Taxmann Direct Taxes Ready Reckoner (Special Edition) By Vinod K Singhania August 2024

Direct Taxes Ready Reckoner – Special Edition enhances readability and navigation with larger pages, bigger fonts, and multi-colour text for a superior user experience. It has been a trusted companion for tax professionals across India for over forty years, providing unparalleled clarity and comprehensive coverage of the Income-tax Act.

In its 48th Edition, the Present Publication has been updated to incorporate the latest legislative changes by the Finance (No. 2) Act, 2024. Applicable for Assessment Years 2024-25 and 2025-26, this edition is authored by Dr Vinod K. Singhania, whose expert analysis has established this book as a cornerstone in direct taxation in India. The key highlights of this edition include:

Key Enhancements in the ‘Special Edition’

Enlarged Book Size

• More space per page allows for larger text, illustrations, and tables
• The expanded layout creates a more organized and user-friendly reading experience

Increased Font Size

• The larger font size improves readability, especially during long reading sessions
• Reduces eye strain and enhances overall comfort

Multi-Colour Text for Enhanced Navigation

• Highlights key sections and improves content presentation
• It makes navigating through information easier and more efficient

Focused and Succinct Analysis

• This edition continues the tradition of providing a focused analysis of the provisions of the Income-tax Act, eschewing unnecessary paraphrasing and complex legal jargon. The amendments introduced by the Finance (No. 2) Act, 2024 are seamlessly integrated into the text, with clear highlights and explanations provided in each relevant chapter

Illustrative Coverage of Recent Amendments

• A unique feature of this edition is Referencer 2—Amendments at a Glance, which provides a comprehensive and illustrative breakdown of all the recent amendments. This section is designed to help readers quickly grasp the implications of the latest legislative changes, supported by practical examples and scenarios

In-Depth Case Studies on Complex Provisions

• Understanding the practical impact of legislative changes can be challenging. This edition includes in-depth case studies on some of the most complex provisions and amendments to aid comprehension. These include:
• Analysis of increased tax rates on long-term and short-term capital gains (Sections 111A, 112 & 112A)
• Examination of changes in the period of holding for capital asset classification (Section 2(42A))
• Detailed discussion on the withdrawal of indexation benefits and the implications of the grandfathering clause for resident individuals and HUFs (Section 48)
• Understanding of special provisions for capital gains computation related to unlisted bonds and debentures (Section 50AA)
• Detailed guidance on the computation of deemed dividends on share buybacks (Sections 2(22)(f) & 46A)
• Analysis of the revised limits on remuneration and TDS applicability for firms (Sections 40 & 194T)
• Analysis of the abolition of the Angel Tax (Section 56(2)(viib))
• A comprehensive overview of block period assessments in search and requisition cases (Chapter XIV-B, Sections 158B to 158BI)
• A critical examination of the new provisions for income reassessment (Sections 148 to 153)

Comprehensive Analysis of the Income-tax Act

• Beyond the recent amendments, this edition provides an exhaustive analysis of all the provisions of the Income-tax Act. The commentary is enriched with references to relevant rules, case laws, circulars, and notifications, ensuring that readers have a holistic understanding of the law

Alternative Tax Regime

• The book includes a detailed discussion of the alternative tax regime, complete with break-even tables that provide a clear comparison between different tax regimes, enabling taxpayers to make informed decisions

Faceless Tax Proceedings

• This edition covers the legal framework for faceless tax proceedings, summarizing the relevant provisions to ensure that readers are well-prepared for these modernized tax processes

Enhanced Usability with Tabular Presentations

• Key provisions of the Income-tax Act are organized into intuitive tables for easy reference, allowing professionals to access essential information quickly. This includes a referencer on tax audits under Section 44AB, with interconnections to Sections 44AD/44ADA, alternative tax regimes, the Vivad se Vishwas Scheme, taxation of life insurance policies, and capital gains exemptions

Comprehensive Tax Computation Guidelines

• Detailed guidelines on the computation of taxes across various income slabs are provided, ensuring that professionals can carry out accurate and compliant tax calculations

Ready Referencer for Tax Information

• The book serves as an essential ready reference, offering the latest tax rates, TDS and TCS rates, due dates, and other critical tax-related information in a concise format

Commitment to Accuracy – Zero Error Approach

• Upholding the Six Sigma principles, this edition strives for ‘zero error,’ making it one of the most reliable resources in the field of direct taxation

In addition to the focused analysis and case studies, this edition includes a wide range of topics crucial for tax professionals:

• [Tax Rates] Detailed rates for the assessment years 2024-25 and 2025-26, along with historical tax rates for the past ten assessment years
• [Market Quotations] Current and historical gold and silver rates, dating back to April 1, 1981/April 1, 2001
• [Tax-saving Schemes] An overview of various tax-saving schemes, enabling professionals to provide comprehensive tax planning advice
• [Depreciation Rates] Detailed coverage of depreciation rates under both the Income-tax Act and the Companies Act, 2013
• [Deductions and Allowances] A complete guide to deductions and allowances available under the Income-tax Act
• [Income Computation and Disclosure Standards] Guidance on ICDS, with practical insights on their application
• [Withholding Tax Rates] Current withholding tax rates, along with a discussion of the impact of recent changes
• [Faceless Proceedings] An understanding of the faceless proceedings framework, including timelines and procedural analysis
• [Penalty and Interest Provisions] A thorough review of penalty and interest provisions under the Income-tax Act, ensuring professionals are well-versed in the consequences of non-compliance