Taxmann's Direct Taxes Ready Reckoner (DTRR) | 2022

Contents PAGE 7 8 10

About the Author Abbreviations Section-wise Index

PART A STUDY OF DIRECT TAXES REFERENCER Tax rates for the assessment years 2022-23 and 2023-24 Amendments at a glance Alternative tax regime Income Computation and Disclosure Standards Tax rates for the last ten assessment years Gold and silver rates for the current year, last ten assessment years and on April 1, 1981/April 1, 2001 7. Tax saving schemes at a glance 8. Rates of depreciation ❑ Under the Income-tax Act - For the assessment year 2006-07 onwards - For power generating units from the assessment year 1998-99 ❑ Under the Companies Act, 2013 9. Deductions and allowances under the Income-tax Act 10. Provisions of sections 44D, 44DA and 115A in brief 11. Cost Inflation Index 12. Interest on National Saving Certificates 13. Computation of income and tax under sections 115A, 115AB, 115AC, 115AD, 115BBA and 115D 14. Withholding tax rates 15. Period of limitation under Income-tax Act 16. Time-limit for issue of notice during 2022-23 under section 148 17. Provisions of sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54H 18. New faceless proceedings regime 19. Dates with direct taxes ◆ Terminology ◆ Income from “Salaries” ◆ Income from house property ◆ Profits and gains of business or profession ◆ Capital gains ◆ Income from other sources ◆ Clubbing of income ◆ Set off of losses ◆ Exemptions and deductions ◆ Deductions from tax liability ◆ Agricultural income ◆ Return of income ◆ Penalty ◆ Interest ◆ Advance payment of tax 1.

2.

3.

4.

5.

6.

5

13 33 86 111 122 126 127

129 135 136 142 146 148 149 150 154 159 178 180 183 194 A-1 A-16 A-69 A-84 A-157 A-236 A-257 A-259 A-268 A-344 A-345 A-349 A-376 A-392 A-412

Contents

6 PAGE A-416 A-482 A-520 A-536 A-537 A-539 A-541 A-543 A-544 A-547 A-549 A-549

◆ Deduction or collection of tax at source ◆ How to compute tax liability ◆ Tax incidence on trusts ◆ Business trust ◆ Alternative Investment Funds ◆ Special procedure for assessment of search cases ◆ Tax clearance certificate ◆ Tonnage tax ◆ Securities transaction tax ◆ Restriction on cash transactions ◆ Banking cash transaction tax ◆ Equalisation Levy

PART B TAX TABLES AYs 2022-23 and 2023-24 ◆ ◆ ◆ ◆ ◆ ◆

Individuals, HUFs and AOPs Firms Domestic companies Foreign companies Co-operative societies Tax deduction at source

B-1 B-26 B-29 B-34 B-37 B-39

PART C MARKET QUOTATIONS C-1

◆ GOLD AND SILVER

PART D TAX TABLES OF PAST SIX YEARS (Assessment years 2016-17 to 2021-22)

◆

Individuals, HUFs and AOPs

D-1

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Nature of income -

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Tax rate -

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47

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47A

R2.28-1 What is virtual digital asset -

a

How to compute income -

l

Amendment -

l

66 Para R2.26 Amendments at a glance Amendment to the scheme of alternative tax regime under section 115BAB R2.26

Withdrawal of concessional tax incidence on dividend from foreign companies under section 115BBD R2.27

Scheme for taxation of virtual digital assets [Secs. 115BBH and 2(47A)] R2.28

1.

2.

R2.28-2 Tax on income from virtual digital asset -

14

1.

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Tax on net income

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Nil

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R2.28-2E1

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Para R2.28 Scheme for taxation of virtual digital assets 67

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Previous year 2022-23 (assessment year 2023-24) –

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l

Amendment -

l

) e l b a l i a v a t o n t i f e n e b n o i t a x e d n i ( ) 0 0 4 , 1 . s R × s T F N 0 0 6 ( n o i t i s i u q c a f o t s o C s s o l l a t i p a c m r e t g n o L

Add:

0 0 0 , 0 8 , 7

) 0 0 3 , 1 . s R × s T F N 0 0 6 ( n o i t a r e d i s n o c f o e u l a v l l u F Less:

see

Add:

a

a

Rs. Rs. – s T F N 0 0 6 f o r e f s n a r t n o n i a g l a t i p a C

Tax on net income

Nil Less: Less:

68 Amendments at a glance Para R2.29

Note -

Tax on specified income of certain charitable institution [Sec. 115BBI] R2.29 See

Amendment to the scheme of alternate minimum tax for co-operative societies [Secs. 115JC and 115JF] R2.30

Amendment to sections 115TD to 115TF R2.31 See

Amendment to section 119 R2.32 a

Direct Taxes Ready Reckoner (DTRR) AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

VINOD K. SINGHANIA TAXMANN MARCH 2022 46TH EDITION | A.Y. 2022-23 & 2023-24 9789356220782 808 PAPERBACK

Rs. 1850 Description Taxmann’s bestseller for 40+ years is a ready-referencer for all provisions of the Income-tax Act, covering illustrative commentary on the Finance Bill 2022.

The Present Publication is the 46th Edition & amended by the Finance Bill 2022 for A.Y. 2022-23 & 2023-24. Dr Vinod K. Singhania authors it with the following noteworthy features: u

[Focused Analysis] without resorting to paraphrasing of sections and legal jargons, on the following: n

n

[Amendments made by the Finance Bill, 2022] are duly incorporated in respective Chapters of the Reckoner and are appropriately highlighted [Comprehensive Analysis of Amendments with Illustration] are given separately in Referencer 2: Amendments at a glance l

n

Complex provisions (such as taxation of Virtual Digital Assets, Updated Return, etc.) have been explained by way of case studies

[Analysis of all provisions of the Income-tax Act] along with relevant Rules, Judicial Pronouncements, Circulars and Notifications

u

[Faceless Tax Proceedings] provides the summary of all the legal provisions

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[Analysis on Alternative Tax Regime] along with Break-even Tables

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[Tabular Presentation] of all key provisions of the Income-tax Act

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[Computation of Taxes] on various slabs of income

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