B Com Semester IV - Income Tax

The Income Tax course in B.Com Semester IV is designed to provide students with a comprehensive understanding of the principles, laws, and practices of income taxation in India. The course covers the key provisions of the Income Tax and equips students with the knowledge required to calculate taxable income, compute tax liabilities, and understand the various exemptions, deductions, and rebates available under the tax laws.

Students will explore different heads of income—Salary, House Property, Business or Profession, Capital Gains, and Other Sources—and learn to assess and file income tax returns for individuals, businesses, and other entities. The course also introduces students to the Goods and Services Tax (GST), tax planning, and the legal framework of tax administration in India.  

Course Content :

1. INTRODUCTION

• Income Tax introduction
• Income tax in India 
• Types of Incomes

2. INCOME FROM SALARIES

• Computation of Salary Income

3. INCOME FROM HOUSE PROPERTY

• Introduction 
• House Property incomes
• computation of Income

4. PROFITS AND GAINS OF BUSINESS OR PROFESSION

• Income from Business

5. CAPITAL GAINS AND INCOME FROM OTHER SOURCES: 

• Introduction
• Short term and Long term Capital
• capital gains