Course No.: 601 INCOME TAX(INTX XXI) - NEW COURSE
Marks: 80 Hours: 40
Objective:
To acquaint the students with the basics of Income Tax Law.
Course
Contents:
Unit-I:
Income Tax Law: An Introduction - Concept of Tax, an Overview of Income Tax Law
in India, Levy of Income Tax, Concept of Income, Important Definition of Income
Tax Act- Assessee, Assessment Year, Previous Year, Person, Income, Charge of
Income Tax, Return of Tax, Gross Total Income. Scope of Total Income,
Residential status and tax liability. 20: 10 hrs
Unit-II:
Exempted Income U/s 10.- Income which are not form a part of Total Income, Tax
Holiday for industrial Units in Trade Zones, Tax holiday for newly established
units in Special Economic Zones, Tax holiday for 100% export oriented
undertakings. 20:
10 hrs
Unit-III:
Computation of Income from Salary - Definition of salary. Basis of charge.
Place of accrual of Salary, Profit in lieu of Salary, Advance Salary, Arrear
Salary, Loan or advance against Salary, Annuity, Gratuity, Pension, Leave
Salary, Retrenchment Compensation, Compensation received on Voluntary
Retirement, Provident Fund, Approved Superannuation Fund, Allowances,
Perquisites and its valuation. Deductions from salary. Deduction U/S 80C 20: 10 hrs
Unit-IV:
Computation of Income from House Property- Chargeability, Composite Rent,
Income from House Property situated outside India, Determination of Annual
Value, Deduction from annual Value, Computation of Income from House Property
for different categories of Property Taxability of recovery of unrealized rent.
Inadmissible deductions, treatment of Income from Co-owned Property, Deemed
Ownership, Exempted Property Income. 20: 10 hrs
Text
and Reference Books:
1.Singhania
& Singhania: Students Guide to Income Tax (Taxman, New Delhi)
2.Girish
Ahuja: Direct Tax Laws (Bharat Book House, New Delhi)
3.Lal:
Income Tax, Pearson Education, New Delhi.
OLD COURSE SYLLABUS
Total Marks: 100 (End Sem 80 + IA 20)
Unit-1: Income Tax Law: An Introduction – Concept of
tax, An overview of Income Tax Law in India, Levy of Income Tax, Concept of
Income, Important Definition of Income Tax Act- Assessee, Assessment Year,
Previous Year, Person, Income, Charge of Income Tax, Return of Tax, Gross Total
Income, Scope of Total Income, Residence and Tax liability. (Marks: 16, 9 Hours)
Unit-2: Exempted Income U/S 10: Income which are not
form a part of Total Income, Tax Holiday for Industrial units in Trade Zones,
Tax Holiday for newly established units in Special Economic Zone, Tax Holiday
for 100 export oriented undertakings. (Marks:
16, 9 Hours)
Unit-3: Computation of Income From Salary: Definition of
Salary, Basis of Charge, Place of accrual of Salary, Profit in lieu of Salary,
Advance Salary, Arrear Salary, Loan or Advance against Salary, Annuity,
Gratuity, Pension, Leave Salary, Retrenchment Compensation, Compensation
received on Voluntary Retirement, Provident Fund, Approved Superannuation Fund,
Allowance, Perquisites and Its valuation. Deduction from salary. Deduction U/S
80C. (Marks: 16, 9 Hours)
Unit-4: Computation of Income From House Property –
Chargeability, Composite Rent, Income From House Property situated outside
India, Determination of Annual Value, Deduction from Annual Value, Computation
of Income from House Property for different categories of Property, Taxability
of recovery of unrealised rent. Inadmissible deductions, treatment of Income
from Co-owned Property, Deemed ownership, Exempted Property Income. (Marks: 16, 9 Hours)
Unit-5: Computation of Income From Capital Gains –
Chargeability, Capital Assets, Long term and Short term Capital Assets, Meaning
of transfer. Transactions not regarded as transfer. Mode of Computation of
Capital Assets, Ascertainment of cost in certain circumstances Section 49, Cost
of Improvement and cost of acquisition. Income from other sources – Income chargeable
under this head, allowable and not allowable deductions, deemed income
chargeable to tax. (Marks: 16, 9 Hours)