Course Code: COM304 L T P C
Semester: V 3 2 - 5
PRINCIPLES OF INCOME TAX
(Common for B.Com CA & B.Com BFSI)
To gain basic knowledge in the provisions of income tax law relating to assessment of
individuals and appeal provisions
UNIT – I Basic Concepts 18 Periods
Assessment year, Previous year, Person, Assessee, Income, Gross Total Income, Total income
and tax Liability, Agricultural Income, Casual Income, Assessment, Capital receipts Vs Reve nue
receipts, Capital expenditure Vs Revenue expenditure - Residential status - Resident, Resident
but not ordinarily resident, Non-resident - Receipt of Income - Accrual of Income - Income
deemed to accrue or arise in India. Income exempt under Sec.10.
UNIT – II Salaries and House Properties 18 Periods
Salaries - Basis of charge – Allowances – Perquisites - Deductions from salary income -Tax
rebate under sec. 88 - Relief under sec. 89 - Tax planning, House Property – Chargeability -
Property income exempt from tax - Unrealized rent - Arrears of rent.
UNIT – III Profits and Gains of Business or Profession 18 Periods
Chargeability - Method of Accounting -Deductions and Allowances – Depreciation - Expenditure
on Scientific Research, Acquisition of Patents and Copyrights, Know-how - Payment to
Associations and Institutions Carrying Rural Development Programmer - Special Provisions.
UNIT – IV Capital Gains and Income from other sources 18 Periods
Chargeability - Capital asset - Computation of Capital Gains – Capital Gains Exempt from Tax.
Other Sources - Basis of Charge and computation.
UNIT – V Computation of Tax Liability 18 Periods
Set off and Carry Forward of Losses - Deductions from Gross Total Income – Assessment of
Individual - Tax Deduction at Source - Permanent Account Number - Assessment Procedure –
Types of assessment- Filing of Returns – E-Filing - Income tax Authorities – appointment -
power and functions.
Text Book
1. Gaur and Narang, Income Tax Law and Practice, Kalyani Publications, New Delhi, 2018
References
1. Dr. Vinod K. Singhania and Dr.KapilSinghania, Direct Taxes Law and Practice, Taxmann
Publication, New Delhi, 2018
2. Reddy and Murthy, Law and Practice of Income tax, Sultan Chand & sons, New Delhi,
2018.
3. Lal B.B, Income Tax Law and Practice, Pearson, New Delhi, 2018.
4. H.C Mahrotra and S.P Goyal, Income Tax Law and Practice, Sahithya Phawan
Publications, Agra, 2018
Semester: V 3 2 - 5
PRINCIPLES OF INCOME TAX
(Common for B.Com CA & B.Com BFSI)
To gain basic knowledge in the provisions of income tax law relating to assessment of
individuals and appeal provisions
UNIT – I Basic Concepts 18 Periods
Assessment year, Previous year, Person, Assessee, Income, Gross Total Income, Total income
and tax Liability, Agricultural Income, Casual Income, Assessment, Capital receipts Vs Reve nue
receipts, Capital expenditure Vs Revenue expenditure - Residential status - Resident, Resident
but not ordinarily resident, Non-resident - Receipt of Income - Accrual of Income - Income
deemed to accrue or arise in India. Income exempt under Sec.10.
UNIT – II Salaries and House Properties 18 Periods
Salaries - Basis of charge – Allowances – Perquisites - Deductions from salary income -Tax
rebate under sec. 88 - Relief under sec. 89 - Tax planning, House Property – Chargeability -
Property income exempt from tax - Unrealized rent - Arrears of rent.
UNIT – III Profits and Gains of Business or Profession 18 Periods
Chargeability - Method of Accounting -Deductions and Allowances – Depreciation - Expenditure
on Scientific Research, Acquisition of Patents and Copyrights, Know-how - Payment to
Associations and Institutions Carrying Rural Development Programmer - Special Provisions.
UNIT – IV Capital Gains and Income from other sources 18 Periods
Chargeability - Capital asset - Computation of Capital Gains – Capital Gains Exempt from Tax.
Other Sources - Basis of Charge and computation.
UNIT – V Computation of Tax Liability 18 Periods
Set off and Carry Forward of Losses - Deductions from Gross Total Income – Assessment of
Individual - Tax Deduction at Source - Permanent Account Number - Assessment Procedure –
Types of assessment- Filing of Returns – E-Filing - Income tax Authorities – appointment -
power and functions.
Text Book
1. Gaur and Narang, Income Tax Law and Practice, Kalyani Publications, New Delhi, 2018
References
1. Dr. Vinod K. Singhania and Dr.KapilSinghania, Direct Taxes Law and Practice, Taxmann
Publication, New Delhi, 2018
2. Reddy and Murthy, Law and Practice of Income tax, Sultan Chand & sons, New Delhi,
2018.
3. Lal B.B, Income Tax Law and Practice, Pearson, New Delhi, 2018.
4. H.C Mahrotra and S.P Goyal, Income Tax Law and Practice, Sahithya Phawan
Publications, Agra, 2018
