Income Tax Act, 1961 As Amended by The Finance Act, 2026

This edition of the Income Tax Act, 1961, updated with all amendments introduced by the Finance Act, 2026 (Act 4 of 2026, dated 30-3-2026), serves as a comprehensive and reliable legal reference for students preparing for the All India Bar Examination (AIBE), as well as professionals in law, finance, taxation, and accounting. The book presents the bare text of the law—precisely as enacted—without commentary or interpretation, making it ideal for examination purposes and legal referencing. It includes all the provisions of the Income Tax Act, 1961, as they stand today, after being fully revised in light of the latest Finance Act. This ensures complete alignment with current legislative frameworks and real-world applicability in legal and financial practice.

The content spans the full scope of the Income Tax Act, including:
• Definitions and Scope of Total Income
• Residential Status and Tax Incidence
• Heads of Income – Salaries, Income from House Property, Profits and Gains of Business or Profession, Capital Gains, and Income from Other Sources
• Deductions under Chapter VI-A
• Set-off and Carry Forward of Losses
• Clubbing of Income and Aggregation of Income
• Taxation of Individuals, HUFs, Firms, LLPs, Companies, and Non-residents
• Computation Procedures and Return Filing Obligations
• Assessment, Reassessment, and Appeals Mechanisms
• Penalties, Prosecutions, and Recovery Procedures
• TDS/TCS Provisions and Advance Tax
• Special Provisions for International Taxation and Transfer Pricing
• Updates on the latest surcharge, cess, exemptions, rebates, and tax rates applicable for FY 2026–27