INCOME TAX-II KARNATAKA bba 6th Sem book

Syllabus

BBA 6.2

Income Tax – II

Module 1: Profits and Gains of Business and Profession            [18 Hours]

Introduction-Meaning and Definition of Business, Profession and Vocation. - Expenses Expressly Allowed - Expenses Expressly Disallowed - Allowable Losses - Expressly Disallowed Expenses and Losses, Expenses Allowed On Payment Basis. Problems On Computation of Income From Business of a Sole Trading Concern - Problems On Computation of Income From Profession: Medical Practitioner - Advocate and Chartered Accountants.

Module 2: Capital Gains                                                              [10 Hours]

Introduction - Basis for Charge - Capital Assets - Types of Capital Assets – Transfer - Computation of Capital Gains – Short Term Capital Gain and Long Term Capital Gain - Exemption Under Section 54, 54B, 54EC, 54D, 54F, and 54G. Problems Covering the Above Sections.

Module 3: Income From other Sources                                       [10 Hours]

Introduction - Incomes Taxable Under Head Income Other Sources – Securities - Types of Securities - Rules for Grossing Up. Ex-Interest and Cum-Interest Securities. Bond Washing Transactions - Computation of Income From Other Sources.

Module 4: Set Off and Carry Forward of Losses & Assessment of Individuals.     [10 Hours]

Introduction – Provisions of Set off and Carry Forward of Losses (Theory Only) Computation of Total Income and Tax Liability of An Individual.

Module 5: Assessment Procedure and Income Tax Authorities  [08 Hours]

Introduction - Due Date of Filing Returns, Filing of Returns by Different Assesses, E-Filing of Returns, Types of Assessment, Permanent Account Number -Meaning, Procedure for Obtaining PAN and Transactions Were Quoting of PAN is Compulsory. Income Tax Authorities their Powers and Duties.