Direct Tax-I

Paper Code: 
24BCS315
Credits: 
06
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

This course will enable the students to understand working knowledge on practical application of Direct Tax Laws.

 

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

24BCS315

 

Direct Tax-I (Theory)

CO 1:Categorize different concepts of Income Tax. Assessing the determination of residential status and  scope        of        total income.

CO 2:Assess special provisions of income tax   related to Computation of Taxable income under the head Salaries.

CO 3:Develop an understanding regarding the provisions of House Property and computation of Taxable Income

CO 4:Integrate provisions of Income Tax act related to computation of Income under the head Business or

Profession and Capital Gain.

CO 5:Identify the income from other sources along with provisions relating to clubbing, set off and carry forward.

CO 6: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.

 

18.00
Unit I: 
Income Tax Essentials

Direct Tax at a Glance:

  • An Introduction, Characteristics of Taxes,
  • Objectives of Taxation, Direct vs. Indirect Tax,
  • Background of Taxation system of India,
  • Tax Structure & Administration.

Basic Concept of Income Tax:

  • An overview of Finance Bill, Definitions,
  • Capital and Revenue Receipts and Expenditure,
  • Residential Status, Basis of Charge,
  • Scope of Total Income.

 

18.00
Unit II: 
Income under the head Salaries
  • ·       Understanding components of salary,
  • ·       Exepmtions
  • ·       Deduction u/s 80C, 80D etc
  •        Tax treatment in special cases like pension, gratuity etc.
18.00
Unit III: 
Taxation insights: House property and Business profits

Income under the Head House Property

  • Understanding house property income,
  • Types of properties covered,
  • Computation of annual value,
  • Deductions allowed,
  • Tax treatment of special cases.

Profits and Gains from Business

  • Overview of business income taxation,
  • Computation of business income,
  • Tax treatment of special cases.

 

18.00
Unit IV: 
Capital Gains: Understanding Tax Implications
  • ·       Introduction,
  • ·       Types of capital assets,
  • ·       Classification of capital gains,
  • ·       Computations,
  •       Exemptions and deductions
18.00
Unit V: 
Income from other sources, clubbing provisions and loss set off

Income from other sources:

  • Introduction , types of income covered,
  • Calculating gross profit,
  • Key income sources and tax treatment,
  • Exemptions and deductions.

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.

 

Essential Readings: 

Essential Readings:

 

  1. Study Material Published by ICSI

 

References: 

Suggested Readings:

  1. Scanner-ArunKumar(ShuchitaPrakashans(P) Ltd)
  2. The Law and Practice of Income Tax by Arvind  P Datar
  3. Income Tax Refunds (Law and Procedure) by Ram Dutt Sharma
  4. Direct Taxes Ready Reckoner by Mahendra B. Gabhawala

 

E- Content:

  1. https://www.icsi.edu/e-journals/

 

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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