Description

The objective of this book is to provide practical application of Direct Tax Laws & International Tax, in a holistic approach, while testing the analytical skills of the reader. The crux of this book is strike a perfect balance between ‘detailed studies’ and ‘summarised approach’. This book covers the entire new syllabus as prescribed by ICAI and it is written in a explanatory & analytical approach.

This book will be useful for the students of CA-Final, CS-Professional, CMA-Final, M.Com/MBA/LL.B./LL.M. & other professional exams.

The Present Publication authored by CA Ravi Chhawchharia, is the Latest Edition for New/Old Syllabus (Updated till 31-10-2020), with the following noteworthy features:

• [Detailed Index] which is given at the beginning of the book, helps the students to navigate through the arrangement of sections and other details.
• [Provisions] have been elucidated in an exhaustive yet brief manner throughout the book, keeping intact the technical language.
• [Judicial Decisions] are covered for the following:
  • Landmark/Prescribed by ICAI – have been highlighted in Bold + Underlined along-with name of such case laws are mentioned before the facts and decisions of the case
  • Other Judicial Decisions – where only point decided (i.e. ratio of the case) is relevant & students are not expected to remember the names of such cases, are also covered in this book
• [Practical Questions along with Updated Solutions] are covered throughout the book, in two formats:
  • [Questions based on a Particular Section] are given below the provisions
  • [Questions based on more than one Section] are given at the end of the chapter under the ‘Practical Questions’ segment
• [Amended] Law stated in this book is as amended up to 31^stOctober 2020 & Covers the latest applicable provisions and amendments
• [Judicial Decisions, Circular & Notifications] are covered
• Income Tax Solutions as per Assessment Year 2021-22
• [Past Exam Questions & Answers] including November 2020 Exam
• Also Available:
  • [64^th Edition] of Taxmann’s Direct Taxes Law & Practice
  • [1^st Edition] of Taxmann’s Cracker on Direct Tax Laws & International Taxation
  • [1^st Edition] of Taxmann’s Class Notes on Direct Tax Laws & International Taxation
• Contents of this book are as follows:
• Part I – Direct Tax Laws
  • Basic Concepts of Income Tax Laws and Tax Rates
  • Residential Status [Section 6]
  • Incomes which do not Form Part of Total Income [Section 10(1) to Section 10(50)]
  • Income from Salaries [Section 15 to 17, Section 10(1) to 10(14), Rule 3]
  • Income from House Property [Section 22 to Section 27]
  • Profits and Gains of Business or Profession [Section 28 to Section 44DB]
  • Capital Gains [Section 45 to Section 55A]
  • Income from Other Sources [Section 56 to Section 59]
  • Tax on Conversion of Unaccounted Money [Section 56(2)(x), (viib); Section 94; Section 68 to 69D & Section 115BBE]
  • Income Computation and Disclosure Standards
  • Income of other Persons, included in Assessee’s Total Income (Clubbing of Income) [Section 60 to Section 65]
  • Set-off of Losses or Carry Forward and Set-off of Losses [Section 70 to Section 80]
  • Deduction from Gross Total Income [Chapter VI-A – Section 80C to Section 80U]
  • Taxation of Co-operative Societies
  • Deduction for Special Economic Zones [Section 10AA]
  • Taxation of Film Producers/distributors
  • Taxation of Bonds [Circular No. 2/2002, Dated 15.02.2002]
  • Expenditure on Exempt Income [Section 14A and Rule 8D]
  • Agriculture Income & its Tax Treatment [Section 2(1A) and Section 10(1)]
  • Taxation of Political parties & Electoral Trust Taxation of Political Parties
  • Taxation of Charitable/Religious Trusts [Section 11 to Section 13, Section 115BBC, Section 164, 164A, Section 10(23C)]
  • Taxation of Mutual Concerns
  • Minimum Alternate Tax (MAT) [Chapter XII-B]
  • Taxation of Firms, LLPs, and AOP/BOI [Section 40(b), Section 167B, Section 86]
  • Alternate Minimum Tax (AMT) [Chapter XII-BA (Section 115JC – Section 115JEE]
  • Taxation of Buy-Back [Chapter XII-DA (Section 115QA to Section 115QC)]
  • Tax on Income of Securitisation Trust [Chapter XII-EA – Section 115TCA]
  • Taxation of Business Trusts (REITs, InvITs) and Investment Funds (AIF) [Chapter XII-FA – Section 115UA and Chapter XII-FB – Section 115UB]
  • Tonnage Taxation Scheme [Chapter XII-G – Section 115VA to Section 115VZC]
  • Application vs. Diversion of Income [Chapter XII-G – Section 115VA to Section 115VZC]
  • Assessment Procedures
  • Appeals and Revisions
  • Survey, Search and Seizure [Section 119A, Sections 131 to 132B, Sections 133 to 135A, Sections 153A to 153D]
  • Penalties and Prosecution [Chapter XXI – Sections 270A to 275, Chapter XXII – Sections 275A to 280D]
  • Settlement Commission [Chapter XIX-A – Sections 245A to 245L, Sections 273AA, 278AB]
  • Liability in Special Cases [Chapter XV – Section 159 to Section 179]
  • Assessment of HUF [Section 171]
  • Assessment of Firms and LLPs [Chapter XVI – Section 184 to Section 189]
  • Tax Deduction and Collection at Source [Chapters XVII-B and XVII-BB – sections 192 to 206CB]
  • Advance Tax [Chapter XVII-C – Section 207 to Section 211, Sections 218-219]
  • Collection and Recovery of Tax [Section 156 and Chapter XVII-D – Section 220 to Section 231]
  • Interest [Sections 201(A), 206C(7), Chapter XVII-F – Sections 234A to 234D, Section 244A]
  • Miscellaneous TOPICS, STT/CTT and IFSC [Sections 269SS, 269ST, 269SU, 269T, Section  139A, Section 139AA, Sections 281, 281B, 282, 282A, 285BA, 285BB, 288, 293C, 293D, 115BBF, 115BBG]
  • Tax Planning, Tax Avoidance and Tax Evasion (Including GAAR)
• Part II – International Taxation
  • Tax Incidence in India [Section 6(3), Sections 7 to 9A, Section 115JH, Section 285 and Section 285A]
  • Taxation of Non-Residents [Section 115A to Section 115AD, Section 115BBA and Chapter XIIA – Sections 115C to 115-I]
  • Double Taxation Relief (DTAA) [Chapter IX – Sections 90, 90A and 91]
  • Transfer Pricing [Chapter X – Section 92, Section 92F, Sections 93, 94A, 94B, 114C and Section 286]
  • Advance Rulings [Chapter XIX-B – Section 245N to Section 245U]
  • Equalisation Levy [Chapter VIII of Finance Act, 2016 Sections 10(5) and 40(A)(ib)
  • Overview of Model Tax Conventions
  • Application and Interpretation of Tax Treaties
  • Fundamentals of Base Erosion and Profit Shifting (BEPS)