Garg's Income Tax Ready Reckoner (For A.Y. 2024-2025 & 2025-2026)

With Rates, Tables, Illustrations and Case Laws for Income Tax
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Description
We wish our readers a prosperous and healthy new financial year, We hope that India and the human race will pass through this difficult time and win over this deadly coronavirus. We are witnessing the conditions which our generation has never witnesses and we wish that none of our coming generations should witness. We are pleased to present to our readers this Ready Reckoner duly amended by the Finance Act 2024 and includes Taxation and other Laws (Relaxation of Certain Provisions)  and List of direct tax measures on May 13, 2021 issued to extend in the few dates of filing and deposit of taxes and reduce rate of interest due to coronavirus spread and consequential locked down. It also includes a chapter with the provisions "The Direct Tax Vivad Se Vishwas Scheme 2024".
Alongwith:—
•    Income-tax Act, 2024 amendments duly incorporated in the respective chapters.
•    Special Chapter on Amendments at a Glance with highlights & Commentary.
•    List of Direct Tax measures issued by the Finance Minister after COVID-19 Pandemic
•    Rates of Income Tax & Other Tax Rates.
•    Tax-Saving cum Investment Schemes
•    Referencer include NSC Table & KVP Table
•    Tabular Presentation of Tax Rates.
•    Analysis of all provisions alongwith Relevant Case Laws, Circulars, Notifications & Rules
      at appropriate place
•    Special Chapter on Vivad Se Vishwas Scheme, 2024.
•    Income Computation & Disclosure standards in a separate chapter
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Contents
Part A
1.    Rates of Tax
2.    Important Amendments
3.    Tax Saving-cum-investment Schemes for A.Y. 2024-2025& 2025-2026
4.    Tax Obligations with Prescribed Forms
5.    Residential Status
       Special Provisions for Non-Residents
6.    Income which do not Form Part of Total Income
7.    Income of Other Persons Included in Assessee's Total Income    
8.    Deductions under Chapter VIA    
9.    Miscellaneous
       A.   Income of Trusts
       -     Charitable and Religious Trusts
       -     Electoral Trusts
       -     Private Trusts
       -     Oral Trusts
       -     Securitisation Trusts
       -     Business Trusts
       B.   Return of Income
       C.   Assessment Procedure
       D.   Advance Tax
       E.   Penalties
       F.   Offences and Prosecutions
       G.  Appeals and Revisions
       H.  Special Provisions relating to Avoidance of tax
        I.    Refunds
        J.    Interest Payable and Receivable by Assessee
       K.   Mode of Acceptance, Payments or Repayments of Deposits
       L.   Income Tax on Agricultural Income
       M. Settlement of Cases
       N. Dispute Resolution Committee in Certain Cases
10.  Income from House Property 
11.  Profits and Gains of Business or Profession    
12.  Income Computation and Disclosure Standards (ICDS)
13.  Capital Gains    
14.  Income from Other Sources
15.  Income from Salaries
       -   Dearness Allowance, Commission, Bonus
       -   Allowance Fully Exempt from Tax
       -   Partially Exempt From Tax
       -   House Rent Allowance
       -   Standard deduction u/s 16 (ia)
       -   Entertainment Allowance
       -   Fully Taxable Allowance
       -   Leave Salary
       -   Gratuity
       -   Relief u/s 89
       -   Pension
       -   Compensation on retrenchment and Voluntary Retirement
       -   Provident Fund
       -   Superannuation Fund
       -   Perquisites
       -   Valuation of Perquisites
       -   Deductions from Salaries
       -   Rebate from tax
       -   Income not included under Salaries
       -   Leave Travel Concession  (L T C)
    Annual Income Tax Tables
       -   For individuals, Association of Persons, H.U.Fs. and Specified H.U.Fs.
       -   For Senior Citizens above 60 yrs of age or more but below 80 years
       -   For Super Senior Citizens 80 years of age or more
16.  Income Tax on Partnership Firms
       -   Partnership Firms
       -   Tables for Income-tax on Partnership Firms
17.  Limited Liability Partnership
18.  Income Tax on Co-operative Societies
       -    Co-operative Societies
       -     Table for Co-operative Societies
19.  Income Tax on Companies
       -    Tax Table for Domestic Companies
20.  Special provision relating to income of shipping Companies.
21.  Securities Transaction Tax
22.  Commodities Transaction Tax
23.  Search & Seizure 
24.  The Direct Tax Vivad sein Vishwas Scheme, 2024
Part B
1.    Rates of Last Eight Years
       -   Income - tax for Individuals, HUF's, Unregistered Firms, AOP's
       -   Income-tax on Companies
       -   Tax on Capital Gains
       -   Income-tax and Surcharge on Partenship Firms
       -   Income-Tax on Co-operative Societies
2.    Set off and Carry Forward of Losses
3.    Tax Deduction/Collection at Source (T.D.S/T.C.S)
4.    Tax Rates for foreigners Treaties
5.    Depreciation and Rates under Income-tax Act and Companies Act-2013
       -   Appendix  I for rates of depreciation under income-tax Act
       -   Rates of depreciation for assessees engaged in power generation
       -   Rates of Depreciation under Companies Act-2013
6.    Referencer
7.    Rates of Gold & Silver
Tables & Charts
Part A
•    Rate of Tax
•    Other Tax Rates
•    Tax Saving-Cum-Investment Scheme for A.Y. 2022-2023
•    Tax Obligations with Prescribed Forms
•    Due dated for filing a return
•    Time limit prescribed under different sections
•    Penalties under the I. T. Act
•    Offences & Prosecutions
•    Cost inflation Index
•    Annual Income Tax Table for Individual & Others
•    Table for Partnership Firm
•    Co-operative Societies
•    Domestic Companies
Part B
•    Rates of Last 8 years
•    Set off & Carry forward of Losses
•     Rates for T.D.S./ T.C.S.
•    Tax Rates under Double Taxation Avoidance Agreement
•    NSC& KVP Interest calculation
•    Rates of Gold & Silver
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Author Details
Dinesh Chandra Garg
Naveen Kumar Sharma
Adv. Panushka Goyal