Students’ Guide to Income Tax & GST | Problems & Solutions

Students’ Guide to Income Tax & GST | Problems & Solutions is an extensive, practice-focused supplement to the popular Students’ Guide to Income-tax. Over time, users of the Students’ Guide to Income-tax have often found the unsolved exercises challenging. In response, the authors have created this dedicated volume, offering a structured, step-by-step solution framework. They highlight how multiple attempts were sometimes required to solve exercises accurately, reflecting the depth of tax-related issues and the necessity for a clear guiding resource.

This book is particularly designed for learners of commerce, accounting, and taxation who are preparing for professional examinations, including those for Chartered Accountancy (CA), Cost and Management Accountancy (CMA), and Company Secretary (CS). It also proves indispensable for educators seeking a well-rounded instructional resource.

The Present Publication is the 30th Edition | 2025-26, authored by Dr Vinod K. Singhania & Dr Monica Singhania. It is thoroughly updated and amended up to 15th December 2024. The key features include:

[Comprehensive Coverage of Income Tax and GST] Gain a clear understanding of the core principles and latest amendments in income tax and GST law, with practical insights integrated throughout
[Three-tiered Structure for Enhanced Learning]
Section One | Provisions in Brief ? A succinct explanation of pertinent tax provisions for Income-tax and GST. This serves as a quick refresher and ensures that you stay current with updated legislative requirements
Section Two | Solved Problems ? Carefully curated case studies and examples illustrating complex and contemporary issues. Each solution is presented with a guided methodology to help you understand not just the ‘what’ but also the ‘how’ of accurate problem-solving
Section Three | Problems Similar to the Unsolved Exercises ? Model solutions mirroring the format of the unsolved questions in Students’ Guide to Income-tax. By practising these, you can master the concepts while retaining the flexibility to attempt additional exercises independently
[Up-to-date Legal Position] All scenarios, illustrations, and solutions align with the legal framework in force until 15th December 2024. This ensures the problems and examples you work on reflect the most recent amendments and clarifications issued by the tax authorities
[Practical Emphasis] Realistic, exam-focused, and practice-based problems help build your confidence, hone your problem-solving skills, and equip you with the competency to tackle diverse types of questions often encountered in professional exams
[Guided Approach to Problem-Solving] intends to ease your learning journey, and the book offers clear, step-by-step annotations on the solutions. By observing the methodology, students can strengthen their conceptual understanding and apply similar approaches when facing new or more challenging exercises
[Facilitates Meaningful Learning] Through illustrative examples and direct answers to common stumbling blocks, this book aims to make tax education accessible and engaging. It helps build the requisite skills and assurance to face examinations and future professional tasks with poise
The contents of this 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’
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
Firms and association of persons
Return of income
Advance payment of tax
Tax deduction and collection at source
Interest payable
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
Appendix
Tax Rates