Income Tax Law & Practice

Paper Code: 
24CATG301
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to acquire comprehensive 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 (COs):

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course title

24CATG301

 

Income Tax Law & Practice (Theory)

 

CO61: Investigate the complete knowledge of basic concepts of income tax & salary head and construct residential status of a person.

CO62: Measure the income under the heads Salaries.

CO63: Compute the income under the head House Property and Business and Profession.

CO64: Evaluate the income under the heads capital gain and other sources.

CO65: Acquire knowledge regarding provisions of deemed income, set-off and carry forward of losses and assess the income of an individual after defining deductions U/S 80.

CO66: Contribute effectively in course – specific interaction.

Approach in teaching: Interactive Lectures, Discussion, Tutorials, assignments

 

Learning activities for the students:

Self-learning assignments, Solving numerical problems

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments,  Individual projects

 

10.00
Unit I: 
Fundamentals of Income Tax for Individuals:

• Definitions Person, Assessee, Income, Previous Year, Assessment Year, Gross Total Income, Total Income
• Residential Status of an individual and Scope of Total Income
• Tax Rates under Old and Default tax regime (only for individuals)

14.00
Unit II: 
Computation of Income under the head Salaries:

Computation of Income under the head Salaries:

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

• Computation of Income under the Head House Property
• Computation of Income under the head Business and Profession

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

• Computation of Income under the head Capital Gains
• Computation of Income under the Head Other Sources

12.00
Unit V: 
Assessment of Individual:

• Deemed Income
• Set off and carry forward of Losses
• Deductions from Gross Total Income: 80C, 80D, 80DD, 80DDB, 80E, 80EEB, 80G, 80TTA, 80TTB & 80U
• Assessment of Individual

Essential Readings: 

• Income Tax- Agarwal, Jain, Sharma, Shah, Mangal (Ramesh Book Depot)
• Income Tax-Patel, Chaudhary, Sharma, Modi, Bardia
• Girish Ahuja, Ravi Gupta. Professional Approach to Direct Tax, Bharat Law House Pvt. Ltd, New Delhi
• Yogendra Bangar Direct Taxes, Aadhya Publications

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-Content:
• 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
• The Indian Journal of Commerce

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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