TAX LAW PROJECT 2017-2018

JAMIA MILLIA ISLAMIA

TAX LAW
Submitted to :-
Dr. Kahkashan Y. Danyal
Professor
Office Address:
Faculty of Law,
Jamia Millia Islamia (Central University),
New Delhi-110025

Submitted by:-
Priyanshu Agarwal
Sec-A
(20150819)

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ACKNOWLEDGEMENT

It is my imperative duty to thank the following people for the successful completion of my
criminal law project,

- For the clarity he/she brings into teaching thus enabling us to have a better
understanding of his subject. I also feel obliged to thank him/her for providing us with
such easy topics to choose from.
- The very cooperative and friendly staff members in the Central and Law Library who
were instrumental in our finding the necessary books without wasting much time. It has
to be noted that their contribution is essential as our University is yet to get a fully
functional centralized database for its libraries.

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INDEX

1) INCOME TAX IN INDIA --- AN INTRODUCTION

2) DEFINITION OF ‘ASSESSMENT YEAR’ & ‘PREVIOUS YEAR’ UNDER

INCOME TAX

a) Meaning of Assessment Year: S.2(9) Income Tax

b) Meaning of Previous Year: S.2(34) & S.3 Income Tax

c) Concept of Previous Year & Financial Year vis-a-vis Assessment Year

3) CAPITAL AND REVENUE ITEMS

1) CAPITAL RECEIPT VS REVENUE RECEIPTS

2) CAPITAL EXPENSES VS REVENUE EXPENSES

3) CAPITAL LOSSES VS REVENUE LOSSES

4) REFRENCES

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INCOME TAX IN INDIA --- AN INTRODUCTION

The taxes levied by the government form a pool of resources to be used of the collective benefit
of the public. The taxation is an exercise in the collective solution of individual problems. The
state takes upon itself the duty of solving the problems of the underprivileged and need finance
for this purpose. The government can mobilize resources by imposing taxes on the privileged
ones. The taxation structure of the country can play a very important role in the working of our
economy. Some time back the emphasis was on higher rates of tax and more incentives. But
recently the emphasize has shifted to decrease in rates of taxes and withdrawal of incentives.
While designing the taxation structure it has to be seen that it is in conformity with our
economic and social objectives. It should not impair the incentives to personal savings and
investment flow and on the other hand it should not result into decrease in revenue for the state.

In our present day economic structure income tax plays a vital role as source of revenue and a
measure of removal of economic disparity. Our taxation structure provides for two types of
taxes direct and indirect; the income tax, wealth tax and gift tax are direct taxes where as sales
tax and excise duties are indirect taxes.

HISTORY:

The income tax was introduced in India for the first time 1860 by British rulers following
mutiny of 1857. The period between 1860 to 1886 was period of experiments in the context of
income tax. This period ended in 1886 when first income tax act came into existence. The
pattern laid down in it for levying of tax continues to operate even to day though in some
changed form. In 1918 another act income tax act 1918 was passed but it was short lived and
was replaced by income tax act 1922 and it remained in existence and operation till 31st March
1961.

DEFINITION OF ‘ASSESSMENT YEAR’ & ‘PREVIOUS YEAR’ UNDER INCOME

TAX

Concept of Previous Year & Financial Year vis-a-vis Assessment Year is very confusing for
layman. For better understanding of these concepts, let’s look at the definitions thereof under
the Income Tax Act.

a) Meaning of Assessment Year: S.2(9) Income Tax

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As per S.2(9) of the Income Tax Act, 1961, unless the context otherwise requires, the term
“assessment year” means the period of twelve months commencing on the 1st day of April
every year.

Therefore, basically the Assessment year is considered to be a 12 months period starting from
April 1, during which an assessee is required to file the return of income (ITR) for the previous
year and the ITO has to initiate assessment proceedings for such returned income and tax
thereon. Since Income Tax is on income of a financial/ previous year or period, so tax filings
and assessment can start thereafter. Probably, that’s why it’s called assessment year/ period.

For example, Assessment Year 2017-18 is a period of 12 months starting from 1 Apr. 2017 and
ending with 31 Mar. 2018.

b) Meaning of Previous Year: S.2(34) & S.3 Income Tax

As per S.2(34) of Income Tax Act, 1961, unless the context otherwise requires, the
term “previous year” means the previous year as defined in section 3. In view of above, we
need to visit Section 3 of Income Tax Act, 1961, which defines the term previous year as under:

‘For the purposes of this Act, the term “previous year” means the financial year immediately
preceding the assessment year. Provided that, in the case of a business or profession newly set
up, or a source of income newly coming into existence, in the said financial year, the previous
year shall be the period beginning with the date of setting up of the business or profession or,
as the case may be, the date on which the source of income newly comes into existence and
ending with the said financial year.’

Therefore, basically the Previous Year indicates the year/ period prior to another. Under
Income Tax, the returns are filed by by assessees after end of the year/ period during which
earnings are made and that period is called previous year/ financial year. However, when such
earnings are subjected to assessment/ review by ITO in the subsequent period/ year, the same
is called assessment year/ period.

For example, previous year corresponding to assessment year 2017-18 means the preceding
financial year, i.e. 2016-17 (1 Apr. 2016 to 31 Mar. 2017), however the previous year will
begin from a later date in the case of new business/ source of income. In case a new business

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is set-up on 1 Oct. 2016, then previous year will be 1 Oct. 2016 to 31 Mar. 2017, which is a
part of financial year 2016-17.

Exceptions to the general rule that previous year’s income is taxable during the assessment
year In the following situations income of an assessee is liable to be assessed to tax in the same
year in which he earns the income:

a. Income of non-residents from shipping;

b. Income of persons leaving India either permanently or for a long period of time;
c. Income of bodies formed for short duration;
d .Income of a person trying to alienate his assets with a view to avoiding payment of tax;
e. Income of a discontinued business.

c) Concept of Previous Year & Financial Year vis-a-vis Assessment Year

Understanding concept of previous year is very simple, it’s basically a period of upto 12 months
just preceding the assessment year. Since financial year is always a period of 12 months and
income/ source of income may be of smaller span/ tenure than of 12 months, so the concept/
term of previous year is used under Income Tax to cover income or source of income coming
into existence after the commencement of financial year and to cover income or source of
income coming to an end before completion of the financial year. Either way any income or
source of income is not required to be spread to the whole of financial year, it may be part of
the same and the same may be called a previous year.

Accordingly Previous Year in the case of a continuing business shall be the Financial Year
immediately preceding the relevant Assessment Year, whereas Previous Year in the cases of
newly set up business or for new source of income shall be the period commencing from the
date of new business set up or source of income coming into existence to the forthcoming 31st
March of that Financial Year immediately preceding the relevant Assessment Year.

It may not be out of place to mention that now even under Companies Act 2013 all the
companies are required to have a uniform financial year. In other words, normally a period of
upto 12 months ending on 31 March every year, however in the case of first accounting period,
the same may be of less than 12 months and may extend upto 18 months with prior approval
of the ROC.

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CAPITAL AND REVENUE ITEMS

Income Tax is levied on income of assessee and not an every receipt which he receives. The
method of charging tax on different types of receipt is different. Income tax Act, 1961 provides
a separate head “ CAPITAL GAINS” for levying tax on capital receipts. Similarly, while
calculating net taxable income of an assessee only revenue expenses are allowed to be deducted
out of revenue receipts. Particularly while calculating business profit or professional gain
only revenue receipts and revenue expenses are considered. This make the distinction between
capital and revenue of vital importance. For this distinguish capital and revenue items can be
divided in to 3 sub-parts :

1. Capital Receipts vs Revenue Receipts

2. Capital Expenses vs Revenue Expenses
3. Revenue Losses vs Capital Losses

1. CAPITAL RECEIPT VS REVENUE RECEIPTS

The Capital Receipts are to be charged to tax under the head “Capital Gains” and Revenue
Receipts are Taxable under other heads, it is of vital importance to understand which receipt is
a capital receipt and which one is a revenue receipt.

Immaterial Considerations

In deciding whether a particular receipt is of a capital or revenue type, the following

considerations are considered to be immaterial and not going to decide or change the character
or nature of the receipt.

1. Receipt in lump sum or in Instalments. Whether any income is received in lump

sum or in instalments, it will not make any difference as regards its
nature, e.g., an employee is to get a salary of 1,000 p.m. Instead of this he enters into an
agreement to get a sum of 36,000 in lump sum to serve for a period of three years. The
receipt where it is monthly remuneration or lump sum for 3 years is a revenue receipt. It
has been decided in so manycourt cases that a lump sum receipt may be an item of
revenue nature and an annual receipt recurring over few years may be a capital receipt.
Thus, whether a receipt is a periodic receipt or a single receipt is immaterial for the
purposes of determining its nature. [Rajah Manyain Meenak and Shamma v. C.I. T.
(1956) 30 1. T.R. 286].

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2. Nature of receipt in the hands of recipient. Whether a receipt is capital or revenue will
be determined in the hands of the persons receiving such income. No attention will be
paid towards the source from which the amount is coming. Salary even if paid out of
capital by a new business will be it revenue receipt in the hands ofemployee.

3. Magnitude of receipt. The magnitude of the receipt, whether big or small, cannot decide
the nature of the receipt although the size of a receipt in a transaction is not an entirely
irrelevant consideration. A receipt of 10,000 may be of revenue nature whereas a receipt
of only ‘ 1,000 may be a capital receipt. Supreme Court has ruled in a case Divencha v.
C.I. T. (48 1. T.R. 222), that the magnitude of a receipt is immaterial for the purpose of
determining its nature.

4. Name given by parties and treatment in books of accounts. What name the recipient
or payer of the receipt has given in the books of accounts or with what name he has called
a particular transaction, all such considerations are immaterial to decide the nature of the
receipt. A capital payment by a dealer may be a revenue receipt in the hands of the
recipient. The character of the receipt shall be decided by considerations other than by
what name the parties call it. [Divencha v. C.I. T.]. The nature of the receipt will be
determined in the hands of the person receiving such income.

5. Payment made out of capital. No attention will be paid towards the source from which
amount is [Link] even paid out of capital by a new business will be a revenue
receipt in the hands of the employee. It was also decided in a case that if a receipt is made
out of capital, the receipt may also be a capital receipt. If a recipient is beneficially
entitled not only to the income but also to the capital, payments given to him by his
trustees out of the corpus would be capital receipts. [Brodie’s Trustees v. I.R. 25 T.C.
13, 16].
6. Time of receipt. The nature of the receipt has to be determined at the time when it is
received and not afterwards when it has been appropriated by the recipient.
7. Quality of receipt. Whether the income is received voluntarily or under a legal
obligation, it will not make any difference as regards its nature.

Distinguishing Tests

It is very difficult to draw a line of demarcation between capital receipts and revenue receipts.
Even the courts have found it difficult to lay down some points of distinction on the basis of

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which a capital receipt may be distinguished from a revenue receipt. Some tests, however, can
be applied in particular cases. These tests are

1. On the basis of nature of assets. If a receipt is referable to fixed asset, it is capital receipt
and if it is referable to circulating asset it is revenue receipt.

Fixed asset is that with the help of which owner earns profits by keeping it in his
possession, e.g., plant, machinery, building or factory, etc.

Circulating asset is that with the help of which owners earn profit by parting with it and
letting others to become its owner, e.g., stock-in-trade.

Circulating asset is asset which is turned over and while being turned over yields profit
or loss whereas fixed asset is one on which the owner earns profit by keeping it in his
own possession.

Profit on the sale of motor car used in business by an assessee is capital receipt whereas
the profit earned by an automobile dealer, dealing in cars, by selling a car is his revenue
receipt.

1. Termination of source of income. Any sum received in compensation for the

termination of source of income is capital receipt, e.g., compensation received by an
employee from its employer on termination of his services is capital receipt.
2. Amount received in substitution of income. Any sum received in substitution of
income is revenue receipt, e.g., ‘A’ company purchased the right to produce a film from
its earlier producer with the condition that no other producer will be given these rights.
Afterwards it is found that the rights for producing this film had already been sold. The
‘A’ company claimed damages and was awarded 40,000. It was held that damages
received are the compensation for the profits which were to be earned. Hence this is
revenue receipt.
3. Compensation received on termination of lease. Where a sum is received as
compensation for termination of a lease, it is capital receipt because it is termination of
source of income.
4. Compensation on surrender of a right. Any amount received as compensation on
surrendering a right is capital receipt whereas any amount received for loss of future

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income is a revenue receipt. An author gives up his right to publish a book and receives
1,00,000 as compensation. It is capital receipt but if he receives it as advance royalty
for 5 years it is revenue receipt.
5. Tests as to the purpose of keeping an article. If a person purchases a piece of sculpture
to keep as decoration piece in his house, if sold later on, will bring causal receipt but if
the same sculpture is sold by an art dealer it will be his revenue receipt.

If an article is acquired for the purpose of trade, the profit arising from it is revenue receipt.

EXAMPLES AND ILLUSTRATIONS

Capital Receipts

The followings are some important examples of capital receipts decided by courts

1. Salami or Nazrana received for grant of permanent lease.

2. Compensation received for loss of right to future remuneration.
3. Compensation received from the employer for loss of employment due to premature
termination of service.
4. Price received on sale of know-how.
5. Damages received by an employee who is wrongly dismissed or a payment received by
an employee in lieu of notice.
6. Amount received by the assessee for digging and removing earth from his land for
brick- making.
7. Contribution received by electric supply company from consumers for installation of
service lines (excess of amount over cost of installation).

Revenue Receipts

1. Lump sum royalty received in advance.

2. A “pugree” received by the owner of the house property from tenant.
3. Damages awarded by a court to a company for breach of contract by another company.
4. A passenger is injured in a railway accident and is temporarily disabled thus losing
income for a short period. Any receipt as compensation shall be a revenue receipt.

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CASE STUDY

Jitendra Kumar Soneja vs. ITO (ITAT Mumbai)

Summary
Compensation received by flat owner from builder for hardship caused due to redevelopment
of the building is a non-taxable receipt and has to be reduced from the cost of the flat. Amount
received from builder to meet rental costs during the redevelopment is also not taxable as
income

Details

(i) As regards the ground whether Rs.22 lacs received as corpus fund towards hardship caused
to assessee on redevelopment and is in the nature of a capital receipt and as such not taxable,
in Kushal K Bangia vs. ITO ITANo.2349/Mum/2011 it was held that it is elementary that the
connotation of income howsoever wide and exhaustive, take into account only such capital
receipts are specifically taxable under the provisions of the Income tax Act. Section 2(24)(vi)
provides that income includes “any capital gains chargeable under section 45”, and, thus, it is
clear that a capital receipt simplicitor cannot be taken as income. Hon’ble Supreme Court in
the case of Padmraje R. Kardambande vs CIT (195 ITR 877) has observed that “..,, we hold
that the amounts received by the assessee during the financial years in question have to be
regarded as capital receipts, and, therefore, (emphasis supplied by us), are not income within
meaning of section 2(24) of the Income tax Act….” This clearly implies, as is the settled legal
position in our understanding, that a capital receipt in principle is outside the scope of income
chargeable to tax and a receipt cannot be taxed as income unless it is in the nature of revenue
receipt or is brought within the ambit income by way of a specific provision in the Act. No
matter how wide be the scope of income u/s.2(24) it cannot obliterate the distinction between
capital receipt and revenue receipt. It is not even the case of the Assessing Officer that the
compensation received by the assessee is in the revenue field, and rightly so because the
residential flat owned by the assessee in society building is certainly a capital asset in the hands
of the assessee and compensation is referable to the same. As held by Hon’ble Hon’ble
Supreme Court Court, in the case of Dr. George Thomas K vs CIT(156 ITR 412), “the burden
is on the revenue to establish that the receipt is of revenue nature” though “once the receipt is
found to be of revenue character, whether it comes under exemption or not, it is for the assessee
to establish”. The only defence put up by learned Departmental Representative is that cash
compensation received by the assessee is nothing but his share in profits earned by the

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developer which are essentially revenue items in nature. This argument however proceeds on
the fallacy that the nature of payment in the hands of payer also ends up determining it’s nature
in the hands of the recipient. As observed by Hon’ble Supreme Court in the case of CIT vs.
Kamal Behari Lal Singha (82 ITR 460), “it is now well settled that, in order to find out whether
it is a capital receipt or revenue receipt, one has to see what it is in the hands of the receiver
and not what it is in the hands of the payer”. The consideration for which the amount has been
paid by the developer are, therefore, not really relevant in determining the nature of receipt in
the hands of the assessee. In view of these discussion, in our considered view, the receipt
of Rs.11,75,000 by the assessee cannot be said to be of revenue nature, and, accordingly, the
same is outside the ambit of income under section 2(24) of the Act. However, in our considered
opinion and as learned counsel for the assessee fairly agrees, the impugned receipt ends up
reducing the cost of acquisition of the asset, i.e. flat, and, therefore, the same will be taken into
account as such, as and when occasion arises for computing capital gains in respect of the said
asset. Subject to these observations, grievance of the assessee is upheld.

(ii) Nothing contrary was brought to my knowledge on behalf of Revenue. Facts being similar,
so following same reasoning, I find that consideration for which the amount has been paid by
the developer are, therefore, not relevant in determining the nature of receipt in the hands of
the assessee. In view of these discussion, in my considered view, assessee could not be said to
be of revenue nature, and, accordingly, the same is outside the ambit of income under section
2(24) of the Act. The impugned receipt ends up reducing the cost of acquisition of the asset,
i.e. flat, and, therefore, the same will be taken into account as such, as and when occasion arises
for computing capital gains in respect of the said asset. Subject to these observations, the appeal
of assessee is allowed.

(iii) Next issue is regarding addition of Rs.8,55,800/-. In fact, this amount was given by
Developer for paying rent while development of the project was taking place. In fact, assessee
submitted before me that he has made expenditure of Rs.6,80,000/- towards rent while
development activity of the project was taken place. So, Assessing officer is directed to allow
the claim of assessee to same extent because it is nothing but compensation received by
assessee for paying rent. This cannot be said to be income of assessee.

4) CAPITAL EXPENSES VS REVENUE EXPENSES

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For computing profits of a business taxable under this Act, only revenue expenses are allowed
to be deducted. Hence it becomes essential to distinguish a revenue expenditure from a capital
expenditure. The following tests can be applied for this purpose

(i) Nature of the assets. Any expenditure incurred to acquire a fixed asset or in
connection with installation of fixed asset is capital expenditure.

Whereas

Any expenditure incurred as price of goods purchased for resale along with other necessary
expenses incurred in connection with such purchase are revenue expenses.

(ii) Nature of liability. A payment made by a person to discharge a capital liability is a

capital expenditure.

Whereas

An expenditure incurred to discharge a revenue liability is revenue expenditure, e.g., amount

paid to a contractor for cancellation of contract to construct a factory building is capital
expenditure whereas amount paid by a person—with whom he has entered into contract for
supply of goods for a period of 5 years—but he fails to supply goods after 3 years, the
compensation will be a revenue expenditure as it is to discharge the revenue liability.

(iii) Nature of transaction. If an expenditure is incurred to acquire a source of income, it

is capital expenditure, e.g., purchase of patents to produce picture tubes of T.V. sets.

Whereas

An expenditure incurred to earn an income is revenue expenditure, e.g., salary of the staff,
advertisement expenses, etc.

(iv) Purpose of transaction. If the amount is spent on increasing the earning capacity of
an asset, it is capital expenditure, e.g., expenditure incurred for fitting new windows of factory
building.

Whereas

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Any expenditure incurred on keeping an asset in running condition is revenue

expenditure, e.g., amount spent on protection of fixed assets which have already been acquired.

(v) Nature of payment in the hands of payer. If an expenditure is incurred by an assessee

as a capital expenditure, it will remain as capital expenditure even if the amount may be revenue
receipt in the hands of receiver, e.g., purchase of motor car by a businessman is capital
expenditure in his hands although it is revenue receipt in the hands of car dealer. Similarly, if
the nature of payment in the hands of payer is of revenue nature, it will be a revenue expenditure
even if it is capital receipt in the hands of receiver.

Capital Expenditure

1. Cost of reconstructing, refurnishing, etc. of a business building.

2. Payment made by the assessee with a view to keeping his competitor out of his field of
business.
3. Expenditure incurred in converting business premises when switching over from
manufacture of one product to another.
4. Expenditure on litigation in connection with acquiring or curing a defect in assessee’ s
title to the assets of the business.
5. Compensation paid for cancellation of contract for the purchase of machinery.
6. Price paid for the purchase of partner’s share in the firm.
7. Expenditure incurred on the maintenance of business reputation.

Revenue Expenditure

1. Payments made for use of quota rights, or for use of patents and trade marks.
2. Payment made for technical assistance and access to the fruits of continuing
research [C.I. T. v. Ciba of India Ltd. (1968) 69 1. T.R. 692 (S. C.)].
3. Expenditure incurred by professionals on study tour abroad to acquire latest
knowledge [Dr. Vadamalayan v. C.I. T. (1960) 40 I. T.R. 50].
4. Any expenditure necessary at the time of purchase to render the asset so purchased,
serviceable, will be added to the initial cost as capital expenditure. But any expenditure
on the replacement of part of a plant which does not bring any additional advantage to
the business of assessee is revenue expenditure [C.I. T. v. Shri Rama Sugar Mills Ltd.
(1952) 91 1. T.R. 191].

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5. Expenditure incurred to send employees abroad for practical training in the field of the
business of the assessee.
6. Expenditure incurred by way of fee paid to valuer for assessing the business premises.
7. Expenditure incurred in raising loans, e.g., stamp duty, registration and legal fees,
brokerage etc.
8. Expenditure to oppose threatened nationalization of the industry.
9. Expenditure incurred to secure overdraft facilities from a bank.
10. Payment to the government to obtain monopoly to run buses on a route.
11. Compensation or other payment made to get rid of a servant or a managing agent in the
interest of the business.

Any such expenditure incurred wholly, totally, necessarily for the business.

5) CAPITAL LOSSES VS REVENUE LOSSES

Distinction has to be made between revenue losses and capital losses of the business because
under the provisions of this Act Capital Losses are dealt with under the Chapter “ Capital Gain”
whereas Revenue Looses are treated as Business Losses and as such are treated under the head
“ Profit and Gains of Business or Profession”.

Distinguish has to be made between Revenue Losses and Capital Losses of the business
because under the provisions of this Act, Capital Losses can be set off against the Income from
Capital Gain only, whereas the Revenue Losses are business losses and as such can be set off
against any other income of the assessee.

It is very difficult to distinguish between a Capital Loss and a Revenue Loss on the basis of
certain principles. On the basis of court judgment, following decisions have become
distinguishing points :

(i) Loss due to sale of Assets : Where there is loss on selling a Capital Assets, it is a
Capital Loss whereas any loss incurred during the sale of Stock-in-Trade is a Revenue Loss.

(ii) Loss due to embezzlement : Where there is embezzlement done by an employee

and this causes loss to the business, it is of Revenue Loss.

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(iii) Loss due to withdrawal of money from bank : Oncethe amount is deposited in Bank
and then it is withdrawn by an employee and is misappropriated , is a Capital Loss.

(iv) Loss due to liquidation of company : Amount deposited by a person with

manufacturing industry to get its agency and lost due to company being liquidated is a Capital
Loss.

(v) Loss due to Theft by an employee : Losses occurring due to theft or embezzlement
of misappropriation committed by an employee is Revenue Loss.

Example :State , giving reasons, whether the following are Capital or Revenue Receipts :

1. Compensation received for compulsory vacation of place of business.

2. Bonus shares received by a dealer of shares.
3. Money received by a Tyre Manufacturing company for sale of technical know-
how regarding manufacture of tyre.
4. Dividend and interest for investment.

Solutions :

1. Revenue receipt as it is in compensation of assessee’s profit which it would have

earned.
2. If the assessee has also converted the bonus shars into stock in trade then it is a revenue
receipt otherwise it is an accretion in the capital assets.
3. Revenue Receipt but in case the sale of technical know-how results into substantial
reduction in value of the tyre company or company closes down its business in that
particular line then the receipt would be a Capital Receipt.

Assessee gets the income of dividend and interest regularly and form a define source and it is
a return for the use of his asset by somebody else and so it is a revenue receipt.

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REFRENCES

 References Akrani, G. (12/30/2010). Kalyan CIty. Retrieved March 21, 2018, from
[Link]

 Jha, A. (2013). Tax Structure in India and effect on corporates. International Journal of
Management and Social Sciences research (IJMSSR), 2(10), 80-82.

 Kumat, H. (2014). Taxation Laws of India- An Overview and Fiscal Analysis 2013-14.
Indian Journal of Applied Research, 4(9), 82-84.

 Mundra, N. (n.d.). Knoji Consumer Knowledge. Retrieved August 21, 2015, from
[Link] Outcome
Budget, Ministry of Finance. (2015-16).

 Outcome Budget . New Delhi: Government of India. Public Finance Statistics ,Ministry
of Finance. (2013-14).

 Public Finance Statistics. New Delhi: Government of India. Retrieved from

[Link]

 [Link]

 [Link]

 [Link]

 [Link]

 Taxman’s Direct Taxes, V.K Singhania

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