STUDY MATERIAL

Income tax notes- Basic concepts, Heads of income, Basis of charges

INCOME TAX NOTES

Hello friends, Income tax notes have been prepared by “CA Mukta jain and CA Rakesh jain” for providing assistance in IT modules. Fourteen chapters will cover these Income tax notes containing practical problems also. In some universities , knowledge about tax is given in the fifth semester so that they can instantly use their information in real life for earning income.

INTRODUCTION- In India, Income tax was introduced for the first time in 1860, by Sir James Wilson in order to meet the losses sustained by the Government on account of the Military Mutiny of 1857. Thereafter; several amendments were made in it from time to time. In 1886, a separate rule was passed. This remained in force up to 1918, with various changes from time to time. In 1918, a new deed was passed and again it was replaced by another new pretence which was passed in 1922. This remained in force up to the assessment year 1961-62 with numerous alterations.

DOWNLOAD INCOME TAX NOTES

DOWNLOAD INCOME TAXNOTES

LIST OF CHAPTERS COVERS IN INCOME TAX NOTES

1AN OVERVIEW
2RESIDENTIAL STATUS AND TAX LIABILITY
3INCOME EXEMPT FROM TAX
4INCOME FROM SALARIES
5RETIREMENT BENEFITS
6INCOME FROM HOUSE PROPERTY
7PROFITS AND GAINS FROM BUSINESS
8DETERMINATION OF INCOME ON PRESUMPTIVE BASIS
9DEPRECIATION
10CAPITAL GAINS
11INCOME FROM OTHER SOURCES
12AGRICULTURE INCOME
13CLUBBING AND AGGREGATION OF INCOME
14SET OFF CARRY FORWARD OF LOSSES

Thus, recommendations of Law Commission and Direct Taxes Enquiry Committee and consultation with Law Ministry, a bill was framed finally passed in September 1961. This came in to force with effect from 1st April 1962. The IT Act 1961 has been brought into force with effect from 1 April 1962. It applies to the whole of India including Jammu and Kashmir. This  has been amended a number of times since 1961.The annual Finance Bills presented before the Parliament by the Finance Minister along with the budget generally bring about these improvements.

OTHER  IMPORTANT TOPICS DISCUSS IN INCOME TAX NOTES SUCH AS

  1. Person
  1. Assessee
  1. Assessment year
  1. Previous year
  1. Income
  1. Gross total income
  1. Total income
  1. Casual income
  1. Income tax rates applicable
  1. Tax evasion
  1. Tax avoidance
  1. Tax management
  1. Tax planning
  1. Difference between tax evasion and tax avoidance
  1. Difference between Tax planning and tax avoidance
  1. Difference between tax planning and tax evasion
  1. Difference between tax planning and tax management
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