Law of Income Tax - Volume 3

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Description
A statute is an edict of legislature. To decipher its construct and content; unearth the legislative intent and unravel the legal import is the function of interpretation. Interpretation is a vexed topic. Recourse to different aids to interpreting the statute therefore becomes invariable. Tax commentaries have been accepted and referred as an aid [if not an aid, atleast a source] of interpretation. A Commentary gives the interpretation, analysis, insight, opinion, explication, reaction and evaluation of the statute. It is therefore aptly
acknowledged as an external (nay eternal) aid of interpretation to various stake holders (viz Revenue authorities, judiciary, taxpayer). Sri A.C. Sampath Iyengar penned his commentary on the 'Law of Income-tax' in the pre-independence era. The first version was published in 1941. Since then, this commentary has been a treatise which has enriched its readers for more than eight decades. The commentary, its apt content and the appropriate detailing, with a reader-friendly style of cataloguing have made it indispensable for any tax professional. To be continuously indispensable, the commentary should assimilate as well as reflect the trends and changes in the tax law. Over the years, with innumerable changes in the Income-tax statute, twelve editions have been released. With every edition, the commentary has become more comprehensive giving deeper insights into the Act. The lustre of this commentary through this journey has remained unparalleled and unmatched. The original author and the various editors thereafter have maintained the glory of this commentary.

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Contents
Chapter IV - Computation of Total Income (Contd.)
10A.      Special provision in respect of newly established undertakings in free
              trade zone, etc.  
10AA     Special provisions in respect of newly established units in Special
               Economic Zones  
10B.      Special provisions in respect of newly established hundred per cent
              export-oriented undertakings  
10BA.   Special provisions in respect of export of certain articles or things
10BB.   Meaning of Computer programmes in certain cases
10C.      Special provision in respect of certain industrial undertakings in
              North-Eastern Region   
11.        Income from property held for charitable or religious purposes
12.        Income of trusts or institutions from contributions
12A.     Conditions for applicability of sections 11 and 12
12AA.   Procedure for registration
13.        Section 11 not to apply in certain cases
13A.      Special provision relating to incomes of political parties
13B.      Special provisions relating to voluntary contributions received by
              electoral trust   
Chapter IV - Computation of Total Income
Heads of income
14.        Heads of income 2783
14A.      Expenditure incurred in relation to income not includible in total income   
A.—Salaries
15.       Salaries
16.       Deductions from salaries
17.       "Salary", "perquisite" and "profits in lieu of salary" defined
             B—Omitted by the Finance Act, 1988, w.e.f. 1-4-1989
[18 to 21. Omitted by the Finance Act, 1988, w.e.f. 1-4-1989]
22.       Income from house property
23        Annual value how determined
24.       Deductions from income from house property
25.       Amounts not deductible from income from house property
25.A.    Special provision for cases where unrealised rent allowed as deduction
             is realised subsequently
25A.     Special provision for arrears of rent and unrealised rent received subsequently
25AA.   Unrealised rent received subsequently to be charged to income-tax
25B.     Special provision for arrears of rent received
26.        Property owned by co-owners
27.        "Owner of house property", "annual charge", etc., defined
28.         Profits and gains of business or profession
29.         Income from profits and gains of business or profession, how computed
30.         Rent, rates, taxes, repairs and insurance for buildings
31.         Repairs and insurance of machinery, plant and furniture
32.         Depreciation
32A.       Investment allowance
32AB.    Investment deposit account
32AC.    Investment in new plant or machinery
32AD.    Investment in new plant or machinery in notified backward areas in certain States
SUBJECT INDEX
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Author Details
Sampath Iyengar
Foreword by,
Justice (Dr.) D.Y. Chandrachud, Judge, Supreme Court of India, Former Chief Justice, Allahabad High
Court Former Judge, Bombay High Former Addl. Solicitor General of India.
Revised by
H.Padamchand Khincha, Chartered Accountant
K.K. Chythanya, Senior Advocate