Bharat’s Sampath Iyengar’s Law of Income Tax 3 Vol by MB SHAH & S RAJARATNAM Edition 2016


Bharat’s Sampath Iyengar’s Law of Income Tax 3 Vol by MB SHAH & S RAJARATNAM Edition 2016

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Volume 1
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
1. Short title, extent and commencement
2. Definitions
(1) “Advance tax”
(1A) “Agricultural income”
(1B) “Amalgamation”
(1C) “Additional Commissioner”
(1D) “Additional Director”
(2) “Annual value”
(3) “Appellate Assistant Commissioner” (Omitted)
(4) “Appellate Tribunal”
(5) “Approved gratuity fund”
(6) “Approved superannuation fund”
(7) “Assessee”
(7A) “Assessing Officer”
(8) “Assessment”
(9) “Assessment year”
(9A) “Assistant Commissioner”
(9B) “Assistant Director”
(10) “Average rate of income-tax”
(11) “Block of assets”
(12) “Board”
(12A) “Books or books of account”
(13) “Business”
(13A) “Business trust”
(14) “Capital asset”
(15) “Charitable purpose”
(15A) “Chief Commissioner”
(15B) “Child”
(16) “Commissioner”
(16A) “Commissioner (Appeals)”
(17) “Company”
(18) “Company in which the public are substantially interested”
(19) “Co-operative society”
(19A) “Deputy Commissioner”
(19AA) “Demerger”
(19AAA) “Demerged company”
(19B) “Deputy Commissioner (Appeals)”
(19C) “Deputy Director”
(20) “Director”, “manager” and “managing agent”
(21) “Director General or Director”
(22) “Dividend”
(22A) “Domestic company”
(22AA) “Document”
(22AAA) “Electoral Trust”
(22B) “Fair market value”
(23) “Firm”, “partner” and “partnership”
(23A) “Foreign company”
(23B) “Fringe benefits”
(23C) “Hearing”
(24) “Income”
(25) “Income-tax Officer”
(25A) “India”
(26) “Indian company”
(26A) “Infrastructure capital company”
(26B) “Infrastructure capital fund”
(27) “Inspecting Assistant Commissioner” (Omitted)
(28) “Inspector of Income-tax”
(28A) “Interest”
(28B) “Interest on securities”
(28BB) “Insurer”
(28C) “Joint Commissioner”
(28D) “Joint Director”
(29) “Legal representative”
(29A) “Long-term capital asset”
(29B) “Long-term capital gain”
(29BA) “Manufacture”
(29C) “Maximum marginal rate”
(29D) “National Tax Tribunal”
(30) “Non-resident”
(31) “Person”
(32) “Person who has a substantial interest in the company”
(33) “Prescribed”
(34) “Previous year”
(34A) “Principal Chief Commissioner of Income-tax”
(34B) “Principal Commissioner of Income-tax”
(34C) “Principal Director of Income-tax”
(34D) “Principal Director General of Income-tax”
(35) “Principal officer”
(36) “Profession”
(36A) “Public sector company”
(37) “Public servant”
(37A) “Rate or rates in force” or “rates in force”
(38) “Recognised provident fund”
(39) “Registered firm” (Omitted)
(40) “Regular assessment”
(41) “Relative”
(41A) “Resulting company”
(42) “Resident”
(42A) “Short-term capital asset”
(42B) “Short-term capital gain”
(42C) “Slump sale”
(43) “Tax”
(43A) “Tax credit certificate”
(43B) “Tax Recovery Commissioner” (Omitted)
(44) “Tax Recovery Officer”
(45) “Total income”
(46) “Total world income” (Omitted)
(47) “Transfer”
(48) “Zero Coupon Bond”
3. “Previous year” defined
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

Volume 2

Chapter II
Basis of Charge (Contd.)
9. Income deemed to accrue or arise in India
9A. Certain activities not to constitute business connection in India
Chapter III
Incomes which do not form part of total income
10. Incomes not included in total income
(1) agricultural income
(2) sum received by a member of HUF
(2A) share income of partner
(3) casual and non-recurring receipts (Omitted)
(4) interest income of a non-resident from specified securities, bonds and NRE account
(4A) interest income of a non-resident from NRE account in any bank in India (Substituted)
(4B) interest income of NRIs on specified savings certificates
(5) value of any travel concession or assistance
(5A) remuneration received for rendering services in connection with shooting of cinematograph films by foreign film producers (Omitted)
(5B) tax on salaries to technicians (Omitted)
(6) specified exemptions to foreign citizens employed in India
(6A) tax paid on behalf of a foreign company in respect of royalty or fees for technical services
(6B) tax paid by Government or an Indian concern not to form part of the income of non-residents
(6BB) tax paid by an Indian company under an approved agreement with foreign Government/enterprise engaged in aircraft business
(6C) income by way of fees arising to a specified foreign company for services connected with security of India
(7) allowances or perquisites to Indian citizens for services outside India
(8) remuneration for duties in India in connection with any co-operative technical assistance programmes and projects
(8A) remuneration or fees received by non-resident consultants
(8B) remuneration or fees received from non-resident consultants by their foreign employees
(9) income of member of family assigned to duties in India under clause (8) or (8A) or (8B)
(10) gratuity payment(s)
(10A) commutation of pension
(10AA) encashment of unutilised earned leave by retiring employees
(10B) retrenchment compensation received by a workman
(10BB) payments under the Bhopal Gas Leak Disaster Act
(10BC) amount received by an individual or his legal hair by way of disaster compensation
(10C) compensation received/receivable on voluntary retirement by specified employees
(10CC) tax on income in the nature of perquisite paid by employer
(10D) sum received under a life insurance policy including bonus
(11) payment from a provident fund
(11A) payment under an account, Sukanya Samriddhi Account Rules
(12) accumulated balance in a recognised provident fund
(12A) payment from the National Pension System Trust
(13) payment from an approved superannuation fund
(13A) residential accommodation allowance granted by the employer
(14) special allowances specifically granted to meet expenses
(14A) income received by public financial institution as exchange risk premium (Omitted)
(15) interest income on various specified bonds, savings certificates, etc.
(15A) payment to acquire an aircraft on lease under an approved agreement
(16) educational scholarships
(17) specified allowances of MPs, MLAs, etc.
(17A) awards and rewards in cash or in kind
(18) pension income of award winners
(18A) ex gratia payments on abolition of privy purse (Omitted)
(19) family pension of a member of armed forces
(19A) annual value of a palace in occupation of a Ruler
(20) income of a local authority from housing, etc.
(20A) income of State Housing Boards, etc (Omitted)
(21) income of a scientific research association
(22) income of a university or other educational institution (Omitted)
(22A) income of a hospital for specified purposes (Omitted)
(22B) income of specified news agencies
(23) income of specified sports association (Omitted)
(23A) income of specified professional association
(23AA) income received from regimental or non-public fund
(23AAA) income received by any person on behalf of notified fund
(23AAB) income of pension fund set up by LIC or any other insurer
(23B) income of a public charitable trust for development of khadi or village industries
(23BB) income of an authority established for development of khadi or village industries
(23BBA) income of statutory bodies or authorities for the administration of public religious or charitable trusts or endowments
(23BBB) income of European Economic Community
(23BBC) income of SAARC Fund for Regional Projects
(23BBE) income of Insurance Regulatory and Development Authority
(23BBF) income of North-Eastern Development Finance Corporation Limited
(23BBG) income of Central Electric Regulatory Commission
(23C) income of specified fund, institution, etc. for charitable purposes, etc.
(23D) income of Mutual Funds
(23DA) income of a securitization trust
(23E) income of specified Exchange Risk Administration Fund (Omitted)
(23EA) income of Investor Protection Fund
(23EB) income of Credit Guarantee Fund Trust for Small Industries
(23EC) income by way of contributions of Investor Protection Fund set up by commodity exchanges
(23EE) income of Core Settlement Guarantee Fund
(23F) dividend income or long-term capital gains of a venture capital fund/company
(23FA) dividend income or long-term capital gains of a venture capital fund/company
(23FB) income of venture capital company/fund
(23FBA) income of an investment fund
(23FBB) income accruing or arising or received by a unit holder
(23FC) income of a business trust
(23FCA) income of a business trust, being a real investment trust
(23G) specified income of infrastructure capital fund/company/co-operative bank (Omitted)
(24) income of a registered trade union
(25) interest on securities and income of certain savings funds
(25A) income of ESI Fund
(26) income of Scheduled Tribe in specified areas
(26A) income of any person in Ladakh
(26AA) income of winnings from Sikkim lottery for Sikkim residents (Omitted)
(26AAA) income of Sikkemese individuals
(26AAB) income of agricultural produce market committee/board
(26B) income of any corporation established for promoting Scheduled Castes/Tribes
(26BB) income of corporation for promoting the interests of members of minority community
(26BBB) income of corporation for welfare and economic upliftment of ex-servicemen
(27) income of a co-operative society formed for promoting the interests of members of Scheduled Castes/Tribes
(28) amount adjusted or paid in respect of tax credit certificates (Omitted)
(29) income of marketing authorities (Omitted)
(29A) income of specified Boards
(30) subsidy granted to the tea industry
(31) subsidies received by planters in respect of specified commodities
(32) specified income of minors includible under section 64(1A)
(33) income from transfer of units of Unit Scheme, 1964
(34) dividend income under section 115-O
(35) income from units of Mutual Funds
(36) long-term capital gains from equity shares
(37) capital gains from transfer of agricultural land
(38) long-term capital gains from transfer of equity shares or units of an equity oriented fund
(39) income of notified persons from any international sporting event held in India
(40) income of subsidiary company by way of grant from holding company engaged in power business
(41) income arising from transfer of a capital asset of an undertaking engaged in power business
(42) income of body/authority established under a bilateral treaty
(43) amount received by an individual as a loan in a reverse mortgage transaction
(44) income received by any person from New Pension System Trust
(45) allowance or perqusiite paid to Chairman/retired Chairman or member/retired member of UPSC
(46) specified income of statutory body or authority or Board or Trust
(47) income of an infrastructure debt fund
(48) income in Indian currency by a foreign company for sale of crude oil
(49) income of National Financial Holdings Company Limited
(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
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
Heads of income
14. Heads of income
14A. Expenditure incurred in relation to income not includible in total income
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 cases where unrealised rent allowed as deduction is realised subsequently
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

Volume 3

D.—Profits & 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
33. Development rebate
33A. Development allowance
33AB. Tea Development Account, Coffee Development Account and Rubber Development Account
33ABA. Site Restoration Fund
33AC. Reserves for shipping business
33B. Rehabilitation allowance
34. Conditions for depreciation allowance and development rebate
34A. Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
35. Expenditure on scientific research
35A. Expenditure on acquisition of patent rights or copyrights
35AB. Expenditure on know-how
35ABA. Expenditure for obtaining right to use spectrum for telecommunication services
35ABB. Expenditure for obtaining licence to operate telecommunication services
35AC. Expenditure on eligible projects or schemes
35AD. Deduction in respect of expenditure on specified business
[35B. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989]
[35C. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989]
[35CC. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989]
35CCA. Expenditure by way of payment to associations and institutions for carrying out rural development programmes
35CCB. Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources
35CCC. Expenditure on agricultural extension project
35CCD. Expenditure on skill development project
35D. Amortisation of certain preliminary expenses
35DD. Amortisation of expenditure in case of amalgamation or demerger
35DDA. Amortisation of expenditure incurred under voluntary retirement scheme
35E. Deduction for expenditure on prospecting, etc., for certain minerals
36. Other deductions
37. General
38. Building, etc., partly used for business, etc., or not exclusively so used
[39. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989]

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