Course

Unit 1

Computation of tax liability of Individuals – Rebate of Income tax – alternative minimum tax.

Unit 2

Assessment of HUF – Incomes, which are not treated as family incomes – Procedure for assessment after partition of HUF – Computation of total income and tax liability of HUF.

Unit 3

Assessment of Partnership Firms and AOP/BOI – Computation of firm’s income – Treatment of income of a partner from the firm – Treatment of firm’s losses – Computation of total income AOP, Computation of total income of BOI.

Unit 4

Assessment of companies – meaning of company – types – computation of total income and tax liabilities of companies – Rates of tax in case of Domestic company and in case of non-domestic company – Minimum Alternate Tax (MAT) – Computation of Book Profits – Tax Credit in respect of MAT on certain companies – Tax on Distributed Profits of Domestic Companies – computation of Income under Tonnage Tax Scheme – computation of Total income and Tax liability of companies.

Unit 5

Assessment of co-operative societies – Urban consumers’ Cooperative society – Computation of Total income and Tax Liability of Co-operative societies – Assessment of trusts – meaning –creation of trust – types of trust.

Course Objective:

To enable students to proficiently analyse and compute the tax liabilities of various entities including individuals, Hindu Undivided Families (HUFs), partnership firms, companies, co-operative societies, and trusts, by understanding and applying the relevant provisions of Indian tax laws.

Course outcomes:

The students will be able to

CO1: Compute the tax liability of an individual considering applicable rebates and AMT.

CO2: Compute the total income and tax liability of HUF.

CO3: Compute the total income and tax liability for a partnership firm and AOP/BOI.

CO4: Compute the total income of company on the basis of MAT and assess the differences in tax treatment between domestic and non-domestic companies.

CO5: Compute the total income and tax liability of co-operative societies and trusts.

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 Publications.
2. S. Reddy, Y. Hari Prasad Reddy – Income Tax Theory Law and Practice – Margham
3. Bhagwati Prasad – Direct Taxes Law and Practice – Wishwa Prakashan
4. Girish Ahuja, Dr. Ravi Gupta – Simplified Approach to Income Tax – Sahitya Bhawan