Fundamentals of Income Tax A.Y 2024-25

About the Book:

• Largest Selling Book since 1964 and over the last 60 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 2024-25. Further, the amendments made by the Finance Act, 2023 and the Finance Act, 2024 Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2021, applicable for the Assessment Year 2024-25, have been incorporated in the book.
• 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 60 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.

CO-1541 Fundamentals of Income Tax A.Y 2024-25 Book Syllabus

Module I: Introduction – Income Tax Act—Basic Concepts and Definitions of Income Tax Act— Assessment Year—Previous Year—Person—Assessee-Income-Gross Total Income—Total Income—Casual Income—Rates of Tax applicable to the Individual Assessee—Maximum Marginal Rate—Residence of Assessee (Theory only)—Scope of Total Income on the basis of Residence or Incidence of Tax ( Theory only)—Exempted Incomes—Different heads or sources of Incomes.

Module II: Income from Salaries—Meaning and definition—Allowances—Perquisites—Profits— in—lieu of Salary—Provident fund—Deductions from Salary—Computation of Income from Salaries (excluding Retirement Benefits).

Module III: Income from House Property—Basis of Charge—Exemptions—Annual Value— Deductions from Annual Value—Computation of Income from House property.

Module IV: Other heads of Income—Profits and Gains of Business or Profession—Chargeability Deductions Expressly Allowed—Expenses expressly disallowed—Expenses not deductible in certain circumstances—Deductions allowable only on actual payments—Profits taxable—Maintenance of accounts—Audit of Accounts—Computation of Income from
Business or Profession (Simple Illustrations)—Capital Gains—Basis of Charge—Capital Assets—Kinds of Capital Assets—Capital Gains exempt from tax—Computation of Capital Gains (Theory and Simple Illustrations)—Income from Other Sources—Incomes Chargeable under the head—Kinds of Securities—Bond Washing Transactions— Deductions Allowable—Disallowed Expenses—Computation of Income from Other Sources.

Module V: Computation of Tax Liability of Individual Assessee—Clubbing of Incomes and Aggregation of Incomes ( Theory only)—Set off and Carry forward of Losses (Theory only)—Computation of Gross Total Income—Deductions from Gross Total Income (Deductions applicable to the individual assessee only—80 C, 80CCC, 80 CCD, 80 D, 80 DD, 80 DDB, 80 E, 80 G, 80 GG, 80 GGA, 80 QQB, 80 RRB, 80 TTA, and 80 U)—Rebate and Relief of Tax—Securities Transaction Tax, Computation of Total Income and Tax Liability of Individuals.

Fundamentals of Income Tax A.Y 2024-25 Book Contents

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 a 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. Securities Transaction Tax
    ❐ Examination Question Paper December, 2023