Income Tax (Taxation Law) A.Y 2023-24

Salient Features of the Income Tax (Taxation Law) A.Y 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.
• 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 (Taxation Law) A.Y 2023-24 Book Syllabus For:

Kurukshetra University, Kurukshetra

Income Tax

BC-504

• Introduction to income tax: concepts; tax, person, income, agricultural income, casual income, previous year, financial year, assessment year, gross total income, total income, tax management: tax evasion, avoidance, and tax planning.
• Basis of charges: scope of total income, residence and tax liability, income which does not form part of total income.
• Heads of income: income from salary, house property; profit and gains from business and profession, capital gains, and other sources.
• Clubbing and aggregation of income.
• Provisions regarding set-off and carry forward of losses.

BC-604

• Deduction under section 80C to 80U in computing total income.
• Computation of total income and tax liability of an individual and H. U. F.
• Computation of total income and tax liability of a Firm.
• Deduction of tax at source; advance payment of tax.
• Income tax authorities and their powers.
• Procedure for assessment; different types of returns.
• The procedure of filing e-return and revised return.
• Recovery and refund of tax.
• Penalties and prosecutions; appeals and revision.

M. D. University, Rohtak

Paper: 5.01 (Taxation Law-I) 

Unit–I: Income Tax: An introduction and Important Definitions, Agriculture Income, Residence status, and incidence of Tax Liability, Exempted incomes.

Unit–II: Income from Salaries (including retirement benefits); Income from House Property.

Unit-III: Profits and Gains from Business or Profession; Depreciation, Capital Gains.

Unit–IV: Income from other sources, clubbing of incomes and aggregation of incomes, set off and carry forward of losses, Deductions to be made in computing total income.

Paper: 6.01 (Taxation Law-II) 

Unit–I: Rebate & Relief of Tax, computation of Total income, and Tax liability of individuals. Filling and Filing of Return (ITR–I and II)

Unit–II: Assessment of Hindu Undivided Families, Assessment of Firms & Association of Persons.

Unit-III: Income Tax Authorities & their powers, a procedure for assessment, Deduction of Tax at Source (TDS) Advance payment of tax.

Unit–IV : Recovery & Refund of Tax, Appeals & Revision, Penalties, Offences & Prosecutions.

Chaudhary Devi Lal University, Sirsa

Paper BC-3.3 – Income Tax Law and Practice-I

Unit-I : Introduction: Basic Concept—Income, agricultural income, person, assesses, assessment year, previous year, gross total income, total income, the maximum marginal rate of tax; Permanent Account Number, Tax evasion, avoidance, and tax planning and tax management. Basis of Charges: Scope of total income, residence, and tax liability. Residential status—Scope of total income on the basis of residential status Exempted income under section 10.

Unit-II: Computation of Income under different heads—Income from 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.

Paper BC-4.3 – Income Tax Law and Practice-II

Unit-I: Computation of Total Income—Clubbing and aggregation of income, provisions regarding set-off and carry forward of losses, Deductions under section 80C to 80U in computing Total Income.

Unit-II: Computation of Income—Computation of Total Income and Tax Liability of an Individual and H.U.F. Computation of Total Income and Tax Liability of a Firm and Companies, Income Tax Authorities, and their powers, Appeals and Revision Penalties and Prosecutions.

Unit-III: Preparation of Return of Income—Procedure for Assessment; Different types of returns Deduction of Tax at Source; Advance Payment of Tax Recovery of Tax and Refund of Tax. Preparation of Return of Income (Practical Lab)—Filing of returns: Manually, On-line filing of Returns of Income and TDS; Provision and Procedure of Compulsory On-Line filing returns for specified assesses.

Income Tax (Taxation Law) A.Y 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. Offences 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. Assessment Of Companies
    ❐ Section-wise Index