Basics of Income Tax Syllabus NEP 2024 [BCOM 2ND Sem Dibrugarh University]

BACHELOR OF COMMERCE PROGRAMME (FYUGP)

DETAILED SYLLABUS OF BCOM 2ND SEMESTER

SEMESTER-II

Title of the Course: BASICS OF INCOME TAX

Course Code: GEC-2A

Nature of the Course: Generic Elective Course (GEC)

Course Credit: 03 credit

Distribution of Marks: 80 (End Sem) + 20 (In-Sem)

COURSE OBJECTIVES: -

® To provide the basic information on taxation polices in regard to different heads of income of an individual.

® To give the basic idea on computation of total income and tax liabilities as per the Income Tax Act, 1961.

Unit – 1.                               (15 Marks)         

Contents:

Basic Concepts and Terms:- Types of Tax; Basic Terms- Person, Assessee, Assessment Year, Previous Year, Income; Residential Status and tax incidence; Income exempted from tax; Structure to compute tax liability.

Unit – 2.                               (25 Marks)         

Heads of Income:-Computation of income from salary, various allowances and perquisites; house property (self-occupied and let out property); unrealised rent; computation of income from profits and gains of business or profession.

Unit – 3.                               (20 Marks)         

Income Under the capital gain and income from other sources:- Meaning of capital assets, long term and short term capital gains; computation of capital gains. Computation of taxable income from other sources.

Unit – 4.                               (20 Marks)         

Computation of Total Income and Tax Liability of an Individual:-Tax Deducted at Source; Income tax authorities; advance payment of tax; clubbing of income; set off and carry forward of losses, permissible deductions under section 80C, 80CCC, 80CCB, 80CCA, 80D, 80DD, 80E, 80TTA, 80TTB, 80U; computation of taxable income and tax liability of an individual.

MODES OF IN-SEMESTER ASSESMENT:                                   (20 Marks)

® One Sessional Examination – 10 Marks

® Others (Any One) – 10 Marks

o Seminar Presentation on any of the relevant topics

o Illustrations of Case Study

o Assignments

Course Outcomes: -

The learners will be able to:-

1. Understand the concept of tax, different terms, residential status of an individual and incidence of tax.

2. Compute the taxable income of an individual under different heads.

3. Compute total tax liability and different deductions available and their application in calculating tax liability of an individual.

Reference Books:-

1. Singhania & Singhania: Direct Tax and Practice. Taxmann. New Delhi

2. Gaur and Narang: Direct Tax Law. Kalyani Publishers. New Delhi

3. Mehrotra & Goyal: Income Tax Law & Accounts. Sahitya Bhawan Publications. Agra