Taxation-I

• Definitions- Assessee, Assessment Year, Income, Person, Previous Year, Gross Total Income.
• Scope of Total Income & Residential Status. Income which do not form part of Total Income.

• Basis of Charge, Deductions from Salaries, Deduction on Account of Entertainment Allowance, Employment Tax, Inclusive definition of Perquisite Treatment of Medical Facilities,
• Profits in Lieu of Salary, Treatment of Leave Travel Concession, Gratuity, Commuted Pension, Retrenchment Compensation,
• Compensation received on Voluntary Retirement, House Rent Allowance and notified special allowances Deduction in Respect of Life Insurance premium, Contribution to Provident Fund etc.
• Relief when salary is paid in arrears or in advance, etc. Valuation of Perquisites: Rent Free Accommodation, Monetary obligation of employee discharged by employer Life Insurance Premium etc. payable by employer, Fringe benefits or amenity: Motor Car, Services of Sweeper etc. Supply of gas, electricity or water, Educational Facilities.

• Chargeability and Basis of charge, Computation of Annual Value Treatment of Unrealized Rent.
• Computation of Income of a self occupied and let out house Property.
• Deductions from Income from House Property, Treatment of Unrealized Rent realized, subsequently.
• Treatment of arrears of rent received, Property owned by co-owners, Deemed ownership

• Scope of Income under this head Rent, rates, taxes, repair and insurance for buildings Repair and insurance of Plant, Machinery and Furniture,
• Depreciation: Treatment of unabsorbed depreciation.
• Tea Development Account/Coffee Development Account and Rubber Development Account, Site Restoration Fund.
• Expenditure on Scientific Research, Weighted Deduction on in-house research and development to Company assesse,
• Expenditure for  obtaining  license  to  operate  tele-communication services.
• Expenditure on eligible projects or schemes,
• Deduction in respect of expenditure on specified business,
• Expenditure  by  way  of  payment  to  association  and institutions for rural development programme,
• Weighted deduction on agricultural extension project and skill development project,
• Amortization of preliminary expenses, amortization in case of amalgamation or demerger.
• Deductions under section 36 of Income Tax Act,1961, General Deductions under section 37,
• Provisions of section 44A, 44AA, 44AB, 44AD, 44AE, 44B, 44BB,
• Undisclosed  Income/Investments  under  section 68,  69, 69A, 69B,69C

• Meaning of Capital Gain and Basis of charge (Section 45 and sub sections)
• Capital Gain on distribution of assets by companies on liquidation (section 46),
• Transactions not regarded as transfers, Computation of Capital Gains (section 48),
• Deemed cost of acquisition (section 48), Computation of capital gain in case of depreciable assets (section 50)
• Provisions of section 51, 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB, 54H,
• Cost of improvement and cost of acquisition, Provisions of section 111A, 112, 115F, 115I.