Class : 5BBMC

Course Name : INCOME TAX - LAW AND

PRACTICE
Course Code : BBM532
Syllabus
Total Teaching Hours For Semester : 75 No of Lecture Hours/Week : 5
Max Marks : 100 Credits : 5
Course Objective
Course Description: To familiarize students with Income tax law and computation of taxable income under various
heads, and also tax liabilities and other legal obligations as per the Income Tax Act of 1961
Learning Outcome
Learning Outcome :To enable the students to have proper knowledge about Income Tax in India and the procedure
of computation of taxable income, net wealth and tax liability. Level of Knowledge : Basic Finance
UNIT 1 Teaching Hours:5
Introduction To Taxation-Direct And Indirect Tax, Income Tax Act 1961, Income Tax Rules 1962, Finance Act,
Scheme of IT An Over-View Basic Concepts- Assessee, Person, Assessment Year, Previous Year, Agricultural
Income, Income, GTI, Total Income, Average Rate Of Tax Capital And Revenue. Introduction to direct tax code
UNIT 2 Teaching Hours:8
Residential Status And Incidence Of Tax, Determination of residential status, Kinds of income, incidence of tax, Tax
free income
UNIT 3 Teaching Hours:14
Income from Salary
Chargeability, Treatment Various Allowances, Perquisites, and their Valuation, Treatment of Provident Fund, profit
the Lieu of salary, Deductions From Gross Salary, Retirement Benefits Computation of taxable salary (Practical
Problems).
UNIT 4 Teaching Hours:10
Income from house property
Chargeability, annual value and its determination, deemed ownership deductions from annual value, Computation of
taxable income under the head house property (practical problems)
UNIT 5 Teaching Hours:8
Profits and Gains of Business and Profession
: Meaning Of Business and Profession, Incomes ChargeableComputation Of Taxable Income, Deemed Profit And
IncomesTreatment Of Depreciation.
UNIT 6 Teaching Hours:7
Capital Gains
Meaning of important terms, Short term and Long term capital gain, cost of acquisition of capital assets, Computation
of capital gains, exemptions from LTGC
UNIT 7 Teaching Hours:5
Income from Other Sources
Incomes taxable, deductions allowed, Grossing up of income, computation of taxable income Clubbing of income &
set off and carry forward
UNIT 8 Teaching Hours:9
Deductions from gross total income Section 80C to 80U
Assessment of individuals: Computation of total income and tax liability.
UNIT 9
Teaching Hours:4
Assessment procedure
Types of Assessments income tax authorities and their powers, Collection and Recovery of Tax.
Essential Text Books
Essential Reading: 1. Gaur, V.P.& Narang, B.K. (nd). Income Tax Law and practice. (Latest edition). New Delhi
:Kalyani Publishers Recommended Reading: 2. Mehrothra, H.C., & Goyal, S.P. (nd). Income Tax Law and
practice, (Latest edition). Sahitya Bhavan Publishers. 3. Prasad, B. (nd). Income Tax Law and practice (Latest
edition). New Age Publications.