Tax Law-I

Jamia Millia Islamia · LL.B. Semester 6

Unit I — INCOME & EXPENDITURE

Definition: Income-Previous Year-Assessment Year-Casual Income-Receipts- Capital and Revenue · Expenditure: Capital and Revenue-Tax free Income-Agricultural Income- Residential Status of Individual Company-HUF and Partnership Firm-Tax Planning and Tax Management-Tax Avoidance and Tax Evasion-Distinction between Tax, Fee and Cess-Taxing Power and Constitutional Limitations

Definition: Persons, Assessees, Previous year, Assessment years, Financial year, Income, Gross Taxable Income, Taxable Income, Agricultural Income, Tax Evasion and Tax Avoidance
Income Tax, Residential Status: Rules (Sec.6)

Unit II — INCOME TAX I

Income from Salaries: Meaning and Scope-Perquisites-Valuation of Perquisites-Profits in lieu of Salary-Norms of Salary Income- Tax treatment of different forms of Salary Income, Allowances-Deduction and Reliefs- Allowances-TDS · Income from House Property: Deemed Owner-Annual Value-Computation of Income of a Let out or Self-Occupied House Property-Deductions & Reliefs

Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources

Unit III — INCOME TAX II

Profits and Gains from Business or Profession: Meaning of Business- Principles Governing Assessment of Business Income-Deduction-Scheme of Deduction and Allowance-Principles Governing Admissibility of Deduction- Losses deductible from Business Income-Losses not deductible from Business Income · Capital Gains: Meaning of Capital Gains and Capital Assets-Types of Capital Assets-Transfer Meaning-Long Term and Short-Term Transfer

Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources

Unit IV — INCOME TAX III

Income from Other Sources: Chargeability-Incomes-Chargeable to Tax under Section 56(2) and 56 (1); Interest on Kisan Vikas Patra-Indira Vikas Patra- National Saving Certificates -Social Security Certificates; Deductions-Amount not Deductible · Income of Other Persons included in Assessee’s Total Income: Meaning of Transfer-Clubbing of Income-Income of Minor child, conversion of self- acquired property into joint family property & subsequent partition

Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources

Unit V — INCOME TAX IV

Income Tax Authorities: Powers and Functions-Procedure for Assessment- Filing of Return-Self Assessment-Best Judgment Assessment-Re-Assessment · Offences and Penalties: Search and Seizure-Set off and Carry Forward Losses-Tax treatment of Hindu Undivided families