FEATURE1. Including Wealth Tax2. With Tax Planning3. With Problems & Solutions4. Only Commentary Available for A.Y. 2015-165. Covering Capital Gain w.r.t. cII for F.Y. 2014-15 (A.Y.2015-16)CONTENTPreface to the Fifteenth EditionPreface to the First EditionDetaiIed ContentsSection wise Referencer 1, Income-tax Act, 1961 2, Wealth-tax Act, 1957List of Rules ReferredList of Circulars referred 1, Income-tax Act, 1961 2. Wealth-tax Act, 1957Table of CasesHighlights of amendments made by the Finance (No. 2) Act, 2014Chapter 1 IntroductionChapter 2 Scope of Total Income and Residential StatusChapter 3 Incomes which do not form part of Total IncomeChapter 4 Computation of Total Income [Sections 14 & 14A] and Income under the Head “Salaries”Chapter 5 Income under the Head “Income from House Property”Chapter 6 Income under the Head “Profits and Gains of Business or Profession”Chapter 7 Income under the Head “Capital Gains”Chapter 8 Income under the Head “Income from Other Sources”Chapter 9 Income of Other Persons Included in Assessee’s Total Income (Clubbing of Income)Chapter 10 Unexplained cash credits, investments, money, etc.Chapter 11 Set off or Carry Forward and Set off of LossesChapter 12 Deductions to be made in Computing total IncomeChapter 13 Agricultural Income and Its Tax TreatmentChapter 14 Assessment of IndividualsChapter 15 Assessment of Hindu Undivided FamilyChapter 16 Assessment of Firms (including LLP)Chapter 17 Assessment of Association of PersonsChapter 18 Assessment of Co-operative SocietiesChapter 19 Assessment of TrustsChapter 20 Taxation of Mutual AssociationsChapter 21 Assessment of CompaniesChapter 22 Tonnage Tax SchemeChapter 23 Taxation of Non-Residents with special reference to Chapter XII and XIIA of Income-tax ActChapter 24 Return of Income and Procedure of AssessmentChapter 25 Search, Seizure & Survey and Special Procedure for Assessment of Search CasesChapter 26 Deduction and Collection of Tax at SourceChapter 27 Advance Payment of TaxChapter 28 Interest Payable by/to AssesseeChapter 29 RefundsChapter 30 Settlement of CasesChapter 31 Advance RulingsChapter 32 Appeals and RevisionChapter 33 Penalties and ProsecutionsChapter 34 Income Tax Authorities [Sections 1 16to 119)Chapter 35 Business ReorganisationChapter 36 Double Taxation Relief [Sections 90, 90A and 91)Chapter 37 Concepts of tax-planning and specific management decisionsChapter 38 Special Provisions Relating to Avoidance of Tax [Chapter X, Sections 92 to 92F, 93 and 94A)Chapter 39 Specified domestic transactions and provision of transfer pricing applicable to such transactions [Chapter X, Sections 92BA, 92, 92C, 92D, 92E & 92F)Chapter 40 Liability in Special Cases [Chapter XV, Sections 159 to 179)Chapter 41 Collection and Recovery of Tax [Section 220 to 232)Chapter 42 Miscellaneous ProvisionsChapter 43 Wealth TaxAppendix 1 Rates of TaxationAppendix 2 Depreciation TableAppendix 3 Table of rates at which depreciation is admissible for power generation businessSUBJECT INDEXABOUT THE BOOKΓ* This concise commentary on the income-tax law is the first attempt of its kind and has been written in a unique, simple, easy to understand language that enables a quicker grasp for the reader.Γ* Each topic is discussed in a lucid manner and is explained through examples and illustrations.Γ* The entire text is arranged in a logical sequence and contains all important judicial pronouncements as well as the circulars, notifications, etc., which are issued by the Department from time to time. The latest important case laws as well as the Departmental instructions issued upto Oct., 2014 have been included.Γ* The book contains law as amended by the Finance (No.2) Act, 2014. It also gives the effect of CII for F.Y. 2014-15.Γ* Another unique feature of this book is that it provides very useful tips for tax planning which will be of immediate use for the readers.Γ* The book will be found useful by chartered accountants, company secretaries, advocates, tax consultants, income-tax practitioners, officials of the revenue department, corporate tax executives and by any and everyone dealing with direct taxes. ABOUT THE AUTHORSDr. Girish Ahuja did his graduation and post-graduation &om Shri Ram College of Commerce, Delhi and was a position holder. He is a Fellow of the Institute of Chartered Accountants of India and was a rank holder both in the Intermediate and Final Examinations of the Institute. He was awarded a Ph.D. degree by Faculty of Management Studies (FMS), Delhi University. He is a visiting faculty member of the ICAI, ICSI, !CAl (Works) and various management institutes. He had been nominated for six: years by the Government to the Central Council of the Institute of Company Secretaries of India. He was member of the Accounting Standard Board of Institute of Chartered Accountants of India for three years. He is a member of the Direct Tax Committee and Special Invitee to International Taxation Committee of ICAI and member of Editorial Advisory Board of Institute of Company Secretaries of India. He has a vast and rich experience in the field of finance and taxation. Dr. Ahuja has addressed more than 2000 seminars organized by the various branches of the Institute of Chartered Accountants of India. He is the co-author of over twenty books on Direct Taxes for students and many popular books for professionals/ the main ones being Concise Commentary on Income Tax induding Wealth Tax, Direct Taxes Ready Reckoner, Direct Taxes Law and Practice (professional Edition), Guide to Deduction of Tax at Source, Taxation of Capital Gains, Guide to Depreciation, Taxation of Salaried Persons, Individuals & HUFs, etc. His publications on Taxation (for CA Inter), Direct Taxation (for CMA Inter), Tax Laws & Practice (for CS Exec.) and Direct Taxes Law & Practice (for CA, CS, CMA Final) are among the bestsellers for students pursuing these professional studies.Dr. Ravi Gupta did his graduation and post-graduation from Shri Ram College of Commerce. Thereafter, he did LL.B. from Delhi University and MBA (Finance) from Faculty of Management Studies, Delhi. He has been awarded a Ph.D. degree in International Finance by the Delhi University. He is a faculty member at Shri Ram College of Commerce (Delhi University) and also has vast practical experience in handling tax matters of trade and industry. He has been a visiting faculty member at The Indian Law Institute, The lnstitute of Company Secretaries of India, MFC (South Campus, Delhi University), MDI and various other Management Institutes.
Girish Ahuja, Ravi Gupta
16th , 2015