To gain knowledge of the basic principles underlying the substantive provisions of the Income Tax Law and their application in computation of income of various person under various heads of Income.
Definitions- Person, Assessee, Income, Previous Year, Assessment Year, Gross Total Income, Total Income, Determination of Residential Status of Individual, Hindu Undivided Family, Firm and Companies and Scope of Total Income
Computation of Taxable Income Under the Head Salaries
Computation of Taxable Income under the Head House Property
Depreciation and Other Rebates
Computation of Taxable Income under the head Business and Profession
Computation of taxable income under the head Capital Gain and Other Sources.
Deemed Income, Set Off and Carry Forward of Losses
Deductions from Gross Total Income, Tax Rates, Rebates and Reliefs, Assessment of Individual, Assesment of HUF and Firms
Wealth Tax Act and Rules: Definitions, charge of wealth tax and assets subject to such charge, exemptions, valuation of assets, computation of net wealth and wealth tax. Procedure of assessment , liability to assessment in special cases, appeals, revisions and references, payment of recovery of wealth tax, refunds
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