Students’ Guide to Income Tax & GST

Students’ Guide to Income Tax & GST is designed to simplify the complexities of taxation by providing a methodical and student-friendly presentation on both Income-tax and GST. It employs a straightforward, step-by-step style, enabling learners of all levels to understand legal provisions without wading through paraphrased statutes and jargon. Each topic is illustrated with examples and solved problems, immediately reinforced by unsolved exercises?whose answers are provided in an appendix, closing the loop of learning and practice. Every chapter concludes with a point-wise recap, helping students revisit key concepts. This hands-on approach ensures active learning, boosting both competence and confidence.

This book caters to a diverse audience seeking comprehensive knowledge and practical skills. Undergraduate students (B.Com., BBA) will gain a solid conceptual foundation and extensive problem-solving practice. Professional aspirants (CA, CS, CMA) will benefit from its exam-oriented approach, which integrates theory with case studies and includes past exam questions. Additionally, taxation enthusiasts and self-learners can expand their expertise through structured, self-paced study with step-by-step explanations and numerous examples.

The Present Publication is the 72nd Edition | 2025-26 and amended upto 15th December 2024. This book is authored by Dr Vinod K. Singhania & Dr Monica Singhania, with the following noteworthy features:

[Comprehensive Coverage] The book is divided into two major units:
Unit 1 | Income-tax ? Addresses fundamental concepts (assessment year, previous year, person definitions) and details various heads of income (exempt incomes, salaries, house property, business/profession, capital gains, other sources). It also explains real-life scenarios and computations for deriving gross total income, total income, and deductions under sections 80C to 80U
Unit 2 | GST ? Explores core topics such as supply (taxable event, consideration, negative list, etc.), place of supply, time of supply, exemptions, valuation, input tax credits, reverse charge, composition scheme, registration, and administrative procedures (returns, invoices, e-way bills)
[Teach Yourself Technique] This approach ensures that each paragraph or section (numbered distinctly) begins with an analytical discussion supported by original, well-thought-out problems. This step-by-step method cultivates the habit of critical thinking in students, allowing them to learn faster and retain concepts with clarity
[Balanced Focus on Theory and Application] Theory is consistently linked to case studies. The authors strive to show how each theoretical framework comes alive in practical scenarios?especially important for professional courses where problem-solving is key
[Solved and Unsolved Problems]
Every nuanced provision, especially the complex ones, is presented in a style that clarifies underlying principles and their practical applications
Over 500 solved problems and an equal number of unsolved exercises offer ample practice opportunities. Students can build confidence by applying what they learn while also developing the speed and accuracy needed in examinations
[Up-to-date Amendments] The content is amended up to 15th December 2024, ensuring readers have the latest information. This is critical in a domain like taxation, where laws and regulations evolve frequently
[Exam-Oriented Approach]
The book includes all questions set for CA (Inter/IPCC) Examinations in the last five years with fully worked-out solutions?covering both theory-based and practical questions
These solutions are meticulously aligned with the law applicable for the assessment year 2025?26 (and GST provisions updated till 15th December 2024), making this resource especially exam-friendly
[Targeted Content for Professional Aspirants]
Special paragraphs, problems, and exercises (marked by a ‘?’ symbol) are included primarily for students aiming for professional examinations (CA, CS, CMA), yet meritorious undergraduate students may find them equally enriching
The contents of the book are as follows:

Income Tax
Basic concepts that one must know
Residential status and its effect on tax incidence
Income that is exempt from tax
Income under the head ‘Salaries’ and its computation
Income under the head’ Income from house property’ and its computation
Income under the head’ Profits and gains of business or profession’ and its computation
Income under the head’ Capital gains’ and its computation
Income under the head’ Income from other sources’ and its computation
Clubbing of income
Set-off and carry forward of losses
Permissible deductions from gross total income
Meaning of agriculture income and its tax treatment
Individuals ? Computation of taxable income
Hindu undivided families ? Computation of taxable income
Firms and association of persons ? Computation of taxable income
Return of income
Advance payment of tax
Deduction and collection of tax at source
Interest payable by assessee/Government
GST
Basic concepts of GST
Concept of Supply
Levy of GST
Exemptions from GST
Place of supply
Time of supply
Value of taxable supply
Reverse charge mechanism
Input tax credit
Composition Scheme and Alternative Composition Scheme
Registration
Tax invoice, credit and debit notes
Returns, tax payment and interest
Provisions governing Real Estate Services
Problems on GST
Appendix
Tax Rates
Question set for CA (Intermediate) Examinations and Answers
Depreciation rates for power-generating units
Answers to unsolved exercises