Direct Taxes Ready Reckoner (A.Y. 2023-24 and 2024-25)

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 47^th  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

• 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
  • Gold and Silver
• Part D – Tax Tables of the Past Six Years (Assessment Years 2017-18 to 2022-23)
  • Individuals, HUFs and AOPs