TAXMANN-INCOME TAX ACT 2025

Income Tax Act is a landmark publication consolidating the up-to-date text of the Income-tax Act 1961, as amended by the Finance Act 2025. Over the course of seventy annual editions, this compendium has reflected decades of legislative developments and publishing expertise. Renowned for its accuracy and thoroughness, this volume has been a trusted cornerstone for practitioners and scholars for over five decades.

This book is intended for the following audience:

• Chartered Accountants & Tax Consultants – Require updated tax statutes for compliance, advisory, and audit functions
• Tax Lawyers & Legal Practitioners – Invaluable for research and litigation support, given its annotated sections and references
• Corporate Finance & Tax Departments – Necessary for ensuring compliance with current laws in corporate transactions, etc.
• Law Libraries & Institutions – A staple for libraries in law schools, universities, and judicial academies, serving as a reliable primary source on direct tax legislation

The Present Publication, in its 70^th Edition | 2025, upholds its tradition of unmatched accuracy and reliability. It is updated to incorporate the latest amendments introduced by the Finance Act 2025. The book is authored and edited by Taxmann’s Editorial Board, continuing its legacy as a cornerstone in Direct Tax, with the following noteworthy features:

• [Up-to-date Statutory Material] Incorporates all amendments from the Finance Act 2025, ensuring comprehensive coverage. Newly added sections and provisos are seamlessly merged into the main text, making it the latest authoritative version of the Act
• [Comprehensive Coverage with Annotations] Contains the full text of the Income-tax Act 1961. It includes editorial insights, cross-references to related provisions, and a history of amendments since 1961, aiding both current usage and historical context
• [Section-wise References] Each provision includes marginal notes, references to relevant Rules and Forms, and pertinent CBDT Circulars/Notifications. The details include effective dates and cross-links to other sections or allied laws, which eliminates the need for multiple external sources
• [Allied Acts, Appendices, and Resources] Appendices compile key provisions from allied laws, such as the Indian Penal Code or Companies Act (as referenced in the Income-tax Act). It also incorporates Validation Provisions to preserve or clarify the legal effect of amendments, offering a holistic view of all legislation that interacts with the Income-tax Act
• [User-friendly Layout & Navigation] Features a well-structured Arrangement of Sections and a comprehensive Subject Index for quick lookups by topic or section number. Page headings and running section numbers help users keep track of their position in the text
• [Legislative History & Insights] A dedicated Legislative History segment outlines major amendments since the Income-tax Act’s inception in 1961. This historical record helps practitioners grasp the evolution and original intent behind each provision
• [Quality Assurance & Editorial Authority]
  • Published with Six Sigma-level editorial scrutinies aimed at ‘zero errors’
  • Long-standing Authority – A trusted series for over six decades, widely referenced in practice and academia

The coverage of the book is as follows:

• Division I – Income-tax Act 1961
  • Arrangement of Sections – A detailed roadmap of Chapters, Sections, and Schedules
  • Full Text of the Amended Act – Incorporating all changes introduced by the Finance Act 2025
  • Annotations – Footnotes detail amendments, effective dates, and references to relevant Rules and Forms
  • Appendices – Text of allied provisions, including extracts from other statutes and Validation Provisions
  • Subject Index – Facilitates quick lookup of terms or sections
• Division II – Finance Act 2025
  • Full Verbatim Text – Displays the complete Finance Act, 2025, with a section-wise list
  • Helps readers understand the statutory basis of new amendments and other direct tax changes introduced in 2025
• Division III – Securities Transaction Tax (STT)
  • Covers the charging provisions, definitions, rates, and procedural guidelines governing STT
  • Reflects all amendments affecting STT up to 2025
• Division IV – Commodities Transaction Tax (CTT)
  • Comprehensive text of CTT law, which applies to commodity derivatives traded on recognised exchanges
  • Consolidates charges, rates, and procedural aspects, enabling convenient reference
• Division V – Equalisation Levy
  • Includes definitions, scope (services and e-commerce transactions), rates, collection, and recovery
  • Incorporates the amendment made by Finance Act 2025, which ends the Equalisation Levy
• Each division is marked with headings and a summary of contents. This layout ensures readers have a single-volume reference that integrates the primary Income-tax Act and supporting levies, all in one place

The structure of the book is as follows:

• Division-based Organisation – The five divisions segment the content logically, letting users focus on the Act or specific levies
• Detailed Arrangement of Sections – Within Division I, the book offers a thorough table of contents, mapping every Chapter and Section. Users can scan this arrangement to quickly locate pertinent topics (e.g., exemptions, deductions, assessments)
• Clear Section Presentation – Each Section begins with a bold heading, followed by the statutory text. Amendments are highlighted using footnotes specifying the amending Finance Act and its effective date. The marginal notes and cross-references guide readers to related sections, rules, forms, or allied legislation
• Annotations & Commentary – Editorial notes, clarifications, and references (e.g., “Amended by Finance Act 2025, w.e.f. 1-4-2025“) appear in footnotes, offering a mini-commentary on each section
• User-centric Navigational Aids – Page headers display section numbers and division titles, making it easy to flip through the volume. A comprehensive Subject Index at the end of Division I allows direct lookup by keyword.
• Cross-division Linking – Where the Income-tax Act references STT or CTT, footnotes direct the reader to the relevant division
• Professional Layout – An uncluttered design, systematic typography, and consistent use of headings ensure a user-friendly reading experience. Binding and paper quality are suited for frequent handling