Direct Taxation Bangalore University 5th Semester BBA Notes

Unit 1
Taxation, Basic Reasons to Impose Taxation	VIEW
Constitutional Validity of Taxes	VIEW
Administration of Tax Laws	VIEW
Component of Income Tax Law in India	VIEW
Basic Principles for Charging Income Tax [Sec. 4]	VIEW
Tax Year [Sec 3]	VIEW
Assessee [Sec 2(7)]	VIEW
Capital Asset 2(22)	VIEW
Person [Sec 2 (77)]	VIEW
Income [Section 2(24)]	VIEW
Heads of Income [Sec 14]	VIEW
Gross Total Income (GTI) [Sec. 122], Total Income (TI) [Sec. 2(108) read with section 122]	VIEW
Distinguish between Gross Total Income and Taxable Income	VIEW
Rounding-off of total income [Sec. 516]	VIEW
Capital Receipts -vs.- Revenue Receipts	VIEW
Rate of Tax Under Old Tax Regime / Regular Tax Regime	VIEW
Rate Of Tax Under Default Tax Regime (New Regime) U/S 202	VIEW
Double Taxation Avoidance Agreement (DTAA)	VIEW
Residential Status and Scope of Total Income
Determination of Residential Status	VIEW
Residential Status, Individual [Sec. 6(2)] to [Sec. 6(8)]	VIEW
Hindu Undivided Family (HUF) [Sec. 6(9)]	VIEW
Company [Sec. 6(10)]	VIEW
Firm or an Association of Persons (AOP) or Body of Individuals (BOI) or Any other Person [Sec. 6(11)	VIEW
Resident and Ordinary Resident [Sec. 6(13)]	VIEW
Illustrations only on Individual Incidence of Tax [Sec. 5]	VIEW

Unit 2
Basic Elements of Salary	VIEW
Employer-Employee Relationship	VIEW
Basis of Charge [Sec. 15]	VIEW
Definition of Salary [Sec. 16]	VIEW
Deduction from Salary [Sec. 19]	VIEW
Perquisite [Sec. 17]	VIEW
Income Not be included in the Total Income [Schedule III and Sec 11]	VIEW
Computation of Taxable Salary	VIEW
Illustrations including deduction of Retirement Benefits	VIEW
Employee Stock Option Plans (ESOPs)	VIEW
Income from House Property
Chargeability [Sec. 20]	VIEW
Determination of Annual Value [Sec. 21], Property -Self-occupied property Deemed to be let out Property, Property not actually occupied by the Owner, Partly let out and partly Self-occupied Property, Computation of Income	VIEW
Recovery of Arrears of Rent and Unrealized Rent	VIEW
Deduction’s u/s 22 – a) Standard Deduction b) Interest on Borrowed	VIEW
Capital Treatment of Pre and Post Construction	VIEW
Interest Computation of Income from House Property, Property owned by co-owners	VIEW

Unit 3
Meaning of Business 2(20), Definition of Profession 2(86)	VIEW
Income Chargeable under the Head Profits and Gains of Business or Profession [Sec. 26]	VIEW
Incomes not Taxable under the Head Profits and Gains of Business or Profession [Sec. 27]	VIEW
Expenditures Allowed as Deduction: Rent, Rates, Taxes, Repairs and Insurance for Building [Sec. 28], Repairs and Insurance of Machinery, Plant and Furniture [Sec. 28]	VIEW
Deduction in Respect of employee Welfare [Sec 29 and 30], Depreciation [Sec. 33], Block of Assets [Sec. 2(17)], Scientific Research [Sec. 45]	VIEW
Deduction in Respect of Expenditure on Specified Business [Sec. 46]	VIEW
Bad Debts [Sec. 31], Provision for Bad Debts [Sec. 31]	VIEW
Residual Deduction [Sec. 32]	VIEW
illustrations on Business Income- Setoff and Carryforward of Business Loss and un Absorbed Depreciation	VIEW
Disallowances and Presumptive Taxation
Method of the Accounting 276	VIEW
Maintenance of Books of Accounts 58, List of Notified Profession under Section 58	VIEW
Disallowed Expenditure [Sec. 35], Section 35. Inadmissible Expense in the Books of the Partnership form and LLP, Computation of Book profit under 35(e)	VIEW
Section 36 Expense Disallowed if Payment is made in excess of 10,000 in cash/other than Prescribed Mode, Certain Payment can be allowed only upon Actual Payment	VIEW
Presumptive Taxation [Sec. 58]	VIEW

Unit 4
Basis of Charge-Capital Asset [Sec. 2(22)], Types of Capital Asset-Transfer [Sec. 2(109)]	VIEW
Capital Gain [Sec. 67]	VIEW
Transactions not regarded as Transfer (Sec. 70)	VIEW
Meaning of “Adjusted”, “Cost of Improvement” and “Cost of Acquisition” (Sec.90)	VIEW
Computation of Long-Term Capital Gain (LTCG)(Sec-72)	VIEW
Deemed or Notional Cost of Acquisition [Sec. 73], Computation of Capital gain in Certain cases	VIEW
Computation of Capital gain in Case of Depreciable Assets [Sec. 74]	VIEW
Tax on Capital Gain- Deductions [Sec. 82, 83, 84, 85, 86]	VIEW
Income from Other Sources
Basis of Chargeability [Sec.92]	VIEW
Casual Income: Winning from Lotteries, Crossword Puzzles, etc. [Sec. 92(2)(b)]	VIEW
Family Pension- Gift [Sec. 92(2)(m)]	VIEW
Interest on Securities [Sec. 92(2)(e)]	VIEW
Sum Received under a Life Insurance Policy [Sec. 92(2)(l)]	VIEW
Dividend [Sec. 2(40)]	VIEW
Specific Disallowance [Sec. 94]	VIEW
Computation of Income from other Sources – Illustrations	VIEW

Unit 5
Income Exempted [Schedule II Read with Sec 11]	VIEW
Agriculture Income, Instances of Agricultural (Agro) Income, Instances of Non-agricultural (Non-Agro) Income	VIEW
Treatment of Partly Agricultural and Partly Non-Agricultural Income	VIEW
Illustrations on Impact of Agricultural income on Tax Computation	VIEW
Deductions: Differences between Deduction and Exemptions	VIEW
General Provisions Schedule III, Rebate u/s 156	VIEW
Computation Tax Gross Total Income and Tax Liability	VIEW
Setoff and Carry Forward of Losses
Introduction Inter Source adjustment (Intra-Head adjustment) [Sec. 108], Inter head adjustment [Sec. 109]	VIEW
Carry Forward of Loss	VIEW
Loss under the head ‘Income from House Property’ [Sec. 110]	VIEW
Carry forward and Set off of Business Loss other than Speculation Loss [Sec. 112]	VIEW
Set off and Carry forward of Unabsorbed Depreciation, Carry forward and Set off of Speculation Loss [Sec. 113]	VIEW
Carry Forward and Set off of Loss from Specified Business Covered u/s 35AD [Sec.114]	VIEW
Carry Forward and Set off of Capital Loss [Sec. 111]	VIEW
Carry Forward and Set off of Losses from Activity of owning and Maintaining Race Horses [Sec. 115]	VIEW

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