Taxmann's bestseller for 40+ years, is a ready-referencer for all provisions of the Income-tax Act, covering an illustrative commentary.
The Present Publication is the 47th Edition & has been amended by the Finance Act 2023 for AYs 2023-24 & 2024-25. This book has been authored by Dr Vinod K. Singhania, with the following noteworthy features:
- [Focused Analysis] without resorting to paraphrasing of sections and legal jargons, on the following:
o [Amendments made by the Finance Act 2023] are duly incorporated in respective chapters and are appropriately highlighted
o [Comprehensive Analysis of Amendments with Illustrations] are given separately in Referencer 2: Amendments at a glance
o [Case Studies on Complex Provisions] are given to understand the implications of the new provisions and amendments in the existing provisions, including:
§ Section 43B – Consequences of making late payment to micro and small enterprises
§ Section 44AD & Section 44ADA – Increase in the threshold limits for presumptive taxation scheme
§ Section 50AA – Special provision for computation of capital gain in the case of a unit of specified mutual fund or market-linked debenture
§ Section 54 & 54F – Limit on the exemption that can be claimed
§ Section 56(2)(xiii) – Tax on the sum received under a life insurance policy
§ Section 87A – Rebate under alternative tax regime
§ Section 115BAC – Alternative Tax Regime
o [Analysis of all Provisions of the Income-tax Act] along with relevant Rules, Case Laws, Circulars and Notifications
- [Analysis on Alternative Tax Regime] along with Break-even Tables
- [Faceless Tax Proceedings] provides the summary of all the legal provisions
- [Tabular Presentation] of all key provisions of the Income-tax Act
- [Computation of Taxes] on various slabs of income
- [Ready Referencer] for tax rates, TDS rates, TCS rates, due dates, etc.
- [Zero Error] Follows the six-sigma approach to achieve the benchmark of 'zero error'
Contents of this book are as follows:
- Part A – Study of Direct Taxes
o Tax rates for the assessment years 2023-24 and 2024-25
o Amendments at a glance
o Alternative tax regime
o Income Computation and Disclosure Standards
o Tax rates for the last ten assessment years
o Gold and silver rates for the current year, last ten assessment years and on April 1, 1981/April 1, 2001
o Tax savings schemes at a glance
o Rates of depreciation
▪ Under the Income-tax Act
§ For the assessment years 2006-07 onwards
§ For power generating units from the assessment year 1998-99
§ Under the Companies Act, 2013
o Deductions and allowances under the Income-tax Act
o Provisions of sections 44D, 44DA and 115A in brief
o Cost Inflation Index
o Interest on National Savings Scheme
o Computation of income and tax under sections 115A, 115AB, 115AC, 115AD, 115BBA and 115D
o Withholding tax rates
o Period of limitation under the Income-tax Act
o Time limit for the issue of notice during 2023-24 under section 148
o Provisions of Sections 54, 54B, 54D, 54EC, 54F, 54GA and 54H
o New faceless proceedings regime
o Dates with direct taxes
o Terminology
o Income from 'Salaries'
o Income from house property
o Profits and gains of business or profession
o Capital gains
o Income from other sources
o Clubbing of income
o Set-off of losses
o Exemptions and deductions
o Deductions from tax liability
o Agriculture income
o Return of income
o Penalty
o Interest
o Advance payment of tax
o Deduction or collection of tax at source
o How to compute tax liability
o Tax incidence on trusts
o Business trust
o Alternative Investment Funds
o Special procedure for assessment of search cases
o Tax clearance certificate
o Tonnage tax
o Securities transaction tax
o Restrictions on cash transactions
o Banking cash transaction tax
o Equalisation Levy
o Dispute Resolution Scheme
- Part B – Tax Tables | AYs 2023-24 & 2024-25
o Individuals, HUFs and AOPs
§ Regular tax regime
§ Alternative tax regime
o Firms
o Domestic companies
o Foreign companies
o Co-operative societies
o Tax deduction at source
§ Regular tax regime
§ Alternative tax regime
- Part C – Market Quotations
o Gold and Silver
- Part D – Tax Tables of the Past Six Years (Assessment Years 2017-18 to 2022-23)
o Individuals, HUFs and AOPs
