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Tuesday, June 26, 2018


Dibrugarh University
Syllabus for B.COM Programme

Under Directorate of Distance Education
3rd Year

Course No: B. Com. 306: DIRECT TAX LAWS
Total Marks: 90

Objectives: It enables the learners to know the basics of direct tax laws and its implications. 

Block I: Fundamental Concept:                                                                  18
Fundamental concept various terms under the income tax Act 1961 – Assessee – Assessment year, Previous year-person, income, charge of income tax, agricultural income, capital assets, capital receipts, revenue receipts, capital expenditure, revenue expenditure, method of accounting, merger and demerger. Income tax authorities, tax deduction at source from Salary Income, return of income.

Block II: Residential Status and Incidence of tax:                              18
General norms, residential status of various kinds of assesses, receipt of income and accrual of income, income deemed to acquire or arise in India. Exempted income-income exempted under section 10 of the Income tax Act 1961, Special provisions relating to certain industrial undertaking in North-East India.

Block III: Income from Salaries:                                                                 18
Essential norms of salary income, basis of charge, perquisites and its valuation, allowance, salary of non residential technical persons and salary of foreign citizens, various kinds of provident funds-statutory, recognized, unrecognized and public. Approved superannuation fund and gratuity, Pension fund, Profits in lieu of salary, Rebate under section 88 relief section 89 (1), Computation of income from salaries and tax liability.

Block IV: Income from House Property:                                                                18
Chargeability, property income exempt from tax, determination of annual value, commutation of taxable income from let out property and self occupied property, deduction from house property income. Profit and gains of Business or profession-chargeability, general principles governing business income, methods of accounting, depreciation allowed under the income tax act 1961. Deductions from total taxable income.

Block V: Wealth tax:                                                                                       18
Chargeability, assessment year, valuation date, computation of net wealth, tax incidence, meaning of assets and deemed assets, assets exempt from tax, debt owned, valuation of assets, return of wealth and assessment, interest, penalty or prosecution, time-limits allowed under the wealth-tax Act 1961.

Suggested Readings:
1.       Singhania V. K.: Direct Tax: Law and Practice; Taxman; New Delhi.
2.       Singhania V. K.: Students Guide to Income Tax; Taxman; New Delhi.
3.       Ahuja G. & Gupta R.: Systematic Approach To Income Tax; Sahitya Bhawan Publication; New Delhi.
4.       B. B. Lal: Income Tax; Pearson Education; Pearson Education.

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