Description

Direct Tax

 

SYBAF Semester III

 

Syllabus

 

1. Definitions u/s – 2 & Basis of Charge and Exclusions from Total Income
Definitions u/s – 2
Section 2 – Assessee, Assessment Year, Assessment, Annual value, Business, Capital asset, Income, Person, Previous Year, Transfer
Basis of Charge
Section 3 – 9 – Previous Year, Residential Status, Scope of Total Income, Deemed Income
Exclusions from Total Income
Section 10 – restricted to, Agricultural Income, Sums Received From HUF By Member, Share of Profit from Firm, Casual & Non – Recurring Receipts, Scholarships, Income of Minor Child, Allowance to Members of Parliament and Legislative Assembly.
Note – Exemptions related to specific Heads of Income to be covered with Relevant Provisions.

2. Heads of Income
Salary Income
Section 15 – 17, Including Section 10 relating to
House Rent Allowance, Travel Concession, Special Allowance, Gratuity, Pension – Commutation, Leave Encashment, Compensation, Voluntary Retirement, Payment from Provident Fund
Income From House Property
Section 22 – 27, Including Section 2 – Annual Value
Profits & Gains From Business & Profession
Vocation Section 28-32, 36, 37, 40, 40A, 43B, 44AD, 44ADA & 44AE
including.: Section 2 – Business
Capital Gains
Section 45, 48, 49, 50, 54 and 55
Income from Other Sources
Section 56 – 59

3. Deductions under Chapter VI – A
80 A – Restriction on claim in Chapter VI- A deductions
80 C – Payment of LIC/PF and other eligible investments
80CCC – Contribution to certain Pension Fund
80D – Medical Insurance Premium
80 DD – Maintenance and medical treatment of handicapped dependent
80E – Interest on Educational Loan
80 TTA – Interest on Saving Bank account
80U – Deduction in the case of totally blind or physically handicapped or mentally retarded resident person

4. Computation of Total Income
Computation of Total Income of Individual and HUF with respect to above heads and deductions

Note :
1. Relevant Law / Statute / Rules in force and relevant Standards in force on 1st April immediately preceding commencement of Academic Year is applicable for ensuing examinations after relevant year.