Section 66 of Income Tax Act for AY 2023-24

Amended and updated notes on total income section 66 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962.

Amended and updated notes on section 66 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to total income.

Chapter VI (Sections 66 to 80) of the Income Tax Act 1961 deals with the provisions related to aggregation of income and set off or carry forward of loss. Section 66 of IT Act 1961-2023 provides for total income.

Recently, we have discussed in detail section 65 (Liability of person in respect of income included in the income of another person) of IT Act 1961. Today, we learn the provisions of section 66 of Income-tax Act 1961. The amended provision of section 66 is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 66 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-66: Total Income

In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII.


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