Course Objectives:

The objective of the course is to educate students about the provisions and procedures laid down by the Income Tax Act
in determining the tax liability of individual considering the various heads of incomes. Understanding the provisions and
procedures under GST in determining the indirect taxes liability of business organizations.
 To help students understand the basic concepts of income tax such as residential status, tax incidence,
classification of income under various heads of income, etc.
 To enable students understand the income tax provisions involved in determination of taxable income under
various heads of income after factoring the provisions under each head.
 To understand the Tax Planning Process.
 To help students understand the determination of tax liability of individuals and partnership firms.
 To make students understand the provisions of GST.
 To help students in application of theoretical concepts to practical situations involving real life cases.

Learning Outcomes:
CO1: Students will remember the basic concepts pertaining to Income Tax Act.
CO2: Students will understand the applicability of the concepts of Indian Income Tax Act.
CO3: Students will apply the concepts learnt; factor the provisions of the Indian Income Tax Act.
CO4: Students will analyze the incomes and expenditures incurred and segregate the same as taxable or non-taxable
according to the provisions of the Indian Income Tax Act.
CO5: Students will be able to apply the tax provisions learnt to determine the tax liability of an assesse and also
demonstrate the ability to draw a meaningful conclusion about tax compliance.

Module 1: Basic concepts 6.00 Hrs

Assessment year, previous year, person, assesse, Income, charges on income, gross total income, capital and revenue
receipts, residential status, receipt and accrual of income, connotation of income deemed to accrue or arise in India,
incidence of tax, Tax Planning, Tax Evasion, Tax Management.

Module 2: Heads of income 9.00 Hrs

Explanation under various heads of income, Income from Salary and Income from House property,

Module 3: Profits or Gains from Business or Profession 9.00 Hrs

Income under the head profit and gains of business or professions and its computation- basis- method of accounting-
scheme of business deductions/ allowance- deemed profits- maintenance of books, Depreciation (Both Theory and
Problems) special provisions relating to 44AD, 44AE and 44AF.Problems on computation of income from business/
profession

Module 4: Capital Gains 4.50 Hrs

Income under capital gain, basis of charge, transfer of capital asset, inclusion and exclusion from capital asset, capital
gain, computation, theory and problems, slump sale, Exemptions, capital gain in special cases, Securities Transaction
Tax(88E)

Module 5: Income from Other Sources 3.00 Hrs

Income from other sources (theory), clubbing provisions, implications of unexplained debits and credits

Module 6: Deductions 4.50 Hrs

Setoff and carry forward of losses- permissible deductions –under Ch. VI-A 80C, 80CCC, 80D, 80DD, 80DDB, 80E, 80U,
Sec 10A, 10B, 10BA.

Module 7: Tax Planning 3.00 Hrs

Differentiation between Tax Avoidance and Tax Planning. Tax Planning Process and provisions pertaining to Tax
Planning.

Module 8: Goods and Services Tax (GST) 9.00 Hrs

GST – Overview, Supply and Levy, Time and Value of Supply, Place of Supply, Input Tax Credit, Registration, Documents
and Vouchers, Filing of Returns.

Reference Books -
1. Student’s Handbook on TAXATION – T. N. Manoharan and G. R. Hari – Snow white Publications, latest edition.
2. Student’s Guide to Income Tax – Vinod K. Singhania and Monica Singhania - Taxman Publications, latest edition
3. Student’s Guide to Direct Tax – Mehrotra – Sahitya Bhavan Publications.