Tax Management

A Guide for Direct Tax Compliance for Tax Professionals, Tax Executives and Taxpayers for better
Preparation and Management of Tax Affairs
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Description
The last edition was published in 2010. Compliance requirements and the responsibility therefor have increased with continuous changes in the statute and the Rules. Mr. N. A. Palkhivala in his talk on Union Budget 1962-1963 said “The annual Union budgets remind one of a joke from an American wit, that the difference between the tax collector and the taxidermist is that the taxidermist at least leaves the hide. The painful truth is that, New Delhi needs not merely a breath of fresh air, but a blast of fresh air to sweep away cobwebs of wrong fiscal thinking”. After criticising the craze for amendments in his budget speeches year after year critical of the fiscal policy with its "unconcealed scorn for judicial process” and "needless secrecy" he said, that it is so done in law “mistaking amendments to improvement and changes for progress”. In his budget speech in 1980, he remarked “Two things strike me with trepidation and amazement - the precipitate and chronic tinkering with the law by the powers that be and the inexhaustible patience of the Indian public". The mania for constant meddling with our statute has not abated even a wee bit. The Finance Acts, 2015 and 2016 have made 78 and 112 amendments respectively. Each
amendment to law, Rule, Circular and Instruction places a further load on tax compliance. There are useful commentaries on tax law, but not a comprehensive manual providing guidance on duties and responsibilities of the tax- payer himself or those in charge of firms and companies in matters relating to tax compliance. It is this felt need, the book intends to meet. For example, section 80AC provides for loss of some valuable exemptions granted by law, if the return is not filed in time. Those who do not meet their obligations of filing returns in time are visited with serious consequences like ex parte assessment. Interest for non- payment of advance tax or self-assessment tax in time coupled with delay in filing return will be four times the payment of tax delayed under section 234A, 234B and 234C, besides possible penalty. Such defaults are easily avoided with due care. Awareness of procedural law is as important as familiarity with substantive law for taxpaying fraternity, their executives and advisors to compliance present chal.
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Table of Contents
Chapter 1 : A Tax Executive's Role in Tax Management
Chapter 2 : Precedents in Substantive Law 
Chapter 3 : Precedents in Procedural Law 
Chapter 4 : Tax on Book Profits
Chapter 5 : Re-Organisation of Business
Chapter 6 : Furisdiction for Issue of Notice
Chapter 7 : Preparation of Return
Chapter 8 : Intimation Before and After 
Chapter 9 : On Receipt of Notice Under Section 143 (2)
Chapter 10 : Spectre of Reassessment and Recomputation
Chapter 11 : Summons and Survey
Chapter 12 : Search - Before and After 
Chapter 13 : Keeping Recovery Proceedings at Bay
Chapter 14 : Appeals
Chapter 15 : Conduct in Appeal Proceedings
Chapter 16 : Proceedings before the Tribunal/High Court
Chapter 17 : Settlement Commission - An Alternative for Appeal 
Chapter 18 : Safeguards for the Taxpayers
Chapter 19 : Some Useful General Principles
Chapter 20 : Management of Charities and Other NGOs
Chapter 21 : Non - Resident Taxation 
Chapter 22 : Transfer Pricing
Chapter 23 : Beware of TDS/TCS Provisions
Chapter 24 : Some Common Issues
Chapter 25 : Dispute Resolution Scheme/Penalty
Chapter 26 : Responsibility of Professionals
Chapter 27 : Demonetization and After
Case Study - 1 : Appeal 
Case Study - 2 : Appeal 
Case Study - 3 : Rectification
Case Study - 4 : Stay Application 
Appendix 1 to 8
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Author Details
Shri. S.Rajaratnam, M.A., LL.M., F.C.M.A., joined Indian Revenue Service in 1951 and retired as Accountant Member of Income-tax Appellate Tribunal in 1985. During his service, he was deputed to Sri Lanka as Tax Expert in 1960-62 and to Government of Tamil nadu as Member of Sales Tax and Agricultural Income-tax Appellate Tribunals in 1971-75. He is currently Director (Education & Research), Society of Auditors, Chennai with chamber practice as consultant. He has authored several books and writes for various tax journals. He has co-authored “Treatise on Double Taxation Avoidance Agreement” and “Law and Procedure on Charitable Trusts and Religious Institutions" (Published by Snow White, Mumbai) and “Tax Planning” (published by jointly Bharat Law Publications, Jaipur and LexisNexis, Gurgaon, Haryana), besides various other titles authored by him and published by Company Law Institute of India Pvt. Ltd. viz. Tax Audit Report, Tax Management, Tax Valuation and “Landmark Cases in Direct Tax Laws - 2014” (Fifth Edition). He has also updated Eleventh Edition of Sampath Iyengar's “Law of Income- Tax” in eight volumes with Twelfth Edition is an on-going one (published by Bharat Law House, Delhi). He is associated in the management of a number of professional and public institutions. His autobiography under the title "In and around Tax Track” published by LexisNexis, New Delhi is in the press. .