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Taxmann's flagship publication for students on Income Tax & GST Laws offers a comprehensive approach to mastering Income-tax and GST through practical problem-solving. Recognizing the challenges students face, this book includes illustrations, solved problems, and a series of unsolved exercises. These unsolved exercises, shaped by readers' difficulties over time, are designed to provide a guided, step-by-step approach to understanding and solving tax-related problems. This book is tailored for students preparing for various professional examinations, including: (i) CA Intermediate (Sept. 2024/Jan. 2025) (ii) CS Executive (Dec. 2024) (iii) CMA (Dec. 2024) (iv) B.Com. (v) M.Com. (vi) MBA (vii) Other Professional Examinations The Present Publication is the 29th Edition | 2024-25, authored by Dr Vinod K. Singhania & Dr Monica Singhania. It is thoroughly updated and amended up to 15th June 2024. The key features include: The key features of the book are as follows: (i) [Illustrations and Solved Problems] Detailed solutions to contemporary tax problems, many of which are unique and have not appeared in examination papers or other publications (ii) [Unsolved Exercises] Based on readers' queries over the years, these exercises challenge students to apply their knowledge and hone their problem-solving skills (iii) [Guided Problem-Solving Approach] Structured guidance to help students understand the methodology behind solving tax-related problems (iv) [Updated & Amended Contents] (a) Practical income-tax problems solved according to the law applicable for A.Y. 2024-25 (b) GST problems resolved based on the latest amendments up to June 15, 2024 The structure of the book is as follows: (i) Section One – Provisions in Brief (1) Provides a concise overview of relevant income-tax laws and GST provisions (2) Serves as a quick reference guide to refresh and update students' knowledge (ii) Section Two – Solved Problems (1) Presents detailed solutions to typical contemporary tax issues (2) Focuses on new problems that have not been seen in examination papers or other publications (3) It helps illustrate practical applications of the law, making it easier for students to understand complex concepts (iii) Section Three – Solutions to Similar Unsolved Exercises (1) Offers solutions to problems similar to those found in the Students' Guide to Income-Tax (2) Encourages students to attempt unsolved exercises independently, using the provided solutions as a model to understand the correct approach (3) It aims to instill confidence in students by providing a working model of problem-solving The contents of this book are as follows: (i) Income Tax (1) Basic concepts that one must know (2) Residential status and its effect on tax incidence (3) Income that is exempt from tax (4) Income under the head 'Salaries' and its computation (5) Income under the head 'Income from house property' (6) Income under the head 'Profits and gains of business or profession and its computation (7) Income under the head 'Capital gains' and its computation (8) Income under the head 'Income from other sources' and its computation (9) Clubbing of income (10) Set-off and carry forward of losses (11) Permissible deductions from gross total income (12) Meaning of agriculture income and its tax treatment (13) Individuals – Computation of taxable income (14) Hindu undivided families (15) Firms and association of persons (16) Return of income (17) Advance payment of tax (18) Tax deduction and collection at source (19) Interest payable (ii) GST (1) Basic Concepts of GST (2) Concept of Supply (3) Levy of GST (4) Exemptions from GST (5) Place of Supply (6) Time of Supply (7) Value of Taxable Supply (8) Reverse Charge Mechanism (9) Input Tax Credit (10) Composition Scheme and Alternative Composition Scheme (11) Registration (12) Tax Invoice, Credit and Debit Notes (13) Returns (iii) Appendix (1) Tax Rates