We have great pleasure in presenting edition “Income Tax – II” written for students of UG courses. The related matters are written in a simple and easily understandable.
This volume is an attempt to provide the students with thorough understanding of Income Tax – II. We have presented the subject matter in a systematic manner with liberal use of charts and diagrams where ever necessary so as to make it interesting and sustain students’ interest.
Contents –
Module – 1 Profits and Gains of Business and Profession
Introduction
Meaning and Definition of Business
Profession and Vocation
Expenses Expressly Allowed
Expenses Expressly Disallowed
Allowable Losses
Expressly Disallowed Expenses and Losses
Expenses Allowed on Payment Basis
Problems on Computation of Income from Business
of a Sole Trading Concern
Problems on Computation of Income from Profession
Medical Practitioner Advocate and Chartered Accountants
Review Questions
Practical Problems with Answer
Module – 2 Capital Gains
Introduction
Basis for Charges
Capital Assets
Types of Capital Assets
Transfer of Capital Assets
Computation of Capital Gains
Short term Capital Gain and Long term Capital Gain
Exemptions under Section 54, 54B, 54EC, 54D, 54F, and 54G
Problems covering the above Sections
Review Questions
Practical Problems with Answer
Module – 3 Income from other Sources
Introduction
Incomes Taxable under Head Income other Sources
Securities
Types of Securities
Rules for Grossing up.
Ex-interest Cum-interest Securities
Bond Washing Transactions
Computation of Income from Other Sources
Review Questions
Practical Problems with Answer
Module – 4 Set-Off and Carry Forward of Losses and Deductions from Gross Total Income
Introduction
Provisions of Set-off and Carry Forward of Losses
Problem on Deductions
Review Questions
Practical Problems with Answer
Module – 5 Computation of Total Income and Tax Liability (Assessment of Individuals)
Introduction
Computation of Total Income and Tax Liability of an
Individual Assessee under Old Regime and
New Tax Regime 115 BAC
Review Questions
Module – 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
Meaning of Permanent Account Number
Procedure for Obtaining PAN
Transactions were Quoting of PAN is Compulsory
Income Tax Authorities their Powers and Duties
Review Questions
Skill Development Activities
Selected Questions with a Answer
Examination Question Papers
