We have great pleasure in presenting First edition “Income Tax Law and Practice – I” 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 Law and Practice – I. 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 –
1: Basic Concepts of Income Tax
Introduction, Meaning of Tax, Types of Taxes, Canons of Taxation, Important Definitions, Assessment Year, Previous Year including Exceptions, Assesses, Person, Income, Casual Income, Gross Total Income, Total Income, Agricultural Income, Tax Rates, Exempted Incomes of Individuals under Section 10.
2: Assessment Procedure and Income Tax Authorities
Introduction, Meaning of Assessment, Types of Assessment, Regular Assessment, Self Assessment, Best Judgement Assessment, Summary Assessment, Scrutiny Assessment, Income Escaping Assessment, Permanent Account Number, Meaning of PAN, Procedure for Obtaining PAN, Transactions were Quoting of PAN is Compulsory, Income Tax Authorities, Powers of Income Tax Authorities, Functions of Income Tax Authorities, CBDT, CIT and AO.
3: Residential Status and Incidence of Tax
Introduction, Residential Status of an Individual, Determination of Residential Status of an Individual, Incidence of Tax or Scope of Total Income, Problems on Computation of Gross Total Income of an Individual.
4: Income from Salary
Introduction, Meaning of Salary, Basis of Charge, Definitions, Salary, Allowances, Perquisites and Profits in Lieu of Salary, Provident Fund, Retirement Benefits, Gratuity, Pension, Leave Salary, Deductions U/S 16, Problems on Computation of Taxable Salary.
5: Income from House Property
Introduction, Basis of Charge, Deemed Owners, House Property Incomes Exempt from Tax, Vacancy Allowance, Unrealized Rent, Annual Value, Determination of Annual Value, Deductions U/S 24 from Net Annual Value, Problems on Computation of Income from House Property.
Skill Developments Activities
Selected Questions with Answer
