Direct Taxes Law & Practice with Special Reference to Tax Planning

Direct Taxes Law & Practice is a definitive and comprehensive treatise on the laws governing direct taxation in India. The book is meticulously updated to include all statutory amendments, the latest circulars, notifications, and landmark judicial interpretations up to 15th May 2025. Designed to simplify the complex and intricate domain of direct taxes, the book combines in-depth theoretical exposition with practical illustrations and a focused approach to tax planning, making the study and application of direct tax law accessible, logical, and examination-oriented.

This book is intended for the following audience:

• Students appearing for CA, CS, ICWA, M.Com., LL.B. and MBA examinations, as well as income-tax departmental exams.
• Professional Practitioners, tax consultants, and corporate managers seeking a practical and up-to-date reference on Indian direct taxes.
• Researchers and Academicians interested in an authoritative resource on tax law and its judicial applications.
• Income-tax Department Officials preparing for departmental exams, offering step-by-step insights into interpreting and applying direct tax provisions

The Present Publication is the 73rd Edition | A.Y. 2025-26 (amended up to 15th May 2025), authored by Dr Vinod K. Singhania & Dr Kapil Singhania. The noteworthy features of this book are as follows:

• [Latest Amendments] Fully incorporates all amendments, case laws, circulars, and notifications up to May 2025
• [Lucid, Reader-Friendly Presentation] Subject matter is logically arranged in numbered paras/sub-paras, ensuring easy navigation and saving time
• [Extensive Illustrations] Over 600 practical illustrations and solved problems, including all CA (Final) exam questions from the past decade (theory and practical) with solutions as per law for AY 2025-26
• [Tax Planning Hints] Dedicated hints and practical guidance on tax planning at appropriate points
• [Judicial Interpretations] Exhaustive coverage of the latest court rulings and their implications
• [Comprehensive Exam Coverage] Also features questions from other post-graduate and professional exams at the end of each chapter
• [Section-wise Indexing] Enables quick reference to statutory provisions and their corresponding discussions
• [Distinct Pedagogy] The book adopts a pedagogical approach that reduces preparation time without compromising on depth or currency of information
• [Author Expertise] The authors are respected authorities in the field, bringing decades of academic, professional, and research experience to the text

The book offers a holistic treatment of direct tax law, including:

• Basic Concepts
  • Assessment year, person, assessee, charge of income tax, total income, agricultural income, capital/revenue concepts, etc.
• Residential Status & Tax Incidence
  • Including tax planning strategies, practical problems, and impact on tax liability
• Incomes Exempt from Tax
  • Section 10 exemptions, special provisions for SEZs, export-oriented undertakings, etc.
• Heads of Income
  • Salaries – Taxability, exemptions, allowances, perquisites, deductions, tax planning, and solved problems
  • House Property – Chargeability, computation, mutuality, and planning hints
  • Business or Profession – Deductions, disallowances, depreciation, tax planning, and practical issues
  • Capital Gains – Meaning, computation, exemptions, planning opportunities, and case studies
  • Other Sources – Basis of charge, specific incomes, and deductions
• Clubbing of Income, Set Off & Carry Forward of Losses, Deductions
  • Complete analysis with practical illustrations and planning opportunities
• Assessment Procedures
  • Returns, assessments, rectification, appeals, revisions, and powers of tax authorities
• TDS/TCS, Advance Tax, Interest, Refunds, Penalties & Prosecutions
  • Detailed, up-to-date explanations with relevant forms, procedures, and case laws
• Special Taxation Topics
  • Taxation of HUFs, firms, AOPs/BOIs, companies, cooperative societies, and trusts
  • Charitable trusts, new tax regimes, tax incentives, transfer pricing, GAAR, advance rulings, business restructuring, and equalisation levy
• Tax Planning
  • Dedicated chapters on tax planning for business set-up, managerial decisions, employee remuneration, non-residents, restructuring, etc.
• Annexures
  • Ready-reckoner for tax rates, rates of depreciation, relevant schedules, and compilation of past CA (Final) exam questions with answers

The structure of the book is as follows:

• Systematic Organisation – Arranged in 36 logical chapters, each divided into clearly numbered paras and sub-paras
• Section-wise Index – Exhaustive statutory referencing for quick lookup
• Practical Focus – Every chapter ends with solved exam questions, practical illustrations, and frequently asked questions
• Highlight on Application – Each major topic includes illustrative problems, tax planning guidance, and judicial developments
• Annexures & Schedules – Supplemented with key tax tables, schedules, and ready-reference material