Sem - IV (Second Year)

COURSE OUTCOMES:

CO1. Understanding the fundamental concepts of income tax law and accounts.

               CO2. Describing the various components and principles of income tax law and accounting procedures.

              CO3. Evaluating the implications of income tax regulations on financial transactions and reporting.

               CO4. Applying income tax laws and accounting principles to real-world scenarios and calculations.

CO5. Apply tax planning techniques to minimize tax liabilities legally.

CO6. Calculate taxable income for individuals, partnerships, and corporations.

COURSE CONTENT:

UNIT-I                                                                                                              [SESSION 20]

Taxation Policy of Raja Todarmal. Introduction, Important Definitions: Assessee, Person, Income, Total Income, Assessment Year & Previous Year. Agricultural Income & its assessment. Residence & Tax Liability (Basis of Charge). Capital & Revenue and Exempted Incomes.

UNIT-II                                                                                                             [SESSION 20]

Income from Salaries, Income from House Property. Profits            and Gains of Business and Profession, Depreciation.

UNIT-III                                                                                                           [SESSION-20]

Capital gains, Income from Other Sources, Deductions from           Gross   Total    Income, Computation of Tax Liability of an Individual.

UNIT-IV                                                                                                            [SESSION-15]

Set off and carry forward of losses and Clubbing of Income, Procedure of Assessment and Income Tax Authorities, Advance Payment of Tax and Deduction of Tax at Source.