Preface

The endeavour of the present Government is to bring more and more persons into tax net and for achieving this object the Government is not leaving any stone unturned. While the Government is plugging loopholes in tax laws very often and it is also amending them to respond to any ruling by not only courts but also tribunals on the other hand the Government is collecting financial information and profiling it against the income reported by the assessees. This year AIS will carry information from as much as 54 sources.

Keeping in mind the data and information the Government is armed with, the correct filing of tax return has already became a key apsect and if rightly done so, then there may be no query raised or a query raised can be handled on the basis of available records, which would be including the opinion held by tax professional concerned while deciding about taxability of the given transaction. To carry out such a task, the tax professional has to be fully acquainted with every bit of the requisite law and procedure, which is in effect in the related assessment year of the return or providing consultation.

With the number of assessees going to rise by leaps and bounds in coming years, the responsibility on tax professionals to guide them for proper compliance of tax laws becomes all the more important. Here, therefore, occurs the need of a handy product by referring to which such professionals may arrive at a quick, precise and accurate solution of any query posed or arising out of the data provided by an existing or a new client. Keeping the precise requirements of the income-tax consultant in mind we have devised this single volume Income Tax Law and Practice--A Working Commentary, as a comprehensive yet compact tool so as to enable the professional to perform practically with full ease and comfort.

We are happy in presenting the fully revised and updated edition of the book to our readers.

This book, contains the entire law of income-tax fully updated by law in the wake of the Finance Act, 2022 alongwith reference to the related Rules, Circulars and Notifications wherever felt necessary. We have presented the complex law of the Income Tax Act in a lucid manner by subdividing the same in a large number of small paras, preceded by appropriate para headings and sub-headings to make it a user friendly product. The entire subject matter is supported by a good number of carefully select case law including the latest ones. Illustrations are sprinkled over the text of the book. The illustrations are easy to understand and wherever required carry computation both as per new regime and old regime, thus providing a comparative picture before the busy tax professional. As such this book comes as a combination of law and practice relating to Income Tax. We are sure that this will be of utmost help to the user to quickly arrive at the right solution to the problem in hand, that too supported by case law and enable him to discharge his duty as a tax professional more effectively and purposefully.

The subject matter in this Book is arranged subjectwise though, sectionwise as well, to the extent possible. There are deviations but few and far between and they have occured in our attempt at placing the required material at the place where it will generally be looked for by the readers.

The subject matter of the entire book is divided in scientifically devised 42 Parts. The contents of this book are updated fully upto the recently enacted Finance Act, 2022. We have also included separate chapters on Equalisation Levy as well as the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

We are confident that this effort of ours will be welcomed by one and all. This Working Commentary comprises reference to important Circulars, Case Laws available till the release of the book. Case laws decided even if in June, 2022 have been incorporated if found necessary. Thus a fully updated product is in hands of the readers.

Though we have tried to make it an error free and quality publication, however, we shall be grateful for any constructive suggestions and critical appreciation from our valued readers, so as to make the further editions all the more updated and useful.

JODHPUR	CA. MANOJ GUPTA
13 July, 2022	CA. (Dr.) NISHA BHANDARI
GURU PURNIMA