Introduction to Income Tax

Paper Code: 
24EFSG316
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to acquire basic knowledge of income tax computation and regulations, covering key concepts such as taxable income under various heads, deductions, exemptions, and provisions for individuals. It enables understanding and application of tax laws to compute total income and tax liability accurately

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

24EFSG316

Introduction to Income Tax

(Theory)

CO 103: Investigate the complete knowledge of basic concepts of income tax and construct residential status of a person

CO104: Measure the income under the heads Salaries

CO105: Compute the income under the head House Property and Business and Profession

CO106: Evaluate the income under the heads capital gain and other sources

CO107: Acquire knowledge regarding provisions of deemed income and set-off and carry forward of losses and assess the income of an individual after defining deductions U/S 80

CO108: Contribute effectively in course – specific interaction

 

Approach in

teaching: Interactive Lectures, Discussions, Tutorials, Problem solving sessions, Presentations

 

 

Learning activities for the students: Self-learning assignments, Case Study Analysis, Presentations, Group Discussions

Continuous Assessment Test, Semester End Examinations, Quiz, Solving Numerical Problems, Assignments, Class Presentations, Individual and group projects.

 

9.00
Unit I: 
Fundamentals of Income Tax for Individuals

Unit I: Fundamentals of Income Tax for Individuals:
• Definitions Person, Assessee, Income, Previous Year, Assessment Year, Gross Total Income, Total Income
• Residential Status of an individual and Scope of Total Income

9.00
Unit II: 
Computation of Income under the head Salaries

• Computation of Income Under the Head Salaries

9.00
Unit III: 
Computation of Income under the head House Property and Business and Profession

• Computation of Income under the Head House Property
• Computation of Income under the Head Business and Profession

9.00
Unit IV: 
Computation of Income under the head Capital Gain and Other Sources

• Computation of Income under the Head Capital Gains
• Computation of Income under the Head Other Sources

9.00
Unit V: 
Assessment of Individual

• 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
• Income Tax for Students-Sharad Bhargav, (Mashbara Industries)
• Income Tax; Law and Accounts:- H.C Mehrotra(Sahitya Bhawan)

References: 

Suggested Readings:
• 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)

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: 
2024-2025
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