Income Tax Law & Practice
Subject Overview
Income Tax Law & Practice is the practical, computation-heavy paper on how individuals and entities are actually taxed in India. You'll cover the basic concepts (previous year, assessment year, residential status), computation of income under all five heads — salaries, house property, business or profession, capital gains, and other sources — and then set-off/carry-forward of losses and taxation of different assessee types (individuals, HUF, firms). The final unit covers company taxation, TDS/TCS, advance tax, and the procedures for filing returns and appeals. This is a 6-credit core paper across 4 units, and its concepts are used again in Goods and Services Tax in Semester 5.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Concept & mechanism of income tax
Definitions, concept of income, previous year and assessment year, distinction between capital and revenue, residential status, basis of charge and scope of total income, incomes not forming part of total income
Unit 2: Computation of income under all heads
Income from salaries, income from house property, profits and gains of business or profession, capital gains, income from other sources, clubbing and aggregation of income
Unit 3: Losses, deductions & taxation of assessees
Set-off and carry-forward of losses, deductions from total income, taxation of individuals, Hindu Undivided Family, firms and association of persons
Unit 4: Company taxation & procedural compliance
Tax and special provisions for companies, collection and recovery of tax, TDS and TCS, advance tax, assessment procedure, appeals, revisions, settlement of cases, penalties, e-filing