BM-253: INCOME TAX
Objective: To acquaint the students of Business Management with the Income Tax Law of India.
UNIT I
Introduction and definitions: Agricultural Income-assesse-person-income-assessment year-previous year: residential status. scope of Total Income (incidence of Tax)
12hrs.
UNIT II
Incomes exempt under Section 10 as applicable to salaried assesses (such as gratuity. commuted pension. leave encashment. leave travel concession. compensation received under VRS. foreign allowance and perquisites. house rent allowance. special allowances. retrenchment compensation.
Deductions under Section 80 as applicable to individual assesses (80c, 80CCD. 80D. 80DD. 80DDB. 80E. 80G. 80GG. 80GGc. 80U)
12 hrs.
UNIT III
Heads of Income: Income from salaries-allowances-perquisites-deductions-provident funds. problems on computation of taxable salary and deduction under Section 80c.
Income from house property - annual value - let out and self-occupied- unrealized rent-deductions from annual value-problems on computation of Income from House property.
12 hrs.
UNIT IV
Profits and gains from business and profession-permissible deductions under section 30 to 37 - payments not deductible. deemed income. problems on computation of business income. computation of professional income. computation of total Income.
12 hrs.
UNIT V
Capital gains-meaning and definition -transfer-capital asset-short term and long term cost of acquisition-exemptible capital gains. problems on computation of capital gains:
Income from other sources-interest on securities-grossing up of interest. Deductions under Section 57-exemption under Section 10( 15)-problems on computation of income from other sources. 12 hrs.
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Total 60 hrs.
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Books for study & reference
1. Business Taxation: H.C.Mehrotra
2. Business Taxation: K.Sadashiva Rao
3. Income Tax: B.B.Lal.
Student's Guide:
4. Income Tax Dr. Vinod Singhania
5. Income-Tax T.N.Manoharan
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