Taxmann Direct Taxes Ready Reckoner By Vinod K Singhania Edition March 2025

Direct Taxes Ready Reckoner has been a trusted companion for tax professionals across India for more than forty years, providing unparalleled clarity and comprehensive coverage of the Income-tax Act. This ready reckoner is designed to simplify complex tax provisions, providing practical illustrations, break-even tables, hints for tax planning, and a detailed analysis of the New Tax Regime. It also guides the procedures and compliance requirements under the Faceless Tax Proceedings framework.

This book is intended for the following audience:

• Tax Professionals & Practitioners – Chartered accountants, lawyers, and tax consultants who need quick reference material for day-to-day tax advisory and compliance
• Corporate & Finance Executives – CFOs, finance managers, and corporate tax teams seeking clarity on tax rates, deductions, exemptions, and compliance timelines
• Students & Academics – CA, CS, CMA, MBA (Finance), and law students who require an in-depth understanding of direct tax provisions
• Entrepreneurs & Individuals – Start-ups, MSMEs, and individuals looking for precise guidance on tax planning strategies and compliance obligations

The Present Publication is the 49^th Edition, updated to incorporate the latest legislative changes by the Finance Act 2025. Applicable for Assessment Years 2025-26 and 2026-27, this Edition is authored by Dr Vinod K. Singhania, whose expert analysis has established this book as a cornerstone in direct taxation in India. The key highlights of this Edition include:

• [Amended & Updated] Incorporates and highlights all changes, ensuring readers have the most current information for AY 2025–26 and 2026–27
• [Income-tax Bill 2025] Provides an overview of key changes in the Income-tax Bill 2025 vis-à-vis Income-tax Act, 1961
• [New Tax Regime] Detailed guidance on the revamped tax structure, with break-even tables to compare the Old vs. New Tax Regimes for different income levels
• [Hints for Tax Planning] Practical insights on tax-saving avenues, deductions, and allowances under various sections of the Income-tax Act
• [Faceless Tax Proceedings] Step-by-step explanation of compliance requirements and procedural aspects under the faceless assessment, appeals, and penalty system
• [Comprehensive Illustrations] Simplifies the understanding of amendments and complex provisions through examples and case studies
• [User-friendly Referencers] Organised tax tables, depreciation rates, withholding tax rates, cost inflation indices, and more for instant reference
• [Historical Data] Presents tax rates for the last ten assessment years, plus gold and silver rates from past years for capital gains indexation purposes
• [Author’s Background] Dr Vinod K. Singhania, a PhD from the Delhi School of Economics, has decades of experience in direct taxation. His expert analysis continues to set the standard for understanding and applying direct taxation in India

The coverage of the book is as follows:

• Study of Direct Taxes
  • Thorough coverage of all heads of income (Salaries, House Property, Profits & Gains of Business or Profession, Capital Gains, and Other Sources)
• Referencer for Amendments
  • Separate ‘Amendments at a Glance’ section explaining each major change enacted by the Finance Act 2025, with examples
• Tax Tables
  • Comprehensive tables for AY 2025–26 and 2026–27 for Individuals, HUFs, AOPs, Firms, Domestic Companies, Foreign Companies, and Cooperative Societies under both Regular and New Tax Regimes.
  • TDS and TCS rate charts for easy reference
• Faceless Proceedings
  • Detailed guidelines and FAQs on how faceless assessments and appeals work, including timelines and procedural steps
• Deductions & Exemptions
  • Exhaustive list of deductions under Chapter VI-A, exemptions under Section 10, and reliefs available
• Tax Planning Tools
  • Summaries of tax-saving schemes, recommended approaches for capital gains exemption, and break-even analyses for different income brackets
• Miscellaneous
  • Cost Inflation Index table
  • Income Computation and Disclosure Standards (ICDS) overview
  • Guidelines for tax return filing, payment of advance tax, interest, and penalties
  • Withholding tax compliances and timelines

The structure of the book is as follows:

• Referencer – Begins with quick-referencer charts and tables, enabling instant access to key rates and provisions
• Section-wise Commentary – Detailed discussions on each section of the Income-tax Act, supplemented by practical illustrations and summaries
• Tax Tables – Consolidated tables for current and previous years, allowing easy cross-referencing
• Annexures & Appendices
  • Lists of Abbreviations for ease of use
  • Illustrative Case Studies and Examples
  • Amendments segregated for clarity
  • Indices for quick topic search
• Faceless Compliance Guidance – Dedicated coverage of e-assessment procedures, deadlines, and best practices to handle notices and queries in the faceless environment