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Content Areas

1. Income-tax Act, 1961

• Definitions and basic concepts
• Previous year and assessment year
• Residential status
• Scope of total income
• Agricultural income
• Exempted incomes

2. Heads of Income

Income under the Act is classified into five heads:

(a) Salary

• Taxability of salary
• Allowances
• Perquisites
• Provident fund
• Retirement benefits

(b) House Property

• Annual value
• Municipal taxes
• Standard deduction
• Interest on borrowed capital

(c) Profits and Gains of Business or Profession

• Admissible and inadmissible expenses
• Depreciation
• Maintenance of books
• Audit provisions

(d) Capital Gains

• Short-term and long-term capital gains
• Transfer of capital assets
• Exemptions under sections 54, 54F, etc.

(e) Income from Other Sources

• Dividends
• Interest income
• Gifts
• Winnings from lotteries

3. Deductions and Exemptions

• Deductions under Chapter VI-A
• Section 80C, 80D, 80G, etc.
• Rebates and reliefs

4. Computation of Total Income

• Gross Total Income
• Set-off and carry forward of losses
• Calculation of tax liability

5. Tax Administration

• PAN and Aadhaar
• Filing of returns
• Assessment procedures
• Reassessment
• Rectification

6. Tax Deduction and Collection

• TDS (Tax Deducted at Source)
• TCS (Tax Collected at Source)
• Advance tax
• Self-assessment tax

7. Appeals and Penalties

• Appeals before CIT(A), ITAT, High Court, Supreme Court
• Penalty provisions
• Prosecution for tax evasion