MASTER GUIDE TO INCOME TAX INCLUDING COMMENTARY ON FINANCE (NO. 2) ACT, 2014

Master Guide to Income Tax is a concise commentary on the provisions of the Income-tax Act, 1961. The book attempts to trace the evolution of income tax law in India from 1860 to 1961, provides insights into the taxing powers of the State as laid down in the Constitution of India and discusses concepts crucial to the understanding of income tax law. A comprehensive and integrated commentary on the law, which has gone through numerous contentious amendments over the last fifty years, has been presented in a convenient and easily navigable structure making it a unique presentation. It augments the existing literature on the subject and promises to be a valuable resource for both experienced and aspiring tax professionals. Last but not the least the complementary Companion, covering 8000 and more statutory, and judicially defined, words and phrases, makes the book exclusive and unique.

Foreword vPreface viiAcknowledgment ixTable of Cases xxxiCONTENTSForeword vPreface viiAcknowledgment ixTable of Cases xxxiPART ATHE INCOME-TAX ACT, 1961 – CONCEPTSCHAPTER 1INTRODUCTION1. Introduction 32. The Income-tax Act, 1961 33. Legislative History 44. Constitution and Tax 5Entry 82 5Article 265 6Fundamental Rights and Tax 65. Operation of the Income-tax Act 1961 86. Extra-Territorial Operation of the Income-tax Act 1961 8CHAPTER 2SCHEME OF THE INCOME-TAX ACT, 1961 10CHAPTER 3INTERPRETATION OF TAXINGSTATUTES1. Introduction 192. The Rule of Literal Interpretation 193. The Rule of Strict Interpretation 204. Interpretation of the Income-Tax Act 204.1 Harmonious Construction 214.2 Beneficial Interpretation 224.3 Constitutionality 224.4 Mischief Rule 224.5 Purposive Interpretation 234.6 Casus Omissus 234.7 Interpretation of Amendments, Ommissions & Repeals 234.8 Provision whether Mandatory or Directory 245. Interpretation of Certain Specific Provisions of Income-tax Act 255.1 Charging Provision 255.2 Machinery or Procedural Provisions 265.3 Deeming Provisions and Legal Fictions 265.4 Legal Presumption 275.5 Provisions for Deduction, Exemption, Incentives, Benefits orRelief 276. External Aids to Construction 276.1 Legislative History and Background 276.2 Circulars and Forms 286.3 Statement of Objects and Reasons, Explanatory Memorandum andNotes, Drafts of Bills and Reports of Commissions 296.4 Dictionary Meaning 307. Internal Aids to Construction 307.1 Provisos 307.2 Explanations 307.3 Non Obstante Clauses 317.4 Definition Clause and Undefined Words 32Rule of Ejusdem Generis 32Rule of Noscitur a sociis 33CHAPTER 4THE CHARGE OF INCOME TAX1. Introduction 352. Scope of Section 4 353. Ingredients of Section 4 35Person 36Total Income 36Previous year 37Maximum amount not chargeable to tax 37Assessee 37Assessment Year 38.......................