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5
The author has, in this book, presented the basic principles of the law of income tax in an easily understandable style—her exposition logical and her analysis orderly. A beginner to the subject will find it very easy to grasp and master this difficult subject. Copious headings and sub-headings have been given. Simple terminology has been used and examples have been given, wherever necessary. Some test problems have also been given in the book along with their solutions.
Since, the work is primarily meant for students, the subject has been dealt topic-wise, a method which is conducive to the better understanding of a bulky legislation like the Income Tax Act and the Rules framed thereunder. Care has been taken to make the book useful for students of Law, B.Com., Chartered Accountancy, I.C.W.A. and Company Secretaryship.
General 1
Principles of Taxation 2
Methods of Taxation 3
Classification of Taxation 5
Incidence of Taxation 6
Constitutional Provisions 6
Fundamental Rights and Taxing Power 7
Tax and Fee 8
Finance Act and Taxation Laws (Amendment) Act 12
Income Tax 13
Income Tax Act, 1961 14
General 16
Income 16
Some general principles 19
Agricultural Income 20
Rent or revenue derived from land used for agricultural purposes 21
Income from products 24
Income from building 24
Some other Definitions 26
Previous Year (Section 3) 28
Previous Years of Partners in a Firm 31
Different Previous Years [Section 3(3)] 32
Change of Previous Year [Section 3(4)] 33
Capital and Revenue 34
Immaterial Considerations 37
Illustrative cases of Revenue Receipts 37
Illustrative cases of capital receipts 37
Capital and Revenue Expenditure 38
General 41
Individuals 42
Hindu Undivided Family or Other Association of Persons 45
Company 46
Every Other Person [Section 6(4)] 47
Same Residential Status for all Sources of Income 48
Basis of Charge 50
Scope of Total Income 52
Assessment of residents, i.e. who are ordinarily resident
[Section 5(1)] 53
Assessment of residents who are not ordinarily resident 53
Assessment of non-residents 53
Received or deemed to be received 54
Accrue or arise or is deemed to accrue or arise 55
Accrue or arise outside India 57
Incomes which do not form part of Total Income 58
Incomes which are Exempt under Section 10 59
General 77
Essential Conditions 77
Income from property held under trust or other obligation 78
Charitable or religious purpose 79
Assessment of Trust or Institution Established for Charitable or
Religious Purposes 83
Application of capital gains 85
Accumulation 86
Voluntary Contributions 87
Income not Exempted 87
Income deemed to have been used for the benefit of Author, etc. 89
Income of political parties (Section 13A) 91
General 92
Salary 93
Fees, Commissions, Perquisites or Profits 95
Profits in lieu of Salary 102
Exemptions 103
House Rent Allowance 103
Deductions from salary 104
Interest on Securities 106
Deductions 109
Income from House Property 110
Let out residential building 113
Self-Occupied Property 115
Annual value when the self-occupied house remains vacant 116
Permissible deductions 117
Amounts not deductible 119
Loss under this head 120
Profits and Gains of Business or Profession 121
Profits and Gains 123
Compensation 123
Computation of Income from Profits and Gains of Business
or Profession 124
Deductions 124
Expressly allowed deductions 126
Expenses for premises 126
Expenses for machinery, etc. 127
Depreciation 127
Development Rebate (Section 33) 138
Investment allowance (Section 32A) 143
Development allowance (Section 33A) 146
Rehabilitation allowance (Section 33B) 148
Expenditure on Scientific Research (Section 35) 149
Expenditure on acquisition of patent rights or copy-rights
(Section 35A) 150
Export market development allowance (Section 35B) 151
Agricultural development allowance (Section 35C) 153
Rural development allowance (Section 35CC) 153
Payments to associations and institutions for carrying out
Rural Development Programmes (Section 35CCA) 154
Amortisation of certain preliminary expenses (Section 35D) 154
Expenditure on prospecting, etc. of specified minerals
(Section 35E) 155
Other deductions (Section 36) 156
General deductions (Section 37) 159
Some illustrations of expenditure allowed under Section 37 160
Expenses disallowed 160
Expenses expressly disallowed (Section 40) 162
Expenses not deductible under certain circumstances
(Section 40A) 163
Profits chargeable to tax (Section 41) 164
Capital Gains 166
Capital Asset 166
No transfers 168
Mode of computation (Section 48) 169
Determination of Cost of Acquisition 169
Cost of Acquisition [Section 55(2)] 171
Definition of 'Cost of Improvement' (Section 55(1)(b)] 172
Consideration in cases of understatement 173
Capital gains which are exempt from tax 173
Reference to Valuation Officer 178
Income from Other Sources 178
Deductions 179
Amounts not deductible 179
Profits chargeable to tax 180
General 181
Aggregation of Income 181
Incomes forming part of total income on which tax is not payable 184
Relief when salary, etc. is paid in arrears or in advance 185
Income of other persons included in the assessee's total income 185
Transfer of income without transfer of assets (Section 60) 185
Revocable transfer of assets (Sections 61 to 63) 186
Income of individual to include income of spouse, minor child, etc. 187
Recovery of tax (Section 65) 192
Set off or carry forward and set off of losses 192
Set off of losses 192
Carry forward and set off 194
Business losses (Section 72) 194
Losses in speculation business (Section 73) 196
Losses under the head 'Capital Gains' (Section 74) 196
Losses from certain specified sources (Section 74A) 197
Losses of registered firm (Sections 75 and 76) 197
Losses of unregistered firm or their partners (Section 77) 198
Losses in the case of change in constitution of firm or on succession
(Section 78) 198
Carry forward and set off in the case of certain Companies
(Section 79) 198
Deductions to be made in computing total income 199
Deductions in respect of life insurance premia, contribution
to P.F., etc., (Section 80C) 199
Deduction in respect of investment in certain new shares
(Section 80CC) 201
Deduction in respect of medical treatment (Section 80D) 201
Deduction in respect of payment for securing retirement
annuities (Section 80E) 201
Deduction in respect of educational expenses in certain cases
(Section 80F) 202
Deduction in respect of expenses on higher education
(Section 80FF) 202
Deduction in respect of donations to certain funds and charitable
institutions (Section 80G) 202
Deduction in respect of rents paid (Section 80GG) 203
Deduction in respect of certain donations for scientific or rural
development (Section 80GGA) 203
Deduction in respect of profits and gains from newly established
industrial undertakings or hotel business (Section 80HH) 204
Deduction in respect of profits and gains from newly established
small-scale industrial undertaking in certain areas
(Section 80HHA) 204
Deduction in respect of profits and gains from industrial
undertakings after a certain date (Section 80I) 205
Deduction in respect of profits and gains from newly established
industrial undertakings, ships or hotel business in certain cases
(Section 80J) 206
Deduction in respect of profits of livestock breeding or poultry or
dairy farming (Section 80JJ) 206
Deductions in respect of profits and gains from business of growing
mushrooms (Section 80JJA) 206
Deductions in respect of certain dividends (Section 80K) 207
Deductions in respect of certain securities, etc. (Section 80L) 207
Deduction in respect of certain intercorporate dividend
(Section 80M) 208
Deduction in the case of an Indian company in respect of royalties,
etc. (Section 80MM) 208
Deduction in respect of dividends received from certain foreign
companies (Section 80N) 208
Deduction in respect of royalties, etc. from certain foreign
enterprises (Section 80O) 208
Deduction in respect of income of co-operative societies
(Section 80P) 209
Deduction in respect of profits and gains from the business
of publication of books (Section 80QQ) 209
Deduction in respect of professional income of authors of textbooks
in Indian language (Section 80QQA) 210
Deduction in respect of remuneration from certain foreign sources in
the case of professors, teachers, etc. (Section 80R) 210
Deduction in respect of professional income from foreign sources in
certain cases (Section 80RR) 210
Deduction in respect of remuneration received for services rendered
outside India (Section 80RRA) 210
Deduction in respect of compensation for termination of managing
agency (Section 80S) 211
Deduction in respect of long term capital gains (Section 80T) 211
Deduction in respect of winnings from lotteries (Section 80TT) 211
Deductions in the case of totally blind or physically handicapped
resident persons (Section 80U) 212
Deduction of interest on moneys borrowed to pay taxes
(Section 80V) 212
Deduction in respect of expenses in connection with certain
proceedings under the Act (Section 80VV) 212
Liability in Special Cases 213
Legal representative (Section 159) 213
Representative assessee 213
Agent of non-resident person 215
Executors (Section 168) 219
Succession to business or profession otherwise than on death
(Section 170) 219
Assessment of HUF (Section 171) 220
Assessment of non-residents on income from shipping business
(Section 172) 222
Persons leaving India (Section 174) 223
Persons trying to alienate assets (Section 175) 223
Discontinuance of business or dissolution (Section 176) 223
Association dissolved or business discontinued (Section 177) 224
Assessment of firms 225
Registration of firms 226
Application for registration (Section 184) 226
Procedure (Section 185) 227
Cancellation of Registration (Section 186) 228
Assessment of registered firm (Section 182) 229
Assessment of unregistered firm (Section 183) 229
Change in constitution of firm (Section 187) 230
Succession of one firm by another firm (Section 188) 230
Firm dissolved or business discontinued (Section 189) 231
Income Tax Authorities 232
Powers 234
Assessment Procedure 240
Filing of return (Section 139) 240
Permanent Account Number (Section 139A) 243
Assessment 244
Time limit of completing assessment or reassessment 253
Rectification of mistake (Section 154) 254
Other amendments (Section 155) 254
Notice of demand (Section 156) 257
Settlement of Cases 258
Income Tax Settlement Commission 258
Appeals 262
Appeal to Appellate Tribunal 266
Reference to High Court 267
Appeal to Supreme Court 268
Revision by the Commissioner 268
Orders prejudicial to Revenue 268
Other orders 269
Collection of Tax 270
Deduction of tax at source 270
Advance payment of tax 272
Recovery of Tax 274
Period for commencing recovery proceedings 275
Refunds 276
Penalties Imposable 276
Offences and Prosecutions 278
Acquisition of Immovable Property in Certain Cases 278
Tax Credit Certificate 280
Double Taxation Relief 280
Special Provisions Relating to Avoidance of Tax (Sections 92 to 94) 281
APPENDIX A-ANSWERS TO PROBLEMS 283
APPENDIX B-REVISION QUESTIONS 288
BIBLIOGRAPHY 282
ERRATA 299
SUBJECT INDEX 301
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