DIRECT TAXES READY RECKONER 2019 by TAX PUBLISHERS

By | September 9, 2019
(Last Updated On: September 9, 2019)

DIRECT TAXES READY RECKONER 2019 by TAX PUBLISHERS

Paperback: 1416 pages Publisher: TAX PUBLISHERS; YEAR 2019 EDITION edition (16 August 2019)

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  • Paperback: 1416 pages
  • Publisher: TAX PUBLISHERS; YEAR 2019 EDITION edition (16 August 2019)

SECTION A : AMENDMENTS BY THE FINANCE ACT, 2019/FINANCE (NO. 2) ACT, 2019

Amendments by the Finance Act, 2019/Finance (No. 2) Act, 2019

SECTION B : READY REFERENCER

A. Tax Rates for Current Assessment Years [Assessment Years 2019-20 and 2020-21]

B. Specified Tax Rates Under Income Tax Act

C. TDS Rates [For Financial Year 2019-20]

D. Rates for Tax Collection at Source [For Financial Year 2019-20]

E. Rates for Dividend Distribution Tax Under Section 115-O [For Financial Year 2019-20]

F. Rates for Tax on Income Distributed under Section 115R [For Financial Year 2019-20]

G. Rates for Minimum Alternate Tax [For Financial Year 2019-20]

H. Tax Rates for Last Ten Assessment Years

I. Rates for Dividend/Distribution Tax Under Section 115-O [From 1-6-1997 and Upto 31-3-2019]

J. Rates of Wealth Tax [For Last Ten Assessment Year Amount]

K. Market Rates of Gold and Silver for Last Ten Assessment Years, as on 31-3-2019 and 1-4-1981

L. TDS Chart [Financial Year 2019-20]

M. Fee Structure for Appeals

N. Tax Saving Schemes

O. Accrued Interest on NSC (VIII Issue)

P. Tax Calendar for Recurring Work

Q. Audit Reports Under Income Tax Act, 1961

R. Period of Limitation Under Income Tax

S. Withholding Tax Rates Under DTAA

T. List of Bonus Issue of Shares during 1-4-2018 to 31-3-2019

SECTION C : BASIC CONCEPTS

1. Definition of Assessee, Assessment Year, Income, India, Manufacture, Maximum Marginal Rate, Person, Tax and Previous Year [Sections 2(7), 2(9), 2(24), 2(25A), 2(29BA), 2(29C), 2(31), 2(43) and 3]

2. Chargeability of Income, Scope of Total Income and Income deemed to be received [Sections 2(45), 4, 5 and 7]

A. Chargeability of Income [Section 4]

B. Total Income–Meaning and Scope [Sections 2(45) and 5]

C. Deemed Receipt of Income [Section 7]

3. Residential status [Section 6]

4. Income deemed to accrue or arise in India [Section 9]

A. Income from Business Connection [Section 9(1)]

B. Other Incomes

C. Exception to Deemed Accrual of Income [Section 9(2)]

D. Certain Incomes of Non-Residents to be Always Included in Their Total Income [Explanation to Section 9]

E. CBDT Clarification on Taxation of Profits from BPO Transactions

F. Mere Presence of Fund Manager in India not to Result in Business Connection in India [Section 9A]

SECTION D : EXEMPT INCOMES

5. Generally Exempt Incomes [Section 10]

6. Agricultural Income [Section 2(1A)]

7. Exemption to Units Located in Special Economic Zone [Section 10AA]

SECTION E : TAXATION OF SALARY INCOME

8. Salary–Meaning and Chargeability [Sections 5A, 15 and 17]

9. Special Receipts Taxable as Salary

10. Tax Treatment of Allowances

11. Perquisites : General [Sections 10(10CC) and 17]

12. Valuation of Perquisites [Section 17]

13. Perquisite and Stock Options [Section 17]

14. Deductions from Salary Income [Section 16]

15. Profits in Lieu of Salary [Section 17(3)]

16. Relief Under Section 89 [Section 89]

17. Tax Planning and Salary Income

18. General Illustrations Applicable for Assessment Year 2019-20

SECTION F : INCOME FROM HOUSE PROPERTY

19. Chargeability [Sections 22 and 27]

20. Annual Value of a Let Out Property [Section 23]

21. Deductions from Annual Value [Section 24]

22. Other Issues [Sections 25, 25AA, 25B and 26]

23. Planning in Respect of Property Income

24. Illustrations of Income from House Property

SECTION G : PROFITS AND GAINS OF BUSINESS OR PROFESSION

25. Business and Business Income [Section 2(13), 2(36) and Section 28]

26. Rent, Rates, Taxes, Repairs and Insurance for Premises [Section 30]

27. Repairs and Insurance of Machinery, Plant and Furniture [Section 31]

28. Depreciation Allowance and Investment Allowance [Sections 2(11), 32, 32AC, 32AD, 43A and 43C]

29. Business Deductions in Respect of Specified Businesses/Activities [Sections 33AB to 35E]

30. Specific Business Deductions [Section 36 and 94B]

31. Disallowance of Expenditure Against Exempt Income [Section 14A]

32. Business Expenditure [Section 37(1)]

33. Expenses Under Sections 30, 31 and 32, Where Assets Used Partly for Business and Partly for Personal Purposes [Section 38]

34. Special Deductions for Agents of Insurance, Mutual Funds, etc.

35. Amounts not Deductible [Sections 40(a) and 40(b)]

36. Expenditures not Deductible [Sections 40A and 43B]

37. Special Provisions [Sections 41, 43(5), 43AA, 43CA, 43CB, 43D, 44D, 44DA and 44DB]

38. Accounts and Audit [Sections 44AA and 44AB]

39. Presumptive Incomes [Sections 44AD to 44BBB]

SECTION H : CAPITAL GAINS

40. Chargeability and Capital Asset [Sections 2(14) and 45(1)]

41. Transfer, Transactions not Regarded as Transfer and Withdrawal of Exemption from Transfer [Sections 2(47), 47 and 47A]

42. Types of Capital Assets, Gain and Determination of Period of Holding [Sections 2(29A), 2(29B), 2(42A) and 2(42B)]

43. Computation of Capital Gains [Sections 48, 49, 50A, 50D, 51 and 55]

44. Special Provisions for Computation of Capital Gains Arising from Shares, Units and Zero Coupon Bonds, etc. [Sections 2(48), 10(33), 10(36), 10(38), 48, 111A, 112 and 112A]

A. Tax Treatment of Gains Arising from Transfer of US-64 Units [Section 10(33)]

B. Tax Treatment of Long-term Capital Gains from BSE 500 Shares, etc. [Section 10(36)]

C. CBDT Clarifications

D. Tax Treatment of Long-term Capital Gains from Equity Shares, Units of Mutual Fund, Unit of a Business Trust, etc. [Section 10(38)] [Upto Asst. Year 2018-19]

E. Tax on Equity Share in a Company, Unit of Equity Oriented Fund or Unit of Business Trust [Section 112A] [From Assessment Year 2019-20]

G. Transfer of Shares, etc., by Non-Residents [Section 48]

H. Tax Treatment of Short-Term Capital Gains on Sale of Equity Share in a Company or Unit of an Equity Oriented Fund or Unit of a Business Trust [Section 111A]

I. Taxation of Zero Coupon Bonds

J. Capital Gains in Respect of Units of Mutual Funds under the Fixed Maturity Plans on Extension of Their Term

K. Tax Consequence of Conversion of Preference Shares into Equity Shares

45. Exemption from Capital Gain on Compulsory Acquisition of Agricultural Land [Section 10(37)]

46. Exemption to Capital Gains Arising from Transfer of Specified Capital Asset in Certain Cases [Section 10(37A)]

47. Taxation of Capital Gain in Certain Specific Instances [Sections 2(19AA), 45, 46, 46A, 49(2C), 49(2D), 50, 50B, 50C, 50CA and 51]

48. Deep Discount Bonds and Strips [Section 45]

49. Employees Stock Options–Tax Implications [Sections 47(iii), 49(2AA) and 49(2AB)]

50. Conversion of Private Company/Unlisted Public Company into LLP and Tax Consequences [Section 47(xiiib), 47A(4), 49(1)(iii)(e) and 49(2AAA)]

51. Deductions from Capital Gains [Sections 54 to 54H]

52. Reference to Valuation Officer [Section 55A and 2(22B)]

53. Rates of Capital Gains Tax [Assessment Years 2019-20 and 2020-21]

SECTION I : INCOME FROM OTHER SOURCES, CLUBBING, UNDISCLOSED SOURCES

54. Income from Other Sources [Sections 56 to 58]

55. Clubbing of Income [Sections 60 to 64]

56. Income from Undisclosed Sources [Sections 68 to 69D]

57. Set Off and Carry Forward of Losses [Sections 70 to 80 and Section 157]

SECTION J : DEDUCTIONS UNDER CHAPTER VI-A

58. General Provisions as to Deduction from Total Income [Sections 80A to 80B]

59. Deduction from Total Income Concerning Payments-I Deduction in Respect of Life Insurance Premia, Deferred Annuity, Contribution to PF, PPF, Subscription to Certain Equity Shares or Debentures, Etc. [Section 80C]

60. Deduction from Total Income Concerning Payments-II : [Sections 80CCA, 80CCB, 80CCC, 80CCD, 80CCE, 80CCF, 80CCG, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB and 80GGC]

61. Deduction in Respect of Certain Incomes [Sections 80JJA, 80JJAA, 80LA, 80QQB, 80RRB, 80TTA, 80TTB and 80U]

62. Deductions in Respect of Income from New Industries, New Hotels and New Convention Centres [Sections 80-IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, 80-IC, 80-ID and 80-IE]

SECTION K : SPECIFIC TAX ENTITIES

63. Individuals

64. Hindu Undivided Family [Section 171]

65. Assessment of Partnership Firms and Limited Liability Partnership [Sections 2(23), 10(2A), 28(v), 40(b), 115JC to 115JF, 167C, 184, 185, 188 and 189]

A. Limited Liability Partnership

B. Partnership Firms

66. Assessment of Association of Persons [Sections 40(ba), 67A, 86, 167B and 174A]

67. Alternate Minimum Tax (AMT) on Certain Assessees Other Than Company [Sections 115JC to 115JF]

68. Taxation of Companies, MAT and Dividend Distribution Tax [Sections 2(17), 2(18), 2(19AA), 2(22A), 2(23A), 2(26), 2(32), 2(35), 2(36A), 2(41A), 115BBD, 115JAA, 115JB, 115JG, 115JH, 115-O to 115Q and 115QA to 115QC]

69. Taxation of Mutual Funds, New Pension System Trust and Securitisation Trust [Sections 10(23D), 10(23DA), 10(33), 10(35), 10(35A), 10(44), 115R to 115T, 115TA to 115TC and 197A(1E)]

A. Mutual Funds

B. New Pension System Trust

C. Securitisation Trust

70. Taxation of Charitable Trusts [Sections 2(15), 2(22AAA), 11 to 13, 13B, 115BBC, 115TD to 115TE and 164]

71. Private Trusts, Oral Trusts & Wakfs [Sections 161(1), 161(1A), 164(1), 164(A), 165, 166, 167]

72. Taxation of Co-operative Societies and Producer Companies [Sections 2(19), 2(24)(viia), 80P and 80PA]

73. Special Rate of Tax on Income from Patent and Carbon Credits [Sections 115BBF and 115BBG]

74. Taxation of Political Parties [Sections 13A and 139(4B)]

75. Taxation of Non-Residents

I. Investment Income of NRIs [Sections 115C to 115-I]

II. Determination of Tax in Certain Special Cases [Sections 115A, 115AB, 115AC, 115AD and 115BBA]

III. Other Provisions [Sections 44B to 44DA]

76. Tonnage Tax on Shipping Companies [Sections 115V to 115VZC]

SECTION L : GENERAL ILLUSTRATIONS

77. Partnership Firm Assessed as Such and Partners

78. Personal Taxation

79. Company Taxation

80. All Assessees : Capital Gains

SECTION M : TAX DEDUCTION AT SOURCE AND TAX COLLECTION AT SOURCE

81. Tax Deduction from Salaries [Section 192]

82. Tax deduction from Payment of Accumulated Balance of Employees’ Provident Fund Due to an Employee [Section 192A]

83. TDS from Interest on Securities [Section 193]

84. TDS from Dividends [Section 194 and Section 2(35)]

85. TDS on Interest Other than Interest on Securities [Section 194A and Section 2(28A)]

86. TDS from Winnings from Lotteries or Crossword Puzzles [Section 194B]

87. TDS on Winnings from Horse Races [Section 194BB]

88. TDS on Payment to Contractors/Sub-Contractors [Section 194C]

A. Provisions as to TDS under section 194C

B. CBDT’s Clarifications Regarding Applicability of Section 194C

C. Procedural Aspects

89. TDS on Insurance Commission [Section 194D]

90. TDS on Payments Under Life Insurance Policy [Section 194DA]

91. TDS on Payments to Non-Resident Sportsmen or Sports Associations or Entertainer [Section 194E]

92. TDS on Payments in Respect of National Savings Scheme, etc. [Section 194EE]

93. TDS from Payments on Account of Repurchase of Units by UTI/Mutual Fund [Section 194F]

94. TDS from Commission on Sale of Lottery Tickets [Section 194G]

95. TDS on Commission or Brokerage [Section 194H]

96. TDS on Rent Payments [Section 194-I]

97. TDS on Payment on Transfer of Certain Immovable Property Other than Agricultural Land [Section 194-IA]

98. TDS on Rent Payment by Individual/HUF in Certain Cases [Section 194-IB]

99. TDS on Payment Under Specified Agreement [Section 194-IC]

100. TDS on Payment of Fees for Professional or Technical Services [Section 194-J]

101. TDS from Payment of Compensation on Compulsory Acquisition of Immovable Property [Section 194LA]

102. TDS on Income by Way of Interest from Infrastructure Debt Fund [Section 194LB]

103. TDS on Certain Income from Units of a Business Trust [Section 194LBA]

104. TDS on Income in Respect of Units of Investment Fund [Section 194LBB]

105. TDS from Income in Respect of Investment in Securitisation Trust [Section 194LBC]

106. TDS on Income by Way of Interest from Indian Company [section 194LC]

107. TDS on Income by Way of Interest on Certain Bonds and Government Securities [Section 194LD]

108. Payment of Certain Sums by Certain Individuals or Hindu Undivided Family [Section 194M, Effective from 1-9-2019]

109. Payment of Certain Amounts in Cash [Section 194N, Effective from 1-9-2019]

110. TDS from Payments to Non-Residents [Section 195]

111. Interest or Dividend Payable to Government or RBI or Certain Corporations [Section 196]

112. TDS from Payment to Offshore Fund [Section 196B]

113. TDS on Income from FCCB, GDRs [Section 196C]

114. TDS on Income of Foreign Institutional Investor from Securities [Section 196D]

115. Residuary Provisions Related to TDS and Procedural Aspects

116. Furnishing of Quarterly Return in Respect of Payment of Interest to Residents without Deduction of Tax [Section 206A]

117. Collection of Tax at Source [Sections 206C and 271CA]

118. Fee for Defaults in Furnishing TDS/TCS Statements [Section 234E]

SECTION N : ADVANCE INCOME TAX

119. Advance Tax Liability [Sections 207 to 210]

120. Advance Tax Instalments [Sections 211, 218 and 219]

SECTION O : INTEREST AND TAX CLEARANCE CERTIFICATE

121. Interest Related Provision at a Glance [Sections 115P, 115-S, 115WK, 201(1A), 206C(7), 220(2), 234A to 234D and 244A]

122. Interest Under Section 220 [Section 220]

123. Interest for Defaults in Furnishing Return of Income [Section 234A]

124. Interest for Default in Payment of Advance Tax [Section 234B]

125. Interest for Deferment of Advance Tax [Section 234C]

126. Interest on Refund Granted Under Section 143(1) [Section 234D]

127. Common Issues

128. Interest on Refunds [Section 244A]

129. Tax Clearance Certificate [Section 230]

SECTION P : PENALTIES AND PROSECUTION

130. Concealment Penalty [Section 271(1)(c)/(d)] [Upto Assessment Year 2016-17]

131. Penalty for Under-Reporting or Mis-Reporting of Income [Sections 270A and 270AA] [From Assessment Year 2017-18]

132. Other than Concealment Penalty [Section 221, 271(1)(b), Sections 271A to 272BB]

133. Penalty in Search Cases [Section 271AAB and Section 271AAC]

134. Common Issues [Sections 273AA, 273B, 274 and 275]

135. Offences and Prosecution [Sections 275A to 280D]

SECTION Q : ASSESSMENT

136. Return of Income [Sections 139, 139C, 139D, 140 and 234F]

137. Permanent Account Number [PAN] [Section 139A]

138. Self-Assessment [Section 140A]

139. Summary Assessment [Section 143(1)]

140. Scrutiny Assessment and Reference to Valuation Officer [Sections 142A, 143(2) and 143(3)]

141. Best Judgment Assessment [Section 144]

142. Limitation as to Assessment and Reassessment [Section 153]

143. Method of Accounting and Income Computation and Disclosure Standards [Section 145, 145A and 145B]

ICDS : An Overview

ICDS I : Accounting Policies

ICDS II : Valuation of Inventories

ICDS III : Construction Contracts

ICDS IV : Revenue Recognition

ICDS V : Tangible Fixed Assets

ICDS VI : The Effects of Changes in Foreign Exchange Rates

ICDS VII : Govrnment Grants

ICDS VIII : Securities

ICDS IX : Borrowing Costs

ICDS X : Provisions, Contingent Liabilities and Contingent Assets

SECTION R : REASSESSMENT

144. Income Escaping Assessment [Sections 147 to 152]

SECTION S : RECTIFICATION

145. Rectification of Mistakes [Section 154]

146. Rectification in Certain Specific Cases [Section 155]

SECTION T : MISCELLANEOUS

147. Statement of Financial Transaction or Reportable Account [Sections 271FA, 271FAA and 285BA]

148. Cash Transactions [Sections 269SS to 269T and Section 271D to 271E]

SECTION U : OTHER DIRECT TAXES [SECURITIES TRANSACTION TAX, EQUALISATION LEVY AND BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT]

149. Securities Transaction Tax and Income Tax Treatment of Gains from Sale of Equity Shares, etc., At a Glance

150. Equalisation Levy

151. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

SECTION V : INVESTMENT PLANNER

152. Post Office Schemes

153. Kisan Vikas Patra

154. Public Provident Fund Account

155. Sukanya Samriddhi Account, 2016

156. Bank Deposits [Eligible for Tax Benefits Under Section 80C]

157. Senior Citizens Savings Scheme

158. 7.75% Savings (Taxable) Bonds

159. Tax Saving Scheme of Mutual Funds

160. Insurance Policies

Notes on Tax Tables

Income Tax & Advance Tax Calculation Tables

Income Tax & Advance Tax Tables

Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Ys. 2019-20 & 2020-21]

Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Ys. 2019-20 & 2020-21]

Resident Individual Equal to or Above 80 Years [For A.Ys. 2019-20 & 2020-21]

Firm & Domestic Co. [For A.Ys. 2019-20 & 2020-21]

Firm [For A.Ys. 2019-20 & 2020-21]

Domestic Co. [For A.Ys. 2019-20 & 2020-21]

Special Domestic Co. [For A.Ys. 2019-20 & 2020-21]

Co-operative Society [For A.Ys. 2019-20 & 2020-21]

Foreign Companies [For A.Ys. 2019-20 & 2020-21]

Advance Tax Tables

Individual Below 60 Years of Age/HUF/AOP/BOI [For A.Y. 2020-21]

Resident Individual Equal to or Above 60 Years but Below 80 Years [For A.Y. 2020-21]

Resident Individual Equal to or Above 80 Years [For A.Y. 2020-21] 1173

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