [Section 194A]

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 from 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 in Case of Land Development Agreement [Section 194-IC]

115.

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

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 Payment Towards Contract, Commission or Brokerage or Fees for Professional Services Paid by Certain Individuals/HUF [Section 194M]

124.

TDS on Cash Withdrawals [Section 194N]

125.

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

126.

TDS in Case of Specified Senior Citizens by Banking Companies [Section 194P]

127.

TDS by Buyer of Goods [Section 194Q]

128.

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

129.

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

130.

TDS from Payment to Partners of Firms [Section 194T, w.e.f. 1-4-2025]

131.

TDS from Payments to Non-Residents [Section 195]

132.

No TDS on Interest or Dividend Payable to Government or RBI or a Corporation [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

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.

Payment of Advance Tax

143.

Advance Tax Instalments [Sections 211, 218 and 219]

Section O : Interest and Fee

144.

Interest Related Provisions at a Glance

145.

Interest under 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 under the ActAt a Glance

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.

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

159.

Offences and Prosecution [Sections 275A to 280D]

Section Q : Assessment

160.

Return of Income

161.

Self-Assessment and Tax on Updated Return

162.

Summary Assessment [Section 143(1)]

163.

Reassessment

164.

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

Section R : Rectification

165.

Rectification of Mistake

166.

Rectification in Certain Specific Cases [Section 155]

Section S : Miscellaneous

167.

Statement of Specified Financial Transaction (SFT) or Reportable Account [Section 285BA]

168.

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

169.

Annual Statement [Section 285BB]

170.

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

Section T : Other Direct Taxes

171.

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

172.

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 [Old Regime] [For A.Ys. 2024-25 & 2025-26]

Resident Individual Equal to or Above 60 Years but Below 80 Years [Old Regime] [For A.Ys. 2024-25 & 2025-26]

Resident Individual Equal to or Above 80 Years [Old Regime] [For A.Ys. 2024-25 & 2025-26]

Firm & Domestic Co. [For A.Ys. 2024-25 & 2025-26]

Firm [For A.Ys. 2024-25 & 2025-26]

Domestic Co. [For A.Ys. 2024-25 & 2025-26]

Special Domestic Co. [For A.Ys. 2024-25 & 2025-26]

Co-operative Society [For A.Ys. 2024-25 & 2025-26]

Income Tax Tables

Individual/HUF/AOP/BOI [New Regime] [For A.Y. 2024-25]

Advance Tax Tables

Individual/HUF/AOP/BOI [New Regime] [For A.Y. 2024-25]

Foreign Companies [For A.Ys. 2024-25 & 2025-26]