INCOME TAX

What will you learn in this course:

In this Course you will learn a lot of Knowledge and after complete this course you will excellent in INCOME TAX. This course provide many chapter of TAX Rules and Regulation including Theories and Practical Problems etc.

After Complete this you achieve a lot of information related to INCOME TAX and its Application.

This Course Include :

1. INTRODUCTION

INTRODUCTION AND IMPORTANT DEFINITIONS OF INCOME TAX

Types of Tax

➢ Direct Tax

➢ Indirect Tax

Difference between Direct Tax and Indirect Tax

Income Tax Act 1961

Person includes:-

(1) An Individual

(2) A Hindu Undivided family

(3) A Company

(4) A Firm

(5) An association of person or body of individuals.

(6) A Local authority

(7) Artificial juridical person

Previous Year

Assessment Year

Assessee

Permanent Account Number - PAN

2. RESIDENTIAL STATUS

Residential status of an Individual

1) Basic Condition

2) Additional Condition

A. Ordinarily Resident

B. Not Ordinarily Resident

C. Non Resident

Residential status of HUF

Residential status of Firm, Local Authority, AOP, BOI, and AJP

Residential status of Company

Practical Problems

3. AGRICULTURAL INCOME

Agricultural income includes

Kinds of Agricultural Income

Partly Agricultural Income

Income which is partially agricultural and partially from business

Practical Problems and Solution

4. INCOME FROM HOUSE PROPERTY

Deemed owner

Annual Value

Computation of Annual value

Computation of Income from House Property

Computation of Interest on loan

Practical Problems and Solution

5. CAPITAL GAIN

Introduction

What is Capital Gain

Main Elements of Capital Gains

1. Capital Assets

2. Transfer of Capital Assets

3. Computation of Capital Gains

Short-term Capital Assets and Short-term Capital Gain

Long-term Capital Assets and Long-term Capital Gain

Indexation Table

Computation of Capital Gains in Special Cases

Practical Problems and Solution

6. INCOME FROM SALARY

1. Deduction Section 16 in detail

2. Allowances in detail

3. Provident Fund in detail

4. Perquisites in detail

5. Grading in detail

6. Specified Employee in detail

Salary after Retirement in detail

Practical Problems and Solution of every chapter

7. INCOME FROM OTHER SOURCES

Meaning of Income from Other Sources

Examples of Incomes taxable under the head other sources

Bonds Washing Transactions

Practical Problems and Solution

8. PGBP

Profit and Gains of Business or Profession

Business : Income taxable under the head Profits and Gains of Business or Profession

Admissible Deductions

Expenses Expressly Disallowed

Rate of Depreciation

Explanation of above items

Gross Professional Earning:-

(a) In case of Doctor

(b) In case of an Advocate or a Chartered Accountant:

Practical Problems and Solution

9. CLUBBING OF INCOME

Transfer of income without transfer of assets

Revocable transfer of assets

Incomes of other persons to be included in assessee’s income

Clubbing of minor’s income

Deemed Incomes 

10.SET OFF & CARRY FORWARD OF LOSSES

Assessee’s Duties and Rights

Meaning of Set-Off and Carry Forward of Losses

Provisions Regarding Set-Off of Losses

Important Notes

Practical Problems and Solution

11. DEDUCTION SECTION 80C-80U

DEDUCTIONS FROM GROSS TOTAL INCOME OR

DEDUCTION UNDER CHAPTER VI A OR

DEDUCTION U/S 80C – 80U

Meaning of Gross Total Income

Reasons of Deduction u/s 80C – 80U

80C

80CCC

80CCD

80CCE

80D

80DD

80DDB

80E

80EE

80EEA

80EEB

80G

80GG

80GGA

80GGB

80GGC

80QQB

80RRB

80TTA

80TTB

80U

12. TOTAL INCOME

Computation of Total Income

Practical Problems and Solutions

13. TAX LIABILITY

Rounding - off of Total Income & Tax Liability

Income Tax rates for individuals

Rates of Income Tax as per Old Tax Regime

Practical Problems and Solutions