DIRECT TAX LAWS - I

Paper Code: 
24TPT131
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to acquire basic knowledge of income tax computation and regulations, covering key concepts such as taxable income under various heads, deductions, exemptions, and provisions for individuals. It enables understanding and application of tax laws to compute total income and tax liability accurately.

Course Outcomes: 

Outcomes (COs):

 

Course outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

 

24TPT131  

Direct Tax Laws -I (Theory)

CO1: Investigate the complete knowledge of basic concepts of income tax and Construct residential status of a person.

CO2: Measure the income under the heads Salaries and House Property.

CO3: Compute the income under the head Business and Profession.

CO4: Evaluate the income under the heads capital gain and other sources. Understand the provisions of deemed income.

CO5: Acquire knowledge regarding provisions of set-off and carry forward of losses. Assess the tax liability on the income of an individual after defining deductions U/S 80.

CO6: 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.

 

12.00
Unit I: 
Fundamentals of Income Tax for Individuals

• 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
• Tax Rates under old and new scheme

12.00
Unit II: 
Computation of Income under the head Salaries and House Property

• Computation of Taxable Income Under the Head Salaries
• Computation of Taxable Income under the Head House Property

12.00
Unit III: 
Computation of Income under the head Business and Profession

• Depreciation and Other Rebates
• Computation of Taxable Income under the head Business and Profession

12.00
Unit IV: 
Computation of Income under the head Capital Gain and Other Sources

• Computation of taxable income under the head Capital Gain
• Computation of taxable income under the head Other Sources

12.00
Unit V: 
Assessment of Individuals

• Deemed Income
• Set Off and Carry Forward of Losses
• Deductions from Gross Total Income
• Tax Rates, Rebates and Reliefs
• Assessment of Individual

Essential Readings: 

1. Income Tax- Agarwal, Jain, Sharma, Shah, Mangal (Ramesh Book Depot)
2. Income Tax-Patel, Chaudhary, Sharma, Modi, Bardia

References: 

1. Professional Approach to Direct Taxes- Girish Ahuja& Ravi Gupta (Bharat Law House Pvt Ltd, New Delhi
2. Direct Tax Laws- T.N Manoharan, Snowwhite Publications (P) Ltd
3. Direct Tax Law and Practice- V.K Singhania (Taxmann Publication, New Delhi)
4. Law and Practice of IncomeTax, MrDinkar Pagare, (M/S Sultan Chand& Sons)
5. Income Tax for Students-Sharad Bhargav, (Mashbara Industries)
6. Income Tax; Law and Accounts:- H.C Mehrotra(Sahitya Bhawan)
E-Content:
1. https://www.incometaxindia.gov.in/pages/tutorials.aspx
2. https://www.taxmann.com/virtualbooks/product/6695 income tax act 2021 virtual book

Reference Journals:
1. Tax World
2. Journal of International Accounting, Auditing, and Taxation

Academic Year: 
2024-2025
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