CONTENT

1. Income Tax–An Introduction, 2. Important Definitions, 3. Assessment on Agricultural Income, 4. Exempted Incomes, 5. Residence and Tax Liability, 6. Income from Salaries, 7. Income from Salaries (Retirement and Retrenchment), 8. Income from House Property, 9. Depreciation, 10. Profits and Gains of Business or Profession, 11. Capital Gains, 12. Income from Other Sources,

Examination Paper

SYLLBUS

Unit-I :Tax System : Meaning of Tax, Features and Objectives. Role of Taxes in Indian Economy. Direct Tax in India—General Introduction of Central, Provincial and Local Direct Taxes.

Unit-II :Characteristics and Main Features of Income Tax. Contribution of Income Tax in Public Revenue. Important Definitions, Previous Year, Assessment Year, Gross Total Income, Total Income, Person, Agricultural Income. Residential Status and Tax Liability. Exempted Income.

Unit-III :Computation of Taxable Income of Salaried Persons. Exempted Items and Computation of Taxable Income in Case of Retirement.

Unit-IV : Computation of Taxable Income from House Property. Calculation of Taxable Income from Business or Profession. Provisions Relating to Calculation of Income on Estimated Basis of Small Traders, Contractors, Transporters and Professionals.

Unit-V :Capital Gains—Calculation of Taxable Capital Gain/Loss on Short Term & Long Term Capital Assets. Exemption for Capital Gains. Computation of Income from other Sources.