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DIRECT TAX-I
On completion of this course, the students will be able to;
CO 59:To categorize different concepts of Income Tax
CO 60:Assessing the determination of residential status and scope of total income
CO 61:Calculating special provisions of income tax related to Computation of Taxable income under the head Salaries
CO 62:To moderate provisions of House Property and computation of Taxable Income
CO 63:To integrate provisions of Income Tax act related to computation of Income under the head Business or Profession
CO 64: To assess the income from other sources along with their fair market value.
Direct Taxes at a Glance: Background of Taxation system in India, Vital Statistics, Layout and Administration.
Basic Concepts of Income Tax:
Income-tax law: An introduction, Important definitions in the Income-tax Act, 1961, Concept of previous year and assessment year, Basis of Charge and Rates of Tax
Incomes which do not form part of total income: Income not included in total income and tax holidays
Residential status and scope of total income: Residential status, Scope of total income
Incomes which do not form part of total income (other than charitable trusts and institutions, political parties and electoral trusts
Computation of income under different heads: Salaries.
Computation of income under different heads: Income from house property
Computation of income under different heads: Profits and gains of business or profession
Computation of income under different heads: Capital gains
Computation of income under different heads: Income from other sources and Fair market value
Clubbing provisions and Set-off, or carry forward and set-off of losses: Income of other persons included in Assessee’s total income, aggregation of income, set off and /or carry forward of losses.
• Study Material Published by ICSI
SUGGESTED READINGS:
- Scanner-Arun Kumar(ShuchitaPrakashans(P) Ltd)
e-RESOURCES:
https://www.icsi.edu/media/webmodules/TL_Final_pdf_25102021.pdf
JOURNALS:
https://www.icsi.edu/e-journals/
