Course No. 601 DIRECT TAX –II(DTAX XXI) - NEW COURSE
Marks: 80 Hours:40
Objective:
The objective of this course is to acquaint the student about income tax and
its computation.
Course
Contents:
Unit
I: Computation of Income under the head Profits and Gains of Business- Meaning
of Business, Profession and Profits, Chargeability, Computation of income from
business. Admissible deduction, inadmissible deduction u/s 40, Payment not deductible
under certain circumstances u/s 40A, Treatment of depreciation under Income tax
Act. (Numericals) 20 :
10 hrs
Unit
II: Computation of Income from Capital Gains- Chargeability, Capital Assets,
Long term and short Term Capital Assets, Meaning of transfer. Transactions not
regarded as transfer. Mode of computation of capital assets. Ascertainment of
cost in certain circumstances section 49, cost of improvement and cost of
acquisition. Income from other sources- income chargeable under this head,
allowable and not allowable deductions, deemed income chargeable to tax.
(Numericals) 20 : 10 hrs
Unit
III: Carry over and set off of losses, unabsorbed depreciation. (Numericals) 20 : 10hrs
Unit
IV: Tax Planning-concept; Tax Planning for salaried assessees, corporate
assessees. (Numericals)
20 : 10 hrs.
Text
and Reference Books :
1.Singhania
V.K.: Direct Tax: Law and Practice, Taxman, New Delhi
2.Singhania
V.K.: Students Guide to Income Tax, Taxman, New Delhi
3.Ahuja
G. & Gupta R.: Systematic Approach to Income Tax; Sahitya Bhawan
Publication, New Delhi.
OLD COURSE SYLLABUS
Total Marks: 100 (End Sem 80 + IA 20)
Unit-1: Computation of Income under the head Profits and
Gains of Business and Profession – Meaning of Business, Profession and Profits,
Chargeability, Computation of Income from business, Admissible deduction,
Inadmissible deduction u/s 40, Payment not deductible under certain
circumstances u/s 40A, treatment of depreciation under income tax Act. (Marks: 16, 9 Hours)
Unit-2: Computation of Income From Capital Gains –
Chargeability, Capital Assets, Long term and Short term Capital Assets, Meaning
of transfer. Transactions not regarded as transfer. Mode of Computation of
Capital Assets, Ascertainment of cost in certain circumstances Section 49, Cost
of Improvement and cost of acquisition. Income from other sources – Income chargeable
under this head, allowable and not allowable deductions, deemed income
chargeable to tax. (Marks: 16, 9 Hours)
Unit-3: Carry over and set off of Losses, Unabsorbed
depreciation. (Marks: 16, 9 Hours)
Unit-4: Wealth Tax Act: Wealth tax, Exempted wealth,
Deemed wealth, Computation of Net Wealth.
(Marks: 16, 9 Hours)
Unit-5: Tax Planning – concept, Tax
Planning for Salaried Assessee, Corporate Assessee.