Income Tax Law and Practice – II (Sem 6, BCom BU)

I am happy to present the first edition of my book INCOME TAX LAW AND PRACTICE – II to my fellow faculty members, and the student community.

The salient features of this book are:

• The outline of this text book is prepared by a faculty who has been an authority in subjects like Financial Accounting, Cost Accounting, Management Accounting, Financial Management and Taxation.
• It is written in a simple language and at a level understandable by the student community.
• It covers all the topics of the syllabus prescribed by the Bangalore University.
• It contains many illustrations and exercises for the problems part of the syllabus.
• It is the fruit of about three decades of teaching experience and the academic excellence obtained from therein.
• Teaching methods which make topics simple and understandable by everyone have
  been liberally used in writing this book.

Contents –

Chapter 1 Profits and Gains of Business and Profession
Meaning and Definition of Business
Expenses Expressly Allowed
Certain Allowable Losses
Expenses Expressly Disallowed
Computation of Profits and Gains of Business or Profession

Chapter 2 Capital Gains
Capital Asset
Transfer of capital asset
Computation of capital gain
Capital gains exempt from tax
Treatment of certain important items

Chapter 3 Income from other Sources
Chargeable Income
Securities
Special Points

Chapter 4 Set-off and Carry Forward of Losses
Set-Off of Losses
Carry Forward of Losses

Chapter 5 Assessment of Individuals
Meaning of Individuals
Income [Sec. 2(24)]
Gross Total Income
Total Income [Sec. 2(45)]

Chapter 6 Assessment Procedure and Income Tax Authorities
Introduction
Due date of filing returns
Filing of returns by different assesses
E- filing of returns
Types of Assessment
Permanent Account Number
Procedure for obtaining PAN
transactions were quoting of PAN is compulsory
Income Tax Authorities their Powers and duties.