Income Tax Law & Accounts Assessment Year 2022-23

About the 63rd Edition of Income Tax Law & Accounts Assessment Year 2022-23 Book

• Largest Selling Book since 1964 and over the last 58 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 2022-23. Further, the amendments made by the Finance Act, 2022, applicable for the Assessment Year 2022-23, have been incorporated in the book.
• The present edition of the book has several unparalleled features which make it distinct from other available text books on Income Tax.
• 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.
• 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.
• Unsurpassed for over 58 years. The book is trusted and relied upon for accuracy and reliability. Mistakeless printing on paper of superior quality at moderate price.
• Questions from latest Examination Papers of various universities have been included in the revised edition of the book.
• At the end of each chapter, Short Answer, Objective Type and Short Numerical Questions have been added with answers.

Income Tax Law & Accounts Syllabus For B.Com. Vth Semester of Mahatma Gandhi University, Kottayam 

Optional Core-III : INCOME TAX- I

• Objective :To familiarise the students with Income Tax Act 1961 and to enable the students to compute Income taxable under the first three heads of Income.
• Introduction : Brief History of Income Tax in India – Basic Concepts – Finance Act – Definition of Income – Gross Total Income – Total Income-Assessee- Assessment Year Average Rate of Tax – Maximum Marginal Rate- Previous Year – Accelerated Assessment -Person – Finance Act- Rates of Income Tax-Capital and Revenue
• Residential Status : Incidence of Tax- Income Exempt from Tax- Heads of Income.
• Income from Salary : Chargeability- Definition – Perquisites- Profit in lieu of Salary -Deductions from Salary- Provident Funds and Treatment – Computation of Income from Salary
• Income from House Property : Basis of Charge – Deemed Ownership- Income from House Property Exempt from Tax- Annual Value and its Determination in Various Cases- Deductions Permissible- Unrealised Rent and Recovery of Unrealized Rent and Arrears of Rent- Computation of Income from House Property
• Profit and Gains of Business or Profession : Chargeability – Deductions Expressly Allowed- General Deductions – Depreciation – Expenses/Payments Not Deductible – Expenses Allowed on Actual Payment Basis Only- Deemed Profits U/S 41 – Computation of Profits and Gains of Business or Profession (

Income Tax Law & Accounts Assessment Year 2022-23 Book Contents

1. Income Tax: Introduction and Important Definitions
2. Agricultural Income
3. Residence and Tax Liability (Basis of Charge)
4. Exemptions from Tax (Non-taxable Income)
5. Income from Salaries
6. Income from Salaries (Retirement)
7. Income from House Property
8. Profits and Gains of Business or Profession
9. Determination of Income of Certain Business or Profession on a Presumptive Basis
10. Depreciation and Investment Allowance
11. Capital and Revenue