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Income Tax-II

Karanam Kavitha, Prof. C.N. Anil and Shivakumara. N   

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BU2017/BCOM/6/02

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Bangalore University, B.Com, Sixth Semester
Syllabus
 
(6.3) INCOME TAX - II
 
Unit 1: Profits and Gains from Business or Profession                     16 Hrs.
Meaning and Definition of Business, Profession – Vocation - Expenses Expressly Allowed – Allowable Losses – Expenses Expressly Disallowed – Expenses Allowed on Payment Basis - Problems on Business relating to Sole Trader and Problems on Profession relating to Chartered Accountant, Advocate and Medical Practitioner.
 
Unit 2: Capital Gains                                                                          16 Hrs.
Basis of Charge – Capital Assets – Transfer of Capital Assets – Computation of Capital Gains – Exemptions U/S 54, 54B, 54D, 54EC, 54F– Problems on Capital Gains.
 
Unit 3: Income from other Sources                                                    10 Hrs.
Incomes – Taxable under the head Other Sources – Securities – Kinds of Securities – Rules for Grossing Up – Ex-Interest Securities – Cum-Interest Securities – Bond Washing Transactions – Problems on Income from Other Sources.
 
Unit 4: Deductions from Gross Total Income                                    06 Hrs.
Deductions u/s:80 C, 80 CCC, 80 CCD, 80 D,80 G, 80 GG, 80 GGA, and 80 U. (80 G& 80 GG together should not be given in one problem).
 
Unit 5: Set-Off & Carry Forward of Losses and Assessment of Individuals          
08 Hrs.
Meaning –Provision for Set-off & Carry forward of losses (Theory only).
 
Computation of Total Income and Tax Liability of an Individual Assessee (Problems– in case of income from salary & house property- computed income may be given).
 
Skill Development
1)      Table of rates of Tax deducted at source.
2)      Filing of IT returns of individuals.
List of Enclosures for IT returns.
Contents
 
Unit 1: Profits and Gains from Business or Profession
1.1.      Profits and Gains From  Business And Profession
13
1.1.1.   Meaning and Definition of Business, Profession and Vocation
13
1.1.2.   Chargeable Incomes under the Head ‘Profits & Gains of        Business or Profession’ [Section 28]
14
1.1.3.   Expenses Expressly Allowed [Sections 30 To 37]
14
1.1.3.1.            Rent, Rates, Taxes, Repairs & Insurance for Buildings             [Section 30]
14
1.1.3.2.            Repairs and Insurance of Machinery, Plant and Furniture             [Section 31]
15
1.1.3.3.            Depreciation [Section 32]
15
1.1.3.4.            Tax Incentive for Industrial Undertaking Set-Up in the             Backward Areas of Andhra Pradesh and the Telangana          [Section 32 and Section 32AD]
22
1.1.3.5.            Investment Allowance for Acquisition and Installation of       New Plant and Machinery [Section 32AC]
23
1.1.3.6.            Carry Forward and Set-off of Unabsorbed Depreciation             [Section 32(2)]
24
1.1.3.7.            Expenditure on Scientific Research [Section 35]
25
1.1.3.8.            Expenditure on Acquisition of Patent Rights and Copyrights             [Section 35A]
27
1.1.3.9.            Deduction in Respect of Specified Business [Section 35AD]
28
1.1.3.10.          Payment to the Associations and Institutions for Carrying-      Out Rural Development Programs [Section 35CCA]
30
1.1.3.11.          Expenditure on Agricultural Extension Project [Section             35CCC]
30
1.1.3.12.          Expenditure on any Skill Development Project [Section             35CCD]
31
1.1.3.13.          Amortization of Preliminary Expenses [Section 35D and        Rule 6AB]
31
1.1.3.14.          Amortization of Expenditure in Case of Amalgamation or             Demerger [Section 35DD]
32
1.1.3.15.          Amortization of Expenditure Incurred under Voluntary             Retirement Scheme [Section 35DDA]
32
1.1.3.16.          Deduction for Expenditure on Prospecting, etc., for Certain             Minerals [Section 35E]
32
1.1.3.17.          Banking Cash Transaction Tax [Section 36(1)(xiii)]
33
1.1.3.18.          Securities Transaction Tax [Section 36(xv)]
33
1.1.3.19.          Other Deductions [Section 36]
34
1.1.3.20.          General Deduction [Section 37(1)]
37
1.1.4.   Allowable Losses
38
1.1.5.   Expenses Specifically Disallowed
39
1.1.6.   Expenses Expressly Disallowed to Sole Trader
45
1.1.7.   Expenses Allowed on Payment Basis [Section 43B]
47
1.1.8.   Deemed Profit
48
1.1.9.   Computation of Taxable Profits of Business or Profession
49
1.1.9.1.            Methods of Calculating Taxable Profits
49
1.1.9.2.            Problems on Business Relating to Sole Trader
50
1.1.9.3.            Problems on Profession Relating to Chartered Accountant,             Advocate and Medical Practitioner
54
1.2.      Exercise
59
 
 
Unit 2: Capital Gains
2.1.      Income from Capital Gains
66
2.1.1.   Basis of Charge [Section 45]
66
2.1.2.   Definitions of Capital Assets [Section 2(14)]
66
2.1.2.1.            Types of Capital Assets
67
2.1.2.2.            Short-Term Capital Asset   [Section 2(42A)]
67
2.1.2.3.            Long-Term Capital Asset [Section 2(29A)]
68
2.1.3.   Transfer of Capital Assets [Section 2(47)]
70
2.1.4.   Capital Gains in Case of Depreciable Assets [Section 50]
72
2.1.5.   Special Provision for Computation of Capital Gains in Case   of SlumpSale[Section 50B]
72
2.1.6.   Full Value of Consideration
73
2.1.6.1.            Full Value of Consideration of Shares, etc., Received under   ESOP in Case of Gift etc.     
73
2.1.6.2.            Determination of Full Value of Consideration of Land or             Building or both [Section 50C]
73
2.1.7.   Cost of Acquisition
74
2.1.8.   Cost of Improvement [Section 55(1)(b)]
78
2.1.9.   Fair Market Value
79
2.1.10. Indexed Cost of Acquisition [Section 48(iii)]
79
2.1.11. Indexed Cost of Improvement [Section 48(iv)]
80
2.1.12. Computation of Capital Gain in Special Cases [Section 45]
80
2.1.13. Capital Gain In Case of Conversion of A Private Company    or an Unlisted Public Company into an LLP
83
2.1.14. Exemptions under Capital Gain
83
2.1.14.1.          Exemptions u/s 54, 54B, 54D, 54EC,54F
83
2.1.14.2.          Other Exemptions
86
2.1.15. Computation of Capital Gains [Section 48]
92
2.1.16. Format of Short-Term Capital Gains/Loss
92
2.1.17. Format of Long-Term Capital Gains/Loss
93
2.1.18. Tax on Short-Term Capital Gain [Section 111A]
93
2.1.19. Tax on Long-Term Capital Gains [Section 112]
94
2.1.20. Problems on Capital Gains
95
2.2.      Exercise
103
 
 
Unit 3: Income from other Sources
3.1.      Income From Other Sources
105
3.1.1.   Meaning and Concept of Income from Other Sources
105
3.1.2.   Chargeability
105
3.1.3.   Incomes Taxable under the Head Other Sources [Section        56(2)]
105
3.1.4.   Description of Some Specific Incomes
107
3.1.4.1.            Dividend
107
3.1.4.2.            Winning from Lotteries, Crossword Puzzles, Horse Races,      and Card Games [Section 56(2)(ib)]
111
3.1.4.3.            Interest on Securities
112
3.1.4.4.            Income from Letting Out of Machinery, Plant or Furniture             [Section 56(2)(ii)]
116
3.1.4.5.            Income includes Gift of Money from Unrelated Persons             [Section 56(2)(vi)]
117
3.1.4.6.            Receipts without Consideration [Section 56 (2) (vi)]
117
3.1.4.7.            Taxability of Gift [Section 56(2)(vii)]
118
3.1.4.8.            Family Pension Payments Received by the Legal Heirs of a             Deceased Employee
118
3.1.5.   Deductions (Section 57)
119
3.1.6.   Amount not Deductible (Section 58)
120
3.1.7.   Problems on Income from Other Sources
121
3.2.      Exercise
123
 
 
Unit 4: Deductions from Gross Total Income
4.1.      Deductions from Gross Total Income
125
4.1.1.   Gross Total Income
125
4.1.2.   Deductions U/S:80C, 80CCC, 80D, 80G, 80GG, 80GGA      and 80U
125
4.1.3.   Deduction in Respect of Life Insurance Premium, Deferred   Annuity, Contribution to Provident Fund, Subscription to          Certain Equity Shares or Debentures, etc. (Section80C)
125
4.1.4.   Deduction in Respect of Contribution to Certain Pension        Funds [Section 80CCC]
130
4.1.5.   Deduction in Respect of Contribution to Pension Scheme       [Section 80CCD]
130
4.1.6.   Deduction in Respect of Medical Insurance Premia [Section   80D]
133
4.1.7.   Deduction in Respect of Donations to Certain Funds,             Charitable Institutions, etc. [Section 80G]
135
4.1.8.   Deductions in Respect of Rent Paid [Section 80GG]
139
4.1.9.   Deduction in Respect of Certain Donations for Scientific       Research or Rural Development [Section 80GGA]
141
4.1.10. Deduction in the Case of a Person with Disability (Section     80U)
142
4.1.11. Summary of Section80Cto 80U
143
4.2.      Exercise
146
 
 
Unit 5: Set-Off & Carry Forward of Losses & Assessment of Individuals
5.1.      Set-Off and Carry Forward of Losses
148
5.1.1.   Meaning of Set-off and Carry Forward of Losses
148
5.1.2.   Steps in Set-Off of Losses and Carry Forward
148
5.1.2.1.            Set-off of Loss under the Same Head of Income (Intra-Head             Adjustment) [Section 70]
149
5.1.2.2.            Set-off of Loss against Income from Another Head (Inter-     Head Adjustment) [Section 71]
150
5.1.3.   Carry Forward of Losses to Set-Off
151
5.1.3.1.            Loss under the Head ‘Income from House property’   [Section 71B]
151
5.1.3.2.            Loss of Non-Speculation Business or Profession (Business             Losses) [Section 72]
151
5.1.3.3.            Loss of Speculation Business [Section 73]
153
5.1.3.4.            Loss by Specified Businesses [Section 73A]
154
5.1.3.5.            Short-Term or Long-Term Capital Loss [Section 74]
155
5.1.3.6.            Loss on Account of Owning and Maintaining Horse Races             [Section 74A]
155
5.1.4.   Carry Forward and Set-off of the Accumulated Losses and    Unabsorbed Depreciation Allowance in Amalgamation of Demerger, etc., [Section 72A]
156
5.1.5.   Carry Forward and Set-off of Losses in Case of Change in     Constitution of Firm [Section 78(1)]
156
5.1.6.   Carry Forward and Set-off of Losses on Succession of any    Person [Section 78(2)]
156
5.1.7.   Carry Forward and Set-off of Losses in Case of Certain         Companies [Section 79]
156
5.1.8.   Summary of Set-off and Carry Forward of Losses
157
5.2.      Total Taxable Income of an Individual Assessee
158
5.2.1.   Meaning of Total Taxable Income of an Individual     Assessee
158
5.2.2.   Tax Liability for Respective Assessment Year 2016-2017
159
5.2.3.   Rebates and Relief
163
5.2.4.   Computation of Total Income & Tax Liability of an   Individual Assessee
165
5.3.      Exercise
174
 
 
Skill Development
176
Solved Paper (2015)
184
Solved Paper (2016)
195
 

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Income Tax-II

Income Tax-II

Karanam Kavitha, Prof. C.N. Anil and Shivakumara. N   

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