Income tax-History; basic concepts; previous year, assessment year, assessee, income;
agricultural income, casual income, person, average rate, marginal rate, capital and revenue
receipts and expenditure; tax evasion, tax avoidance and tax planning; return of income.
Residential status and tax incidence; scope of income; individual, HUF, firms, association of
persons, and body of individuals, companies, other persons.
Gross total income, total income, exempted incomes. Heads of income.
Computation of income under the head salaries – salaries and allowances, valuation of
perquisites, deductions. Computation of income under the head house property: valuation
of property; annual value; deductions.
Profits and gains of business or profession – deductions, expressly allowed and disallowed;
Capital gains – transfer; chargeability; short-term and long-term capital gains; cost of
acquisition; capital gains exempt from income tax.
Income from other sources – dividends, interest on security; deduction of tax at source; grossing
up; bond washing transaction; deductions.
Clubbing of income; set off and carry forward of losses.
Agricultural income- tax treatment of agricultural income.
Deductions from gross total income u/s 80; rebate u/s 88, u/s 88 C, relief u/s 89 (1).
Computation of total income and tax liability of individual assesses – computation of total
income, assessment of individuals, computation of tax.
Filling of return of income, payment of tax over the counter and online tax payment.
MCom (Masters in Commerce) Subjects