Direct Tax Planning and Management

Contents: Preface. I. Corporate tax planning: 1. Basics: i. Tax planning, tax avoidance and tax evasion. ii. Tax rates for the AY 2006-07 and AY 2007-08. iii. Deductions and set off. 2. Tax holiday: iv. Tax holiday -- sections 10, 10AA, 10B and 10BA. v. Tax holiday -- deductions u/s 80IA, 80IAB, 80IB and 80IC. 3. Computation of tax liability of company and employees: vi. Computation of total income in case of companies. vii. Tax planning -- employee's remuneration. 4. Corporate tax in India: viii. Types of companies. ix. Minimum alternative tax. x. Section 79. 5. Managerial and financial decisions: xi. Tax planning with reference to capital structure. xii. Deemed dividend. xiii. Tax planning with reference to lease or buy decisions. xiv. Form of organisation. xv. Tax planning with reference to repair, replace and make or buy decisions. xvi. Specialised business. xvii. Tax planning -- location and nature of business. xviii. Insurance compensation. xix. Capital gains on distribution of assets by companies in liquidation. xx. Sale of scientific research asset. 6. Corporate restructuring: xxi. Corporate restructuring through amalgamation. xxii. Corporate restructuring through demerger. xxiii. Transfer of capital asset by holding company to its Indian subsidiary company. xxiv. Corporate restructuring through slump sale. xxv. Conversion of firm/sole proprietorship to company. xxvi. Tax treatment -- non-residents. 7. Non-residents taxation: xxvii. Double taxation avoidance agreement. xxviii. Transfer pricing. xxix. Advance ruling. II. Business tax procedure and management: 1. Tax management: i. Tax deducted at source. ii. Advance tax. iii. Filing of return. iv. Assessment procedure. v. Collection and recovery of tax. 2. Interest: vi. Interest payable by assessee. vii. Interest payable to the assessee by the Central Government. 3. Others: viii. Penalties and prosecution. ix. Appeals and revisions. x. Settlement of cases. xi. Power of survey, search and seizure. III. Wealth tax: 1. Chargeability and definitions. 2. Deemed assets. 3. Exempted assets. 4. Meaning of debt. 5. Incidence of wealth tax. 6. Valuation of assets. 7. Global valuation of assets of business. 8. Interest in firm or association of persons. 9. Valuation of life interest. 10. Valuation of jewellery. 11. Return of wealth. IV. Central sales tax: 1. Introduction and definitions. 2. Types of sales. 3. Basis of charge. 4. Registration of dealer. 5. Rates of tax. 6. Levy and collection of tax and penalties. 7. Liabilities of companies. Objective questions. V. Service tax: 1. Service tax. "The present book is a complete study of tax planning, tax procedure and management, wealth tax, central sales tax and service tax. Structured in five parts, the book contains fifty-nine chapters in all covering the latest syllabus prescribed by most of the Indian universities. In addition to the detailed explanation of each of its topics, the book is rich in illustrations and practice exercises that facilitate easy understanding and quick revision of the subject. Besides students, the general readers keen to obtain basic knowledge of tax will find this book highly informative.