MI4705 Income Tax Syllabus:
MI4705 Income Tax Syllabus – Anna University PG Syllabus Regulation 2021
COURSE OBJECTIVE:
To prepare students for a professional qualification in taxation
UNIT I CONCEPTS AND DEFINITION
Basic concepts – Income Tax Act, 1961 – definition – previous year – assessment year – person – assessee, income, total income – casual income, capital and revenue – residential status and incidence of tax, incomes exempt under section 10 – Heads of Income.
UNIT II INCOME FROM SALARY AND HOUSE PROPERTY
Salary Income – basis of charge – different forms of salary, allowances, perquisites and their valuation – deduction from salary – computation of taxable salary. House Property – basis of charge – determination of annual value – GAV, NAV – Income from let – out – property – self occupied property – deductions – computation of taxable income.
UNIT III INCOME FROM BUSINESS/ PROFESSION
Profits and gains from business and profession – basis of charge – methods of accounting – deductions – dis allowances, computation of taxable income.
UNIT IV INCOME FROM CAPITAL GAINS
Capital gains – basis of charge – short term and long term capital gains – indexed cost of acquisition and improvement – exemptions – chargeability of short and long term capital gains – deduction under section 80C – introduction to direct taxes code.
UNIT V COMPUTATION OF TOTAL INCOME FOR INDIVIDUALS AND COMPANIES AND FILING RETURNS
Clubbing of income – set off – carry forward of losses – deductions from gross total income – preparation of return of income for individuals and companies – PAN – Signing and Filing of Returns – Online Filings – Tax Planning – Relevant case problems. Income tax administration penalties-when an assesse becomes liable for penalty and prosecution-Appeals-Appellate authorities-revisionary powers of commission- appeals to high court and supreme court –income tax authorities
TOTAL : 45 PERIODS
COURSE OUTCOME:
To create ethical tax experts and consultants
REFERENCES:
1. Gaur & Narang, “Income Tax Law & Practice’, DP Kalyani Publishers, Latest Edition, New Delhi.
2. Dr. H. C. Mehorotra, ‘Income Tax Law& Practice’, Prentice hall Pvt Ltd, New Delhi.
3. Dingar Pagare, ‘Tax Laws’, S. Chand & Sons Publisher, NewDelhi.
4. Bhagavati Prasad, ‘ Income Tax’, Wishwa Prakashan, NewDelhi.