Explanatory Circular on Amendments to Income-Tax Act, 1961 through Finance Act, 2023 – Circular No. 1/2024
CIRCULAR NO. 1/2024
F. No. 370142/38/2023
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
Dated the 23rd of January, 2024
EXPLANATORY CIRCULAR
CIRCULAR EXPLAINING THE PROVISIONS OF THE FINANCE ACT, 2023
CIRCULAR
INCOME-TAX ACT
Finance Act, 2023 ─ Explanatory Notes to the Provisions of the Finance Act, 2023
CIRCULAR NO. 1/2024, DATED the 23rd of January, 2024
AMENDMENTS OF THE INCOME-TAX ACT, 1961 CARRIED OUT THROUGH FINANCE ACT, 2023
| Section of Income-tax Act, 1961 | Particulars |
|---|---|
| 2 | Definitions |
| 9 | Income deemed to accrue or arise in India |
| 10 | Incomes not included in total income |
| 10AA | Special Provisions in respect of newly established units in Special Economic Zones |
| 11 | Income from property held for charitable or religious purposes. |
| 12A | Conditions for applicability of sections 11 and 12 |
| 12AB | Procedure for fresh registration |
| 13 | Section 11 not to apply in certain cases |
| 17 | “Salary”, “perquisite” and “profits in lieu of salary” defined |
| 28 | Profits and gains of business or profession |
| 35D | Amortization of certain preliminary expenses |
| 43B | Certain deductions to be only on actual payment |
| 43D | Special provision in case of income of public financial institutions, public companies etc. |
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