Syllabus (COMMERCE)

Course Type: SEC-1

Semester: 1

Course Code: BBCOMSEC01C

Course Title: Income Tax Procedure and Practice

(L-P-Tu): 2-1-0

Credit: 3

Practical/Theory: Combined

Course Objective: This paper intends to provide learners about Income tax rules and regulations as per Income Tax Act 1962. Learners also get practical knowledge to calculate tax liability and submission of income tax returns

Learning Outcome: After studying the paper students will able 1. To know about basics of Income Tax laws 2. To calculate tax liability individual 3. To know various types of tax returns and forms 4. To submit tax returns electronically

Unit 1: Introduction (Lectures: 15)

Basic concepts and Definitions: Income, Person, Assessee, Deemed Assessee, Previous Year, Assessment Year, Sources of Income, Heads of Income, Gross Total Income, Total Income, Difference between Exemption and Deduction, Rates of Income Tax- Normal Rate and Flat Rate, Surcharge, Education Cess, Concept of Tax Planning.

Residential Status: General Discussion regarding all types of persons and in detail including numerical problems relating to individuals. Incomes Exempt under Section 10

Unit -2: Computation of Total Income and Tax Liability (Lectures: 15)

Income of other persons included in case of individual’s total income; Deductions from gross total income (Sec.80C, 80D, 80DD, 80G, 80GG, 80TTA, 80U); Computation of total income of an individual taking incomes under different heads, Computation of income tax payable by an individual.

Unit -3. Income Tax Procedure: Part-I (Lectures: 15)

Assessment Procedure, Returns, Assessments, Advance Payment of Tax, Filling of Returns in the cases of individual and corporate assessees. PAN – concept and application procedure for obtaining PAN by an individual and a company. TAN- concept, how to apply for TAN, its issuing authority, the difference between TAN and TIN. Different forms for filing returns, Types of returns, and Schemes of furnishing electronic returns (e-filling).

Unit-4. Income Tax Procedure: Part-I (Lectures: 15)

Type of deductors and Payment of TDS/TCS, Download, Preparation and Validation: eTDS:24Q, 26Q,27Q, 27D, 27EQ and 24G. Download & Preparation-Form-16, Form-16A, Form-16B, Form 16C, Form 26 AS.

Reading References:

Ahuja, Grish & Gupta, Ravi, Corporate Tax Planning and Management, Bharat Law House, Delhi.

Ahuja, Girish and Gupta, Ravi, Systematic Approach to Income Tax, Bharat Law House, Delhi.

Datey, V.S., Indirect Tax Law and Practice, Taxmann Publications.

Gupta, S.S., Service Tax -How to meet your obligation, Taxmann Publications.

Hariharan, Income Tax: Law & Practice, Mc-Graw Hill Education.

Lal, Jawahar, Income Tax, Pearson Education.

Pagare, Dinakar, Law and Practice of Income Tax, Sultan Chand & Sons.

Pathak, A., Business Taxation, Mc-Graw Hill Education.

Pathak, Akhileshwar & Godiawala, Savan, Business Taxation, McGraw Hill Education.

Singhania, V.K. & Singhania, M., Corporate Tax Planning and Business Tax Procedures, Taxmann Publications.

Singhania, V.K. & Singhania, K., Direct Taxes: Law and Practice, Taxamnn Publications.

Software

Singhania, V.K., e-filing of Income Tax Returns and Computation of Tax, Taxmann Publications, Latest version.