Important definitions in the Income –tax Act, 1961 – Basis of charge; Rates of taxes applicable for different types of assesses – Concepts of pervious year and assessment year – Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India – Incomes which do not form part of total income
Income from salary – Income from House Property - provisions and Computation.
Income from Business or Profession - provisions and Computation.
Income from Capital Gains – Income from other sources
Income of other persons included in assesses total income – Aggregation of income; Set – off or carry forward and set off of losses – Deductions from gross total income – Computation of total income and tax payable; Rebates and relief’s – Provisions concerning advance tax and tax deducted at source – Provisions for filing of return of income.
Reference Book:
Dr. HC Mehrotra, “Income-tax Law and Accounts” Sahithya Bhavan publishers
Text Book:
Gaur and Narang, “Income Tax Law and Practice” Kalyani publishers New Delhi