Course

Unit 1

Capital Gains – Capital Assets – Transfer of capital asset – Transactions not Regarded as Transfer (Sec. 46 & 47) – Cost of acquisition – Cost of improvement – Indexed Cost of Acquisition – Indexed Cost of Improvement – Exemptions in respect of capital gains – Treatment of capital loss (Section 74) – Tax on capital gains (Section 111 A) – Capital gain in exceptional cases – computation of capital gains.

Unit 2

Income from other sources – Incomes falling under the head income from other sources -dividend – interest on securities – Bond Washing Transactions – TDS- Deductions from income from other sources – Computation of income from other sources.

Unit 3

Set off and carry forward of losses –Clubbing of Income- Computation of GTI.

Unit 4

Deductions to be made from GTI – Deduction U/S 80C to 80U (in Detail)

Unit 5

Agricultural Income – Partly Agricultural Income and Partly Non-Agricultural Income – Computation of Agricultural Income – Rebate and relief of Tax – Computation of Total income of Individuals.

Course Objective:

To develop students’ proficiency in the application of Indian tax laws, focusing on the accurate computation of taxable income from various sources, including capital gains, other sources, and agricultural income and understanding the provisions for deductions, set-offs, and exemptions.

Course Outcomes:

The students will be able to

CO1: Understand the concept of capital gain and Computation of LTCG and STCG.

CO2: Compute the income from other sources.

CO3: Understand the provisions related to the set-off and carry forward of losses.

CO4: Identify various deductions available under Sections 80C to 80U for the computation of total income.

CO5: Explain the treatment of agricultural income and its impact on total income.

Textbooks:

1. C. Mehrotra, Dr. S. P. Goyal – Income Tax Law and Practice Sahitya Bhawan Publications
2. Vinod Singhania – Students Guide to Income Tax – Taxmann

References:

1. P. Gaur, D. B. Narang – Income Tax Law and Practice – Kalyani Publishers
2. S. Reddy, Y. Hari Prasad Reddy – Income Tax Theory Law and Practice – Margham Publication
3. Bhagwati Prasad – Direct Taxes Law and Practice – Vishwa Prakashan
4. Girish Ahuja, Ravi Gupta – Simplified Approach to Income Tax – Sahitya Bhawan Publishers