Students Guide to Income Tax Including GST (AY 2024-25)

Taxmann's flagship publication for Students on Income Tax & GST Law(s) has been designed to bridge the gap between theory and application. This book is written in 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 an authentic, up-to-date & amended textbook on Income Tax & GST for students of CA Intermediate (May/Nov. 2024), CS Executive (June/Dec. 2024), CMA (June/Dec. 2024), B.Com., M.Com., MBA and other Professional Examinations.

The Present Publication is the 70^th Edition and amended upto 1^st December 2023. This book is authored by Dr Vinod K. Singhania & Dr Monica Singhania, with the following noteworthy features:

• [Coverage] of this book includes:
  • Unit 1 – Income Taxes
  • Unit 2 – GST
• [500+ Solved Problems] and an equal number of unsolved exercises
• [Question set for CA (Inter/IPCC) Examination] for the last five years is 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. 2024-25
  • GST problems are solved in accordance with law as amended up to 1^st December 2023
• [Features] of this book are as follows:
  • [Self-Learning/Practice Book] Features teach yourself technique enabling students to learn faster
  • [Analytical Discussions] are included in each para supported by 'well-thought-out-original-problems'. A unique style of illustrating all complex provisions has been adopted throughout this book
  • [Every solved problem is followed by an unsolved exercise] for which answers are given at the end of the book
    • For Solutions to the unsolved exercises, students may refer to the 28^th Edition of Taxmann's Students' Guide to Income Tax including GST Problems & Solutions
  • 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