Taxmann's Students' Guide to Income Tax Including GST

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Time of supply

Value of taxable supply

Reverse charge mechanism

Input tax credit

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Composition Scheme and Alternative Composition Scheme

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Tax rates

Depreciation rates for power generating units

Questions set for CA (Intermediate) Examinations and Answers

Answers to unsolved exercises

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What is basis of charge of salary income

Para 40

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Para 40

Income under the head ‘Salaries’ and its computation

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How to compute salary income

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Place of accrual of salary income [Sec. 9(1)]

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How to compute salary income

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1. Taxable by virtue of section 9(1)( ) para 27.5.

2. Not taxable by virtue of section 10( ).

Para 41

Income under the head ‘Salaries’ and its computation

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The term salary signifies a recompense or consideration given to any person for pains bestowed upon another person s business.

Tax treatment of different receipts is given below

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* next page ** next page † When compensation is paid under any scheme approved by the Central Government, these limits are not applicable and the entire amount is exempt.

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Leave salary

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WHAT IS LEAVE SALARY

BROAD TAX TREATMENT

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GOVERNMENT EMPLOYEES GETTING LEAVE ENCASHMENT AT THE TIME OF RETIREMENT [SEC. 10(10AA)(i)]† ­

NON-GOVERNMENT EMPLOYEES GETTING LEAVE ENCASHMENT AT THE TIME OF RETIREMENT [SEC. 10(10AA)(ii)]†

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†Exemption under section 10( ) is available even if the assessee opts for the alternative tax regime under section 115BAC.

Para 41.1

Income under the head ‘Salaries’ and its computation

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*Dearness allowance/pay shall be considered only when it is part of salary for computing retirement benefits (like provident fund, pension, leave encashment, gratuity, etc.). If dearness allowance/pay is part of salary for computing only some (not all) of the retirement benefits, then it is not taken into consideration for this purpose.

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Leave salary

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*The number given in brackets represents a similar solved Problem No. of another book entitled June 2022 edition. This book includes many more solved problems focusing on contemporary issues.

Para 41.2

Income under the head ‘Salaries’ and its computation

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Gratuity

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What is exempt from tax

How to find out length of service

What is salary ­

How to determine 15 days salary i.e.,

i.e., How to determine 15 days salary for each year of service in the case of a piece-rated employee

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Students' Guide to Income Tax Including GST AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

Vinod K. Singhania, Monica Singhania TAXMANN June 2022 67th Edition 9789356220812 1060 PAPERBACK

: : : : : : :

Rs. : 1550 | USD : 62

Description Taxmann's flagship publication for Students on Income Tax & GST Law(s) has been designed to bridge the gap between theory and application. This book is written in simple language, explaining the provision of the law in a step-by-step manner with the help of suitable illustrations, without resorting to paraphrasing of sections and legal jargons.

This book is authentic, up-to-date & amended textbook on Income Tax & GST for students of CA Intermediate (Nov. 2022), CS Executive (Dec. 2022), CMA (Dec. 2022), B.Com., M.Com., MBA, and other Professional Examinations.

The Present Publication is the 67th Edition and updated till 11th June 2022. This book is authored by Dr. Vinod K. Singhania & Dr. Monica Singhania, with the following noteworthy features: · [Coverage] of this book includes: o o

Unit 1 – Income Taxes Unit 2 – GST

· [500+ Solved Problems] and an equal number of unsolved exercises · [Question set for CA (Inter/IPCC) Examination] for the last five years is given along with solutions for theory as well as practical questions o

Answers to Income Tax problems are solved as per the law applicable for

o

GST problems are solved in accordance with law as amended up to 11th June

A.Y. 2022-23 2022

· [Features] of this book are as follows: o

[Self-Learning/Practice Book] Features teach yourself technique enabling

o

[Analytical Discussions] are included in each para supported by

o

[Every solved problem is followed by an unsolved exercise] for which

students to learn faster 'well-thought-out-original-problems'. A unique style of illustrating all complex provisions has been adopted throughout this book answers are given at the end of the book ·

For Solutions to the unsolved exercises, students may refer to the 25th Edition of Taxmann's Students' Guide to Income Tax including GST Problems & Solutions

o

Follows Six-Sigma Approach to achieve the benchmark of 'Zero-Error'

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