B.B.M Mangalore University-TAXATION - ELECTIVE

BM 305/306:TAXATION - ELECTIVE
PAPER-I (BT-l) - ADVANCED INCOME TAX
Objective: To enable the student to acquire practical knowledge of taxation Studying in detail Income Tax laws' relating to computation of Total Income and Income Tax Liability of various persons and other related Income Tax Rules.
UNIT I
Depreciation: meaning-some important points regarding depreciation- tangible assets intangible assets-conditions for allowance of depreciation-non-admissibility of depreciation. Meaning of Important Terms for Computation of Depreciation
Allowance -- (i) Block of Assets. (ii) Actual Cost. (iii) Written-down Value. Rates of Depreciation under written down value methods. Additional Depreciation on Plant & Machinery. unabsorbed depreciation and set-coil' and carry-forward of unabsorbed depreciation. Problems on Depreciation- Written-down Value Method only.
Clubbing of Incomes: Total Income and Method of its Computation. Clubbing of Incomes. and Incomes of other persons included in the Assessee's Total Income, Treatment of Loss.
Set-off and carry-forward of Losses: Set-off Losses-Set-off Losses against income liable to tax and not against exempted incomes; Carry-forward and Set-off of Losses; Treatment of Carried Forward Losses of Certain Assessees, Filing of return of loss: Order of Set-off. Problems on Carry Forward & Set- off.
Deductions to made in computing Total Income: Deductions under sections 80e. 80CCe. 80CCD. 80CCE, 800. 8000. 80DDR 80E. 80G (with problems). 80GG. 80GGA. 80GGS. 80GGe. 80AR 80IA. 80lB. 80le. 80LA. 80QQB. 80RRB and U.
12 hrs.
UNIT II
Assessment of Individuals:
A computation of Total Income of individuals: inclusions in the total income of an individual share of income from Hindu Undivided Family. share of income from an Association of Persons. share of income from a Partnership Firm. Procedure for Computing Total Income-problems 12 hrs.
UNIT III
Assessment of Hindu Undivide Families and Firms:
Assessment of Hindu Undivided Families: meaning of Hindu Undivided Families. Hindu Coparcenery. Karta of the family: Two schools of H.UF. according to Hindu Law, Jain and Sikh families; Residence of Hindu Undivided Family. Incomes which are not treated as Family Income. Assessment of Hindu Undivided Families Problems.
Assessment of Firms: Meaning of Partnership, Firm and Partner, who can be a partner; Assessment as a firm; Assessment when section 184 is not complied with; Computation of Firm's Income-Items disallowed, Adjustment of Profit & Loss Account-Book Profit-Computation of Income of a Partner from the firm; Treatment of Firm's Losses; Problems. 12 hrs.
UNIT IV
Assessment of Companies: meaning of a Company, Types of Companies, Principal Ot1icer. Company's Residence. Computation of Total Income; Assessment of Companies-Important points; Computation of Tax on Companies-Rates of tax;
Minimum Alternative Tax {Sec.115JB):Problems: Tax on Distributed Profits of Domestic Companies; Problems on Computation or Total Income and Tax Liability of Companies. Fringe Benefits Tax 12 hrs.
UNIT V
Income Tax Authorities and their Powers
Procedure of Assessment (a) Filing of Returns (b) Assessment Tax planning
12 hrs.
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Total 60 hrs.
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BOOKS FOR STUDY AND REFERENCE:
H.C.Mehrotra - Income Tax Law & Accounts/Business Taxation II
V.K.Singhania - Students Guide to Income Tax
K.Sadashiva Rao-Business Taxation II
Manoharan - Direct Taxes
U.K.Singhania - Direct Taxes