: Outlines the scope of the act and provides legal definitions for essential terms like "assessee," "income year," and "assessment year".

: Lists specific income types and industrial undertakings (such as tourist industries or newly established physical infrastructure) that qualify for tax-free status or reduced rates.

: Introduces modern concepts such as the Employee Share Scheme , which calculates the taxable benefit of company shares provided to employees. Significance of the New Law

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: Miscellaneous income like interest, dividends, or lottery winnings.

: Financial institutions and corporations must now ensure their calculations for income tax provisions and deferred tax liabilities strictly follow the rules laid out in the ITA 2023 .

: Revenue generated from farming and related activities.