Course

Unit 1

Brief History of Income Tax in India – Important definitions in the Income Tax Act: Assessee – Deemed Assessee – Assessee in Default – Assessment – Assessment year – Income – Person – PreviousYear – Financial Year – Gross Total Income – Total Income – Residential status – incidence of tax – Tax Exempted income under section 10

Unit 2

Income from salary – Allowances – Provident fund – Perquisites – gratuity – pension – computation of income from salary – Income from house property – let out house and self-occupied house – annual value – computation of Income from house property.

Unit 3

Income from Business or Profession – Definitions – allowable expenses and disallowable expenses – provision related to depreciation – computation of Income from Business or Profession.

Unit 4

Income from Capital Gain – capital assets – computation of LTCG and STCG – Transfer – cost of acquisition – cost of improvement – Exempted capital gain – computation of income from other sources – definition – computation – Grossing up.

Unit 5

Aggregation of income – Set – off or carry forward – Deductions under section 80C to 80 U – Rebates and reliefs – Computation of Total income and Tax liability of individuals.

Course Objective:

To understand and apply the principles of income tax law in India, including the computation of various sources of income, tax planning, and the ethical considerations of tax practices.

Course Outcomes:

The student will be able:

CO1: To understand the history of income tax in India and the significance of residential status in tax incidence.

CO2: To compute income from house property for let-out and self-occupied properties.

CO3: To compute income from business or profession, considering allowable and disallowable expenses.

CO4: To compute income from capital gain and other sources.

CO5: To understand the concepts of aggregation of income, set-off; carry forward, rebates, and reliefs.

Textbooks:

1. H.C. Mehrotra, Dr. S.P. Goyal – Income Tax Law and Practice – Sahitya Bhawan Publications
2. N. Manoharan – Students Hand book on Taxation – Snow White Publications Pvt Ltd.

References:

1. P. Gaur & D.B. Narang – Income Tax Law and Practice – Kalyani Publications.
2. Bhagwati Prasad – Direct Taxes law &Practice – Vishwa Prakashan.
3. Vinod K. Singhania – Students Guide to Income Tax – Taxmann Publication
4. Girish Ahuja & Dr. Ravi Gupta – Simplified Approach to income Tax – Sahitya Bhawan Publishes
5. S. Reddy &Y. Hari Prasad Reddy – Income Tax Theory, Law and Practice – Margham Publication.
6. Dinker Pagare- Income Tax Law and Practice – Sultan Chand &