Tax Planning (Issues, Ideas, Innovations)

Updated Reprint Incorporating Statutory and Case-Law Update as per Finance Act, 2022
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Description
Every person, who has anything to do with tax laws, whether as a taxpayer, tax advisor, tax executive, auditor or tax lawyer, has to plan tax conduct. On one hand, he has to ward off no-win areas, whether it be by adherence to various time limits for tax compliance or obligations relating to tax deduction at source, compulsory maintenance of accounts, etc., so as to avoid pitfalls and not .get trapped by involuntary non-compliance of duties enjoined by voluntary compliance as part of procedural law. On the other hand, the tax laws with constant stream of amendments, some retrospective or even retroactive, ever-flowing precedents from the courts, both binding and not-binding, and circulars, benevolent or otherwise, offer both challenge and opportunity in substantive law. It is in this maze of confusion one may find some shelter in tax incentives, deductions and rebates as well as in choice of accounting methods, valuation of stock or Accounting Standards. This book, by gathering all relevant material in plain and easily understandable language, is intended to help save tax. The authors have endeavoured to explain the entire law in a simple and easy to understand language with the help of up-to-date case-law on relevant topics. Copious references to cases decided by the Supreme Court, various High Courts and ITAT find place in the book. In addition, references are also made to some foreign cases which have a bearing in the context of Indian tax laws. In a way, it is a subject-wise, chapter-wise commentary on the Income-tax Act, 1961 and allied subjects.
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Contents
Chapters
1.    Tax Planning - An Overview
2.    Interpretation of Tax Laws
3.    Importance of Documentation in Tax Planning
4.    Mutual Associations-Tax Savers
5.    Diversion by Overriding Title
6.    Real Income Theory-A Useful Argument
7.    Hindu Undivided Families
8.    Hindu Undivided Families - II
9.    Hindu Undivided Families -III
10.  Charities Can Save Tax
11.  Accounting Requirements Precepts and Practice
12.  Agricultural Income
13.  Corporate Sector-Distinct Treatment
14.  Amalgamations and Demergers - Tax Implications
15.  Minimum Alternate Tax/Alternate Minimum Tax
16.  Conversion of Propriety Business into a Firm/Company
17.  Planning for Conversion of Firm Into Company
18.  Limited Liability Partnership-A New Opportunity
19.  Partnership Firm - Tax and other Implications
20.  Interest Income/Annuities - Assessability
21.  Choice of Investment - Investment Planning
22.  PPF is Premier Tax Saver
23.  Non-Residents and Non-Resident Indians-Planning for Residential Status
24.  Profit-sharing Plans
25.  Year of Assessment
26.  Planning Pay Packet From Tax Point of View
27.  Planning for Professionals
28.  Investment in Housing from Tax Point of View
29.  Business Basic Features
30.  Business Expenditure-Deductions-I
31.  Business Expenditure-Deductions-II
32.  Depreciation
33.  Presumptive Taxation-When and How Availed?
34.  Capital Gains-Charge
35.  Capital Gains-Reliefs
36.  Clubbing of Income (Sections 60 to 64)
37.  Relief for Exports, SEZs, EOUs,/New Industrial Understandings in N.E. Region
38.  Concession for New Industrial Undertakings
39.  Deductions and Other Concessions Without Tears
40.  Scheme for Rehabilitation from BIFR - Tax Savings on a Platte
41.  Non-resident Taxation-Sections 9 and 10
42.  Non-Resident Taxation-with Extension to Residents-Advance Ruling /Transfer Pricing
43.  Double Taxation Avoidance Agreements-I
44.  Intellectual Property Rights - Problems for the Future
45.  Private Trusts - Limited Scope
46.  Senior Citizens - Special Concessions
47.  Tax Valuation
48.  Procedural Law
49.  Prohibition of Cash Transactions in Excess of Certain Limits
50.  TDS/TCS/Equalisation Levy
51.  Settlement Commission - A Way-out for Taxpayers in Distress
52.  Real Property Transactions
53.  Benami Law and Tax Implications
54.  Family Arrangement
55.  Protection against Survey
56.  Search - Safeguards
57.  Penalties and Prosecution and How to Avoid Them
58.  Tax on Gifts
59.  Wealth-tax
60.  Right to Information Act, 2005
61. The Insolvency and Bankruptcy code, 2016
62.  Pradhan Mantri Garib Kalayan Yojana, 2016
Subject Index
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Author Details
S. Rajaratnam, MA, LL M, FICWA, after a brief spell as lecturer in Economics, joined the Indian Revenue Service and retired as Accountant Member, Income-tax Appellate Tribunal in 1985. During his service, he was deputed to Sri Lanka as Tax Expert during 1960-62 and to Government of Tamil Nadu as member of Sales-tax and Agricultural Income-tax Appellate Tribunals during 1971-75. He contributes articles for various Tax Journals, including Income Tax Reports, and the column "Tax Forum" for The HINDU. He has authored a number of books, which include: Tax Management; Guide to Voluntary Disclosure Scheme, 1997; Tax Concessions for Foreign Exchange Earners; Guide to Tax Deduction at Source; Tax Audit Reports; Tax Deduction for Industries in Backward Districts; Landmark Cases on Direct Tax Laws; and Block Assessment. He has also co-authored a number of books, some of which are: "Search Seizures, Survey & Summons; Income Tax Prosecution; Tax Valuation; Settlement Commission and Authority for Advance Rulings; Kar Vivad Samadhan Scheme, 1998; and Commentary on Double Taxation Avoidance Agreements. Presently he has undertaken the revision of Sampath lyengar's Law of Income tax for its new edition in about six volumes. Tax Planning-Issues, Ideas, Innovations is his notable contribution to tax literature.
B.V. Venkataramaiah, M Sc, BGL, was a faculty in University or Mysore till July, 1951 before joining Indian Revenue Service (Income-tax) in 1 951. He worked at various places: Mumbai, Calcutta, Hyderabad, Salem and Chennai in various capacities. He was a Commissioner of Income-tax at Calcutta when he was appointed as Member, Income-tax Appellate Tribunal in January, 1980, till his retirement in 1986.
He writes articles relating to tax for newspapers and tax journals. He writes a regular feature "Comments on Judgments" for Current Tax Reporter. He has co-authored the following books: Kar Vivad Samadhan Scheme, 7998; and Commentary on Double Taxation Avoidance Agreements.
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