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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 – Assesseein-Default – Assessment Year – Previous Year - Income Tax General Rule and Exemptions to the Rule– Person – 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 – Problems on Computation of Total Income of an Individual based on Residential Status.

UNIT–II

AGRICULTURAL INCOME

Introduction – Definition – Tests to Determine Agricultural Income – Partly Agricultural and partly Non-Agricultural Income – Integration: Conditions – Provisions – Computation of Tax on Integration process. Heads of Income: Gross Total Income – Taxable Income – Income Tax

Rates.

UNIT–III

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–IV

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–V

PROFITS AND GAINS OF BUSINESS OR PROFESSION

Definition of ‘Business and Profession’ – Procedure for Computation of Income from Business – Rules – Revenue and Capital Nature of Incomes and Expenses – Allowable Expenses u/s. 30 to 37 – Expenses Expressly Disallowed – Deemed Profits – Valuation of Stock – Miscellaneous Provisions u/s 44. Depreciation: Meaning – Conditions for charge of Depreciation – Assets used for Business – Block of Assets – Rates of Depreciation –Miscellaneous Provisions about Depreciation – Computation of Depreciation – Problemson Computation of Income from Business. Income from Profession: Rules – Procedure –Problems on Computation of Income from Profession.