Taxmann's Students Guide to Income Tax & GST (Problems & Solutions) book by Dr Vinod K Singhania, Dr Monica Singhania

Taxmann's flagship publication for students on Income Tax & GST Laws offers a comprehensive approach to mastering Income-tax and GST through practical problem-solving. Recognizing the challenges students face, this book includes illustrations, solved problems, and a series of unsolved exercises. These unsolved exercises, shaped by readers' difficulties over time, are designed to provide a guided, step-by-step approach to understanding and solving tax-related problems.

This book is tailored for students preparing for various professional examinations, including:

• CA Intermediate (Sept. 2024/Jan. 2025)
• CS Executive (Dec. 2024)
• CMA (Dec. 2024)
• B.Com.
• M.Com.
• MBA
• Other Professional Examinations

The Present Publication is the 29^th Edition | 2024-25, authored by Dr Vinod K. Singhania & Dr Monica Singhania. It is thoroughly updated and amended up to 15^th June 2024. The key features include:

The key features of the book are as follows:

• [Illustrations and Solved Problems] Detailed solutions to contemporary tax problems, many of which are unique and have not appeared in examination papers or other publications
• [Unsolved Exercises] Based on readers' queries over the years, these exercises challenge students to apply their knowledge and hone their problem-solving skills
• [Guided Problem-Solving Approach] Structured guidance to help students understand the methodology behind solving tax-related problems
• [Updated & Amended Contents]
• Practical income-tax problems solved according to the law applicable for A.Y. 2024-25
• GST problems resolved based on the latest amendments up to June 15, 2024

The structure of the book is as follows:

• Section One – Provisions in Brief
• Provides a concise overview of relevant income-tax laws and GST provisions
• Serves as a quick reference guide to refresh and update students' knowledge
• Section Two – Solved Problems
• Presents detailed solutions to typical contemporary tax issues
• Focuses on new problems that have not been seen in examination papers or other publications
• It helps illustrate practical applications of the law, making it easier for students to understand complex concepts
• Section Three – Solutions to Similar Unsolved Exercises
• Offers solutions to problems similar to those found in the Students' Guide to Income-Tax
• Encourages students to attempt unsolved exercises independently, using the provided solutions as a model to understand the correct approach
• It aims to instill confidence in students by providing a working model of problem-solving

The contents of this 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'
• 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
• Firms and association of persons
• Return of income
• Advance payment of tax
• Tax deduction and collection at source
• Interest payable
• 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
• Appendix
• Tax Rates