Income Tax

Income Tax

Total Lecture Hours: 45

Objective

After completion of the course, a learner can have following takeaways: 

  • Knowledge of Residential Status of different Persons
  • Knowledge of various Heads of income tax.
  • Idea on Set off and Carry forward of Losses
  • Knowledge of Clubbing of Income
  • Knowledge of Computation of Income of an Individual
  • Knowledge of Computation of Income of HUF

COURSE LAYOUT

Module 1 :

Preliminary 

  • Basics of Charge of Income Tax
  • Various Definitions
  • Tax Treatment of Agricultural Income & Keyman Insurance Policy
  • 5 Hours

Module 2: 5 Hours

Residential Status

  • Residential Status of Individual
  • Residential Status of HUF
  • Residential Status of Companies and AOPs

Module 3: 5 Hours

Income which does not form part of Total Income

  • Tax Treatment of Political Parties and Electoral Trust
  • Bond Washing Transactions, HUF and its income
  • Income Tax Authorities and Due Date of Filing Return of Income
  • Double Taxation Avoidance Agreements
  • Chapter VI A Deductions

Module 4: 20 Hours

Five Heads of Income

  • Income under the head Salaries
  • Income under the head House Property
  • Profits and Gains from Business or Profession
  • Capital Gains
  • Income from Other Sources

Module 5: 5 Hours

Clubbing of Income and Set off and Carry forward of Losses

Module 6: 5 Hours

Computation of Income of Individual and HUF

SUGGESTED READINGS

  • Student's Handbook on Taxation by TN Manoharan & G R Hari, SnowWhite Publications
  • Income Tax (for B.Com Students) by Dr. H.C. Mehrotra, & Dr. S.P Goyal, Sahithya Bhavan Publications