Direct Tax Laws A.Y 2022-23

Salient Features of 63rd Edition:

• Largest Selling Book since 1964 and over the last 58 years of its existence, the book has established a reputation for itself as the most definitive work on the subject of income tax.
• Even the last minute changes in the law have been incorporated in this revised edition of the book and as such it is the latest and most update book on Income Tax for the Assessment Year 2022-23. Further, the amendments made by the Finance Act, 2022, applicable for the Assessment Year 2022-23, have been incorporated in the book.
• The present edition of the book has several unparalleled features which make it distinct from other available text books on Income Tax.
• A simplified, systematic approach to the understanding of a complex subject written in a unique, simple and easy to understand language.
• Each topic, after a theoretical exposition, is followed by illustrations to facilitate the students to master the practical application of Income Tax Law.
• User-friendly examination-oriented style facilitating easy comprehension of each topic.
• Solved Illustrations and Questions for exercise are largest in number in comparison to other books on income tax.
• Unsurpassed for over 58 years. The book is trusted and relied upon for accuracy and reliability. Mistakeless printing on paper of superior quality at moderate price.
• Questions from latest Examination Papers of various universities have been included in the revised edition of the book.
• At the end of each chapter, Short Answer, Objective Type and Short Numerical Questions have been added with answers.

Direct Tax Laws A.Y 2022-23 Book Syllabus

Part-I

Income Tax Act 1961: Basic Introduction, Brief History of Income Tax in India, Scope of the Act, Meaning of Income Tax; Concept of Income Tax; Assessment year, Previous year, Assessee; Person; Agricultural Income with examples; Residential status and Tax Liability. Income Tax Act 1961: Heads of Income Computation of Income from Salary inclusive of salary components Allowances; perquisites; profit in lieu of salary and deduction, Income from House Property or allowable deductions, profits and gains from Business and Profession.

Part-II

Short term and long term capital gains; income from other sources; computation of Gross Total Income and Total Income and the tax liability of a salaried individual; deductions from the Gross Total Income of individuals. Tax Deduction at Source.

Direct Tax Laws A.Y 2022-23 Book Contents

❐ Significant Direct Tax Amendments by the Finance Act, 2022

1. Income Tax: Introduction and Important Definitions
2. Agricultural Income
3. Residence and Tax Liability (Basis of Charge)
4. Exemptions from Tax (Non-Taxable Income)
5. Income from Salaries
6. Income from Salaries (Retirement)
7. Income from House Property
8. Profits and Gains of Business or Profession
9. Determination of Income of Certain Business or Profession on Presumptive Basis
10. Depreciation and Investment Allowance
11. Capital Gains
12. Income from other Sources
13. Clubbing of Incomes and Aggregation of Incomes or Deemed Incomes 
14. Set-off and Carry forward of Losses
15. Deductions to be made from Gross Total Income while computing Total Income
16. Computation of Total Income of Individuals
17. Computation of Tax Liability of Individuals
18. Rebate and Relief of Tax
19. Income Tax Authorities
20. Preparation and Filing of Return of Income
21. Assessment Procedure (Including Income Tax E-Assessment Scheme)
22. Deduction and Collection of Tax at Source
23. Advance Payment of Tax
24. Recovery and Refund of Tax
25. Dispute Resolution Committee
26. Appeals and Revision
27. Penalties
28. Offenses and Prosecutions
29. Mode of Acceptance or Repayment of Certain Deposits
30. Tax Planning for Individuals (Tax Planning under various heads)
31. Alternate Tax Regime (Tax on Income of Individuals & HUFs)