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Sampath Iyengar’s Law of INCOME TAX

 

by Revised by H. Padamchand Khincha & K.K. Chythanya • Foreword by Justice (Dr.) D.Y. Chandrachud, Judge, Supreme Court of India
 
Sampath Iyengar’s Law of INCOME TAX
 
List Price: Rs. 8985
BharatLaws Member Price: Rs. 8086 ( 10% Discount )
Publisher: Bharat Law House Pvt. Ltd.
Edition: 13th edn., 2022 [Vols. 1 to 3 released]
Year: 2022
ISBN: 978-93-93749-87-1
Pages: 4984
Availability: In Stock.

About Sampath Iyengar’s Law of INCOME TAX
 
Volume 1
INTRODUCTION
PRINCIPLES OF CONSTRUCTION
General Principles
Particular Principles-I
Particular Principles-II
(A) Mutuality Principle
(B) Diversion by Overriding Title
(C) Real Income Theory
(D) Concepts of Telescoping and Peak Credit
Chapter I
Preliminary
1. Short title, extent and commencement
2. Definitions
2(1) “Advance tax”
2(1A) “Agricultural income”
2(1B) “Amalgamation”
2(1C) “Additional Commissioner”
2(1D) “Additional Director”
2(2) “Annual value”
2(3) “Appellate Assistant Commissioner” (Omitted)
2(4) “Appellate Tribunal”
2(5) “Approved gratuity fund”
2(6) “Approved superannuation fund”
2(7) “Assessee”
2(7A) “Assessing Officer”
2(8) “Assessment”
2(9) “Assessment year”
2(9A) “Assistant Commissioner”
2(9B) “Assistant Director”
2(10) “Average rate of income-tax”
2(11) “Block of assets”
2(12) “Board”
2(12A) "Books or books of account"
2(13) “Business”
2(13A) “Business trust”
2(14) “Capital asset”
2(15) “Charitable purpose”
2(15A) “Chief Commissioner”
2(15B) “Child”
2(16) “Commissioner”
2(16A) “Commissioner (Appeals)”
2(17) “Company”
2(18) “Company in which the public are substantially interested”
2(19) “Co-operative society”
2(19A) “Deputy Commissioner”
2(19AA) "Demerger"
2(19AAA) "Demerged company"
2(19B) “Deputy Commissioner (Appeals)”
2(19C) "Deputy Director"
2(20) “Director”, “manager” and “managing agent”
2(21) “Director General or Director”
2(22) “Dividend”
2(22A) “Domestic company”
2(22AA) "Document"
2(22AAA) "Electoral Trust"
2(22B) “Fair market value”
2(23) “Firm”, “partner” and “partnership”
2(23A) “Foreign company”
2(23B) “Fringe benefits”
2(23C) “Hearing”
2(24) “Income”
2(25) “Income-tax Officer”
2(25A) “India”
2(26) “Indian company”
2(26A) “Infrastructure capital company”
2(26B) “Infrastructure capital fund”
2(27) “Inspecting Assistant Commissioner” (Omitted)
2(28) “Inspector of Income-tax”
2(28A) “Interest”
2(28B) “Interest on securities”
2(28BB) "Insurer"
2(28C) "Joint Commissioner"
2(28D) "Joint Director"
2(29) “Legal representative”
2(29A) “Liable to tax”
2(29AA) “Long-term capital asset”
2(29B) “Long-term capital gain”
2(29BA) “Manufacture”
2(29C) “Maximum marginal rate”
2(29D) “National Tax Tribunal”
2(30) “Non-resident”
2(31) “Person”
2(32) “Person who has a substantial interest in the company”
2(33) “Prescribed”
2(34) “Previous year”
2(34A) “Principal Chief Commissioner of Income-tax”
2(34B) “Principal Commissioner of Income-tax”
2(34C) “Principal Director of Income-tax”
2(34D) “Principal Director General of Income-tax”
2(35) “Principal officer”
2(36) “Profession”
2(36A) “Public sector company”
2(37) “Public servant”
2(37A) “Rate or rates in force” or “rates in force”
2(38) “Recognised provident fund”
2(39) “Registered firm” (Omitted)
2(40) “Regular assessment”
2(41) “Relative”
2(41A) "Resulting company"
2(42) “Resident”
2(42A) “Short-term capital asset”
2(42B) “Short-term capital gain”
2(42C) "Slump sale"
2(43) “Tax”
2(43A) “Tax credit certificate”
2(43B) “Tax Recovery Commissioner” (Omitted)
2(44) “Tax Recovery Officer”
2(45) “Total income”
2(46) “Total world income” (Omitted)
2(47) “Transfer”
2(47A) “Virtual digital asset”
2(48) “Zero Coupon Bond”
3. "Previous year" defined
SUBJECT INDEX
Volume 2
Chapter II
Basis of Charge
4. Charge of income-tax
5. Scope of total income
5A. Apportionment of income between spouses governed by Portuguese Civil Code
6. Residence in India
7. Income deemed to be received
8. Dividend income
9. Income deemed to accrue or arise in India
9A. Certain activities not to constitute business connection in India
9B. Income on receipt of capital asset or stock in trade by specified person from specified entity
Chapter III
Incomes which do not form part of total income
10. Incomes not included in total income
10(1) Agricultural income
10(2) Sum received by a member of HUF
10(2A) Share income of partner
10(3) Casual and non-recurring receipts (Omitted)
10(4) Interest income of a non-resident from specified securities, bonds and NRE account
10(4A) Interest income of a non-resident from NRE account in any bank in India (Substituted)
10(4B) Interest income of NRIs on specified savings certificates
10(4C) Interest payable to a non-resident by any Indian company on rupee denominated bond
10(4D) Income accrued or arisen to a specified fund by transfer of capital asset u/s 47(viiab) on a stock exchange in any IFSC
10(4E) Income accrued or arisen by a non-resident from transfer of specified instruments entered into with an offshore banking unit of an IFSC
10(4DF) Income of a non-resident by way of royalty or interest on account of lease of an aircraft or a ship in a previous year, paid by a unit of an IFSC
10(4G) Income received by a non-resident from portfolio of securities, etc in an account maintained with an Offshore Banking Unit in any IFSC
10(5) Value of any travel concession or assistance
10(5A) Remuneration received for rendering services in connection with shooting of cinematograph films by foreign film producers (Omitted)
10(5B) Tax on salaries to technicians (Omitted)
10(6) Specified exemptions to foreign citizens employed in India
10(6A) Tax paid on behalf of a foreign company in respect of royalty or fees for technical services
10(6B) Tax paid by Government or an Indian concern not to form part of the income of non-residents
10(6BB) Tax paid by an Indian company under an approved agreement with foreign Government/enterprise engaged in aircraft business
10(6C) Income by way of fees arising to a specified foreign company for services connected with security of India
10(6D) Income arising to a non-resident by way of royalty from, or fees for technical services rendered to National Technical Research Organisation
10(7) Allowances or perquisites to Indian citizens for services outside India
10(8) Remuneration for duties in India in connection with any co-operative technical assistance programmes and projects
10(8A) Remuneration or fees received by non-resident consultants
10(8B) Remuneration or fees received from non-resident consultants by their foreign employees
10(9) Income of member of family assigned to duties in India under clause (8) or (8A) or (8B)
10(10) Gratuity payment(s)
10(10A) Commutation of pension
10(10AA) Encashment of unutilised earned leave by retiring employees
10(10B) Retrenchment compensation received by a workman
10(10BB) Payments under the Bhopal Gas Leak Disaster Act
10(10BC) Amount received by an individual or his legal hair by way of disaster compensation
10(10C) Compensation received/receivable on voluntary retirement by specified employees
10(10CC) Tax on income in the nature of perquisite paid by employer
10(10D) Sum received under a life insurance policy including bonus
10(11) Payment from a provident fund
10(11A) Payment under an account, Sukanya Samriddhi Account Rules
10(12) Accumulated balance in a recognised provident fund
10(12A) Payment from the National Pension System Trust
10(12B) Payment to an employee from the NPS Trust under pension scheme of section 80CCD
10(13) Payment from an approved superannuation fund
10(13A) Residential accommodation allowance granted by the employer
10(14) Special allowances specifically granted to meet expenses
10(14A) Income received by public financial institution as exchange risk premium (Omitted)
10(15) Interest income on various specified bonds, savings certificates, etc.
10(15A) Payment to acquire an aircraft on lease under an approved agreement
10(16) Educational scholarships
10(17) Specified allowances of MPs, MLAs, etc.
10(17A) Awards and rewards in cash or in kind
10(18) Pension income of award winners
10(18A) Ex gratia payments on abolition of privy purse (Omitted)
10(19) Family pension of a member of armed forces
10(19A) Annual value of a palace in occupation of a Ruler
10(20) Income of a local authority from housing, etc.
10(20A) Income of State Housing Boards, etc (Omitted)
10(21) Income of a scientific research association
10(22) Income of a university or other educational institution (Omitted)
10(22A) Income of a hospital for specified purposes (Omitted)
10(22B) Income of specified news agencies
10(23) Income of specified sports association (Omitted)
10(23A) Income of specified professional association
10(23AA) Income received from regimental or non-public fund 
10(23AAA) Income received by any person on behalf of notified fund
10(23AAB) Income of pension fund set up by LIC or any other insurer
10(23B) Income of a public charitable trust for development of khadi or village industries
10(23BB) Income of an authority established for development of khadi or village industries
10(23BBA) Income of statutory bodies or authorities for the administration of public religious or charitable trusts or endowments
10(23BBB) Income of European Economic Community
10(23BBC) Income of SAARC Fund for Regional Projects
10(23BBD) Income of ASOSAI-SECRETARIAT
10(23BBE) Income of Insurance Regulatory and Development Authority
10(23BBF) Income of North-Eastern Development Finance Corporation Limited
10(23BBG) Income of Central Electric Regulatory Commission
10(23BBH) Income of Prasar Bharati
10(23C) Income of specified fund, institution, etc. for charitable purposes, etc.
10(23D) Income of Mutual Funds
10(23DA) Income of a securitization trust
10(23E) Income of specified Exchange Risk Administration Fund (Omitted)
10(23EA) Income of Investor Protection Fund
10(23EB) Income of Credit Guarantee Fund Trust for Small Industries
10(23EC) Income by way of contributions of Investor Protection Fund set up by commodity exchanges
10(23ED) Income by way of contributions received from a depository of Investor Protection Fund
10(23EE) Income of Core Settlement Guarantee Fund
10(23F) Dividend income or long-term capital gains of a venture capital fund/company
10(23FA) Dividend income or long-term capital gains of a venture capital fund/company
10(23FB) Income of venture capital company/fund
10(23FBA) Income of an investment fund
10(23FBB) Income accruing or arising or received by a unit holder
10(23FBC) Income accruing or arising from a specified fund
10(23FC) Income of a business trust
10(23FCA) Income of a business trust, being a real investment trust
10(23FD) Any distributed income received by a unit holder from the business trust
10(23FE) Income of a specified person from specified investments
10(23F) Income by way of dividends or long-term capital gains of a venture capital fund/company
10(23G) Specified income of infrastructure capital fund/company/co-operative bank (Omitted)
10(24) Income of a registered trade union
10(25) Interest on securities and income of certain savings funds
10(25A) Income of ESI Fund
10(26) Income of Scheduled Tribe in specified areas
10(26A) Income of any person in Ladakh
10(26AA) Income of winnings from Sikkim lottery for Sikkim residents (Omitted)
10(26AAA) Income of Sikkemese individuals
10(26AAB) Income of agricultural produce market committee/board
10(26B) Income of any corporation established for promoting Scheduled Castes/Tribes
10(26BB) Income of corporation for promoting the interests of members of minority community
10(26BBB) Income of corporation for welfare and economic upliftment of ex-servicemen
10(27) Income of a co-operative society formed for promoting the interests of members of Scheduled Castes/Tribes
10(28) Amount adjusted or paid in respect of tax credit certificates (Omitted)
10(29) Income of marketing authorities (Omitted)
10(29A) Income of specified Boards
10(30) Subsidy granted to the tea industry
10(31) Subsidies received by planters in respect of specified commodities
10(32) Specified income of minors includible under section 64(1A)
10(33) Income from transfer of units of Unit Scheme, 1964
10(34) Dividend income under section 115-O
10(34A) Income arising to an assessee on account of buy back of shares
10(35) Income from units of Mutual Funds
10(35A) Distributed income of an investor from securitisation trust
10(36) Long-term capital gains from equity shares
10(37) Capital gains from transfer of agricultural land
10(37A) Capital gains of transfer of a specified capital asset under Land Pooling Scheme
10(38) Long-term capital gains from transfer of equity shares or units of an equity oriented fund
10(39) Income of notified persons from any international sporting event held in India
10(40) Income of subsidiary company by way of grant from holding company engaged in power business
10(41) Income arising from transfer of a capital asset of an undertaking engaged in power business
10(42) Income of body/authority established under a bilateral treaty
10(43) Amount received by an individual as a loan in a reverse mortgage transaction
10(44) Income received by any person from New Pension System Trust
10(45) Allowance or perqusiite paid to Chairman/retired Chairman or member/retired member of UPSC [Omitted]
10(46) Specified income of statutory body or authority or Board or Trust
10(47) Income of an infrastructure debt fund
10(48) Income in Indian currency by a foreign company for sale of crude oil
10(48A) Income of Foreign company from storage and sale of crude oil stored as part of strategic reserves
10(48B) Income of Foreign Company from sale of leftover stock of crude oil from strategic reserves at the expiry of agreement or arrangement
10(48C) Income to the India Strategic Industry Development Board under an arrangement for replenishment of
10(48D) Income to an institution established for financing the infrastructure and development
10(48E) Income to a developmental financing institution, licensed by the RBI
10(49) Income of National Financial Holdings Company Limited
10(50) Income from specified service chargeable to equalisation levy
10A. Special provision in respect of newly established undertakings in free trade zone, etc.
10AA. Special provisions in respect of newly established units in Special Economic Zones
10B. Special provisions in respect of newly established hundred per cent export-oriented undertakings
10BA. Special provisions in respect of export of certain articles or things
10BB. Meaning of Computer programmes in certain cases
10C. Special provision in respect of certain industrial undertakings in North-Eastern Region
11. Income from property held for charitable or religious purposes
12. Income of trusts or institutions from contributions
12A. Conditions for applicability of sections 11 and 12
12AA. Procedure for registration
12AB. Procedure for fresh registration
13. Section 11 not to apply in certain cases
13A. Special provision relating to incomes of political parties
13B. Special provisions relating to voluntary contributions received by electoral trust
CHAPTER IV
Computation of Total Income
Heads of income
14. Heads of income
14A. Expenditure incurred in relation to income not includible in total income
A.—Salaries
15. Salaries
16. Deductions from salaries
17. "Salary", "perquisite" and "profits in lieu of salary" defined
B.—Omitted by the Finance Act, 1988, w.e.f. 1-4-1989
[18 to 21. Omitted by the Finance Act, 1988, w.e.f. 1-4-1989]
C.—Income from house property
22. Income from house property
23. Annual value how determined
24. Deductions from income from house property
25. Amounts not deductible from income from house property
25A. Special provision for arrears of rent and unrealised rent received subsequently 
25AA. Unrealised rent received subsequently to be charged to income-tax
25B. Special provision for arrears of rent received
26. Property owned by co-owners
27. "Owner of house property", "annual charge", etc., defined
D.—Profits and gains of business or profession
28. Profits and gains of business or profession
29. Income from profits and gains of business or profession, how computed
30. Rent, rates, taxes, repairs and insurance for buildings
31. Repairs and insurance of machinery, plant and furniture
32. Depreciation
32A. Investment allowance
32AB. Investment deposit account
32AC. Investment in new plant or machinery
32AD. Investment in new plant or machinery in notified backward areas in certain States
SUBJECT INDEX

 
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