Income Tax Law & Accounts

About the Income Tax Law & Accounts Assessment Year 2023-24 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.
• 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 59 years. The book is trusted and relied upon for accuracy and reliability. Mistakeless printing on paper of superior quality at moderate price.
• 650 Objective Questions with answers are included in 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. Semester VI of Lucknow University

Unit I: Basic Concepts: Income, agricultural income, casual income, assessment year, previous year, gross total income, total income, Person. Tax evasion, avoidance, and tax planning. Basic of Charge; Scope of total income, residence and tax liability, income which does not form part of total income, deduction from Gross total income.

Unit II: Head of the Income: Salaries; Income from house property; Profit and gains of business and profession. Capital gains; Income from other sources.

Unit III: Deemed income: Aggregation of Income, Set-off and carry forward of losses; Tax Authorities; Assessment procedures.

Unit IV: Computation of total income of an individual, H.U.F.

Income Tax Law & Accounts 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 Gains
12. Income from Other Sources
13. Clubbing of Incomes and  Aggregation of Incomes or Deemed Incomes
14. Set-off and Carry Forward of Losses
15. Deductions to be Made from Gross Total Income while Computing Total Income
16. Computation of Total Income of Individuals
17. Computation of Tax Liability of Individuals
18. Rebate and Relief of Tax
19. Income Tax Authorities
20. Preparation and Filing of Return of Income
21. Assessment Procedure
22. Assessment of Hindu Undivided Families
23. Tax Evasion, Avoidance, and Tax Planning

• Objective Questions