Description

Taxmann’s flagship publication for Students on Income Tax & GST Law(s) has been to the ‘go-to-guide’ for Income Tax Laws for the past 39 years now. 

This book is written in a simple language, explaining the provision of the law in a step-by-step manner – with the help of suitable illustrations, without resorting to paraphrasing of sections and legal jargons. This book is written with the objective of bridging the gap between theory and application.

The Present Publication is the 64th Edition & Updated till 01st December 2020, with the following noteworthy features: 

• Coverage of this book includes:
• Unit 1 covers Income Taxes comprehensively
• Unit 2 covers provisions related to GST comprehensively
• 500+ solved & unsolved problems are covered given
• Question set for CA (Inter) Examination for the last 5 years are given along with solutions for theory as well as practical questions. Answers to Income Tax problems are solved as per the law applicable for A.Y. 2021-22 & GST problems are solved in accordance with law as amended up to 01st December 2020
• Features of this book is as follows:
• [Self-Learning/Practice Book] Features teach yourself technique enabling students to learn faster
• Each para starts with analytical discussions supported by ‘well-thought-out-original-problems’. A unique style of illustrating all complex provisions has been adopted
• Every solved problem is followed by an unsolved exercise, for which answers are given at the end of the book
• Follows Six-Sigma Approach to achieve the benchmark of 'Zero-Error'
• Also Available:
• For Solutions to the unsolved exercises, students may refer to ‘[22nd  Edition] Taxmann’s Students’ Guide to Income Tax including GST Problems & Solutions’
• [1st Edition] Taxmann’s Cracker-Cum-Complier – Taxation with application based MCQs & Integrated Case Studies
• The contents of the book are as follows:

Income Tax

• Basic concepts that one must know
• Residential status and its effect on tax incidence
• Income that is exempt from tax
• Income under the head ‘Salaries’ and its computation
• Income under the head ‘Income from house property’ and its computation
• Income under the head ‘Profits and gains of business or profession’ and its computation
• Income under the head ‘Capital gains’ and its computation
• Income under the head ‘Income from other sources’ and its computation
• Clubbing of income
• Set off and carry forward of losses
• Permissible deductions from gross total income
• Meaning of agriculture income and its tax treatment
• Individuals – Computation of taxable income
• Hindu undivided families – Computation of taxable income
• Firms and association of persons – Computation of taxable income
• Return of income
• Advance payment of tax
• Deduction and collection of tax at source
• Interest payable by assessee/Government

GST

• Basic concepts of GST
• Concept of Supply
• Levy of GST
• Exemptions from GST
• Place of supply
• Time of supply
• Value of taxable supply
• Reverse charge mechanism
• Input tax credit
• Composition Scheme and Alternative Composition Scheme
• Registration
• Tax invoice, credit and debit notes
• Returns, tax payment and interest
• Provisions governing Real Estate Services
• Problems on GST