For Exams – Income Tax
Basics of Income Tax
- What is Income Tax?
- Heads of Income
- Residential Status
- Incomes Which Do Not form Part of Total Income [Section 10]
Income from Salaries
- Introduction
- Important Terms
- Taxability of Allowances
- Taxability of perquisites
- Taxability of Retirement Benefits
- Deductions from Salary
- Computation of Income from Salary
Income from House Property
- Important Terms
- Deductions
- Computation of Income from House Property
Profits and gains of Business of Profession [PGBP]
- Basic Concepts
- Income Chargeable Under This Head [ Section 28 ]
- Deductions
- Depreciation as per Income Tax Act, 1961
- Compulsory Maintenance of Books of Accounts [ Section 44AA ]
- Audit of Accounts [ Section 44AB ]
- Presumptive Taxation Scheme
- Partnership Concept
- Computation of Income from PGBP
Income from Capital Gains
- Important Terms/ Concepts
- Special Provisions
- Exemption of Capital Gains [ Section 54 to 54F ]
- Computation of Capital Gains
Income from Other Source
- Important Terms/ Concepts
- Special Cases
- Deduction [ Section 57 ]
- Computation of Income from other Sources
Clubbing of Income of Other Persons
- Meaning of Clubbing
- Types of Clubbing
- Some Concepts
Deductions Under Chapter VI A
- Deduction Meaning
- Deductions for Individuals
Set off and Carry Forward of Losses
- Concept of Set off and Carry Forward of Losses
- Order of Set off of losses
- Other Points
Tax Deducted at Source (TDS)
- What is TDS ?
- Cases Under TDS is deducted
Tax Collection at Source (TCS)
- What is TCS ?
- Difference between TDS and TCS
Advance Tax Basics & Computation
- Concept of Advance Tax
- Compute Advance Tax
Return of Income
- Concept of Return of Income
- Types of Returns
- Other Important Points
Amendments
For Exams – Income Tax
- Circulars are issued by the CBDT from time to time to deal with certain specific problems and to clarify doubts regarding the scope and meaning of certain provisions of the Act.
- Circulars are issued for the guidance of the officers and/or assessees. However, it cannot override the provisions of the Act.
- The department is bound by the circulars. While such circulars are not binding on the assessees, they can take advantage of beneficial circulars
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