Taxmann’s Direct Taxes Ready Reckoner - 45th Edition

Taxmann’s Ultimate Best-Seller, ‘Direct Taxes Ready Reckoner’ is a ready-referencer for all provisions of the Income-tax Act, covering illustrative commentary on the Finance Bill, 2021 (as passed by the Lok Sabha).


The Present Publication is the 45th Edition & amended by the Finance Bill 2021 (as passed by the Lok Sabha), authored by Dr. Vinod K. Singhania. The book has the following noteworthy features:


•[Focused Analysis] without resorting to paraphrasing of sections and legal jargons, on the following:


o[Amendments made by the Finance Bill, 2021] are duly incorporated in respective Chapters of the Reckoner and are appropriately highlighted


o[Comprehensive Analysis of Amendments with Illustration] are given separately in Referencer 2: Amendments at a glance


§ Difficult provisions (such as Section 45(4), Section 9B, etc.) have been explained by way of case studies


o[Analysis of all provisions of the Income-tax Act] along with relevant Rules, Judicial Pronouncements, Circulars and Notifications


•[Faceless Tax Proceedings] provides the summary of all the legal provisions


•Provides analysis on Alternative Tax Regime along-with Break Even Tables


•[Tabular Presentation] of all key provisions of the Income-tax Act


•[Computation of Taxes] on various slabs of Income


•Ready referencer on tax rates, TDS rates, TCS rates, due dates, etc.


•[Zero Error] Follows the six-sigma approach, to achieve the benchmark of ‘zero error’


•Contents of this book are as follows:


oPart A – Study of Direct Taxes


§ Tax rates for the assessment years 2021-22 and 2022-23


§ Amendments at a glance


§ Alternative tax regime


§ Income Computation and Disclosure Standards


§ Tax rates for the last ten assessment years


§ Gold and silver rates for the current year, last ten assessment years and on April 1, 1981/April 1, 2001


§ Tax savings schemes at a glance


§ Rates of depreciation


•Under the Income-tax Act


•For the assessment years 2006-07 onwards


•For power generating units from the assessment year 1998-99


•Under the Companies Act, 2013


§ Deductions and allowances under the Income-tax Act


§ Provisions of sections 44D, 44DA and 115A in brief


§ Cost Inflation Index


§ Interest on National Savings Scheme


§ Computation of income and tax under sections 115A, 115AB, 115AC, 115AD, 115BBA and 115D


§ Withholding tax rates


§ Period of limitation under Income-tax Act


§ Time-limit for issue of notice during 2021-22 under section 148


§ Provisions of Sections 54, 54B, 54D, 54EC, 54F, 54GA and 54H


§ New faceless proceedings regime


§ Dates with direct taxes


§ Terminology


§ Income from ‘Salaries’


§ Income from house property


§ Profits and gains of business or profession


§ Capital gains


§ Income from other sources


§ Clubbing of income


§ Set off of losses


§ Exemptions and deductions


§ Deductions from tax liability


§ Agriculture income


§ Return of income


§ Penalty


§ Interest


§ Advance payment of tax


§ Deduction or collection of tax at source


§ How to compute tax liability


§ Tax incidence on trusts


§ Business trust


§ Alternative Investment Funds


§ Special procedure for assessment of search cases


§ Tax clearance certificate


§ Tonnage tax


§ Securities transaction tax


§ Restrictions on cash transactions


§ Banking cash transaction tax


§ Equalisation Levy


oPart B – Tax Tables


§ Individuals, HUFs and AOPs


§ Firms


§ Domestic companies


§ Foreign companies


§ Co-operative societies


§ Tax deduction at source


oPart C – Market Quotations


§ Gold and Silver


oPart D – Tax Tables of Past Six Years (Assessment Years 2015-16 to 2020-21)


§ Individuals, HUFs and AOPs