Dibrugarh University SYLLABUS B.Com 3rd Semester (CBCS) INCOME TAX LAW AND PRACTICE

B.Com. (Hons.)(CBCS)
Semester - III C
(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
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.  

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.