1. Income Tax Act 1961
Syllabus:
• Definitions Under Section 2 of IT Act
• Residential Status of all Entities
• Computation of Taxable Income & Tax Liability
• 5 Heads of Income.
• Income Tax Slab Rates
• Income From the Head Salaries
• Income From the Head House Property
• Income Form Profit & Gains from Business & Profession
(PGBP)
• Income From the Head Capital Gain U/s 45
CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
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2. CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
• Income From the Head Other Sources
• Exempted Income U/s-10 & Deductions U/s 80 of IT Act
• Deductions Under Section 80 of IT Act
• Clubbing of Income
• Set off & Carry forward of Losses
• Tax Deducted at Source
• Advance Payment of Tax
• Assessment of Individuals Under IT Act
• Double Taxation Avoidance Agreement & Transfer Pricing
• Tax Planning, Tax Avoidance, Tax Evasion
• E-filling of Income Tax Returns
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4. CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
GST (Goods & Service Tax) has been Introduced as a part of
Indirect Tax from 1st July 2017.
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5. CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
Assessee Under Section 2(7) of Income Tax Act 1961:
“Assessee" means a person by whom any tax or any other sum of money is payable
under this Act, and includes—
(a) every person in respect of whom any proceeding under this Act has been taken for
the assessment of his income or assessment of fringe benefits or of the income of any
other person in respect of which he is assessable, or of the loss sustained by him or by
such other person, or of the amount of refund due to him or to such other person ;
(b) every person who is deemed to be an Assessee under any provision of this Act ;
(c) every person who is deemed to be an Assessee in default under any provision of this
Act
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6. CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
Previous Year U/s 3 of IT Act:
“Previous year" means the financial year immediately preceding the
assessment year. Income Earned in a Year is taxable in the nest Year (i.e.
Assessment Year). The Year in which Income Earned is Previous Year. For Eg if
the AY is 2020-21 then the Previous Year would be 2019-20. Similarly for AY
2019-20 the Previous Year would be 2018-19.
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7. Person/ Taxable Entiry U/s 2(31) of IT Act:
“Person" includes—
(i) an individual,
(ii) a Hindu undivided family,
(iii) a company,
(iv) a firm,
(v) an association of persons or a body of individuals, whether
incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within any of the
preceding sub-clauses.
CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
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8. CA Abhishek Bansal (CA, M.com, NET-JRF,
DISA) CA Abhishek Bansal (CA, M.com, NET-JRF, DISA)
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