V Semester B. COM- Income Tax Law and Accounts -BCM B09
Aim of the Course
➤ To impart basic knowledge and equip students with application of principles and provisions Income tax Act, 1961 amended up to date.
Objectives of the Course
• To provide knowledge about income tax laws in force for the relevant previous year
• To give an insight into procedural aspects for assessment of tax liability for various assesses as per IT Act, 1961 and IT Rules, 1962
• To provide working knowledge on the computation of different heads of income
Semester Period - 05/06/2024-31/10/2024
Total No.of hours - 85
No.of Credit - 4
Course Evaluation - Internal-20 , External -80
Modules engaged by faculty - 1,2
Syllabus
Module I
Basic Concepts: Income- Agricultural Income- Person- Assessee - Assessment year- Previous Year- Gross total Income- Total Income- Maximum marginal rate of tax- Residential Status - Scope of total income on the basis of residential status- Exempted incomes
Module II
Computation of Income under Different Heads: Salaries- Allowances- Perquisites - Profit in lieu of salary- Gratuity - Pension
Module III
Income from house property : Annual value of house property - Computation under different circumstances - Deduction from annual value
Module IV
Profits and Gains of Business or Profession: Definition - Computation - Allowable Expenses & non allowable expenses- General deductions - Provisions relating to depreciation
Module V
Capital Gains: Definition of Capital Assets - Longterm and short term- Transfers- Cost of Acquisition - Cost of improvement - Exempted capital gains- Income from other sources : Definition - Computation
- Teacher: Rinsha A M