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Babu Banarasi DasNational Institute of Technology & Management

Faculty of PGDM

III SemesterTaxation in Management

Faculty : Dr. Kamlesh Kumar Shukla

Course Objective

The purpose of this course is to introduce students to tax implications with particular focus onthe direct tax and individual tax, techniques used for their computation and various deduction

available to business for tax savings.

Through this course students will:

Learn what taxation is, exemptions, prescribed rate for taxation in individual andcorporate and various deduction available.

Learn how to calculate taxable income of an individual.Understand the concepts of tax planning for tax saving.

Pedagogy

The subject will be taught using a mixture of lectures to cover basic theory, and practical casestudies and examples covered in workshops/seminars and tutorials sessions. Tutorial will helpin the discussion of the various problems and models. Group presentations and Quiz will beencouraged to explore alternatives.

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Taxation in Management

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Unit I

Income- tax-- An Introduction; introduction, Salient

features of income-tax,R. K. Jain

2. Objects of charging Income- tax, Process ofcomputing income-tax, V.K. Singhania3. Definitions; Assessment Year, Previous year, Person,Assesssee; Deemed Assessee, Assessee in default, H.C. Mehrotra4. Assessment on Agricultural Income; introduction,Partly agricultural Income R. K. Jain5. Residence and Tax Liability; Individual, Firm andAssociation of Persons R. K. Jain6.

Unit II

Income from Salaries V.K. Singhania

7. Income from Salaries V.K. Singhania 8. Income from Salaries H.C. Mehrotra9. Allowances H.C. Mehrotra10. Allowances H.C. Mehrotra11. Perquisites R. K. Jain12. Perquisites V.K. Singhania13. Income from Salaries (Retirement and Retrenchment) H.C. Mehrotra14.Assignment15.

Unit III

Income from House Property

16. Income from House Property R. K. Jain17. Profits and Gains of Business or Profession V.K. Singhania18. Capital Gains H.C. Mehrotra19. Income from other Sources R. K. Jain20.

Unit IV

Deduction and Gross Total Income

Assessment of Individuals (Computation of total

income)

R. K. Jain

21. Computation of Tax liability of Individuals R. K. Jain22.Project Work23. Unit V Income tax authorities R. K. Jain24. Procedures of Assessment Tax-Planning25.Group discussion

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Semester III

Taxation in management

Unit I:Income- tax-- An Introduction; introduction, Salient features of income-tax, Objects ofcharging Income-tax, Process of computing income-tax,Important Definitions; Assessment Year,

Previous year, Person, Assesssee; Deemed Assessee, Assessee in default, Income, Features of Income,

Difference of total Income and Gross total income, Casual income Assessment on Agricultural Income;

introduction, Meaning of agricultural activities, Partly agricultural Income Exempted Incomes Residence

and Tax Liability; Induvidual, Firm and Association of Persons

Unit II: Income from Salaries

Income from Salaries (Retirement and Retrenchment)

Income from House Property

Unit III: Profits and Gains of Business or Profession

Capital Gains, Income from other Sources, Clubbing of Income and Aggregation of Income

Set-off and Carry forward of losses

Unit IV:Deduction and Gross Total Income

Assessment of Individuals (Computation of total income)

Computation of Tax liability of Individuals

Unit V: Income tax authorities, Procedures of Assessment, Tax-Planning

Assessment of Firms and Association of Persons

Suggested Readings:

V.K. Singhania Tax manns Publication

R. K. Jain, Sahitya Bhawan Publication

H.C. Mehrotra