Chaturvedi & Pithisaria's Income Tax Law (As per the Income-tax Act, 2025) – Ninth Edition, Volume 4 (Sections 27 to 63)

LexisNexis publishes the Ninth Edition of Chaturvedi & Pithisaria's Income Tax Law, the treatise that has been the standard Indian commentary on direct tax for decades, now rewritten from the ground up for the Income-tax Act, 2025. The complete work runs to eleven volumes published in two parts; this is Volume 4, covering Sections 27 to 63.

The 2025 Act, which received Presidential assent on 21 August 2025 and came into force on 1 April 2026, replaces the Income-tax Act, 1961 with 536 sections and 16 Schedules in place of the eight hundred-odd sections of the old law. Every professional who practised under the 1961 Act now has to re-learn the statute, and this edition is written for exactly that transition.

What this volume covers

This volume carries Sections 27 to 63 of the Income-tax Act, 2025 — the body of Part D of Chapter IV, profits and gains of business or profession, and the opening of Part E on capital gains. For most practitioners this is the busiest stretch of the statute:

• Profits and gains of business or profession — the charge, the scheme of computation, and the structure of allowances and disallowances.
• Deductible expenditure — rent, rates, repairs, insurance, interest on borrowed capital, employer contributions, bad debts, scientific research expenditure and the specific deductions, each with the case law that fixes its limits.
• Depreciation — block of assets, rates, actual cost, additional depreciation and the treatment on transfer.
• Disallowances — amounts not deductible, payments to related persons, cash payments beyond the prescribed limit, and amounts allowable only on actual payment.
• Maintenance of accounts, audit and compliance obligations of business and professional assessees.
• Presumptive taxation schemes for small businesses, professionals and specified categories.
• Sections 61 to 63 — the opening provisions of capital gains, continued in the later volumes.

What the Ninth Edition contains

• The Income-tax Act, 2025 as amended by the Finance Act, 2026 and the related 2026 amendments, with the Income-tax Rules, 2026 updated to the Third Amendment Rules, 2026.
• Transition aids — cross-references between the 1961 Act and the 2025 Act, and comparison of the old and new Acts and Rules.
• Chapter introductions giving the scheme and scope of each chapter, with the related rules and allied provisions gathered in one place.
• Official material — observations of the Select Committee, CBDT FAQs on the transition, and recent notifications, circulars and orders.
• More than 1,10,000 judgments of the Supreme Court, the High Courts and select foreign courts.
• International tax and transfer pricing — with reference to the OECD Model Tax Convention (2025), the UN Model Tax Convention (2021) and India's DTAAs.
• Chapter-wise annexures carrying the corresponding DTAA articles, judgments and selected allied laws.
• Online supplement — commentary on the omitted provisions of the 1961 Act, available as a downloadable file for each volume through a QR code or URL.

About the work

Founded by K. Chaturvedi and S. M. Pithisaria, Income Tax Law is revised in this edition by Adv. M. K. Pithisaria and CA Abhishek Pithisaria. It is the commentary that tax benches, departmental officers and senior counsel have cited for a generation, and its authority rests on the exhaustiveness of its case law and the care with which each provision is traced through amendment.

Who should buy this book

• Chartered Accountants computing business and professional income, depreciation and disallowances, and conducting tax audit.
• Tax counsel and advocates appearing before the Income Tax Appellate Tribunal, the High Courts and the Supreme Court.
• Income Tax Department officers — assessing officers and Commissioners (Appeals) dealing with business assessments.
• Corporate tax and finance departments and in-house counsel.
• Law and commerce faculties, universities and bar libraries.

Volumes in this edition

The work runs to eleven volumes in two parts. Volumes 1 to 4 are now available: Volume 1 (Sections 1 to 9(2)), Volume 2 (Sections 9(2) contd. to 10), Volume 3 (Sections 11 to 26) and Volume 4 (Sections 27 to 63). Volumes 5 to 11 are to follow.

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