Income Tax (Sem 3, AP Univ)

We have great pleasure in presenting First edition “Income Tax” 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. 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 –

Unit – 1 Introduction
Income Tax Act-1961, Basic Concepts: Income, Person, Assesses, Assessment Year, Previous Year, Rates of Tax, Agricultural Income, Residential Status of Individual, Incidence of Tax Incomes Exempt from Tax (including problems).
Unit – 2 Income from Salaries
Basis of Charge, Tax Treatment of Different Types of Salaries Allowances, Perquisites, Profits in Lieu of Salary, Deductions from Salary Income, Computation of Salary Income (including problems).
Unit – 3 Income from House Property and Profits and Gains from Business
Annual Value, Let-out/Self Occupied/Deemed to be Let-out house, Deductions from Annual Value, Computation of Income from House Property Definition of Business and Profession Procedure for Computation of Income from Business Revenue and Capital Nature of Incomes and Expenses Allowable Expenses Expenses Expressly Disallowed Computation (including problems).
Unit – 4 Income from Capital Gains – Income from Other Sources
Meaning of Capital Asset Types Procedure for Computation of Long-term and Short-term Capital Gains/Losses, Meaning of Other Sources, General Incomes Specific Incomes Computation (including problems).
Unit – 5 Computation of Total Income of an Individual
Deductions under Section 80, Computation of Total Income (Simple problems).