Book Review On

SYSTEMATIC APPROACH TO INCOME TAX, SERVICE TAX & VAT

-Written By: Dr. Girish Ahuja & Dr. Ravi Gupta.

Akash Shah 7120 SYBAF B FA

ABOUT THE AUTHOR

CA Dr. Girish Ahuja, IPCC- Income Tax, Final- Direct Tax

Dr. Girish Ahuja did his graduation and post-graduation from Shri Ram College of Commerce and was a position holder. He got his Ph. D from Faculty of Management Studies, University of Delhi. He has been teaching Direct Taxes to students at various levels for more than 35 years. He is a Fellow of the Institute of Chartered Accountants of India (ICAI) and was placed in the merit list of both Intermediate and Final Examinations of the Institute. He is a senior faculty member of Shri Ram College of Commerce (Delhi University) and also visiting faculty member of the Institute of Chartered Accountants of India, Institute of Company Secretaries of India (ICSI) and various management institutes. He had been nominated by the Government to the Central Council of the Institute of Company Secretaries of India for two terms. He is a member of Fiscal Law Committee of ICAI and Editorial Board of ICSI. He is also on the Board of Directors of many companies and has a vast and rich experience in the field of finance and Taxation. Dr.Ravi Gupta He did his graduation and post-graduation form shri ram college of commerce. Thereafter, he did L.L.B from DelhiUniversity AND MBA (Finance) from faculty of management studies,Delhi. He has been awarded Ph.D. degree in international finance by the DelhiUniversity. He is a faculty member at shri Ram College of commerce (Delhi University) and also has vast practical experience in handling tax matters of trade and university. He has been a visiting facultymember at The Indian Law Institute, TheInstitute of Company Secretary India, MFC (south campus, DelhiUniversity), MDI and other various management institutes

INDEX OF THE BOOK:

INCOME TAX          Definitions in income tax act 1961 Concept of previous year and current year. Basis of charge; Rates of taxes computable for different type of assesses. Residential status of total income; income deemed to be received or deemed to accrue or arise in India. Income which do not form part of total income. Aggregations ofincome; set off on carry forward and set-off of losses. Deductions from gross total income. Calculations of total income and tax payable and rebates, relief. Provisions concerning advance tax and tax deduction at source Provisionfor filing of return of income

SERVICE TAX AND VAT-

       

Service tax-principles and concepts and definitions Charge of service tax and taxable services Valuation of taxable services. Paymentof service tax and filing of return VAT-concepts and general principles. Calculations of VAT liability including input tax credits. Small dealers and composition scheme VAT procedures

THE MAIN FEATURES OF THIS BOOK ARE:

1) It is user friendly and provides information in a concise manner. 2) It is a critical study of law relating to income tax, service tax and VAT. 3) Even last minute changes in the law have been incorporated in the book and it is therefore the latest and most up to-date book for assessment year 2012-2013.The amendments made by finance Act, 2011 have been incorporated at appropriate places in the book. 4) All important case-laws and circulars/notification have been incorporated. 5)A simplified, Systematic approach to the understanding of a complex subject written in a unique, simple and easy to understand language that enable a quicker grasp for thestudents. 6) Eachtopic, after a theoretical exposition is followed by much number of illustrations with solution to facilitate the busy students to master the practical application of law. Each chapter contains theoretical and practical questions. 7) The book at the end contains CA-PCC/IPCC/PE-2 question papers for last few years including the question papers of May 2011, with answers. 8) This book is useful for students appearing in CA-IPCC and other specializedstudies. It will also be useful for graduate/post graduate students of various universities and management institutes as well as departmental exams of income-tax Department.

VAT RATES.
The different rates of tax are as summarized below: Rate of Tax Exempted Category Goods Falling under the category There are about 50 commodities falling under this category out of which only 10 are decided by the states. Petrol, diesel, aviation turbine fuel, motor spirits, liquor, etc.. Applicable only for precious stones, gold and silver ornaments Large number of goods, common to all states falls under this category. It consists of basic necessities such as medicine and drugs, agricultural and industrial inputs, capital goods, etc... Other commodities which are common for all states and do not fall under any of the above category fall under this category.

NON-VAT goods 1% VAT 4%VAT

12.5% VAT