Course Title: Direct Tax - I L T P/S SW/F TOTAL
Course Code: ACCT204 W CREDIT
UNITS
Credit Units: 3 2 1 - - 3
Course Level: UG
Course Objectives:
The objective of this Course is to acquaint the students with basic principles underlying the provisions of direct tax laws and to develop a sound
understanding of the tax laws and accepted tax practices.
It will not only provide understanding of direct tax including rules pertaining to and application to different business situations but also explain practical
aspects of Direct Tax Laws.
Pre-requisites:
The student opting for this course should have some basic knowledge of tax. The student is expected to combine the learning across finance courses like
financial accounting and financial management.
Course Contents/Syllabus:
Weightage (%)
Module I Introduction to Income Tax Law 20
Descriptors/Topics
Brief History of Income Tax, Legal Frame work, Cannons of Taxation – Finance Bill –
Scheme of Income Tax. Definition: Assessee, Person, assessment year, previous year,
income, Gross Total Income, Total Income, Agricultural Income (including integration of
Agricultural Income with Non- Agriculture Income).
Revenue and Capital (a) Receipts (b) Expenditure (c) Loss.
Module II Residence & Tax Liability 20
Descriptors/Topics
Residential Status and Incidence of Tax.
Exempted Incomes U/S 10 (Restricted to Individual Assessees) : fully exempted and
partly exempted incomes, calculation of taxable income in case of all kind of assessees.
Module III Income from Salary 15
Descriptors/Topics
Income from Salary – Features of Salary Income – Basic Salary – Allowance, Perquisites
section 89(1) – Tax Rebate U/S 88 – Problems. Calculation of taxable income from
salary.
Module IV Income from Salary-Computation 20
Descriptors/Topics
Income from Salary - including problems on House Rent Allowance, Leave Encashment,
Commutation of Pension, Death-cum-Retirement benefits, Gratuity, compensation
received on termination of the service.
Module V Income from House Property 25
Income from House Property – Introduction – Annual value under different situations –
deductions– calculation of taxable income from house property.
Student Learning Outcomes:
On the successful completion of this course the student will be able to interpret and analyze personal income tax and understand direct tax laws as
prescribed under different provisions of the Income-tax Act, 1961.
A study of this paper will be helpful in taking different financial/managerial decisions after evaluating and reviewing the impact of direct tax laws.
Pedagogy for Course Delivery:
The course is covered by adopting a combination of lecture methods, class presentation by groups of students, self study sessions. Each student is required to do
the back ground reading from the specified chapters of the prescribed book before coming to class. Cases are also to be analyzed, discussed in groups (teams)
outside the class as preparatory work.
Lab/ Practicals details, if applicable:
NA
List of Experiments:
NA
Assessment/ Examination Scheme:
Theory L/T (%) Lab/Practical/Studio (%) End Term Examination
30 N.A 70
Theory Assessment (L&T):
Continuous Assessment/Internal Assessment End Term Examination
Components (Drop down) Mid term Exam Project Viva Attendance
Weightage (%) 10 10 5 5 70
Lab/ Practical/ Studio Assessment:
Continuous Assessment/Internal Assessment End Term Examination
Components (Drop down NA
Weightage (%)
Text Reading:
Dr. B.K.Agarwal, Income Tax Law & Practice – Sahitya Bhawan Publication, 2014.
Dr. Rajiv Mehrotra, Income Tax Law & Practice, 2014.
Dr. Girish Ahuja & Dr. Ravi Gupta Simplified Approach to Corporate Tax Planning & Management (Bharat Law House), 2014
Systematic Approach to Income Tax.
Girish Ahuja and Ravi Gupta Corporate Tax Planning & Management Bharat Law House 2014.
Kaushal Kumar Agrawal, Corporate Tax Planning, , Vol. 1, 2014
Rajeev Puri, Corporate Tax Planning and Management, 2014
R.N. Lakhotia, Corporate Tax Planning Handbook, 2014
Ghosh, R.K. & Saha, S., Income Tax Rules, Taxman ND 2014
Singhania V K, 2014, Direct Taxes Planning and Management, Taxmann.
Taxmann's statutory manual for chartered accountants, company secretaries, cost and works accountants, advocates. - New Delhi: Taxmann, 2014
Ready Recknor Taxmann, 2014
Any other Study Material:
News Papers
Journals & Articles
