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.
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.