TAXMANN DIRECT TAX MANUAL SET OF 3 VOLUNES – As Amened by FINANCE ACT 2025

Direct Taxes Manual is a comprehensive three-volume reference set consolidating all key aspects of Indian direct tax laws. Widely regarded as a benchmark for excellence in direct taxation, this manual provides authoritative and up-to-date content with unmatched accuracy and depth. It has been the go-to resource for practitioners and officials for over five decades and is known for its systematic coverage and clarity in explaining complex tax provisions. This Edition incorporates the latest legislative amendments (including those introduced by the Finance Act 2025), making it helpful for understanding and applying current direct tax laws in India.

This book is intended for the following audience:

• Tax Professionals and Consultants – Chartered accountants, tax advisors, and consultants who handle tax planning, compliance, and litigation
• Lawyers and Legal Practitioners – Advocates and legal experts specialising in tax law or involved in tax dispute resolution
• Accountants and Finance Executives – Corporate finance officers, auditors, and accountants responsible for tax compliance and reporting
• Government Tax Officers – Income Tax Department officials and revenue officers who need a comprehensive legal reference for the enforcement and administration of tax laws

The Present Publication is the 55^th Edition | 2025, edited by Taxmann’s Editorial Board, with the following noteworthy features:

• [Latest Amendments] Incorporates all changes introduced by the Finance Act 2025 (and earlier amendments), ensuring coverage is up to Assessment Year 2025–26
• [Comprehensive Coverage] Serves as a one-stop reference for the Income-tax Act, 1961 and allied legislation such as the Black Money Act, Benami Property Transactions Act, relevant rules, case law, and official clarifications
• [Three-volume Set] Divided into three distinct volumes focusing on:
  • Acts
  • Rules & Forms
  • Rulings & Reference Materials
  • This structure ensures quick navigation and easy access to specific information
• [Detailed Annotations & Cross-references] Each section is supplemented with legislative history, relevant rules, forms, and circulars/notifications, helping readers interpret provisions and connect them with related statutes
• [Inclusion of Return Forms (A.Y. 2025–26)] Contains all Income-tax Return Forms for AY 2025–26 in a single place, along with brief guidance on their applicability
• [Landmark Rulings Digest] Summaries of key judgments (Supreme Court, High Courts, etc.) that have shaped direct tax jurisprudence from 1922 to February 2025
• [Direct Taxes Law Lexicon (Words & Phrases)] An extensive lexicon explaining important words and phrases, indexed alphabetically and by section, offering clear definitions and judicial interpretations
• [Circulars, Notifications & Clarifications] Includes CBDT Circulars, Notifications, and Official Clarifications up to February 2025, crucial for resolving ambiguities in law
• [Coverage of Schemes & Rules] Presents over 20 significant schemes and rules, including e-governance (Faceless Assessments, Appeals, e-Verification) and tax-specific levies (STT, CTT)
• [User-friendly Format] Structured content, navigational aids, detailed tables of contents, and clear typography make it easy to locate and reference the desired information
• [Authoritative Editorial Notes] Expert editorial notes, historical insights, and practical commentary help explain the why behind legal changes and facilitate accurate interpretation

The volume-wise coverage of the book is as follows:

• Volume I – Acts
  • Income-tax Act 1961 – Complete, amended text (including cross-references to relevant rules, forms, and circulars)
  • Finance Act 2025 – Key provisions affecting direct taxes, ensuring readers understand recent legislative changes
  • Allied Direct Tax Acts – Coverage of the Black Money Act, Benami Property Transactions Act, etc.
• Volume II – Rules & Schemes
  • Income-tax Rules, 1962 – Fully updated with amendments through 2025
  • Various Taxation Rules & Schemes – Features e-governance initiatives (Faceless Assessment, e-Penalty, etc.), ICDS, STT/CTT rules, etc.
  • Return Forms for A.Y. 2025–26 – Contains all applicable ITR forms with brief guidance, ensuring compliance with current filing requirements
• Volume III – Landmark Rulings & Reference Materials
  • Landmark Rulings (Case Law Digest) – Summaries of key judgments (from 1922–February 2025), organised by subject or section
  • Direct Taxes Law Lexicon – Definitions of important words and phrases, indexed alphabetically and by section
  • Circulars, Notifications, & Clarifications – Full text or summaries from 1961 to February 2025
  • 20+ Schemes & Misc. Provisions – Covers dispute resolution, amnesty schemes, compliance programs, etc.
  • Appendices & Indexes – Master subject index, section-wise index, tables (tax rates, depreciation rates), etc.

The structure of the book is as follows:

• Volume Segmentation – Clearly separates Acts (Vol. I), Rules & Forms (Vol. II), and Rulings & References (Vol. III) for easier navigation
• Section-wise Arrangement – In Volume I, each section of the Income-tax Act (and allied laws) appears in numerical order
• Rule-wise & Scheme-wise Compilation – Volume II organises the Income-tax Rules and special schemes under thematic headings, with return forms presented in a separate section
• Topical Reference Sections – Volume III contains digests of case laws, lexicon, and circulars/notifications, each arranged for quick lookup
• Extensive Tables of Contents & Indices – Every volume includes a detailed table of contents, plus a comprehensive index for sections, topics, words/phrases, and case names
• Consistent Cross-referencing – References tie together material across volumes, ensuring you can jump from an Act in Volume I to a related rule in Volume II or a relevant ruling in Volume III
• Appendices – Summaries of tax rates, major amendments by year, and other practical references appear in well-organised appendices