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Conceptual Clarity Revision
With special KYC Questions Youtube Revision Lectures after
(KYC – Know Your Concepts ) class
Problem Solving Practice Paper Solving Practice
Ample problems solved in the class Through Youtube Live after class
Doubt Solving
During Live Lecture & Study Leave –
Whatsapp on 78878 75075
, Income Tax Saransh for May 2022 and Nov 2022
Chp No Chapter Name Chart No.
1 Basic Concepts 1.01-1.06
2 Income from Salary 2.01-2.05
3 Income from House Property 3.01-3.04
4 Profits and Gains from Business & Profession 4.01-4.09
5 Capital Gains 5.01-5.06
6 Income from Other Sources 6.01-6.02
7 Agricultural Income 7.01
8 Residential Status 8.01-8.03
9 Clubbing of Income 9.01
10 Set off and Carry Forward of Losses 10.01
11 Return of Income 11.01-11.03
12 Deductions 12.01-12.08
13 Combined Problems No Chart
14 Advance Tax, TDS and TCS 14.01-14.09
15 Exemptions 15.01-15.02
16 115 Series and Special Rates 16.01-16.03
,AY 22-23 Chart 1.1 Basic Concepts
, AY 22-23 Chart 1.2 Basic Concepts
Components of Income Tax Law The first Schedule to the Finance Act 2021 contains Revenue receipt Capital Receipt
Income Tax Act 4 parts which specify the rates of tax 1)It is recurring receipt 1) It is a one time receipt
The levy of Income tax in India is governed by the 1)Part I of the First Schedule to the Finance Act specifies 2)Revenue Receipt are generally 2)capital receipts are generally
Income tax Act, 1961. This Act came into force on the rates of tax applicable for the current AY 2021-22. taxable unless specifically exempt unless specifically made
1st April 1962. The Act contains 298 sections and 2)Part II specifies the rates at which tax is deductible at made exempt taxable.Capital receipts are
XIV schedules. These sections and schedules undergo source for the current Financial Year 2021-22 sometimes included in the
changes every year with additions and deletions 3)Part III gives the rates for calculating income-tax for definition of income in I. Tax.
brought about by the Finance Act passed by Parliament. deducting tax from income chargeable under the head 3)It is receipt referable to 3)It is a receipt referable to
Finance Act " Salaries" and computation of advanve tax for FY 2021-22. circulating capital. The circulating fixed Capital
Part A of budget speech given by the finance minister 4)Part IV gives the rules for computing net agricultural capital is one which is turned Tangible and intangible asset
every year contains the proposed policies of the govt. income over and yields income or loss which the owner keeps in his
in the Fiscal areas. Part B of the budget speech contains Part III of I Schedule to the Finance Act, 2021 will in the process possession for making profits
detailed tax proposals. Once the Finance Bill is approved become Part I of the First Schedule to the Finance Act, are in the nature of fixed capital
by the Parliament and gets the assent of the President, it 2022 and so on. 4)Income arising from the sale 4)Profits arising from sale of a
becomes the Finance Act. of a trading asset are of revenue capital asset are capital receipt.
Income Tax Rules Regular Income Casual Income in nature and taxable as It is taxable as capital gains
The Central Board of Direct Taxes(CBDT) is empowered 1)It is a periodic monetary 1) It does not arise regularly business income because it is covered in the
to make rules for carrying out the purposes of the Act. These return definition of income
rules which are framed from time to time for the proper 2)It accrues regularly from 2) It has no definite source
administration of the Income Tax Act are known as the definite sources 5) Transaction entered in the 5)For a trader in computer,
Income tax rules, 1962. 3)It is treated as Income for 3)It is also treated as income courses of business will yield building and land would be a
Circulars And Notifications tax purpose for tax purpose business Income capital asset
Circulars are issued by CBDT to address certain problems & E.g. Salary Income E.g. Winning from lotteries E.g. traders of Computer sells
clarify doubts regarding the scope & meaning of provisions. Net Receipt Gross Receipt computer(computer will be
Circulars are issued for the guidance of the officers and/or 1) Income means Net Receipt It cannot be treated as stock in trade)
assessees. Circulars are not binding on the assessees, but and not Gross receipt Income. 6)Even a single transaction can 6)These are usually one time
they can take advantage of beneficial circulars. 2) Net receipts are arrived at 2)Gross Receipts are the constitute business. Repetition receipts Eg: liquated damages
Notifications are issued by the Central Government to give after deducting expenditure total receipts without of such transactions is not linked with procurement of a
effect to provisions of the Act. The CBDT is also empowered incurred deducting expenses necessary. capital asset is a capital receipt.
to make & amend rules for the purposes of the Act by Method of Accounting
issue of notifications. 1)Assessee can maintain books on cash system or What about legal income? What about illegal income?
Legal decisions(Case Laws) mercantile system.(2) In cash system expenses are recorded Even illegal Income is taxable
The judiciary hears cases of disputes between assessees on payment basis and income on receipt basis. Eg: Smuggling goods outside India without paying customs duty,
and the department and gives decisions on various issues. (3)In mercantile system receipt and expenses are recorded betting in sports ie., Cricket,
These are known as case laws & can be referred in future on due basis. (4)However, only in PGBP & IOS income is
disputes. The law laid down by Supreme Court is law of land. calculated as per method of accounting followed by the
Decisions made by High courts will apply to specific States. assessee.
Conceptual Clarity Revision
With special KYC Questions Youtube Revision Lectures after
(KYC – Know Your Concepts ) class
Problem Solving Practice Paper Solving Practice
Ample problems solved in the class Through Youtube Live after class
Doubt Solving
During Live Lecture & Study Leave –
Whatsapp on 78878 75075
, Income Tax Saransh for May 2022 and Nov 2022
Chp No Chapter Name Chart No.
1 Basic Concepts 1.01-1.06
2 Income from Salary 2.01-2.05
3 Income from House Property 3.01-3.04
4 Profits and Gains from Business & Profession 4.01-4.09
5 Capital Gains 5.01-5.06
6 Income from Other Sources 6.01-6.02
7 Agricultural Income 7.01
8 Residential Status 8.01-8.03
9 Clubbing of Income 9.01
10 Set off and Carry Forward of Losses 10.01
11 Return of Income 11.01-11.03
12 Deductions 12.01-12.08
13 Combined Problems No Chart
14 Advance Tax, TDS and TCS 14.01-14.09
15 Exemptions 15.01-15.02
16 115 Series and Special Rates 16.01-16.03
,AY 22-23 Chart 1.1 Basic Concepts
, AY 22-23 Chart 1.2 Basic Concepts
Components of Income Tax Law The first Schedule to the Finance Act 2021 contains Revenue receipt Capital Receipt
Income Tax Act 4 parts which specify the rates of tax 1)It is recurring receipt 1) It is a one time receipt
The levy of Income tax in India is governed by the 1)Part I of the First Schedule to the Finance Act specifies 2)Revenue Receipt are generally 2)capital receipts are generally
Income tax Act, 1961. This Act came into force on the rates of tax applicable for the current AY 2021-22. taxable unless specifically exempt unless specifically made
1st April 1962. The Act contains 298 sections and 2)Part II specifies the rates at which tax is deductible at made exempt taxable.Capital receipts are
XIV schedules. These sections and schedules undergo source for the current Financial Year 2021-22 sometimes included in the
changes every year with additions and deletions 3)Part III gives the rates for calculating income-tax for definition of income in I. Tax.
brought about by the Finance Act passed by Parliament. deducting tax from income chargeable under the head 3)It is receipt referable to 3)It is a receipt referable to
Finance Act " Salaries" and computation of advanve tax for FY 2021-22. circulating capital. The circulating fixed Capital
Part A of budget speech given by the finance minister 4)Part IV gives the rules for computing net agricultural capital is one which is turned Tangible and intangible asset
every year contains the proposed policies of the govt. income over and yields income or loss which the owner keeps in his
in the Fiscal areas. Part B of the budget speech contains Part III of I Schedule to the Finance Act, 2021 will in the process possession for making profits
detailed tax proposals. Once the Finance Bill is approved become Part I of the First Schedule to the Finance Act, are in the nature of fixed capital
by the Parliament and gets the assent of the President, it 2022 and so on. 4)Income arising from the sale 4)Profits arising from sale of a
becomes the Finance Act. of a trading asset are of revenue capital asset are capital receipt.
Income Tax Rules Regular Income Casual Income in nature and taxable as It is taxable as capital gains
The Central Board of Direct Taxes(CBDT) is empowered 1)It is a periodic monetary 1) It does not arise regularly business income because it is covered in the
to make rules for carrying out the purposes of the Act. These return definition of income
rules which are framed from time to time for the proper 2)It accrues regularly from 2) It has no definite source
administration of the Income Tax Act are known as the definite sources 5) Transaction entered in the 5)For a trader in computer,
Income tax rules, 1962. 3)It is treated as Income for 3)It is also treated as income courses of business will yield building and land would be a
Circulars And Notifications tax purpose for tax purpose business Income capital asset
Circulars are issued by CBDT to address certain problems & E.g. Salary Income E.g. Winning from lotteries E.g. traders of Computer sells
clarify doubts regarding the scope & meaning of provisions. Net Receipt Gross Receipt computer(computer will be
Circulars are issued for the guidance of the officers and/or 1) Income means Net Receipt It cannot be treated as stock in trade)
assessees. Circulars are not binding on the assessees, but and not Gross receipt Income. 6)Even a single transaction can 6)These are usually one time
they can take advantage of beneficial circulars. 2) Net receipts are arrived at 2)Gross Receipts are the constitute business. Repetition receipts Eg: liquated damages
Notifications are issued by the Central Government to give after deducting expenditure total receipts without of such transactions is not linked with procurement of a
effect to provisions of the Act. The CBDT is also empowered incurred deducting expenses necessary. capital asset is a capital receipt.
to make & amend rules for the purposes of the Act by Method of Accounting
issue of notifications. 1)Assessee can maintain books on cash system or What about legal income? What about illegal income?
Legal decisions(Case Laws) mercantile system.(2) In cash system expenses are recorded Even illegal Income is taxable
The judiciary hears cases of disputes between assessees on payment basis and income on receipt basis. Eg: Smuggling goods outside India without paying customs duty,
and the department and gives decisions on various issues. (3)In mercantile system receipt and expenses are recorded betting in sports ie., Cricket,
These are known as case laws & can be referred in future on due basis. (4)However, only in PGBP & IOS income is
disputes. The law laid down by Supreme Court is law of land. calculated as per method of accounting followed by the
Decisions made by High courts will apply to specific States. assessee.
