1 COURSE OUTLINE 2020-2021 Academic Year Income Tax - BFX-03-BCM-ACC302 Spring 2021 (Semester VI)- Friday, 8:10 PM to 10:10 PM Instructor Information Faculty Himank Harjai, Lecturer, JSBF [email protected], +91-9888956600 Ayushi Behl, Lecturer, JSBF [email protected], +91-7830397535 Online classes through MS teams Type Elective Credits 2 credits Course Description The course is designed to familiarize the students with the concept of Income Tax laws prevailing in India through lectures, practicing realistic tax scenarios, classroom discussions and numerical problems. The course covers the meaning of Income Tax and its applicability as per the Income Tax Act, 1961. It is designed to throw light on the five heads of income (Income from Salaries, Income from Profits and Gains from Business or Profession, Income from Capital Gains, Income from House Property, and Income from Other Sources), computation of gross total income, total income, and income tax along with relevance and applicability of several deductions available under the Income Tax Act. It also introduces students to several tax saving techniques, procedure of filing income tax returns along with types of returns and related compliances which will include due dates of filing of return, penalties, and Tax Deductible at Source. This course also updates students with the latest tax rates, slabs, and provisions applicable as per the Finance Act, 2020.
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COURSE OUTLINE 2020-2021 Academic Year
Income Tax - BFX-03-BCM-ACC302 Spring 2021 (Semester VI)- Friday, 8:10 PM to 10:10 PM
Instructor Information Faculty Himank Harjai, Lecturer, JSBF [email protected], +91-9888956600 Ayushi Behl, Lecturer, JSBF [email protected], +91-7830397535 Online classes through MS teams Type Elective Credits 2 credits Course Description The course is designed to familiarize the students with the concept of Income Tax laws prevailing in India through lectures, practicing
realistic tax scenarios, classroom discussions and numerical problems.
The course covers the meaning of Income Tax and its applicability as per the Income Tax Act, 1961. It is designed to throw light on the five heads of income (Income from Salaries, Income from Profits and Gains from Business or Profession, Income from Capital Gains, Income from House Property, and Income from Other Sources), computation of gross total income, total income, and income tax along with relevance and applicability of several deductions available under the Income Tax Act. It also introduces students to several tax saving techniques, procedure of filing income tax returns along with types of returns and related compliances which will include due dates of filing of return, penalties, and Tax Deductible at Source. This course also updates students with the latest tax rates, slabs, and provisions applicable as per the Finance Act, 2020.
• Pre-Requisites No Pre-Requisites are required. The material of the course itself will be sufficient for students to understand the content of this course.
Course Objectives Upon successful completion of this course, students will be able:
1. Comprehend the basic principles governing income tax, 2. Computation of income tax for individuals, 3. Filing formalities prescribed under Income Tax Act.
Course Readings: The suggested textbooks for the course are:
• Required - Direct Tax Laws by V.P Gaur, Rajeev Puri and Puja Gaur for Assessment Year 2020-21(Kalyani Publications)
• Other recommendation– Direct Tax Laws by Dr. HC Mehrotra and Dr. SP Goyal for Assessment Year 2020-21 (Sahitya Bhawan Publications)
• Other recommendation- Students’ guide to Income tax by Dr. Vinod K. Singhania and Dr. Monica Singhania for Assessment Year 2020-21 (Taxmann)
Course Structure There will be one class per week. Lectures will be conducted in 2 hours block. The lectures will be a blend of theory, class discussion on real world situations and numerical solving. Students are expected to participate and ask questions during class discussions to make the best possible use of the course. Classroom Participation: You are expected to be prepared for class and constructively participate in class discussions. This includes attending all classes, being prepared by having read and analyzed assignments ahead of class time and being ready to offer analyses and insights during class discussions. We expect you to join class on time, be well prepared and to make contributions to class discussions. Contribution will be measured based on student’s response to questions and solving questions discussed during the sessions. Students are expected to respond via chat or unmuting themselves when asked. Any disruptions during the class will lead to the loss of class participation grades. Technical Information/Gadgets: You will require a simple calculator to be efficient and effective in the classroom. Grading, Progress and Assessment This course assumes substantial and informed student participation. General discussion of theory and practice is encouraged and expected of all students. At a minimum, being informed requires class attendance, completion of assigned readings and homework. Class attendance and thoughtful participation are important and will be reflected in part in the final grade. Please notify the instructor of an absence before the class.
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COURSE OUTLINE 2020-2021 Academic Year
The final grade for this course will be based on:
Evaluation Item Weightage Explanation
Class Participation 10 Contribution to the class discussion
Assignment 1- Theory Based Case Study 20 Post class individual assignment based on basic concepts covered in class
Assignment 2- Numerical Based Case Study
20 Post class individual assignment based on basic concepts and numerical problems covered in class
Project- Powerpoint Presentation 20 PPT prepared in group with individual component.
End Term 30 Final Assessment- Mix of theory and numerical based questions including case studies.
Grade Sheet: The schema of the grade sheet may change. Students will be informed well in advance of any changes in the schema of the grade
sheet.
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COURSE OUTLINE 2020-2021 Academic Year
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JGU Policies and Expectations Academic Integrity and Plagiarism: Learning and knowledge production of any kind is a collaborative process. Collaboration demands an ethical responsibility to acknowledge who we have learnt from, what we have learned, and how reading and learning from others have helped us shape our own ideas. Even our own ideas demand an acknowledgement of the sources and processes through which those ideas have emerged. Thus, all ideas must be supported by citations. All ideas borrowed from articles, books, journals, magazines, case laws, statutes, photographs, films, paintings, etc., in print or online, must be credited with the original source. If the source of inspiration of your idea is a friend, a casual chat, something that you overheard, or heard being discussed at a conference or in class, even they must be duly credited. If you paraphrase or directly quote from a web source in the examination, presentation or essays, the source must be acknowledged. The university has a framework to deal with cases of plagiarism. All form of plagiarism will be taken seriously by the University and prescribed sanctions will be imposed on those who commit plagiarism. Disability Support and Accommodation Requirements: JGU endeavors to make all its courses accessible to students. All students with any known disability needing academic accommodation are required to register with the Disability Support Committee [email protected]. The Committee has so far identified the following conditions that could possibly hinder student’s overall well-being. These include physical and mobility related difficulties; visual impairment; hearing impairment; medical conditions; specific learning difficulties e.g., dyslexia; mental health. The Disability Support Committee maintains strict confidentiality of its discussions. Students should preferably register with the Committee during the month of June/January as disability accommodation requires early planning. DSC will approve of and coordinate all disability related services such as appointment of academic mentors, arranging infrastructural facilities, and course related requirements such as special lectures, tutorials, and examinations.
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COURSE OUTLINE 2020-2021 Academic Year
Safe Space Pledge: This course may discuss a range of issues and events that might result in distress for some students. Discussions in the course might also provoke strong emotional responses. To make sure that all students collectively benefit from the course, and do not feel disturbed due to either the content of the course or the conduct of the discussions. Therefore, it is incumbent upon all within the classroom to pledge to maintain respect towards our peers. This does not mean that you need to feel restrained about what you feel and what you want to say. Conversely, this is about creating a safe space where everyone can speak and learn without inhibitions and fear. This responsibility lies not only with students, but also with the instructor.
Module 1: Introduction to Income tax and basic concepts
Upon Successful completion of this module, you should be able to: 1. Explain the meaning of tax and background of taxation prevailing in India. 2. Explain the features of income tax. 3. Understand important terms used in income tax act. 4. Know about different heads of income.
CO1
Required - Review of syllabus in
advance of class.
Recommended - Chapter 1 and 2
of textbook
Module 2: Identification of residential status and their tax liability
5. Explain the concept of residential status. 6. Able to determine the residential status of various persons. 7. Explain the concept of incidence of tax. 8. Know several types of income.
Upon Successful completion of this module, you should be able to: 1. Explain the meaning of income from head salaries and its characteristics. 2. Compute income from head salaries. 3. Explain the concept of profit in lieu of salary. 4. Know about the payments exempt under section 10. 5. Know about all the deductions out of salary income
CO1 CO2
Required – Revise learnings from previous class.
Recommended - Chapter 4 of
textbook
Week 5-6
Module 4: Income from head – House Property
Upon Successful completion of this module, you should be able to: 1. Explain the definition of income from head house property. 2. List down the exempted income under head house property. 3. Explain the concept of Annual income and be able to compute it. 4. Know about the deductions u/s 24. 5. Be able to do the treatment of arrears of rent. 6. Compute the income from head house property.
Module 5: Income from head – Profits and Gains from business and Profession
Upon Successful completion of this module, you should be able to: 1. Explain the meaning of income from head Profits and Gains from business and Profession (PGBP) and its charging provision. 2. Compute income from head PGBP. 3. List the deduction under this head. 4. List the disallowances under this head. 5. Explain the concept of deemed profits. 6. Able to calculate the allowance for depreciation in this head. 7. Learn the provisions around maintenance of accounts by certain persons carrying on profession or business. 8. Learn the conditions for compulsory audit of non-corporate assesses. 9. Understand income calculations in certain special cases.
CO1 CO2
Required - Revise learnings from previous class.
Recommended - Chapter 6 and 7
of textbook
Theory based case studies given as assignment where students need to Identify issue under consideration, relate the issue to relevant Section/provision/case law and then provide his answer accordingly. (20 Marks)
Upon successful completion of this module, you should be able to: 1. Explain the meaning of income from head Capital gains and basis of charge. 2. Understand the implications of tax arising on transfer of capital assets. 3. Compute the income under head Capital Gains. 4. Summarise the types of Capital Gains. 5. List the exemptions with respect to capital gains.
CO1 CO2
Required - Revise learnings from previous class.
Recommended -
Chapter 8 of textbook & other
readings 4
Week 12-13
Module 7: Income from head – Other Sources
Upon successful completion of this module, you should be able to: 1. Be familiar with different types of Other income including general and specific income. 2. Compute the income under head Other sources. 4. Understand various deductions available u/s 57.
CO1 CO2
Required - Revise learnings from previous class.
Recommended - Chapter 9 and 12
of textbook
Module 8: Deductions from Gross Total Income
5. Explain various deductions available u/s 80 of Income Tax Act and various conditions attached.
Upon successful completion of this module, you should be able to: 1. Thoroughly explain the concepts like total income, grant total income, taxable income etc. 2. Be aware of the applicable tax slabs. 3. Calculate total taxable income and tax liability of an assessee.
CO2
Required - Revise
learnings from previous class. Recommended - Chapter 13 of
textbook & other
suggested readings 1
Numerical based case studies given as take-home assignment where students need to name and explain Section/provision along with solving the question based on basic concepts and numerical problems covered in class. (20 Marks)
Module 10: Miscellaneous
4. Understand the need of filing Income Tax return. 5. Understand the concept of income tax returns. 6. Other miscellaneous concepts
CO3
Recommended – Other
suggested readings - 2
and 3.
Students need to prepare powerpoint presentation on different types of Income Tax Returns where they need to explain in detail about ITR forms (its applicability and procedure for computation of tax under that ITR Form). (20 Marks)
o Please note, session topics and activities may be subject to change during the course.
