The Income Tax Act, 1961 (AIBE)

Income Tax Act,1961 As amended by The Finance Act, 2025 (AIBE)

This edition of the Income Tax Act, 1961, updated with all amendments introduced by the Finance Act, 2025 (Act 7 of 2025, dated 29-3-2025), 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 2025–26

This edition is particularly suitable for:

• AIBE aspirants seeking a statutorily accurate resource

• Law students and academicians needing the most current version of the Act for coursework and projects

• Chartered accountants and tax consultants requiring a practical legal reference

• Litigators and legal professionals involved in taxation-related cases

• Corporate finance and compliance officers ensuring regulatory adherence

Whether used in the exam hall, the office, or in academic study, this updated text delivers the full legislative authority of the Income Tax Act, 1961, as it applies in 2025.