ASSAM UNIVERSITY SYLLABUS (NON - HONS): INCOME TAX LAW AND PRACTICE (3rd SEM - CBCS PATTERN)

B.Com: Semester III

Paper BC 3.2: INCOME TAX LAW AND PRACTICE

Marks: 100

Lectures: 52, Practical: 26

Theory: 70

Practical: 30

Internal Assessment -20

Term End Exam - 50

Marks: 100

Lectures: 52, Practical lab 26

Objective: To provide basic knowledge and equip students with application of principles and provisions of Income-tax Act, 1961 and the relevant Rules.

Unit 1: Introduction

10 Lectures                 14

Basic concepts : Income, agricultural income, person, assessee, assessment year, previous year, gross total income, total income, maximum marginal rate of tax; Permanent Account Number (PAN) .

Residential status; Scope of total income on the basis of residential status Exempted income under section 10

Unit 2: Computation of Income under different heads-1

18 Lectures 14

Income from Salaries; Income from house property

Unit 3: Computation of Income under different heads-2

10 Lectures                    14

Profits and gains of business or profession; Capital gains; Income from other sources

Unit 4: Computation of Total Income and Tax Liability

14 Lectures                        14

Income of other persons included in assessee’s total income; Aggregation of income and set-off and carry forward of losses; Deductions from gross total income; Rebates and reliefs Computation of total income of individuals and firms; Tax liability of an individual and a firm; Five leading cases decided by the Supreme Court.

Unit 5: Preparation of Return of Income

Practical Lab 26                 14

Filing of returns: Manually, On-line filing of Returns of Income & TDS; Provision & Procedures of Compulsory On-Line filing of returns for specified assesses.

Practical – 30

There shall be a practical examination on E-filling of Income Tax Returns using a software utility tool. The student is required to fill appropriate From and generate the XML file.

Suggested reading:

1. Singhania, Vinod K. and Monica Singhania. Students’ Guide to Income Tax, University Edition. Taxmann Publications Pvt. Ltd., New Delhi.

2. Ahuja, Girish and Ravi Gupta. Systematic Approach to Income Tax. Bharat Law House, Delhi.

Journals

1. Income Tax Reports. Company Law Institute of India Pvt. Ltd., Chennai.

2. Taxman, Taxman Allied Services Pvt. Ltd., New Delhi.

3. Current Tax Reporter. Current Tax Reporter, Jodhpur.

Software

1. Vinod Kumar Singhania, e-filing of Income Tax Returns and Computation of Tax,

Taxmann Publication Pvt. Ltd, New Delhi. Latest version.