This book has been written with the twin goals of educating the students about the nuances of Income Tax so that they can compute income from various heads as well as making the students aware about the compliance required for smooth functioning of Income Tax scheme. The book also discusses the practical aspects that an auditor should focus on while computing tax liability and where taxpayers need to be more careful and cautious.
Dedicated chapters on analysis of income, giving itemized compliance requirement by the by taxpayers as well as complete steps for filing returns are presented in this book in a very effective manner.
New amendments of Finance Act 2021 have been incorporated at appropriate places in this book.
This book is a comprehensive text on the subject of Income Tax Law and Practice to meet the venerable need of B. Com, BBA, M. Com, MBA and similar professional courses in Commerce and Management offered by various universities across the country.
The book aims to provide an understanding of income tax law and practices and prepare students for their future assignments in the direct tax field.
- Introduction and Basic Concepts
- Residential Status
- Incomes Exempt from Tax
- Income from “Salaries”
- Income from House Property
- Profit and Gains of Business or Profession
- Determination of Income on Presumptive Basis
- Capital Gains
- Income from Other Sources
- Income of Other Persons included in Assessee's Total Income (Clubbing of Income)
- Set-Off and Carry Forward of Losses
- Deductions to be Made in Computing Total Income
- Assessment of Agricultural Income
- Computation of Total Income and Tax Liability of Individual's
- Assessment of Hindu Undivided Family
- Assessment of Firm's including LLP
- Rebate and Relief of Tax
- Return of Income and E-Filing Procedure
- Tax Deducted at Source and E-TDS Return
3rd Edition 2021