CA. Arvind Tuli DIRECT TAXES READY RECKONER

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1. Introduction to Direct Taxes

• Definition and Scope of Direct Taxes

• Difference Between Direct and Indirect Taxes

• Key Legislations: Income Tax Act, Wealth Tax Act

2. Income Tax Rates & Slabs

• Individual, HUF, Firms, and Companies

• Old vs. New Tax Regime (if applicable)

• Special Tax Rates for Senior & Super Senior Citizens

• Surcharge and Cess Rates

3. Computation of Total Income

• Income from Salary

  • Allowances and Perquisites

  • Standard Deduction & Taxable Components

• Income from House Property

  • Self-occupied vs. Let-out Property

  • Deduction for Interest on Home Loan (Section 24)

• Income from Business & Profession

  • Presumptive Taxation (Sections 44AD, 44ADA)

  • Deductions for Business Expenses

• Capital Gains Tax

  • Short-term vs. Long-term Capital Gains

  • Indexed Cost of Acquisition & Improvement

• Income from Other Sources

  • Interest Income, Dividends, Gifts Taxability

4. Deductions & Exemptions Under Income Tax Act

• Section 80C – LIC, PPF, EPF, NSC, etc.

• Section 80D – Medical Insurance Premium

• Section 80E – Education Loan Interest

• Section 80G – Donations to Charitable Institutions

• Section 10(14) – Allowances Exempt from Tax

5. Tax Deducted at Source (TDS) & Tax Collected at Source (TCS)

• TDS Rates for Salaries, Contracts, Rent, Interest, etc.

• TCS Rates & Applicability

• Due Dates for TDS Payment & Return Filing

• Consequences of TDS Non-compliance

6. Advance Tax & Self-Assessment Tax

• Who is Liable for Advance Tax?

• Due Dates & Installments for Advance Tax

• Interest for Late Payment (Sections 234A, 234B, 234C)

7. Filing of Income Tax Returns (ITR)

• Types of ITR Forms & Their Applicability

• Due Dates for ITR Filing

• Penalties for Late Filing & Non-filing

• Process of Filing ITR Online

8. Capital Gains & Wealth Tax

• Capital Gains Tax Computation

• Exemptions under Sections 54, 54EC, 54F

• Wealth Tax Overview (if applicable)

9. Set-Off & Carry Forward of Losses

• House Property Losses

• Business & Capital Losses

• Time Limits & Conditions for Set-Off

10. Assessment, Scrutiny & Appeals

• Types of Income Tax Assessments

• Scrutiny Notices & Taxpayer Rights

• Appeals & Revisions in Income Tax

11. Recent Amendments & Notifications

• Latest Changes in Tax Laws & Rates

• Important Circulars & Case Laws

12. Miscellaneous Provisions

• Double Taxation Avoidance Agreements (DTAA)

• Tax Implications on Foreign Income

• Black Money & Benami Transactions

13. Ready Reckoner Tables

• Income Tax Slabs & Deductions Summary

• TDS & TCS Rate Charts

• Depreciation Rates for Fixed Assets

• Due Date Calendar for Tax Filings