Students’ Guide to Income Tax & GST | Problems & Solutions is an extensive, practice-focused supplement to the popular Students’ Guide to Income-tax. Over time, users of the Students’ Guide to Income-tax have often found the unsolved exercises challenging. In response, the authors have created this dedicated volume, offering a structured, step-by-step solution framework. They highlight how multiple attempts were sometimes required to solve exercises accurately, reflecting the depth of tax-related issues and the necessity for a clear guiding resource.

This book is particularly designed for learners of commerce, accounting, and taxation who are preparing for professional examinations, including those for Chartered Accountancy (CA), Cost and Management Accountancy (CMA), and Company Secretary (CS). It also proves indispensable for educators seeking a well-rounded instructional resource.

The Present Publication is the 30^th Edition | 2025-26, authored by Dr Vinod K. Singhania & Dr Monica Singhania. It is thoroughly updated and amended up to 15^th December 2024. The key features include:

• [Comprehensive Coverage of Income Tax and GST] Gain a clear understanding of the core principles and latest amendments in income tax and GST law, with practical insights integrated throughout
• [Three-tiered Structure for Enhanced Learning]
  • Section One | Provisions in Brief – A succinct explanation of pertinent tax provisions for Income-tax and GST. This serves as a quick refresher and ensures that you stay current with updated legislative requirements
  • Section Two | Solved Problems – Carefully curated case studies and examples illustrating complex and contemporary issues. Each solution is presented with a guided methodology to help you understand not just the ‘what’ but also the ‘how’ of accurate problem-solving
  • Section Three | Problems Similar to the Unsolved Exercises – Model solutions mirroring the format of the unsolved questions in Students’ Guide to Income-tax. By practising these, you can master the concepts while retaining the flexibility to attempt additional exercises independently
• [Up-to-date Legal Position] All scenarios, illustrations, and solutions align with the legal framework in force until 15^th December 2024. This ensures the problems and examples you work on reflect the most recent amendments and clarifications issued by the tax authorities
• [Practical Emphasis] Realistic, exam-focused, and practice-based problems help build your confidence, hone your problem-solving skills, and equip you with the competency to tackle diverse types of questions often encountered in professional exams
• [Guided Approach to Problem-Solving] intends to ease your learning journey, and the book offers clear, step-by-step annotations on the solutions. By observing the methodology, students can strengthen their conceptual understanding and apply similar approaches when facing new or more challenging exercises
• [Facilitates Meaningful Learning] Through illustrative examples and direct answers to common stumbling blocks, this book aims to make tax education accessible and engaging. It helps build the requisite skills and assurance to face examinations and future professional tasks with poise

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