The present book is about the organization, operation and growth of the Financial Act and Taxation system in India. A student of BAF often finds that Taxation and Financial policies can be understood much better, and they can be analysed more realistically if he has a good understanding of the actual functioning of the various parts of the financial system and taxation. The purpose of this book is to provide such an understanding of the working of financial and taxation system.
We are happy to present the book “Direct Taxation” to the students of Accounting and Finance (BAF) of Mumbai University. In this edition, an effort has been made to incorporate the latest examination questions at relevant places in the book.
This book contains a list of the topics covered in each chapter which will avoid the controversies regarding the exact scope of the syllabus. The text follows the term-wise chapter topics pattern prescribed in the syllabus.
The numerous illustrations are arranged in ascending order of difficulty containing full solutions to questions asked in various examinations of Mumbai University and Professional Examinations. ‘Exercises’ contain the theory as well as practical questions.
Contents –
1. Basic Concepts and Definitions
2. Residential Status, Scope of Total Income and Exempt Income
3. Salary U/S 15-17
4. House Property [U/S 22-25]
5. Business and Profession U/S 28-44D
6. Capital Gains [Sections 44-55]
7. Other Sources [U/S 56-59]
8. Deductions U/Chapter VI A and Computation of Gross Total Income
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