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Sunday, February 23, 2014

Dibrugarh University - Semester VI - Income Tax (INTX – 601)

Total Marks: 100 (End Sem 80 + IA 20)

Unit-1: Income Tax Law: An Introduction – Concept of tax, An overview of Income Tax Law in India, Levy of Income Tax, Concept of Income, Important Definition of Income Tax Act- Assessee, Assessment Year, Previous Year, Person, Income, Charge of Income Tax, Return of Tax, Gross Total Income, Scope of Total Income, Residence and Tax liability.   (Marks: 16, 9 Hours)

Unit-2: Exempted Income U/S 10: Income which are not form a part of Total Income, Tax Holiday for Industrial units in Trade Zones, Tax Holiday for newly established units in Special Economic Zone, Tax Holiday for 100 export oriented undertakings.   (Marks: 16, 9 Hours)

Unit-3: Computation of Income From Salary: Definition of Salary, Basis of Charge, Place of accrual of Salary, Profit in lieu of Salary, Advance Salary, Arrear Salary, Loan or Advance against Salary, Annuity, Gratuity, Pension, Leave Salary, Retrenchment Compensation, Compensation received on Voluntary Retirement, Provident Fund, Approved Superannuation Fund, Allowance, Perquisites and Its valuation. Deduction from salary. Deduction U/S 80C.  (Marks: 16, 9 Hours)

Unit-4: Computation of Income From House Property – Chargeability, Composite Rent, Income From House Property situated outside India, Determination of Annual Value, Deduction from Annual Value, Computation of Income from House Property for different categories of Property, Taxability of recovery of unrealised rent. Inadmissible deductions, treatment of Income from Co-owned Property, Deemed ownership, Exempted Property Income.  (Marks: 16, 9 Hours)

Unit-5: Computation of Income From Capital Gains – Chargeability, Capital Assets, Long term and Short term Capital Assets, Meaning of transfer. Transactions not regarded as transfer. Mode of Computation of Capital Assets, Ascertainment of cost in certain circumstances Section 49, Cost of Improvement and cost of acquisition. Income from other sources – Income chargeable under this head, allowable and not allowable deductions, deemed income chargeable to tax.  (Marks: 16, 9 Hours)