Bharat’s Commentary on Income Tax (Set of 2 Volumes) by Dr. Ashok Saraf and Dr. Ayush Saraf – 1st Edition 2026.

The enactment of the Income-tax Act 2025 marks the most significant overhaul of India’s direct tax framework in decades. Bharat’s Commentary on Income Tax (Set of 2 Volumes) is the definitive guide to navigating this transition. Authored by the formidable father-son duo of Senior Advocate Dr. Ashok Saraf and Chartered Accountant Dr. Ayush Saraf, this 1st Edition (2026) provides a granular, section-wise analysis of the new Act, fully amended by the Finance Act 2026 and the Income Tax (Amendment) Ordinance, 2026.

Volume 1 Highlights: Foundations & Computations

Volume 1 covers the foundational mechanics of the new Act (Sections 1 through 301), offering critical insights for businesses and investors managing diversified portfolios:

• Basis of Charge & Scope: Detailed commentary on the new definitions of “tax year,” residential status, and income deemed to accrue in India (Sections 4-9).

• Profits & Gains of Business: Exhaustive analysis of allowable deductions, depreciation mechanics, and the capitalization of foreign exchange fluctuations (Sections 26-66)—essential reading for entrepreneurs managing working capital and capital expenditure across multiple ventures.

• Capital Gains: A thorough breakdown of the newly streamlined capital gains taxation under the 2025 Act, including special provisions for slump sales, Market Linked Debentures, and the treatment of corporate share buybacks (Sections 67-77).

A Unique Blend of Legal & Financial Expertise

What sets this commentary apart is its dual perspective. Dr. Ashok Saraf’s decades of high-level constitutional litigation ensure the interpretation of the new statute is legally watertight, while Dr. Ayush Saraf’s background as a Chartered Accountant and CS ensures the text addresses the practical accounting and compliance realities faced by modern corporations.

Who Should Buy This Set?

• Chartered Accountants & Tax Consultants: The ultimate desk reference for advising clients on the transition from the 1961 Act to the 2025 Act.

• Corporate Legal Counsel & CFOs: Essential for navigating the new provisions regarding business re-organizations, slump sales, and corporate taxation.

• Entrepreneurs & Active Investors: For individuals managing proprietary businesses and diversified investment portfolios, this set provides the definitive legal interpretation needed for long-term tax planning and compliance.

About the Authors

Dr. Ashok Saraf (Senior Advocate) Dr. Ashok Saraf is an eminent constitutional and tax law expert, designated as a Senior Advocate by the Gauhati High Court at the exceptionally young age of 36½. He formerly served as the Advocate General for the State of Arunachal Pradesh and holds a Ph.D. specifically for his extensive research on “Corporate Taxation of India.” He has served as the National Vice President of the All India Federation of Tax Practitioners Association.

Dr. Ayush Saraf (Chartered Accountant) Dr. Ayush Saraf holds a highly versatile professional background, carrying qualifications as an FCA, CS, and Attorney (LLB). He earned his Ph.D. examining the impact of Indian Accounting Standards (Ind AS) on Nifty Fifty companies. A former Chairman of the Guwahati Branch of the ICAI, he is empaneled as an expert faculty member with the Indirect Taxes Committee of the ICAI.

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