It is in the best financial interests of every taxpayer to have a clear grasp, of the key essentials of income tax, even if you have back-up help of a CA or tax expert. Here is must-know expert guidance on computing your income and taxes — and trouble-free assessment of your tax returns. In simple, clear style, Mr. Lakhotia provides you expert guidance on:

• 1.     How to compute your taxable income from different sources: salary, house property, business, profession, etc.
  
• 2.     Which incomes are taxed — and which are not
  
• 3.     All the tax-saving exemptions, rebates, and reliefs you are eligible for
  
• 4.     Deductions you can avail of when computing your total taxable income
  
• 5.     How different taxpayers are assessed: Individuals, HUFs, Firms, Companies, Non-Residents, etc.
  
• 6.     Procedure for filing an appeal when you think you have been assessed wrongly
  
• 7.     Penalties and prosecution: when these apply and how to avoid them Procedure of tax refunds — and much, much more.
  
• Plus: Your income tax rates for A.Y. 2015-16 and 2016-17