Taxmann’s flagship publication for students on Income Tax & GST Laws offers a comprehensive approach to mastering Income-tax and GST through practical problem-solving. Recognizing the challenges students face, this book includes illustrations, solved problems, and a series of unsolved exercises. These unsolved exercises, shaped by readers’ difficulties over time, are designed to provide a guided, step-by-step approach to understanding and solving tax-related problems.

This book is tailored for students preparing for various professional examinations, including:

• CA Intermediate (Sept. 2024/Jan. 2025)
• CS Executive (Dec. 2024)
• CMA (Dec. 2024)
• B.Com.
• M.Com.
• MBA
• Other Professional Examinations

The Present Publication is the 29^th Edition | 2024-25, authored by Dr Vinod K. Singhania & Dr Monica Singhania. It is thoroughly updated and amended up to 15^th June 2024. The key features include:

The key features of the book are as follows:

• [Illustrations and Solved Problems] Detailed solutions to contemporary tax problems, many of which are unique and have not appeared in examination papers or other publications
• [Unsolved Exercises] Based on readers’ queries over the years, these exercises challenge students to apply their knowledge and hone their problem-solving skills
• [Guided Problem-Solving Approach] Structured guidance to help students understand the methodology behind solving tax-related problems
• [Updated & Amended Contents]
  • Practical income-tax problems solved according to the law applicable for A.Y. 2024-25
  • GST problems resolved based on the latest amendments up to June 15, 2024

The structure of the book is as follows:

• Section One – Provisions in Brief
  • Provides a concise overview of relevant income-tax laws and GST provisions
  • Serves as a quick reference guide to refresh and update students’ knowledge
• Section Two – Solved Problems
  • Presents detailed solutions to typical contemporary tax issues
  • Focuses on new problems that have not been seen in examination papers or other publications
  • It helps illustrate practical applications of the law, making it easier for students to understand complex concepts
• Section Three – Solutions to Similar Unsolved Exercises
  • Offers solutions to problems similar to those found in the Students’ Guide to Income-Tax
  • Encourages students to attempt unsolved exercises independently, using the provided solutions as a model to understand the correct approach
  • It aims to instill confidence in students by providing a working model of problem-solving

The contents of this 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’
  • 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
  • Firms and association of persons
  • Return of income
  • Advance payment of tax
  • Tax deduction and collection at source
  • Interest payable
• 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
• Appendix
  • Tax Rates