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SYLLABUS

UNIT–I

INTRODUCTION Direct and Indirect Taxes – Canons of Taxation - Features and History of Income Tax in India – Definitions and Basic Concepts of Income Tax: Assessee – Deemed Assessee – Assessee-inDefault – Assessment Year – Previous Year – Person – Agricultural Income – Heads of Income – Gross Total Income – Total Income –– Incomes Exempt from Tax. Residential Status and Scope of Total Income: Meaning of Residential Status – Conditions applicable to an Individual Assessee – Incidence of Tax – Types of Incomes (Theory Only)

UNIT–II

INCOME FROM SALARIES Definition of ‘Salary’ – Characteristics of Salary – Computation of Salary Income: Salary u/s 17(1) – Annual Accretion – Allowances – Perquisites – Profits in lieu of Salary – Deductions u/s. 16 – Problems on Computation of Income from Salary.

UNIT–III

INCOME FROM HOUSE PROPERTY Definition of ‘House Property’ – Exempted House Property Incomes– Annual Value – Determination of Annual Value for Let-out House and Self-occupied House – Deductions u/s.24 – Problems on computation of Income from House Property.

UNIT–IV

PROFITS AND GAINS OF BUSINESS OR PROFESSION Definition of ‘Business and Profession’ – Procedure for computation of Income from Business – Revenue and Capital nature of Incomes and Expenses – Allowable Expenses u/s. 30 to 37 – Expenses expressly disallowed – Deemed Profits – Miscellaneous Provisions u/s 44. Depreciation: Meaning – Conditions for charge of depreciation – Problems on computation of Income from Business. Income from Profession: Rules – Procedure – Problems on computation of Income from Profession.

UNIT–V

Capital Gains and Income From Other Sources Introduction - Meaning – Scope of Charge – Basis of Charge – Short Term and Long Term Capital Assets – Transfer of Capital Asset – Deemed Transfer – Determination of Cost of Acquisition – Procedure for Computation of Long-Term and Short-Term Capital Gains/Losses – Exemptions in Respect of Certain Capital Gains u/s. 54 – Problems on Computation of Capital Gains. General Incomes u/s. 56(1) – Specific Incomes u/s. 56(2) – Dividends u/s. 2(22) – Winnings from Lotteries, Puzzles, Cross Word Puzzles, Races – Interest on Securities – Gifts Received by an Individual – Casual Income – Family Pension – Rent Received on Let Out of FurniturePlant and Machinery With/Without Building – Deductions u/s. 57 (Theory Only) Syllabus