Income Tax Act 2009

THIS BOOK does not merely contain the bare text of the Income-tax Act. It is supplemented with concise Legal Summary. The Legal Summary which has been conceived keeping in mind the need of the tax professionals, not only recapitulates the basic scheme of the section in a simple and easy to understand language but also enriches it with relevant legislative history, Guidance Notes containing relevant case laws, circulars, notifications, clarifications and general points to remember while applying the section.
The Legal Summary has been scientifically arranged into headings and sub-headings. Step by step analysis of the sub-sections, clauses, sub-clauses, provisos and Explanations ensures clear understanding of the provisions. References to the relevant rules and forms have been provided at appropriate places. The whole idea has been to simplify the Income-tax Act and the emphasis is on the substance of the provisions rather than on the written word. Some of the innovations aimed at making this publication user friendly are as follows:
? To facilitate quick reference, all the amendments made by the Finance (No. 2) Act, 2009 (No. 33 of 2009 dated 19th August, 2009) have been italicised in the statutory text, with footnotes in bold type.
? The portion of Finance (No. 2) Act, 2009 dealing with income-tax has been reproduced as a separate Division. Charts containing the rates of income-tax for the last ten years and special rates of income-tax for the last five years have also been given.
? Critical words which you need to take note of while studying the provisions have been italicised to ensure that you do not miss the substance of the subject.
Annotations of legislative history tracing amendments effected during 1962-1996 period is hardly relevant in the present context, the law having changed beyond recognition. If the annotation is retained from the inception along with the text of the rules, it would only add to its bulk without any corresponding benefit to the user.
It was suggested by the tax professionals with whom we interacted that the annotation of the legislative history may be confined to the ten-year period (1997-2006) which is a fairly reasonable period to show how a section has undergone change. Moreover, tax proceedings before any forum are by and large completed within a span of the said period. Responding to their suggestion, the ten-year period has been retained for annotation of legislative history.
Constructive suggestions to improve the publication are solicited from the tax professionals so that their fraternity could be served better.

This Book Contains
? Bare text of the Income-tax Act with concise legal summary.
? Basic scheme of the sections recapitulated in a simplified language.
? Sections enriched with relevant legislative history.
? Guidance Notes containing relevant case laws, circulars, notifications, clarifications and general points to remember while applying the section.
? References to the relevant rules and forms have been provided at appropriate places.
? Text of Finance (No. 2) Act, 2009.
? Rates of Income-tax for the last ten years.
? Special rates of Income-tax for the last five years.