Income Tax Act with Supplement, 2020 by Taxmann

The Present Publication is the 65th Edition, with the following noteworthy features:

• Taxmann’s Bestseller Book for more than Five-Decades
• Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• Amended Provisions as per the following:

o   The Finance Act, 2020

o   The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020

• Legislative History of Amendments, since 1961
• Relevant provisions of all other allied laws referred to in the Income-tax Act
• Specially curated ‘Guide to Amendments‘
• Comprehensive Table of Contents
• Relevant Section Numbersare printed in Folios for Quick Navigation

Supplement to Income-tax Act

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020, has inserted or amended 39 Sections of the Income-tax Act, 1961. This supplement to Income-tax Act provides all amended and newly inserted Sections. These amendments are relating to:

• Change in the due dates of various compliances
• Reduction in the rates of TDS/TCS
• Clarifications regarding amended provisions of residential status
• Faceless proceedings
• Restoration and deferment of certain provisions relating to trusts
• Exemptions and deductions
• Taxation of Alternative Investment Funds (AIFs)
• Reduced rates of surcharge on dividend income in case of FPIs