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:
- [Amendments made by the Finance Act 2023] are duly incorporated in respective chapters and are appropriately highlighted
- [Comprehensive Analysis of Amendments with Illustrations] are given separately in Referencer 2: Amendments at a glance
- [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
- [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
- Tax rates for the assessment years 2023-24 and 2024-25
- Amendments at a glance
- Alternative tax regime
- Income Computation and Disclosure Standards
- Tax rates for the last ten assessment years
- Gold and silver rates for the current year, last ten assessment years and on April 1, 1981/April 1, 2001
- Tax savings schemes at a glance
- 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
- Deductions and allowances under the Income-tax Act
- Provisions of sections 44D, 44DA and 115A in brief
- Cost Inflation Index
- Interest on National Savings Scheme
- Computation of income and tax under sections 115A, 115AB, 115AC, 115AD, 115BBA and 115D
- Withholding tax rates
- Period of limitation under the Income-tax Act
- Time limit for the issue of notice during 2023-24 under section 148
- Provisions of Sections 54, 54B, 54D, 54EC, 54F, 54GA and 54H
- New faceless proceedings regime
- Dates with direct taxes
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- Terminology
- Income from 'Salaries'
- Income from house property
- Profits and gains of business or profession
- Capital gains
- Income from other sources
- Clubbing of income
- Set-off of losses
- Exemptions and deductions
- Deductions from tax liability
- Agriculture income
- Return of income
- Penalty
- Interest
- Advance payment of tax
- Deduction or collection of tax at source
- How to compute tax liability
- Tax incidence on trusts
- Business trust
- Alternative Investment Funds
- Special procedure for assessment of search cases
- Tax clearance certificate
- Tonnage tax
- Securities transaction tax
- Restrictions on cash transactions
- Banking cash transaction tax
- Equalisation Levy
- Dispute Resolution Scheme
- Part B – Tax Tables | AYs 2023-24 & 2024-25
- Individuals, HUFs and AOPs
- Regular tax regime
- Alternative tax regime
- Firms
- Domestic companies
- Foreign companies
- Co-operative societies
- Tax deduction at source
- Regular tax regime
- Alternative tax regime
- Part C – Market Quotations
- Part D – Tax Tables of the Past Six Years (Assessment Years 2017-18 to 2022-23)
- Individuals, HUFs and AOPs
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