Hi B.Com. Students, I am sharing brief and concise lecture notes on the B.Com. First Year subject - Income Tax Law (Direct Tax System). Income Tax Law (Direct Tax System) is mostly taught as part of the B.Com. 1st Year course and these PDF lecture notes will help prepare well for your BCom semester exams.
The major topics covered in these B.Com. First Year lecture notes and eBook of Income Tax Law (Direct Tax System) are:
The major topics covered in these B.Com. First Year lecture notes and eBook of Income Tax Law (Direct Tax System) are:
- UNIT – I Tax System – Meaning Tax, Features and Objects Direct Taxes in India – General introduction of Central, Provincial and Local Direct Taxes.
- UNIT – II Characteristics and main features of income tax. Contribution of Income Tax in public revenue. Important definitions – Previous year – Assessment year, gross total income – Total income, person, agricultural income. Residential status and tax liability. Exempted income.
- UNIT – III Computation of taxable income of salaried persons exempt items and taxable income computation in case of retirement.
- UNIT – IV Computer of taxable income from house property. Calculation of taxable income from business or profession. Provisions relating to calculation of income on estimated basis of small traders, contractors, transporters and professionals.
- UNIT – V Capital gains – Calculation of taxable capital gain / loss on short term & long term capital assets. Exemptions for capital gains. Computation of income from other sources.
