B.Com. (Hons.)(CBCS)
Semester - III C
306
INCOME TAX LAW AND PRACTICE
(6 Credit) Marks: 100
(Internal Assessment 20+
Term-end 80)
Lectures: 45, Practical: 26
Hours
Tutorial: 7 Hrs
Objective: To provide basic knowledge and equip students with
application of principles and provisions of Income-tax Act, 1961 and the
relevant Rules.
Unit 1
Introduction
6 L + 1 T
Basic concepts: Income,
agricultural income, person, assessee, assessment year, previous year, gross
total income, total income, maximum marginal rate of tax; Permanent Account
Number (PAN) Residential status; Scope of total income on the basis of
residential status, Exempted income under section 10. Marks: 10
Unit 2
Computation of Income under different heads 1
15 L + 1 T
Income from Salaries; Income
from house property. Marks:25
Unit 3
Computation of Income under different heads-2
12 L + 1 T
Profits and gains of business
or profession; Capital gains; Income from other sources. Marks:25
Unit 4
Computation of Total Income and Tax Liability
12 L + 1 T
Income of other persons
included in assessee’s total income; Aggregation of income and set-off and
carry forward of losses; Deductions from gross total income; Rebates and
reliefs Computation of total income of individuals and firms; Tax liability of
an individual and a firm; Five leading cases decided by the Supreme Court. Marks: 20
Unit 5
Preparation of Return of Income
26 Practical Lab*
Filing of returns: Manually,
On-line filing of Returns of Income & TDS; Provision & Procedures of
Compulsory On-Line filing of returns for specified assesses.
Note:
1. There shall be a practical examination of 20 Marks (in Semester)
on E-filling of Income Tax Returns using a software utility tool. The student
is required to fill appropriate Form and generate the XML file.
2. There shall be 4 Credit Hrs. for Lectures + one Credit hr. (Two
Practical Periods per week per batch) for Practical Lab + one credit Hr for
Tutorials (per group)
3. Latest edition of text books and Software may be used.
******
 INCOME TAX LAW AND PRACTICE){kind=link}