A ready-reckoner like this book is very handy for the layman who is a tax payer.
Discussing the preliminary aspect of income-ax, the authors convey what is the minimum limit up to which no income-tax is payable on income earned during the financial gain; it explains the feasibility of having a pan number even if one is not paying tax, and many such points.
To a question as to how much tax one has to pay on the cash received at one’s marriage, the authors reveal that the quantum of gifts exceeding the exemption limit is not at all relevant because no tax is payable on gifts received on the occasion of one’s marriage.
To another very common question the authors reply that in the event of the death of one’s father, the cash or kind inherited is not taxable as it has been received by way of inheritance.
When a person has taken two houses on rent from different landlords, he can claim HRA for the home on which he is paying a higher rent because the choice is eventually his own to claim deduction on HRA.
In this way, the two authors, who are experts on taxation and income-tax practitioners, have provided answers to queries pertaining to residential status of assesses, income-tax exemptions and gains of business, capital gains assessment of individuals, Hindu undivided families, firms, non-residents, and so on. They also show how tax is calculated.
This is a handy book to keep for future reference for the common tax-payer for whom it really is valuable, especially it often becomes a problem to get a particular information at one place.
(Diamond Pocket Books, X-30, Okhla Industrial Area, Phase II, New Delhi-110 020; www.dpb.in)