Description
Direct and Indirect Taxation – I (Direct Tax)
Semester V (4 Credits)
T.Y.B.Com. : Electives
T.Y.B.A.F. : Mandatory
Vertical – 1 : Major
As Per NEP 2020 (w.e.f. the Academic Year 2026-27)
Syllabus
1. Basic Concepts and Salaries 15 Hours
♦ Introduction to Income Tax Act 2025 including the Rationale, Basic Framework and Key Highlights
♦ Major Definitions – Assessee, Person, Income, Tax Year, Total Income
♦ Basis of Charge – Section 4, 5, 6, 7, and 9 read with Schedule I
♦ Incomes not included in Total Income – Schedules I to VIII
♦ Income from Salary – Section 15, 16 and 19
2. Income from House Property and Capital Gains 15 Hours
♦ Income from House Property – Section 20
♦ Determination of Annual Value including Arrears and Unrealized – Section 21 and 23
♦ Deductions from Income from House Property – Section 22
♦ Property Owned by Co-owners and Interpretation – Section 24 and 25
♦ Capital Gains – Section 67
♦ Transactions not regarded as Transfer – Section 70
♦ Withdrawal of Exemption in Certain Cases – Section 71
♦ Mode of Computation of Capital Gains – Section 72
♦ Cost and Special Provisions with respect to Depreciable Assets – Section 73 to 75
♦ Special Provision for Full Value of Consideration in Certain Cases – Section 78
♦ Advance Money and Profit on Sale of Property used for Residence – Section 81 and 82
♦ Compulsory Acquisition of Lands, Extension of Time and Meaning of Certain Terms – Section 84, 89, and 90
3. Profits and Gains of Business or Profession and Income from Other Sources 15 Hours
♦ Income under the Head “Profits and Gains of Business or Profession” and Manner of Computing – Section 26 to 27
♦ Rent, Rates, Taxes, Repairs and Insurance – Section 28
♦ Deductions Related to Employee Welfare, on Certain Premium, for Bad Debt and Provision for Bad and Doubtful Debt – Section 29 to 31
♦ Deduction for Depreciation and other Deductions – Section 32 and 33
♦ General Conditions for Allowable Deductions – Section 34
♦ Special Circumstances – Amounts not Deductible, Expenses or Payments not Deductible – Section 35 and 36
♦ Certain Deductions Allowed on Actual Payment Basis – Section 37
♦ Written Down Value of Depreciation Assets and Interpretation – Section 41 and 66
♦ Income from Other Sources – Section 92
♦ Deductions, Amounts not Deductible and Others – Section 93 to 95
4. Deductions, Rebates, Reliefs and Total Income Computation 15 Hours
♦ General Deductions – Section 122
♦ Deductions in respect of Certain Payments – Section 123, 124, 126, 127, 129, 130, and 132
♦ Deductions in respect of other Incomes and other Deductions – Section 153 and 154
♦ Rebate to be allowed in Computing Income Tax – Section 155
♦ Rebate of Income Tax in case of Certain Individuals – Section 156
♦ Relief when Salary, etc., is paid in Arrears or in Advance – Section 157
♦ Relief from Taxation in Income from Retirement Benefit Account Maintained in a Notified Country – Section 158
♦ New Tax Regime for Individuals – Section 202
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