Students Guide to Income Tax including GST Book for CA/CMA Inter, CS Executive, B.Com, M.Com & MBA by Dr Vinod K Singhania, Dr Monica Singhania.

Students' Guide to Income Tax & GST is designed to simplify the complexities of taxation by providing a methodical and student-friendly presentation on both Income-tax and GST. It employs a straightforward, step-by-step style, enabling learners of all levels to understand legal provisions without wading through paraphrased statutes and jargon. Each topic is illustrated with examples and solved problems, immediately reinforced by unsolved exercises—whose answers are provided in an appendix, closing the loop of learning and practice. Every chapter concludes with a point-wise recap, helping students revisit key concepts. This hands-on approach ensures active learning, boosting both competence and confidence.

This book caters to a diverse audience seeking comprehensive knowledge and practical skills. Undergraduate students (B.Com., BBA) will gain a solid conceptual foundation and extensive problem-solving practice. Professional aspirants (CA, CS, CMA) will benefit from its exam-oriented approach, which integrates theory with case studies and includes past exam questions. Additionally, taxation enthusiasts and self-learners can expand their expertise through structured, self-paced study with step-by-step explanations and numerous examples.

The Present Publication is the 72^nd Edition | 2025-26 and amended upto 15^th December 2024. This book is authored by Dr Vinod K. Singhania & Dr Monica Singhania, with the following noteworthy features:

• [Comprehensive Coverage] The book is divided into two major units:
• Unit 1 | Income-tax – Addresses fundamental concepts (assessment year, previous year, person definitions) and details various heads of income (exempt incomes, salaries, house property, business/profession, capital gains, other sources). It also explains real-life scenarios and computations for deriving gross total income, total income, and deductions under sections 80C to 80U
• Unit 2 | GST – Explores core topics such as supply (taxable event, consideration, negative list, etc.), place of supply, time of supply, exemptions, valuation, input tax credits, reverse charge, composition scheme, registration, and administrative procedures (returns, invoices, e-way bills)
• [Teach Yourself Technique] This approach ensures that each paragraph or section (numbered distinctly) begins with an analytical discussion supported by original, well-thought-out problems. This step-by-step method cultivates the habit of critical thinking in students, allowing them to learn faster and retain concepts with clarity
• [Balanced Focus on Theory and Application] Theory is consistently linked to case studies. The authors strive to show how each theoretical framework comes alive in practical scenarios—especially important for professional courses where problem-solving is key
• [Solved and Unsolved Problems]
• Every nuanced provision, especially the complex ones, is presented in a style that clarifies underlying principles and their practical applications
• Over 500 solved problems and an equal number of unsolved exercises offer ample practice opportunities. Students can build confidence by applying what they learn while also developing the speed and accuracy needed in examinations
• [Up-to-date Amendments] The content is amended up to 15^th December 2024, ensuring readers have the latest information. This is critical in a domain like taxation, where laws and regulations evolve frequently
• [Exam-Oriented Approach]
• The book includes all questions set for CA (Inter/IPCC) Examinations in the last five years with fully worked-out solutions—covering both theory-based and practical questions
• These solutions are meticulously aligned with the law applicable for the assessment year 2025–26 (and GST provisions updated till 15^th December 2024), making this resource especially exam-friendly
• [Targeted Content for Professional Aspirants]
• Special paragraphs, problems, and exercises (marked by a '➠' symbol) are included primarily for students aiming for professional examinations (CA, CS, CMA), yet meritorious undergraduate students may find them equally enriching

The contents of the book are as follows:

• Income Tax
• Basic concepts that one must know
• Residential status and its effect on tax incidence
• Income that is exempt from tax
• Income under the head 'Salaries' and its computation
• Income under the head' Income from house property' and its computation
• Income under the head' Profits and gains of business or profession' and its computation
• Income under the head' Capital gains' and its computation
• Income under the head' Income from other sources' and its computation
• Clubbing of income
• Set-off and carry forward of losses
• Permissible deductions from gross total income
• Meaning of agriculture income and its tax treatment
• Individuals – Computation of taxable income
• Hindu undivided families – Computation of taxable income
• Firms and association of persons – Computation of taxable income
• Return of income
• Advance payment of tax
• Deduction and collection of tax at source
• Interest payable by assessee/Government
• GST
• Basic concepts of GST
• Concept of Supply
• Levy of GST
• Exemptions from GST
• Place of supply
• Time of supply
• Value of taxable supply
• Reverse charge mechanism
• Input tax credit
• Composition Scheme and Alternative Composition Scheme
• Registration
• Tax invoice, credit and debit notes
• Returns, tax payment and interest
• Provisions governing Real Estate Services
• Problems on GST
• Appendix
• Tax Rates
• Question set for CA (Intermediate) Examinations and Answers
• Depreciation rates for power-generating units
• Answers to unsolved exercises