Students' Guide to Income Tax & GST | Vinod K Singhania, Monica Singhania | Taxmann | June 2025 Exam

Taxmann's flagship publication for students on Income Tax & GST Law(s) is designed to bridge the gap between theory and application. Written in simple language, it explains legal provisions step-by-step with suitable illustrations, avoiding paraphrasing and legal jargon.

This book is an authentic, up-to-date, and amended textbook on Income Tax & GST for students of CA Intermediate (Sept. 2024/Jan. 2025), CS Executive (Dec. 2024), CMA (Dec. 2024), B.Com., M.Com., MBA and other professional examinations.

The Present Publication is the 71^st Edition | 2024-25 and amended upto 15^th June 2024. This book is authored by Dr Vinod K. Singhania & Dr Monica Singhania, with the following noteworthy features:

• [Comprehensive Coverage] of this book includes:
• Unit 1 – Income Taxes
• Unit 2 – GST
• [Extensive Problem Sets] Over 500 solved problems with an equal number of unsolved exercises
• [Past Exam Questions] Includes questions set for CA (Inter/IPCC) examinations over the last five years, with solutions for both theory and practical questions
• Income Tax problems are solved as per the law applicable for A.Y. 2024-25
• GST problems are solved according to the law as amended up to June 15, 2024
• [Features] of this book are as follows:
• [Student-Friendly Approach] The book adopts a 'teach yourself' technique, enhancing the learning process with a clear, step-by-step explanation of legal provisions
• [Illustrative Problems] Each chapter includes analytical discussions supported by original problems, fostering a deeper understanding of complex provisions
• [Practical Exercises] To build confidence in solving practical questions, solved problems are followed by unsolved exercises with answers provided in the appendix
• For Solutions to the unsolved exercises, students may refer to the 29^th Edition of Taxmann's Students' Guide to Income Tax including GST Problems & Solutions
• [Professional Exam Focus] Sections marked with a ? symbol cater specifically to professional exam aspirants while also being beneficial for high-achieving university students
• Follows the Six-Sigma Approach to achieve the benchmark of 'Zero-Error'

The contents of the book are as follows:

• Income Tax
• Basic concepts that one must know
• Residential status and its effect on tax incidence
• Income that is exempt from tax
• Income under the head 'Salaries' and its computation
• Income under the head' Income from house property' and its computation
• Income under the head' Profits and gains of business or profession' and its computation
• Income under the head' Capital gains' and its computation
• Income under the head' Income from other sources' and its computation
• Clubbing of income
• Set-off and carry forward of losses
• Permissible deductions from gross total income
• Meaning of agriculture income and its tax treatment
• Individuals – Computation of taxable income
• Hindu undivided families – Computation of taxable income
• Firms and association of persons – Computation of taxable income
• Return of income
• Advance payment of tax
• Deduction and collection of tax at source
• Interest payable by assessee/Government
• GST
• Basic concepts of GST
• Concept of Supply
• Levy of GST
• Exemptions from GST
• Place of supply
• Time of supply
• Value of taxable supply
• Reverse charge mechanism
• Input tax credit
• Composition Scheme and Alternative Composition Scheme
• Registration
• Tax invoice, credit and debit notes
• Returns, tax payment and interest
• Provisions governing Real Estate Services
• Problems on GST
• Appendix
• Tax Rates
• Question set for CA (Intermediate) Examinations and Answers
• Depreciation rates for power-generating units
• Answers to unsolved exercises