INCOME TAX LAW & PRACTICE

Paper Code: 
CATG 301
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to:

CO 51: Investigate the complete knowledge of basic concepts of income tax.

CO 52: Construct residential status of a person.

CO 53: Measure the income under different heads.

CO 54: Acquire knowledge regarding provisions of set-off and carry forward of losses along with deemed income.

CO 55: Assess the income of an individual after defining deductions U/S 80.

 

Interactive Lectures, Discussion, Tutorials, Team teaching

 

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

 

6.00
Unit I: 
Introduction

Definitions Person, Assessee, Income, Previous Year, Assessment Year, Gross Total Income, Total Income
Residential Status of an individual and Scope of Total Income
Tax Rates, Rebates & Reliefs

18.00
Unit II: 
Computation of Taxable income

Computation of Taxable Income Under the Head Salaries

14.00
Unit III: 
Computation of Taxable income

Computation of Taxable Income under the Head House Property
Computation of Taxable Income under the head Business and Profession: Concept
Depreciation, Additional Depreciation, Unabsorbed Depreciation
Deductions U/S 30, U/S 31, U/S 36, U/S 37, U/S 40, U/S 40A, U/S 40A(3), U/S 43(B),
44AA & 44AB
Presumptive Taxation U/S 44AD, U/S 44ADA & 44AE

12.00
Unit IV: 
Capital gain and Computation of Taxable Income

Capital Gains: Concept & Computation
Exemptions U/S 54, 54EC & 54F
Computation of Taxable Income under the Head Other Sources

12.00
Unit V: 
Set Off and Carry forward, Assessment

Deemed Income & Set off and carry forward of Losses
Deductions from Gross Total Income: 80C, 80D, 80DD, 80DDB, 80E, 80EEB, 80G, 80TTA, 80TTB & 80U
Assessment of Individual

Essential Readings: 

Income Tax- Agarwal, Jain, Sharma, Shah, Mangal (Ramesh Book Depot)
Income Tax-Patel, Chaudhary, Sharma, Modi, Bardia

References: 

SUGGESTED REFERENCE BOOKS:
Professional Approach to Direct Taxes- Girish Ahuja& Ravi Gupta (Bharat Law House Pvt Ltd, New Delhi
Direct Tax Laws- T.N Manoharan, Snowwhite Publications (P) Ltd
Direct Tax Law and Practice- V.K Singhania (Taxmann Publication, New Delhi)
Law and Practice of IncomeTax, MrDinkar Pagare, (M/S Sultan Chand& Sons)
Income Tax for Students-Sharad Bhargav, (Mashbara Industries)
Income Tax; Law and Accounts:- H.C Mehrotra(Sahitya Bhawan)

e-RESOURCES:
https://www.incometaxindia.gov.in/pages/tutorials.aspx
https://www.taxmann.com/virtualbooks/product/6695 income tax act 2021 virtual book

REFERENCE JOURNALS:
Tax World
Indian Journal of Finance
IUP Journal of Applied Finance
The Indian Journal of Commerce

Note The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless.

Academic Year: 
2023-2024
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