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We hope you enjoy this guide to direct taxes law and practice by Vinod Singhania. There are lots of different tax laws with many intricacies, exceptions, and exclusions. But don't worry; with this article at your side, you'll be able to navigate the tax minefield like a pro! This post will cover the basics of direct taxes law and practice for India, including topics like exemptions on sale of house property under section 54 D (1) (a), imposition of additional income tax on distributions in excess of Rs 10 lakhs by equity oriented funds, limitation under section 74 for minor children’s investment in unlisted Indian companies at the time when they cross 18 years of age etc. The following posts will touch upon more advanced topics, such as interpretation of the Income-tax Act, 1961 (ITA) and its various provisions; treatment of income from international insurance; various exemptions under the Act and Sectionals (such as affidavit and declaration); computation of taxable income on a return of income; treatment of gifts and donations; computation of tax for non-residents on their foreign source income; valuation of shares under section 36; computation of tax on sales and transfers; transfer pricing etc. We hope you find the posts useful. If you have any questions or comments, please feel free to leave them below. Have a great day! Disclaimer: The information contained herein is as per the Income Tax Act, 1961 (Act) as applicable in India and other rules issued thereunder and shall be treated as a guide only and shall not be relied upon for any purpose which may cause any loss to any person whatsoever. For detailed advice please contact your chartered accountant/tax advisor.The first section of the first chapter of Direct Taxes describes the provisions of Part B (Section 115 to Section 116D), which touches directly upon exemptions from payment of tax. This section explains how to compute the tax applicable to foreign origin income and that which is not taxable. The last section (Part (c) Chapter III) also uses the first two chapters as a mini-study guide for Chapter III of the Income Tax Act, 1961 (Act). The second chapter of Part B takes up the subject of acquisition of immovable property. It explains how to arrive at such property's market value as well as (in case the property is sold) its market value after revaluation. The second chapter also lays down the tax calculations applicable to such property. The sixth and seventh chapters of Part B deal with the subject of gift and transfer. The sixth chapter explains how gift tax is calculated and treated, while the seventh chapter provides a detailed guide to trusts and their taxation. The eighth through eleventh chapters of Part B deal with income from other sources, such as amounts receivable under policies, agricultural income, income from race horses, capital gains on securities and so on. Means: The computation of capital gains on sale of house property is explained in this part (Section 54). cfa1e77820
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