TAXMANN DIRECT TAX LAW AND PRACTICE -VINOD K SINGHANIA-As Amended by FINANCE ACT 2025-Professional Edition

Direct Taxes Law & Practice (Professional Edition) is a comprehensive and lucid presentation of India’s direct tax system. Updated to reflect amendments introduced by the Finance Act 2025, the book covers in depth the law, procedures, and judicial interpretations relevant for the Assessment Years 2025-26 and 2026-27. It explains complex provisions of the Income-tax Act through detailed commentary, over 600 illustrations, practical examples, and a wealth of case studies.

The current Edition particularly focuses on:

• New Tax Regime and its practical implications
• Tax Planning avenues for professionals and taxpayers
• Recent landmark rulings by courts, along with the latest Circulars and Notifications
• Case Studies demonstrating practical scenarios and problem-solving approaches

The book aims to simplify and clarify direct tax provisions so that readers—from beginners to seasoned professionals—can understand and apply the law effectively.

This book is intended for the following audience:

• Professionals & Practitioners – Chartered Accountants, Tax Consultants, Advocates, and other finance professionals who need a reliable and up-to-date reference on direct tax law
• Corporates & Businesses – Tax departments and compliance officers seeking in-depth coverage of corporate taxation, Minimum Alternate Tax (MAT), Transfer Pricing, and Business Restructuring
• Government Officials & Departments – Income Tax Officers, Department staff, and policymakers can use it to clarify legislative amendments and judicial interpretations

The Present Publication is the 2025 Edition for Assessment Years 2025-26 & 2026-27, authored by Dr Vinod K. Singhania & Dr Kapil Singhania, incorporating all the amendments made by the Finance Act 2025. The salient features of this book are as follows:

• [Thorough Revision & Updates] Incorporates all amendments made by the Finance Act 2025. It also includes the latest circulars and notifications, ensuring up-to-date legal references
• [Lucid Commentary] Complex provisions are explained methodically in numbered paragraphs and sub-paragraphs. The emphasis is on practical application; each point is closely tied to practical scenarios
• [Extensive Illustrations & Case Studies] 600+ examples and illustrations that clarify typical and complex tax scenarios. Case Studies are also included to showcase how the law is applied in practice, including debatable issues and their logical conclusions
• [Special Focus on Tax Planning & New Tax Regimes] Hints & strategies are given for optimised tax planning. It also incorporates analysis of new tax regimes and their implications for different categories of taxpayers
• [Coverage of Judicial Interpretations] Discussion of landmark rulings of various courts to explain how statutory provisions have evolved and are interpreted
• [Reader-friendly Structure] The book follows a logical arrangement of chapters with paras and sub-paras. Important topics like Transfer Pricing, Business Restructuring, and GAAR are discussed in detail. FAQs are also given in relevant chapters to address common queries

The coverage of the book is as follows:

• Basic Concepts & Residential Status
  • Foundational aspects such as Assessment Year, Previous Year, scope of total income, and residential status rules
• Heads of Income
  • Comprehensive coverage on Salaries, House Property, Business/Profession, Capital Gains, and Other Sources—complete with illustrations and problem-solving guides
• Clubbing Provisions & Set-off/Carry Forward
  • Detailed explanation on including others’ income and adjusting losses within/between heads
• Deductions & Exemptions
  • Exhaustive commentary on Chapters VI-A, including new sections related to interest deductions, donations, and specialised deductions for businesses
• Taxation of Various Entities
  • Specialised chapters on Individuals, HUFs, Firms, LLPs, AOPs, Companies, and Co-operative Societies—covering their respective tax rates and unique provisions
• Charitable Trusts & Institutions
  • Analysis of exemptions and conditions under sections 11 to 13, plus how to compute taxable income if exemptions are forfeited
• Assessment Procedures
  • From filing returns, revised returns, and updated returns to inquiries, scrutiny assessments, best judgment, and reassessments
• Penalties, Prosecutions & Interests
  • Details on penalty provisions, offences, and interest calculations for defaults and non-compliances
• TDS/TCS Mechanisms
  • Nuances of withholding tax (TDS) and tax collection at source, returns, compliance obligations, and penal consequences
• Appeals & Revisions
  • Procedure for appeals before CIT(A), ITAT, High Court, and Supreme Court, along with revisions by the Commissioner
• International Taxation & Transfer Pricing
  • Rules and methods for Arm’s Length Pricing, APA (Advance Pricing Agreements), Safe Harbour, and BEPS-related measures
• Business Restructuring
  • Tax implications of Amalgamation, Demerger, Slump Sale, Conversion of firms/companies, etc.
• GAAR & Anti-Avoidance
  • Guidance on General Anti-Avoidance Rule—its applicability and procedure
• Case Studies & FAQs
  • Helping reinforce concepts with practical insights and step-by-step solutions

The structure of the book is as follows:

• Chapter-wise Format – Each chapter corresponds to a specific head of income or conceptual area
• Paras & Sub-Paras – Content is broken down into logically numbered segments for quick reference
• Illustrations & Examples – Integrated throughout the chapters to demonstrate computations, planning, and compliance steps
• Case Law References – Key judgments are interspersed where relevant; these are typically highlighted or footnoted to guide further reading
• Annexures & Indexes
  • Annexures offer ready reference to tax rates, depreciation schedules, and relevant schedules in the Income-tax Act
  • Section-wise Index helps the reader directly locate statutory provisions and commentary