'The Income Tax law- A Simple Guide to Theory' book is designed to provide a complete understanding of the essential terms, concept and theory of income tax law (contains 17 Chapters); and updated in accordance with the law applicable for the assessment year 2022-23. Undoubtedly the students are able to a) apply these provisions/rules of income tax law; and b) compute taxable income and tax liability of a person.The present book is divided into three parts: -
Part-I: Introduction with Basic Terms, Exempted Income, and Basic of Charge of Income Tax: The first part of the book describes basic concepts, definitions and terms of Indian income tax law; and separate chapters are allocated for providing a detailed information of exempted incomes; Capital and Revenue Receipts / Payments; and basis of charge of income tax.
Part-II: Charge-ability of Income Tax as per Heads of Income: This part of the book covers theoretical aspects and provisions of Income tax law about various heads of income, such as, Income under the heads 1) Salary, 2) House Property, 3) Profit and Gains from Business and Profession, 4) Capital Gains, and 5) Income from Other Sources. Furthermore, this edition of the book also covers latest provisions regarding the 1) tax treatment of agriculture income; 2) set-off and carry forward of losses; and 3) clubbing and aggregation of income.
Part-III: Computation of Tax Liability: This third part of the book depicts theoretical as well as practical aspects of provisions about computation of taxable income and final tax liability of a person (i.e. Individual, HUF, Firm, AOB, BOI and Company); and separate chapters are allocated to discuss in detail current provisions of deductions allowed to a person from his taxable income.
Thus, it will be a useful companion to the students, researchers, teachers, candidates appearing in various competitive examinations and public at large interested in the field of commerce, management and tax law.
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