Thursday, October 25, 2012

Guwahati University - Semester III


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 103
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:
1. V.K. Singhania, Direct Taxes, Taxmann Publications, New Delhi.
2. B. Lall, Direct Taxes, Pearson Education, New Delhi.
3. Gaur & Narang, Income Tax Law and Practice, Kalyani Publications.
4. Mahesh Chandra, D.C. Shukla: Income Tax Law and Practice, Pragati Publications, New Delhi.

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