Income Tax

About the 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.
• User-friendly examination-oriented style facilitating easy comprehension of each topic.
• 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.
• A unique feature of the revised edition is that Section-wise Index has been incorporated.

Income Tax Syllabus For B.Com. 1st Semester of Kumaun University, Nainital

Module-I Income Tax : Brief History of Income Tax, Tax Structure in India, Inroduction to Income tax Act, 1961, Constitutional Validity, Basic Concepts and definitions, Capital and Revenue Receipts, Basis of charge and scope of total income, Rates of Income Tax, maximum marginal rate of tax; Permanent Account Number (PAN); Rebates and reliefs, provisions relating to Marginal Relief, Tax Planning-Tax Management and Tax Avoidance.

Module-II Residential Status : Meaning of Residential Status, Determination of Residential Status for different types of Assessee, Incidence of Tax, Practical Problems.

Module-III Exempted Incomes : Introduction–Exempted Incomes U/S 10; Agricultural Income– Definition and kind of agricultural income, determination of agricultural and non-agricultural Income, Partly Agricultural Income, Agricultural Income and Tax Liability, Integration of Agricultural Income, assessment of tax liability when there are both Agricultural and Non-agricultural income

Module-IV Assessment Procedure : Income tax returns, Types of returns Assessment–Types of assessment–Self assessment–Provisional assessment–Regular assessment–Best Judgement assessment–Reassessment, Rectification of mistake, Notice on demand.

Module-V Income Tax Authorities : Meaning, functions & Powers of CBDT, CIT & A.O., Penalties, Offences & Prosecution, Filing of Appeal before Tax Authorities

Contents

1. Income Tax : Introduction And Important Definitions
2. Capital And Revenue
3. Rebate And Relief Of Tax
4. Tax Planning Tax Management And Tax Avoidance
5. Residence And Tax Liability (Basis Of Charge)
6. Exemptions From Tax (Non-Taxable Income)
7. Agricultural Income (Including Agricultural Income And Tax Liability)
8. Assessment Procedure
9. Income Tax Authorities
10. Penalties
11. Offences Liable To Prosecution
12. Filing Of Appeals Before Tax Authorities