Income Tax Law & Practice detailed syllabus for Commercial Practice (CP) for 2021 revision curriculum has been taken from the SITTTRs official website and presented for the Commercial Practice (CP) students. For course code, course name, number of credits for a course and other scheme related information, do visit full semester subjects post given below.
For Commercial Practice 5th Sem scheme and its subjects, do visit Commercial Practice (CP) 5th Sem 2021 regulation scheme. For Professional Elective-I scheme and its subjects refer to Commercial Practice (CP) Professional Elective-I syllabus scheme. The detailed syllabus of income tax law & practice is as follows.
Course Objectives:
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Course Outcomes:
On completion of the course, the student will be able to:
- Explain concepts of Income Tax Act, compute Income from salary.
- Compute income from house property, income from business of a proprietary concern.
- Solve problems of tax on capital gains, income from other sources.
- Calculate Total Income by allowing Chapter VI deductions and carry forward and set off.
Module 1:
Income tax: -Meaning – Nature – Importance and objectives of Income Tax. Basic Concepts -Person – Assessee – Assessment Year – Previous Year -assessment-income – Casual Income -Gross Total Income and Taxable Income. Residential Status of an Individual – Incidence of tax. Income Exempted from Tax – Fully Exempted Income and Partially Exempted Income. Meaning of Salary – Scope of Salary – Allowances -fully taxable-partly taxable-fully exempted- Perquisites -Exempted-Taxable perks – Profits in Lieu of Salary. Provident Fund – Kinds – Important Provisions -gratuity-pension-leave salary- Allowable Deductions under the Head “Salary” – Simple Problems on Calculation of Taxable Income from Salary.
Module 2:
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Module 4:
Total income and tax computation: Income of other persons included in assessee’s total income – Aggregation of income – set-off and carry forward of losses – Deductions from gross total income – Rebates and reliefs – Computation of total income (Simple Problems Only).
Text Books:
For the complete syllabus, results, class timetable, and many other features kindly download the iStudy App
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- Gaur, V. P. (2020). Income Tax Law and Practice. Kalyani Publishers.
- Mehrotra, H. C. (2021). Income Tax Law & Accounts (62nd ed.). Sahitya Bhawan Publications.
- Lal B.B, (2021). Direct Taxes. Konark Publisher.
Reference Books:
- Singhania, V. K. (2021). Direct Taxes Law & Practice (63rd ed.). Taxman Publication.
- Bhagwathi Prasad (2020).Direct Taxes – Law and Practice. WishwaPrakashana Publications.
Online Resources:
For the complete syllabus, results, class timetable, and many other features kindly download the iStudy App
It is a lightweight, easy to use, no images, and no pdfs platform to make students’s lives easier..
For detailed syllabus of all other subjects of Commercial Practice, 2021 revision curriculum do visit Commercial Practice (CP) 5th Sem subject syllabuses for 2021 revision.
To see the syllabus of all other branches of diploma 2021 revision curriculum do visit SITTTR diploma all branches syllabus..
To see the results of Commercial Practice of diploma 2021 revision curriculum do visit SITTTR diploma results..
For all Commercial Practice academic calendars, visit Commercial Practice all semesters academic calendar direct link.