Course

Unit 1

Income Tax – 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 – Previous Year – Financial Year – Gross Total Income – Agriculture income- Total Income – Casual Income – Residential status – Scope of Income Tax – Exempted income under section 10.

Unit 2

Computation of Income from salary – Allowances – Provident fund – Perquisites – profit in lieu of salary – gratuity – pension – computation of Income from house property – let out house and self-occupied house.

Unit 3

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

Unit 4

Income from Capital Gain – definition of capital assets – computation of long term and short-term Capital gain- Transfer – cost of acquisition -cost of improvement – Exempted capital gain – computation of income from other source – definition – computation – Grossing up.

Unit 5

Income of other persons included in assesses total income – 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 equip the students with a comprehensive understanding of the principles and practices of income tax in India, enabling them to accurately compute taxable income, analyze various tax provisions, and apply tax laws effectively in real-world scenarios.

Course Outcomes:

The students will able:

CO1: To understand different definitions under the income tax Act and asses the residential status.

CO2: To compute income from salary and house property.

CO3: To understand and apply the knowledge to compute income from business or profession.

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

CO5: To describe the concept of aggregation of income and set-off or carry forward of losses and assess the effectiveness of tax planning strategies utilizing different deductions and rebates.

Textbook:

1. T.S. Reddy, Y. Hari Prasad Reddy – Income Tax Theory Law and Practice – Margham Publication

References:

1. H.C. Mehrotra, Dr. S.P. Goyal – Income Tax Law and Practice – Sahitya Bhawan Publications
2. Vinod K. Singhania – Students Guide to Income Tax – Taxmann Publications
3. P. Gaur, D.B. Naran – Income Tax Law and Practice – Kalyani Publishers
4. Bhagwati Prasad – Direct Taxes law &Practice – Vishwa Prakashan
5. Girish Ahuja, Dr. Ravi Gupta – Simplified Approach to income Tax – Sahitya Bhawan
6. Dinkar Pagare- Law and Practice of Income Tax –Sultan Chand and Sons