This textbook on income tax has been written within the following parameters:

• Simplistic Language
• Concise Size
• Well-structured

Also, it explains the provisions of the Income-tax Act in a step-by-step manner. It provides numerous to-the-point illustrations without resorting to paraphrasing of sections and legal jargons. Lastly, the topics are discussed with precise clarity, followed by point-wise recapitulation.

This book is an authentic, up-to-date & amended textbook on Income Tax for students of B.Com. (Generic Elective | GE-6) et al.

The Present Publication is the Latest Edition, amended by the Finance Act 2022 & updated till 1st November 2022. This book is authored by Dr.Vinod K. Singhania & Dr. Monica Singhania, with the following noteworthy features:

• [Self-Learning/Practice Book] Features teach yourself technique enabling students to learn faster
• [Analytical Discussions] Each para starts with analytical discussions
• [Well-Thought-out-Original-Problems] A unique style of illustrating all complex provisions has been adopted throughout this book
• [E-Filing of Income-tax Return] Case studies have been prepared for students to generate E-Income-tax Return
• [Student-Oriented Book] This book has been developed keeping in mind the following factors:
  • Interaction of the author/teacher with their students in the classroom
  • Shaped by the author/teacher’s experience of teaching the subject matter at different levels
  • Reactions and responses of students have also been incorporated at different places in the book
• [Zero-Error] Follows Six-Sigma Approach to achieve the benchmark of ‘Zero-Error’

The contents of the book are as follows:

• 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
• Return of income
• Advance payment of tax
• Personal Tax Planning
• e-Filing of Income-tax Return