Every person, who has anything to do with tax laws, whether as a taxpayer, tax advisor, tax executive, auditor or tax lawyer, has to plan tax conduct. On one hand, he has to ward off no-win areas, whether it be by adherence to various time limits for tax compliance or obligations relating to tax deduction at source, compulsory maintenance of accounts, etc., so as to avoid pitfalls and not get trapped by involuntary non-compliance of duties enjoined by voluntary compliance as part of procedural law. On the other hand, the tax laws with a constant stream of amendments, some retrospective or even retroactive, ever-flowing precedents from the courts, both binding and non-binding, and circulars, benevolent or otherwise, offer both challenge and opportunity in substantive law. It is in this maze of confusion that one may find some shelter in tax incentives, deductions and rebates as well as in the choice of method of accounting, valuation of stock or Accounting Standards. This book, by gathering all relevant material in plain and easily understandable language, is intended to help save tax. The authors have endeavoured to explain the entire law in simple and easy to understand language with the help of up-to-date case-law on relevant topics. Copious references to cases decided by the Supreme Court, various High Courts and ITAT find place in the book. In addition, references are also made to some foreign cases which have a bearing in the context of Indian tax laws. Amendments including those brought about by the Finance Act, 2015 and precedents reported up to May, 2015 have been taken notice of. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which received the assent of the President on 26th May, 2015 has been provided as an Appendix at the end of the book for the information of the readers. A special feature is a large number of Questions and Answers appended at the end of each Chapter which deal with specific tax problems and their solutions, so as to provide solutions to complex tax problems. A large number of more questions and answers have been added in the present edition. An exhaustive Subject Index as also a Table of Cases referred to in the book have been provided for ease of quick reference. In a nutshell, it is a source-book of information, a veritable data warehouse incorporating tips for tax savings with necessary caution as regards safeguards, documentation and procedures drawn from the rich experience of the authors as tax collectors, tax adjudicators and tax consultants.
"S RAJARATNAM, MA, LL.M, FICWA, after a brief spell as lecturer in Economics, joined the Indian Revenue Service and retired as Accountant Member, Income-tax Appellate Tribunal in 1985. During his service, he was deputed to Sri Lanka as Tax Expert during 1960-62 and to the Government of Tamil Nadu as member of Sales-tax and Agricultural Income-tax Appellate Tribunals during 1971-75. He contributes articles to various Tax Journals, including Income Tax Reports, and the column “Tax Forum” for The Hindu. He has authored a number of books, which include: Tax Management; Guide to Voluntary Disclosure Scheme, 1997; Tax Concessions for Foreign Exchange Earners; Guide to Tax Deduction at Source; Tax Audit Reports; Tax Deduction for Industries in Backward Districts; Block Assessment; and the best selling book: Landmark Cases on Direct Tax Laws which has run into five editions. He has also co-authored a number of books, some of which are: Search Seizures, Survey & Summons; Income Tax Prosecution; Tax Valuation; Settlement Commission and Authority for Advance Rulings; Kar Vivad Samadhan Scheme, 1998; and Commentary on Double Taxation Avoidance Agreements. Recently he has revised the well-known commentary: Sampath Iyengar's Law of Income-tax for its tenth edition in eight volumes. He has also revised Sampath Iyengar's Law of Income Tax for its eleventh edition in nine volumes. Tax Planning—Issues, Ideas, Innovations is his notable contribution to tax literature, which has run into eight editions. B V VENKATARAMAIAH, M.Sc., BGL, was a faculty in the University of Mysore till July, 1951 before joining the Indian Revenue Service (Income-tax) in 1951. He worked at various places, including Mumbai, Calcutta, Hyderabad, Salem and Chennai in various capacities. He was a Commissioner of Income-tax in Calcutta when he was appointed as Member, Income-tax Appellate Tribunal in January, 1980, till his retirement in 1986. He writes articles relating to tax for newspapers and tax journals. He writes a regular feature “Comments on Judgments” for Current Tax Reporter. He has co-authored the following books: Kar Vivad Samadhan Scheme, 1998; and Commentary on Double Taxation Avoidance Agreements."