VNSGU / Saurashtra University · Income Tax
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Accountancy and Taxation - III· 180
Basic concepts of Income Tax Act 1961: Previous Year, Assessment Year, Person, Assessee, Gross Total Income, Total Taxable Income, Agricultural Income, Residential Status and Tax Incidence (Resident & Ordinarily Resident, RNOR, Non-Resident), Incomes exempt from tax under Section 10, Heads of Income: 1) Income from Salaries (Allowances — HRA, Children Education, Perquisites, Gratuity, Pension, Standard Deduction u/s 16), 2) Income from House Property (Gross Annual Value, Municipal Taxes, Net Annual Value, Standard Deduction u/s 24a, Interest on Home Loan u/s 24b), and Deductions from Gross Total Income under Chapter VI-A (Sections 80C, 80CCC, 80CCD, 80D, 80DD, 80G, 80TTA).
In Corporate Accounting Pro-Rata Share problems, always create a 6-column Allotment Table: [Category | Shares Applied | Shares Allotted | Application Money Received | Applied to Allotment | Excess / Refund] before writing journal entries.
Important Exam Focus: Computation of Taxable Income from Salaries from a given employee compensation sheet (calculating HRA exemption, taxable perquisites, Standard Deduction of ₹50,000, and Professional Tax); Income from House Property (Self-occupied vs Let-out property calculation); Determination of Residential Status for an individual with days-of-stay criteria; Deductions under Section 80C, 80D, and 80G.