Stay fully informed with this in-depth guide on personal income tax laws in India, covering the complete provisions of the Income Tax Act, 1961 as they apply to individual taxpayers. This reference book offers clarity, updated legal text, and practical interpretation, making it a must-have for tax professionals, students, and anyone looking to understand their tax obligations.
???? Full Coverage of Relevant Provisions
Sections from the Income Tax Act specifically applicable to individuals, including income from salary, house property, capital gains, business/profession, and other sources.
???? Amended by the Latest Finance Act
All updates from the Finance Act, 2025 fully incorporated, with a detailed explanation of changes.
???? Easy-to-Understand Commentary
Complex legal language simplified with examples, charts, and plain-language summaries.
???? Section-Wise Analysis
In-depth breakdown of key sections like 10, 17, 24, 54, 80C to 80U, 139, 234, etc.
???? Includes Rules, Notifications, & Circulars
Relevant Income Tax Rules, CBDT Circulars, and latest notifications for individuals.
???? Comparative View
Side-by-side analysis of Old vs. New Tax Regime to help taxpayers choose the most beneficial option.
Chartered Accountants and Tax Practitioners
Law Students, CS/CMA Aspirants, and Commerce Graduates
Salaried Individuals, Freelancers, and Small Business Owners
Academicians and Policy Researchers
???? Tax Filing Calendar
???? Deductions & Exemptions Ready Reckoner
???? Sample ITR Forms & Filing Guidance
???? Checklist for Personal Tax Planning
???? Your all-in-one resource to navigate the Personal Income Tax landscape with confidence and clarity.
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Overview of Income Tax System
History and Constitutional basis
Administration of the Act (CBDT & Income Tax Department)
Basic Concepts & Definitions (Section 2)
Assessee, Assessment Year, Previous Year
Person, Income, Total Income, Residential Status
Residential Status and Its Tax Implications
Resident, RNOR, and Non-Resident
Scope of income for each category
Income Deemed to Accrue or Arise in India
Global income vs. Indian income
Taxability for NRIs
Income from Salaries (Section 15–17)
Components: Basic, Allowances, Perquisites, Gratuity
Valuation of perquisites
Relief under Section 89
Income from House Property (Section 22–27)
Annual Value computation
Deductions: Standard Deduction, Interest on Housing Loan
Profits and Gains from Business or Profession (Section 28–44)
Presumptive Taxation (44ADA, 44AE)
Allowable & Disallowable Expenses
Capital Gains (Section 45–55A)
Short-term vs. Long-term
Exemptions under Sections 54, 54EC, etc.
Indexed cost of acquisition
Income from Other Sources (Section 56–59)
Taxation of gifts, dividend, winnings from lottery, etc.
Set-off of losses and clubbing of income
Clubbing of Income (Section 60–64)
Set-off and Carry Forward of Losses (Section 70–80)
Deductions under Chapter VI-A (Section 80C to 80U)
Popular deductions: 80C, 80D, 80G, 80TTA, 80U
Deduction matrix for individuals
Rebate and Relief (Sections 87A & 89)
Old vs. New Regime Tax Slabs – Comparison & Guidance
Filing of Returns (Section 139)
ITR forms, due dates, and eligibility
Belated & revised returns (Sections 139(4), 139(5))
Assessment Procedures (Section 143–147)
Types: Summary, Scrutiny, Best Judgment, Reassessment
Advance Tax & Self-Assessment Tax (Sections 207–211, 140A)
Interest and Penalties
Interest u/s 234A/B/C
Late fee u/s 234F
Penalty for misreporting (Section 270A)
Taxation of NRIs
NRI-specific exemptions and Deductions
Tax on Foreign Income, DTAA
Taxation of Senior and Super Senior Citizens
Higher exemption limits
Reverse Mortgage and special benefits
Capital Gains Exemptions for Individuals
Section 54, 54F, 54EC explained with examples
TDS for Individuals
TDS on salary, rent, interest
26AS and Annual Information Statement (AIS)
Tax Calculation Worksheet
Income Tax Slab Charts (Old & New Regime)
Checklist for Filing ITR
Sample Computation Sheets for Different Scenarios
FAQ on Common Tax Issues for Individuals
???? Glossary of Tax Terms
???? Relevant Sections of the Act (Bare Act Text Excerpts)
???? Due Dates Calendar (FY 2025–26)
???? Income Tax Forms (ITR 1 to ITR 4) – Snapshot
???? Recent CBDT Circulars Applicable to Individuals
???? Quick Summary of Finance Act, 2025 Amendments
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