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

References

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