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V K Singhania Income Tax Book: A Comprehensive and Updated Textbook on Income Tax with Illustrations and Exercises


V K Singhania Income Tax Book: A Comprehensive Guide for Students and Professionals




If you are looking for a reliable, up-to-date and easy-to-understand book on income tax, you should consider V K Singhania Income Tax Book. This book is a flagship publication by Taxmann, authored by Dr. Vinod K. Singhania and Dr. Monica Singhania, who are renowned experts in the field of taxation. This book is designed to bridge the gap between theory and application, and to help students and professionals master the subject of income tax.




v k singhania income tax book



Features and Benefits of the Book




Here are some of the features and benefits of this book that make it stand out from other books on income tax:


  • Student-oriented book: This book explains the provision of the law in simple language, without resorting to paraphrasing of sections and legal jargons. It also provides suitable illustrations, without repeating or overlapping examples, to help students understand and apply the law.



  • Self-learning/practice book: This book enables students to learn faster by providing exercises at the end of each chapter, with hints for solving them. It also provides case studies for students to generate e-income tax return, based on real-life scenarios.



  • Analytical discussions: This book starts each paragraph with analytical discussions, highlighting the key points and issues involved in each topic. It also provides cross-references to relevant sections, rules, circulars, notifications and case laws.



  • Well-thought-out-original-problems: This book illustrates all complex provisions with well-thought-out-original-problems, which are unique and different from other books. These problems cover various aspects and situations that may arise in practice.



  • E-filing of income tax return: This book guides students to generate e-income tax return, using a step-by-step approach. It also explains the various forms, schedules, annexures and verification methods involved in e-filing.



  • Zero-error: This book follows a six-sigma approach to achieve zero-error, by ensuring accuracy, completeness and consistency in all aspects. It also incorporates all the latest amendments, notifications, circulars and case laws till 1st August 2022.



Contents and Coverage of the Book




This book covers all the topics related to income tax that are relevant for students of B.Com., M.Com., MBA and other professional examinations. The contents of the book are as follows:


  • Basic concepts that one must know: This chapter introduces the basic concepts of income tax, such as person, assessee, assessment year, previous year, income, agricultural income, gross total income, total income etc.



  • Residential status and its effect on tax incidence: This chapter explains the criteria for determining the residential status of an individual, a Hindu undivided family (HUF), a firm, an association of persons (AOP), a body of individuals (BOI), a company and every other person. It also explains how the residential status affects the scope of total income.



  • Income that is exempt from tax: This chapter discusses various incomes that are exempt from tax under section 10 of the Income Tax Act 1961. It also explains the conditions and limits for claiming such exemptions.



  • Income under different heads and its computation: This chapter covers five heads of income under which all incomes are classified for taxation purposes. These are: salaries; income from house property; profits and gains of business or profession; capital gains; and income from other sources. It explains how to compute income under each head, taking into account various allowances, deductions, exemptions etc.



  • Clubbing of income: This chapter deals with the provisions relating to clubbing of income, which means including the income of another person in the total income of an assessee. It explains when clubbing is applicable, what are the exceptions and how to compute clubbed income.



  • Set off and carry forward of losses: This chapter explains how to set off losses against incomes under different heads or sources in the same assessment year or subsequent assessment years. It also explains what are the conditions and restrictions for setting off or carrying forward losses.



  • Permissible deductions from gross total income: This chapter discusses various deductions that are allowed from gross total income under chapter VI-A of the Income Tax Act 1961. It explains how to claim deductions under different sections for various purposes such as savings, investments, donations etc.



  • Computation of total income and tax liability: This chapter shows how to compute total income by aggregating incomes under different heads after deducting losses, exemptions and deductions. It also shows how to compute tax liability by applying slab rates or special rates on total income after deducting rebates and relief.



  • Advance tax, tax deduction at source (TDS)and introduction to tax collection at source (TCS):This chapter explains how to pay advance tax in instalments during a financial year based on estimated income. It also explains how to deduct or collect tax at source from certain payments or receipts as per prescribed rates.



  • Provisions for filing return of income and self-assessment:This chapter explains how to file return of income electronically or manually within due dates as per different categories of assessees. It also explains how to pay self-assessment tax before filing return of income if there is any balance tax payable after deducting advance tax and TDS/TCS.



Editions and Updates of the Book




This book is available in both paperback and e-book formats. The present publication is the 67th edition, amended by Finance Act 2022 and updated till 1st August 2022. This edition incorporates all the latest amendments, notifications, circulars and case laws till date. It also provides analysis of important proposals made in Budget 2022.


This book is also available in combo with another book by the same authors titled Taxmann's Students' Guide to Income Tax including GST Problems & Solutions. This book provides solutions to all the unsolved exercises given in V K Singhania Income Tax Book. It also provides additional problems and solutions on various topics related to income tax including GST.


Reviews and Testimonials of the Book




This book has received positive reviews and testimonials from students and professionals who have used it for their studies or practice. Here are some of them:


"This is one of the best books on income tax that I have ever read. It is very clear, concise and comprehensive. It covers all the topics in depth with examples, diagrams, "This is one of the best books on income tax that I have ever read. It is very clear, concise and comprehensive. It covers all the topics in depth with examples, diagrams, tables etc. It also helps me to practice with exercises and case studies. I highly recommend this book to anyone who wants to learn income tax in a simple and easy way." - A student of CA Intermediate


"I have been using this book for my professional practice for many years. It is a very reliable and updated source of information on income tax. It explains the law with analytical discussions and well-thought-out-original-problems. It also guides me to file e-income tax return with ease. It is a must-have book for every tax practitioner." - A chartered accountant


You can also find more reviews and testimonials on online platforms like Amazon and Taxmann, where this book has received high ratings and positive feedback from satisfied customers.


Conclusion




In conclusion, V K Singhania Income Tax Book is a comprehensive guide for students and professionals who want to master the subject of income tax. It is written by renowned experts in the field of taxation, who have used their experience and expertise to make the book simple, practical and accurate. It covers all the topics related to income tax in a systematic and logical manner, with illustrations, exercises, case studies and analytical discussions. It also incorporates all the latest amendments and updates till 1st August 2022. It is available in both paperback and e-book formats, and also in combo with problems and solutions book.


If you are interested in buying this book, you can visit the official website of Taxmann or any online bookstore like Amazon. You can also contact the authors by email at vksinghania@taxmann.com or monicasinghania@taxmann.com for any queries or feedback.


FAQs




  • What is the price of V K Singhania Income Tax Book?



The price of V K Singhania Income Tax Book varies depending on the format and edition. The paperback edition of the 67th edition costs Rs. 995, while the e-book edition costs Rs. 895. The combo with problems and solutions book costs Rs. 1,795.


  • What are the other books by V K Singhania?



V K Singhania has authored several other books on taxation, such as Direct Taxes Law & Practice, Direct Taxes Ready Reckoner, Students' Guide to Basic Personal Taxation etc. You can find the complete list of his books on Taxmann website or Amazon.


  • How can I access the e-book edition of V K Singhania Income Tax Book?



You can access the e-book edition of V K Singhania Income Tax Book by downloading the Taxmann e-book app on your smartphone or tablet. You can also read it online on your computer or laptop by logging in to your Taxmann account.


  • How can I get updates on V K Singhania Income Tax Book?



You can get updates on V K Singhania Income Tax Book by subscribing to Taxmann newsletter or following Taxmann on social media platforms like Facebook, Twitter, Instagram etc. You can also visit the Taxmann blog or YouTube channel for latest news and videos on taxation.


  • How can I give feedback on V K Singhania Income Tax Book?



You can give feedback on V K Singhania Income Tax Book by writing a review on Amazon or Taxmann website, or by sending an email to vksinghania@taxmann.com or monicasinghania@taxmann.com. You can also rate and review the book on Goodreads or Google Books.



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