Definitions ,Basic concept, person, Assessment year; previous year, assesee, Residential status; Incidence of tax, ,income exempt from tax.,
Computation of Income Under Various Heads Income under head salary
Chargeability; computation of income under this head and employer responsibility in case of computation of tax of their employee under this head:
Income from house property
Chargeability; computation of income from house property; deductions from income from house property; computation of taxable income from house property in case of house property owned by company
Profits and gains of business or profession:
Chargeable incomes; expenses expressly allowed as deduction; general deductions; expenses specifically disallowed;compulsory maintaneance of accounts,compulsory audit,assessment in special cases,(retail, transport, exploration of mineral oil) Computation of taxable income as profit and gain from business or profession.
Capital gains: meaning of capital asset; transfer, cases not considered to be transfer, chargeability; computation of capital gain: short term and long term; computation of tax on capital gain. Exemption from capital gains.
Income from other sources: basis of charge; chargeable incomes; specific deductions; amount not deductible; computation of taxable income from other sources.
Computation of net taxable income: computation of gross total income ,carry forward and set-off of losses and deductions under sec 80 and net taxable income and tax thereon incase of Indian as well as foreign companies provision of minimum alternate tax and declaration and payment of dividend Tax provision in case of mergers acquisition and amalgamation of company.
Income -tax Payment and Assessment
Tax deduction at source; advance tax; self-assessment tax; assessment procedure regular and best judgement assessment revision, rectification and appeal, provision relating to interest and refund of tax
Tax planning in capital budgeting decision:, leasing ,hire purchase or buy decision raising of capital :equity,debt or preference share, transfer pricing and its impact