Students Guide To Income Tax including GST BY.VINOD K.SINGHANIA (71th Edition-2024-25) (9789357784931)

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 71^st Edition | 2024-25 and amended upto 15^th 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:
  • Unit 1 – Income Taxes
  • 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
  • Income Tax problems are solved as per the law applicable for A.Y. 2024-25
  • GST problems are solved according to the law as amended up to June 15, 2024
• [Features] of this book are as follows:
  • [Student-Friendly Approach] The book adopts a ‘teach yourself’ technique, enhancing the learning process with a clear, step-by-step explanation of legal provisions
  • [Illustrative Problems] Each chapter includes analytical discussions supported by original problems, fostering a deeper understanding of complex provisions
  • [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 29^th Edition of Taxmann’s Students’ Guide to Income Tax including GST Problems & Solutions
  • [Professional Exam Focus] Sections marked with a ➠ symbol cater specifically to professional exam aspirants while also being beneficial for high-achieving university students
  • Follows the Six-Sigma Approach to achieve the benchmark of ‘Zero-Error’

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
• Appendix
  • Tax Rates
  • Question set for CA (Intermediate) Examinations and Answers
  • Depreciation rates for power-generating units
  • Answers to unsolved exercises