Business Taxation [Paperback] [Jan 01, 2014] Godiawala, Pathak Et.Al.

Title 1 Contents 11 1. Introduction 15 Constitution and Taxation 15 Legal Instruments 17 Scope of the Book 18 PART 1 DIRECT TAXATION 21 2. Income Tax: Introduction 23 Persons to whom the Act Applies 23 Residential Status 25 Previous Year and Assessment Year 26 Heads of Income 28 Exemptions 30 3. Income from House Property 34 Annual Value 35 Annual Value of Residential Property 37 Deduction from Annual Value 38 Review Cases 44 4. Income from Business and Profession 46 Revenue Expenditure 48 Receipt v. Mercantile System 52 Review Cases 53 5. Capital Assets and Depreciation 55 Block of Assets 55 Depreciation and Written Down Value 58 Additional Depreciation: New Manufacturing Machinery 69 Time and Cost of Acquisition 71 Review Cases 72 6. Business Income: Special Provisions 74 Expenditure on Scientific Research 75 Amortisation of Preliminary Expenses 81 Deduction of Interest on Borrowed Capital 85 Bad Debt 86 Measures to Prevent Tax Evasion 87 7. Capital and Revenue Expenditure 89 Ownership, Capital Assets and Depreciation 90 8. Capital Gains 94 Capital Asset 95 Special Transactions 104 Review Cases 108 9. Capital Gains: Securities 110 Company and Shares 110 Debentures 114 Mutual Fund 115 Securities Transaction Tax and Tax Exemption 117 Special Transactions 120 Dematerialised Securities 122 Review Cases 124 10. Capital Gains: Depreciable Assets 125 Review Cases 130 11. Income from Salary 132 Salary and Dearness Allowance 133 House Rent Allowance 133 Retirement Benefits 133 Salary and Income Tax 134 Exemptions from the Act 135 Calculation of Salary and Deduction at Source 136 12. Income from Other Sources 137 Dividend and Interests 139 Hiring of Plant and Machinery 141 Gift and Inheritance 141 Review Cases 147 13. Aggregation and Carry Forward of Losses 148 Aggregation of Salary 149 Aggregation of Income from House Property 149 Aggregation of Income from Business and Profession 150 Aggregation of Capital Gains 151 Aggregation of Income from Other Sources 155 Aggregation Across the Heads of Income 155 Carry Forward and Set-off of Losses 159 Review Cases 163 14. Exemptions, Deductions and Rebates 166 Deductions for Individuals—Section 80 C: Provident Fund and Life Insurance 166 Rebate 169 Deductions for Enterprises 169 Rate of Taxation 169 15. Wealth Tax and Other Themes in Income Tax 171 Wealth Tax 171 Tax Deduction at Source (TDS) 174 Advance Tax 176 Minimum Alternate Tax 176 Assessment and Tax Administration 177 Double Taxation 180 Transfer Pricing 181 PART 2 INDIRECT TAXATION 183 16. Introduction to Indirect Taxation 185 Meaning of ‘Goods’ 185 Value Addition and Indirect Taxation 188 17. Sale, Goods and Sales Tax 191 Changing Meaning of ‘Sale’ 192 Sale, Work and Service Contract 193 Sale and Hire-Purchase 194 Sale by Clubs and Societies 195 Scope of ‘Goods’ 196 18. Sale of Goods: Value Added Tax 200 Who can be a ‘Dealer’? 200 Charge of Sales Tax 203 Liability to Pay Tax 205 Rates for Taxation 205 Tax Credit 206 19. Central Sales Tax 215 Central Sales Tax and Sale by Transfer of Documents 217 Rate of Central Sales Tax 218 20. Service Tax 219 Scope of ‘Service’ Tax 219 Charge of Service Tax 221 Taxable Value 222 Service Provider as a Pure Agent 225 Service and Sale of Goods 226 Time of Charge of Service Tax 227 Export and Place of Service 230 21. Central Excise Tax 246 Manufactured or Produced Goods 247 Scope of ‘Goods’ 249 Inclusion in the Tariff Act 251 Manufacturer 253 22. Central Excise Tax: Valuation of Duty 254 Exclusion of Taxes 257 Inclusion of Other Costs 259 Time and Place of Removal 260 Maximum Retail Price Based Valuation 261 Others Means of Valuation 263 Other Themes 264 23. Customs Duty 265 Charge of Customs Duty 265 Cargo Import 267 Valuation of Goods 269 Import as Baggage 271 Import through Courier 274 Import by Post 275