Income Tax Law and Practice - Practical

Paper Code: 
24CATG312
Credits: 
2
Contact Hours: 
30.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to understand the procedural aspects of income tax assessment and e-filing, including a comparison between old and new tax regimes, understand the significance of PAN, and comprehend the procedures related to TDS and advance tax payments.

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course title

24CATG312

 

Income Tax Law and Practice – Practical (Practical)

 

CO79: Compute the tax sheet of an individual

CO80: Acquire knowledge regarding procedure

of assessment

CO81: Attain knowledge of basics of e-filing.

CO82: Develop the understanding regarding the income tax portal and instructions for filing out different ITR forms

CO83: Assess TDS and advance payment of tax

CO84: Contribute effectively in course-specific interaction

Approach in teaching:

Interactive Lectures,

Discussion, Tutorials,

Reading assignments; Solving

Questions.

 

Learning activities

for the students:

Self-learning assignments, Effective questions,

Seminar presentation.

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects.

 

 

6.00
Unit I: 
Computation tax-sheet of an Individual:

• Introduction to Income Tax Act 1961
• Comparison of Old Tax Regime and New Tax Regime

6.00
Unit II: 
Procedure of Assessment:

• Timing of Filing of Return of Income,
• Defective of Incomplete Return, Belated Return of Income,
• Permanent Account Number (PAN), Signature on Return,
• Types of Assessment

6.00
Unit III: 
Conceptual Framework:

• Meaning of e-filing, difference between e-filing and regular filing of returns
• Benefits and limitations of e-filing, types of e-filing, e-filing process

6.00
Unit IV: 
Income Tax and E-filing of ITRs:

• Instructions for filing out form ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5
• Introduction to Income Tax Portal and preparation of electronic return

6.00
Unit V: 
TDS and Advance Payment of Tax:

• Introduction to the concept of TDS
• Advance Payment of Tax

Essential Readings: 

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

References: 

Suggested Readings:
● Professional Approach to Direct Taxes- Girish Ahuja& Ravi Gupta (Bharat Law House Pvt Ltd, New Delhi
● Direct Tax Laws- T.N Manoharan, Snowwhite Publications (P) Ltd
● Direct Tax Law and Practice- V.K Singhania (Taxmann Publication, New Delhi)
● Law and Practice of IncomeTax, MrDinkar Pagare, (M/S Sultan Chand& Sons)
● Income Tax for Students-Sharad Bhargav, (Mashbara Industries)
● Income Tax; Law and Accounts:- H.C Mehrotra(Sahitya Bhawan)

e-Resources
● https://www.incometaxindia.gov.in/pages/tutorials.aspx
● https://www.taxmann.com/virtualbooks/product/6695 income tax act 2021 virtual book

Reference Journals:
● Tax World
● Indian Journal of Finance
● IUP Journal of Applied Finance

Academic Year: 
2024-2025
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