Income Tax Law & Practice Assessment Year 2023-24

About Income Tax Law & Practice 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 updated 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 that make it distinct from other available textbooks 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 the 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 a moderate price.
• At the end of each chapter, Short Answer, Objective Type and Short Numerical Questions have been added with answers.

Income Tax Law & Practice Assessment Year 2023-24 Book Syllabus 

Core Course- C6: Income Tax Law and Practice B.Com (Hons.) Semester III Ranchi University, Ranchi & Nilamber Pitamber University, Medininagar

Unit 1: Basic concept: Income, agricultural income, person, assessee, assessment year, previous year, gross total income, total income, a maximum marginal rate of tax. Permanent Account Number (PAN), Residential status: Scope of total income on the basis of residential status, Exempted income under section 10.

Unit 2: Computation of income under different heads-Salaries, Income from House Property.

Unit 3: Computation of income under different heads-Profits and gains of business or profession; Capital gains, Income from other sources.

Unit 4: Total income and Tax computation – Income of other persons included in assessee’s total income. Aggregation of income and set-off and carry forward of losses, Deduction from gross total income, Rebates, and reliefs.

Unit 5: Computation of total income of individuals; Tax liability of an individual.

Paper 3.2: Income Tax Law and Practice B.Com (Hons.) Semester III St. Xavier’s College, Ranchi

Unit I: Basic concept: Income, agricultural income, person, assessee, assessment year, previous year, gross total income, total income, Permanent Account Number (PAN). Residential status; Scope of total income on the basis of residential status.

Unit II: Exempted income under section 10. Computation of income under different heads-Salaries.

Unit III: income from house property. Computation of income under different heads – Profits and gains of business or profession; Capital gains.

Unit IV: Income from other sources. Total income and tax computation-Aggregation of income and set-off and carry forward of losses; Deduction from gross total income; Rebates and reliefs; Computation of total income of individuals; Tax liability of an individual.

Unit V: Preparation of return of income—Manually; On-line filing of Returns of Income & TDS; Provision & Procedures of Compulsory On-Line filing of returns for specified assesses, Procedure of Assessment and types of assessment.

Paper code-BCH 3.2: Income Tax Law and Practice B.Com (Hons.) Semester III Kolhan University

Unit I: Basic concept: Income, agricultural income, person, assessee, assessment year, previous year, gross total income, a maximum marginal rate of tax. Permanent Account Number (PAN), Residential status, the scope of total income on the basis of residential status, Exempted income under section 10.

Unit II: Computation of income under different heads- salaries, Income from house property, Profits and Gains of business or profession; Capital gains, Income from other sources.

Unit III: Total Income and Tax Computation-Income of other persons included in assessee’s total income. Aggregation of income and set-off and carry forward of losses, Deduction from gross total income, Rebates and reliefs, Computation of total income of individuals and firms, the Tax liability of an individual.

Unit IV: Preparation of return of income-Manually, Online filling of return of income and TDS, Provision and Procedure of Compulsory On-Line filing of returns for specified assesses.

Paper-332: Income Tax Law and Practice B.Com (Hons.) Semester III Jamshedpur Women’s College

Unit 1: Introduction—Basic Concept: Income, agricultural income, person, assessee, assessment year, previous year, gross total income, total income, a maximum marginal rate of tax; Permanent Account Number (PAN). Residential status: Scope of total income on the basis of residential status, Exempted income under section 10.

Unit 2: Computation of income under different heads-1-Income from Salaries, Income from house property.

Unit 3: Computation of income under different heads-2-Profits and gains of business or profession; Capital gains, Income from other sources.

Unit 4: Computation of Total Income and Tax Liability-Income of other persons included in assessee’s total income; Aggregation of income and set-off and carry forward of losses; Deduction from gross total income; Rebates and reliefs; Computation of total income of individuals and firms; Tax liability of an individuals and a firm; GST-Format & Computing Process.

Unit 5: Preparation of Return of Income-Filing of returns: Manually, On-Line filing of Returns of Income and TDS, Provision and Procedure of Compulsory On-Line filing of returns for specified assesses.

Paper code-332: Income Tax Law and Practice B.Com (Hons.) Semester III Sido Kanhu Murmu University Dumka (SKMU)

Unit I: Basic Concept: Income, agricultural income, person, assessee, assessment year, previous year, gross total income, a maximum marginal rate of tax. Permanent Account Number (PAN), Residential status, the scope of total income on the basis of residential status, Exempted income under section 10.

Unit II: Computation of income under different heads–Salaries, Income from house property.

Unit III: Computation of income under different heads-Profits and Gains of business or profession; Capital gains, Income from other sources.

Unit IV: Total Income and Tax Computation-Income of other persons included in assessee’s total income, Aggregation of income and set-off and carry forward of losses, Deduction from gross total income, Rebates and reliefs, Computation of total income of individuals and firms : (a) Tax liability of an individuals and firm, (b) Five leading cases of Supreme Court.

Unit V: Preparation of return of income-Manually, Online filling of return of income and TDS, Provision and Procedure of Compulsory On-Line filing of returns for specified assesses.

Income Tax Law & Practice Assessment Year 2023-24 Book Contents 

❐ Salient Features Of The Finance Act, 2023

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. Assessment Of Hindu Undivided Families
20. Assessment Of Partnership Firms
21. Assessment Of Association Of Persons Or Body Of Individuals
22. Income Tax Authorities
23. Preparation And Filing Of Return Of Income
24. Assessment Procedure
25. Deduction And Collection Of Tax At Source
26. Advance Payment Of Tax
27. Recovery And Refund Of Tax
28. Dispute Resolution Committee
29. Appeals And Revision
30. Penalties
31. Offenses Liable To Prosecution
32. Mode Of Acceptance Or Repayment Of Loans Or Deposits
33. Tax Planning For Individuals (Tax Planning Under Various Heads)
34. Alternate Tax Regime (Tax On Income Of Individuals And Hufs)
35. Capital and Revenue
    ❐ Section-Wise Index