Direct Taxes : Income Tax, Wealth Tax and Tax Planning

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Direct Taxes has been thoroughly revised and updated to present the law as applicable for the assessment year 2008-2009. This book sharpens one’s understanding of an otherwise complex subject and helps in clarifying concepts. Different provisions of law have been analyzed and explained in a well-structured and reader-friendly manner. The emphasis of this book is on the simplification of the complexities of income tax and wealth tax to impart much needed conceptual clarity on intricate law points. This book is meant for students pursuing their CA (Final), ICWA (Final), CS (Final), M.Com., MBA, or LLB, as well as those studying for professional examinations.FeaturesProvides an updated and comprehensive study of direct-tax laws including tax planning. Highlights prospective amendments, using the icon A.Y. 2009-2010. Uses flow charts and tables for conceptual clarity. Presents latest judicial milestones in Landmark Judgements. Includes numerous examples illustrating specific law points in a simple manner. The Examination Review section contains solved problems from various professional examinations. Exhaustive practicals provide a thorough overview of laws discussed in various chapters.ContentsPART I: INCOME TAX Scheme of Income Tax Concept of Income Interpretation of Taxing Statutes Income Exempt from Tax Residential Status and Scope of Total Income Salaries Income from House Property Profits and Gains of Business or Profession Capital Gains Income from other Sources Income of other Persons Included in Assessee's Total Income Aggregation of Income, Set-off and Carry Forward of Losses Deductions from Gross Total Income Agricultural Income and Tax Liability Rebate from Income Tax Double Taxation Relief Special Provisions Relating to Avoidance of Tax Assessment of Individual Assessment of Hindu Undivided Families Assessment of Partnership Firms Assessment of Association of Persons Assessment of Companies Assessment of Fringe Benefits Assessment of Non-Residents Assessment of Cooperative Societies Assessment of Charitable Trusts Liability in Special Cases Income-Tax Authorities Procedure for Assessment Penalties, Offences and Prosecutions Appeals and Revision Settlement of Cases Advance Ruling Deduction of Tax at Source Advance Payment of Tax Interest Payable Collection and Recovery of Tax Refunds PART II: WEALTH TAX Scheme of Wealth Tax Incidence of Wealth Tax Net Wealth to Include Certain Assets Exempted Assets Valuation of Assets Computation of Net Wealth and Wealth tax Liability Liability in Special Cases Assessment and Penalties Appeals and Revision Refunds [Sec. 34A] PART III: TAX PLANNING Scheme of Tax Planning Tax Planning for Residential Status Tax Planning for Salaries Tax Planning with Respect to Income from House Property Tax Planning for Profit and Gains of Business or Profession Tax Planning for Capital Gains Tax Factor in Dividend Policy Tax Planning for Clubbing Provisions Tax Consideration in Setting up a New Business Tax Planning for Employee's Remuneration Tax Planning and Forms of Business Organisation Tax Factor in Management Decisions Tax Planning and Foreign Collaboration Tax Implication of Amalgamation Tax Considerations in Conversion of a Firm into a Company Tax Planning for Wealth tax Latest Judicial Rulings