Income Tax & GST

About the Income Tax & GST Book:

• Largest Selling Book since 1964 and over the last 59 years of its existence, the book has established a reputation for itself as the most definitive work on the subject of income tax.
• Even the last minute changes in the law have been incorporated in this revised edition of the book and as such it is the latest and most update book on Income Tax for the Assessment Year 2023-24. Further, the amendments made by the Finance Act, 2022 and the Finance Act, 2023, applicable for the Assessment Year 2023-24, have been incorporated in the book.
  Unique Feature of the GST
• Amendments by the CGST Amendment Act, 2023 and the IGST Amendment Act, 2023 and also several other amendments effective from 01.10.2023 have been incorporated in GST.
• The present edition of the book has several unparalleled features which make it distinct from other available text books on Income Tax and GST.
• A simplified, systematic approach to the understanding of a complex subject written in a unique, simple and easy to understand language.
• Each topic, after a theoretical exposition, is followed by illustrations to facilitate the students to master the practical application of Income Tax Law and GST.
• User-friendly examination-oriented style facilitating easy comprehension of each topic.
• Solved Illustrations and Questions for exercise are largest in number in comparison to other books on income tax and GST.
• Unsurpassed for over 59 years. The book is trusted and relied upon for accuracy and reliability. Mistakeless printing on paper of superior quality at moderate price.
• At the end of each chapter, Short Answer, Objective Type and Short Numerical Questions have been added with answers.

Income Tax & GST Syllabus For B.Com. Semester VI of Calicut University

Module I

Income Tax Contd: Deemed Incomes and Clubbing of income–Set-off and carry forward of losses– Deductions to be made in computing total income–Computation of total income of individuals–Computation of Tax liability of individuals–Rebate and relief of tax.

Module II

Income tax authorities–Powers and functions–Provisions of advance payment of tax–Tax payment–Deduction and payment of tax at source–Recovery of tax. Procedure of assessment of income tax–Filing of returns of income–Voluntary return of income–Statutory obligations in filing of returns–Return of loss–Belated returns–Revised returns–Defective returns–PAN–Different types of assessment–Self-assessment–Assessment on the basis of return–Best judgment assessment–Regular assessment–Reassessment–Protective assessment.

Module III

Goods and Services Tax: Brief history behind the emergence of GST–The scope of GST–Definitions and meaning–Central Goods and Services Tax Act–Integrated Goods and Services Tax Act–State Goods and Services Tax Act–Levy and Collection of Central/State Goods and Services Tax–Taxable person–Power to grant exemption from tax–Time and value of supply of goods–Time of supply of services.

Module IV

Registration—Amendment of registration–Cancellation of registration–Revocation of cancellation of registration–tax invoice, credit and debit notes–Returns–First Return–Annual return–Final return–Tax Return Prepares–Levy of late fee–Notice to return defaulters.

Module V

Payment of tax, interest, penalty, and other amounts–Interest on delayed payment of tax–Tax deduction at source–transfer of input tax credit–refund of tax–accounts and records–demands and recovery I–Inspection, search, seizure, and arrest–offenses and penalties–Audit by tax authorities–Special audit–Power of CAG to call for information.

(The syllabus of GST will be revised after the rules and regulations relating to GST Act are framed)

Income Tax & GST Book Contents

1. Clubbing of Incomes and Aggregation of Incomes Or Deemed Incomes 
2. Set-off and Carry Forward of Losses
3. Deductions to be made from Gross total Income while computing Total Income
4. Computation of Total Income of Individuals
5. Computation of Tax Liability of Individuals
6. Rebate and Relief of Tax
7. Income Tax Authorities 
8. Preparation and Filing of Return of Income
9. Assessment Procedure 
10. Deduction and Collection of Tax at Source
11. Advance Payment of Tax
12. Recovery and Refund of Tax

Goods and Services Tax (GST)

1. Goods and Services Tax (G.S.T)
2. Key Definitions
3. Taxation Mechanism Under GST
4. Leavy and Collection of Tax (Including Exemptions and Exempt Supplies)
5. Supply (Meaning, Time, Valuation)
6. Registration
7. Tax Invoice, Credit and Debit Notes, E-Way Bill
8. Returns
9. Payment and Refund of Tax (With TDS)
10. Input Tax Credit (ITC)
11. Accounts, Audit and Records
12. Demand and Recovery of Tax
13. Administration, Inspection, Search and Seizure Offences and Penalties

Examination Question Paper March 2023