Category: DIRECT TAX LAWS

DIRECT TAX LAWS

Direct tax Laws contains the topics of capital and revenue, basis of charge, exempted incomes, income from salaries, incomes from house property, profits and gains of business and profession.

INTRODUCTION, BASIC CONCEPTS INCLUDING AGRICULTUAL INCOME

Tax, types of taxes, structure of Indian taxation, constitutional provisions, important taxes in India, income tax, law relating to income tax, history, definitions, assessee, person, income, assessment year, previous year, exceptions, need, definition, test, types, partly agricultural and partly business, illutartions, assessment, computation of net agricultural income, calculations of tax on integration.

BASIS OF CHARGE

Determination of status for individual, hindu undivided family, association of persons, and body of individuals, company and other person, incidence of tax, total income of resident, not ordinarily resident, non resident.

EXEMPTED INCOMES

Classification of incomes, incomes taxable under the income tax act 1962, exempted incomes, incomes entitled to rebate and reliefs, exempted incomes under section 10 of income tax act 1961, powers of the central government.

INCOME FROM SALARIES

Definition of head salary, characteristics of salary, computation of salary income, salary under section 17 of the income tax act 1961, annual accretion, allowances, perquisites and their types and treatment, profits in lieu of salary and exempted profits, deductions under section 16, illustrations, deduction under section 80 C, chart of deductions.

INCOME FROM HOUSE PROPERTY

Definition of head, explanation of the head and terms used, municipal rental value, fair rental value, annual rental value, expected rental value, standard rent, exempted incomes from house property, determination of the annual value, self-occupied deduction.