Taxmann's flagship publication for students on Income Tax & GST Law(s) is designed to bridge the gap between theory and application. Written in simple language, it explains legal provisions step-by-step with suitable illustrations, avoiding paraphrasing and legal jargon.
This book is an authentic, up-to-date, and amended textbook on Income Tax & GST for students of CA Intermediate (Sept. 2024/Jan. 2025), CS Executive (Dec. 2024), CMA (Dec. 2024), B.Com., M.Com., MBA and other professional examinations.
The Present Publication is the 71st Edition | 2024-25 and amended upto 15th June 2024. This book is authored by Dr Vinod K. Singhania & Dr Monica Singhania, with the following noteworthy features:
• [Comprehensive Coverage] of this book includes:
o Unit 1 – Income Taxes
o Unit 2 – GST
• [Extensive Problem Sets] Over 500 solved problems with an equal number of unsolved exercises
• [Past Exam Questions] Includes questions set for CA (Inter/IPCC) examinations over the last five years, with solutions for both theory and practical questions
o Income Tax problems are solved as per the law applicable for A.Y. 2024-25
o GST problems are solved according to the law as amended up to June 15, 2024
• [Features] of this book are as follows:
o [Student-Friendly Approach] The book adopts a 'teach yourself' technique, enhancing the learning process with a clear, step-by-step explanation of legal provisions
o [Illustrative Problems] Each chapter includes analytical discussions supported by original problems, fostering a deeper understanding of complex provisions
o [Practical Exercises] To build confidence in solving practical questions, solved problems are followed by unsolved exercises with answers provided in the appendix
§ For Solutions to the unsolved exercises, students may refer to the 29th Edition of Taxmann's Students' Guide to Income Tax including GST Problems & Solutions
o [Professional Exam Focus] Sections marked with a ➠ symbol cater specifically to professional exam aspirants while also being beneficial for high-achieving university students
o Follows the Six-Sigma Approach to achieve the benchmark of 'Zero-Error'
The contents of the 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' and its computation
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 – Computation of taxable income
o Firms and association of persons – Computation of taxable income
o Return of income
o Advance payment of tax
o Deduction and collection of tax at source
o Interest payable by assessee/Government
• 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, tax payment and interest
o Provisions governing Real Estate Services
o Problems on GST
• Appendix
o Tax Rates
o Question set for CA (Intermediate) Examinations and Answers
o Depreciation rates for power-generating units
o Answers to unsolved exercises
