304: Direct Taxes
Total Marks: 80
Unit I: Income
Tax Act 1961: Basic Concepts of Definitions 20
Introduction,
Brief history of Income Tax in India, Scope of the Act, Meaning of Income Tax;
Concept of Income Tax; Assessment year, Previous year; Assessee; Person;
Agricultural Income with examples; Residential status and Tax Liability.
Unit II: Income
Tax Act 1961: Heads of Income 30
Computation of
Income from Salary inclusive of salary components Allowances; perquisites;
profit in lieu of salary and deductions, Income from House Property or
allowable deductions, profits and gains from Business and Profession, short
term and long term capital gains; income from other sources; computation of
Gross Total Income and Total Income and the tax liability of a salaried
individual; decoctions from the Gross Total Income of individuals.
Unit III: Income
Tax Act 1961: Assessment Procedure, Returns, Advance Payment of Tax and Tax
Deduction at
Source 20
Procedure of
Assessment of Tax; Self Assessment; Regular Assessment and Best judgment
Assessment, Procedure of Filing of Return and Particular to be furnished;
Permanent Account Number (PAN); Liability for Payment of Advance Tax and due
dates of instalments of advance tax; person liable to pay advance tax and
consequences of non-payment; Tax Deducted at Source (TDS) and consequences of
not deducting TDS TAN no.
Unit IV: Wealth
Tax Act 1957: Definitions, Basics of charge and computation of Net Wealth 10
Definition of
Assets, liabilities; Net Wealth, Deemed Wealth and Exempted Wealth; procedure
of determination of Net Wealth of an individual and tax incidence there of.
Suggested Books:
V.K.
Singhania, Direct Taxes, Taxmann Publications, New Delhi.
B.
Lall, Direct Taxes, Pearson Education, New Delhi.
Gaur
& Narang, Income Tax Law and Practice, Kalyani Publications.
Mahesh
Chandra, D.C. Shukla: Income Tax Law and Practice, Pragati Publications, New
Delhi.
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