Course No. 504 DIRECT TAX –I(DTAX XX)
Marks: 80 Hours: 40
Objective:
The objective of this course is to acquaint student about income tax and its
computation.
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. Exempted Income U/s 10. 20 : 10 hrs
Unit-II:
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-III:
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
Unit
IV: Direct tax authority, duties, powers and functions of various authorities,
appeal. 20 : 10 hrs
Text
and Reference Books :
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.
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