Taxmann's flagship publication for students on Income Tax & GST Laws offers a comprehensive approach to mastering Income-tax and GST through practical problem-solving. Recognizing the challenges students face, this book includes illustrations, solved problems, and a series of unsolved exercises. These unsolved exercises, shaped by readers' difficulties over time, are designed to provide a guided, step-by-step approach to understanding and solving tax-related problems.
This book is tailored for students preparing for various professional examinations, including:
• CA Intermediate (Sept. 2024/Jan. 2025)
• CS Executive (Dec. 2024)
• CMA (Dec. 2024)
• B.Com.
• M.Com.
• MBA
• Other Professional Examinations
The Present Publication is the 29th Edition | 2024-25, authored by Dr Vinod K. Singhania & Dr Monica Singhania. It is thoroughly updated and amended up to 15th June 2024. The key features include:
The key features of the book are as follows:
• [Illustrations and Solved Problems] Detailed solutions to contemporary tax problems, many of which are unique and have not appeared in examination papers or other publications
• [Unsolved Exercises] Based on readers' queries over the years, these exercises challenge students to apply their knowledge and hone their problem-solving skills
• [Guided Problem-Solving Approach] Structured guidance to help students understand the methodology behind solving tax-related problems
• [Updated & Amended Contents]
o Practical income-tax problems solved according to the law applicable for A.Y. 2024-25
o GST problems resolved based on the latest amendments up to June 15, 2024
The structure of the book is as follows:
• Section One – Provisions in Brief
o Provides a concise overview of relevant income-tax laws and GST provisions
o Serves as a quick reference guide to refresh and update students' knowledge
• Section Two – Solved Problems
o Presents detailed solutions to typical contemporary tax issues
o Focuses on new problems that have not been seen in examination papers or other publications
o It helps illustrate practical applications of the law, making it easier for students to understand complex concepts
• Section Three – Solutions to Similar Unsolved Exercises
o Offers solutions to problems similar to those found in the Students' Guide to Income-Tax
o Encourages students to attempt unsolved exercises independently, using the provided solutions as a model to understand the correct approach
o It aims to instill confidence in students by providing a working model of problem-solving
The contents of this book are as follows:
• Income Tax
o Basic concepts that one must know
o Residential status and its effect on tax incidence
o Income that is exempt from tax
o Income under the head 'Salaries' and its computation
o Income under the head 'Income from house property'
o Income under the head 'Profits and gains of business or profession and its computation
o Income under the head 'Capital gains' and its computation
o Income under the head 'Income from other sources' and its computation
o Clubbing of income
o Set-off and carry forward of losses
o Permissible deductions from gross total income
o Meaning of agriculture income and its tax treatment
o Individuals – Computation of taxable income
o Hindu undivided families
o Firms and association of persons
o Return of income
o Advance payment of tax
o Tax deduction and collection at source
o Interest payable
• GST
o Basic Concepts of GST
o Concept of Supply
o Levy of GST
o Exemptions from GST
o Place of Supply
o Time of Supply
o Value of Taxable Supply
o Reverse Charge Mechanism
o Input Tax Credit
o Composition Scheme and Alternative Composition Scheme
o Registration
o Tax Invoice, Credit and Debit Notes
o Returns
• Appendix
o Tax Rates
