INCOME TAX LAW & PRACTICE

Paper Code: 
CATG 311
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to:

CO61: Investigate the complete knowledge of basic concepts of income tax.

CO62: Construct residential status of a person.

CO63: Measure the income under different heads.

CO64: Acquire knowledge regarding provisions of set-off and carry forward of losses along with deemed income.

CO65: Assess the income of an individual after defining deductions U/S 80.

Interactive Lectures, Discussion, Tutorials, Team teaching

 

 

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

 

6.00

• 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, Rebates & Reliefs

18.00

• Computation of Taxable Income Under the Head Salaries

14.00

• Computation of Taxable Income under the Head House Property
• Computation of Taxable Income under the head Business and Profession: Concept
• Depreciation, Additional Depreciation, Unabsorbed Depreciation
• Deductions U/S 30, U/S 31, U/S 36, U/S 37, U/S 40, U/S 40A, U/S 40A(3), U/S 43(B),
44AA & 44AB
• Presumptive Taxation U/S 44AD, U/S 44ADA & 44AE

12.00

• Capital Gains: Concept & Computation
• Exemptions U/S 54, 54EC & 54F
• Computation of Taxable Income under the Head Other Sources

10.00

• 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

References: 

SUGGESTED REFERENCE BOOKS:

·         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, MrDinkarPagare, (M/S Sultan Chand& Sons)

·         Income Tax for Students-SharadBhargav, (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

The Indian Journal of Commerce

Academic Year: 
2023-2024
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