Ms NEELA V S

III B.COM (FINANCE & TAXATION)

 M.O.P VAISHNAV COLLEGE FOR WOMEN (AUTONOMOUS)
CHENNAI- 34
PROGRAM -B.COM (FINANCE & TAXATION) - SHIFT I
DEPARTMENT OF COMMERCE

LESSON PLAN FOR THE ACADEMIC YEAR 2024-2025

NAME OF THE COURSE: INCOME TAX LAW AND COURSE 21UCOM312

PRACTICE II CODE:

YEAR / SEMESTER: III/ V COURSE THEORY

TYPE:

NO. OF TEACHING HOURS: 60 CREDITS: 4

NAME OF THE INSTRUCTOR: Ms. NEELA V S MAXIMUM 100

MARKS:

Gsuite ID [email protected] BATCH: 2022-2025

COURSE DESCRIPTION:
This course aims to impart practical knowledge of law pertaining to Income Tax in India. It also aims to enable the students to apply
the same practically. This course helps students to gain hands-on experience in Income Tax Computation, Assessment and Filing of
returns while learning the topics such as basics of TDS provisions, Advance tax, Income from Other Sources, Capital Gain, Business
Income, certain Deductions and Recent Changes in Taxation.

GENERAL OBJECTIVE
To demonstrate the ability to compute and assess Individual’s taxable income.

COURSE OBJECTIVES (Co)

Co No. Course Objectives

Co1 To apply the relevant provisions in calculation of income from business or
profession.
Co2 To assess the income taxable under the head Capital Gains.
Co3 To understand the nuances of clubbing, set-off and carry forward procedures.
Co4 To apply the permissible deductions against the various heads of income.
Co5 To understand the administrative procedures for filing returns of income
Co6 To introduce basic concepts in international taxation including tax avoidance
agreements.

UNIT – I
Income from business or profession
Allowable and not allowable expenses, General deductions, its principles, provisions relating to depreciation, deemed business profits
chargeable to profits to tax, compulsory maintenance of books of Account, audit of accounts of certain persons, special provision for
computing incomes on estimated basis under sections 44AD and 44AE, Computation of income from business or profession.

(14 Hrs.)
UNIT – II
Income under capital gains
Chargeability, Short term, long-term capital gains, transfer of capital assets, Certain transactions not included as transfer, Cost of
acquisition, Cost of improvement, Indexation of cost, Exempted capital gains, Computation of capital gains. (12 Hrs.)
UNIT – III

Clubbing, Set off and Carry forward of losses

Clubbing of income, Transfer of income without the transfer of asset Circumstances under which the individual is assessable in
respect of remuneration of spouse, Assess ability of income from assets transferred to spouse, sons wife, another, persons for the
benefit of spouse, Assess ability in respect of income of minor child - Set off – Carry forward and set off (14 Hrs.)

UNIT – IV
Deductions
Deductions U/S 80 IA – 80 RRB and 10AA (10 Hrs.)

UNIT – V
Assessment
Meaning of Permanent Account Number, Return of Income, TDS, Basic provisions concerning Advance Tax, Rates of Taxation,
Assessment Procedure Assessment of individuals. Basics of International taxation, equalization levy, concept of DTAAs (Double Tax
Avoidance Agreements) and BEPS (Base erosion and profit shifting) (theory only)
(10 Hrs.)
Theory: Problem Ratio= 40:60

TEXT BOOK
• Gaur and Narang-Income Tax Law and Practice, Kalyani Publishers, Latest edition

REFERENCE BOOKS
• Mehrotra H.C, Dr.Goyal S.P, Income Tax Law and Accounts, SahityaBhavan Publications Agra, Latest edition
• Bhagwati Prasad, Income Tax Law and Practice, VishwaPrakasan. New Delhi, Latest edition
• Vinod K. Singhania, Students Guide to Income Tax., U.K.Bharghava Taxman, Latest edition
COURSE OUTCOMES
On completion of the course, the student will be able to
Cos Course Outcomes PSOs Cognitive
Addressed Level (Revised
Blooms
Taxonomy)
CO 1 Estimate the taxable business and professional 1,2,3,4 E
income of an individual in India
CO 2 Select the appropriate exemptions that can be 1,2,3,5 E
claimed in computation of capital gains
CO 3 Analyze Set off and carry forward provisions for 1,23,5 An
the losses against incomes under various heads
CO 4 Select appropriate deductions that can be claimed 1,2,3,5 E
under different heads of income
CO 5 Assess the taxable income of an individual and 1,23,5 E
state the provisions related to filing of returns.

CO6 Demonstrate clarity in International Taxation and 1,3,4,5 Ap

DTAA concepts

*R- Remember; U- Understand; Ap – Apply; An – Analyse; E- Evaluate; C – CreatePSO – Program

Specific Outcome; CO – Course Outcome; Co – Course objective
E RESOURCES
Web links
https://resource.cdn.icai.org/62001bos50392cp4u3.pdf
https://resource.cdn.icai.org/62002bos50392cp4u4.pdf
https://resource.cdn.icai.org/62005bos50392cp6.pdf
 https://resource.cdn.icai.org/62006bos50392cp7.pdf
https://resource.cdn.icai.org/62009bos50392cp10.pdf
YouTube links
https://www.youtube.com/watch?v=sDXkWU2s5u0
https://www.youtube.com/watch?v=4MfnySbp8_0
https://www.youtube.com/watch?v=zrj1oYO685o
https://www.youtube.com/watch?v=zEEfopCAOYA
https://www.youtube.com/watch?v=0xQKPz0zDL8
Lesson Plan Schedule

Date /Hours Recall/Recap Topic(outline of the discussion ) Methodology Audio Classwork Homework Learning
of previous of teaching visual aids Assignments Assignmen Outcome
lesson used ts
Hour 1 Introduction to the Course Syllabus &
Lesson Plan-
Interaction
Hours 2 – 3 UNIT–II Capital Gains Income under Interaction Explaining Q. 1 to10 Q 11 to 17 They will get
capital gains - short term, long-term followed by the Q 18 to21 Q 22 to 28 acquainted
capital gains -transfer of capital assets Lecture terminologi with capital
es using gains and its
https://economi word deductions
ctimes.indiatim building Worksheet
es.com/market game from Reddy
s/stocks/news/c & Murthy-
ombining- comprising
dividend- of 15
payout-and- problems
possible-
capital-gains-
 5-stocks-with-
dividend-yield-
between-to-4-
7/articleshow/1
00912316.cms

https://groww.i
n/p/capital-
gains
Hours 4 - 5 What are Certain transactions not included as
capital assets? transfer - Cost of acquisition – Cost of
improvement - Indexation of cost –
Hours 6-7 Formula for Capital gains under different Interaction PPT
calculation of circumstances followed by
Hours 8-9 indexed cost Exempted capital gains – Lecture
Hours 10- of acquisition. Computation of capital gains
13
No of hrs(12)
Teaching Objective: They will get to
know about the capital gains and
deductions under sec 54

Hours 21-29 Purpose of UNIT-III Clubbing of income – Interaction PPT Q 1 to 3 Q4&5 Students will
aggregation of Transfer of income without the followed by know about
Income. transfer of asset Lecture the various
Circumstances under which the https://www.sli set-off and
individual is assessable in respect of deshare.net/jite carry forward
remuneration of spouse – Assess nparmar313/cl procedures
ability of income from assets ubbing-of-
transferred to spouse, sons wife, income-ppt
another -persons for the benefit of
spouse- Assess ability in respect of
 income of minor child .

Hours 14-15 Transfer of income without the

transfer of asset
Hours 16-17 Circumstances under which the
individual is assessable in respect of
remuneration of spouse
Hours18-19 Assess ability of income from assets
transferred to spouse, sons wife,
another-persons for the benefit of
spouse-
Hours 20-21 Assess ability in respect of income of
minor child
Problem solving( Full Fledged)

Hours 22-27 Explain Set off – Carry forward and set off. Interaction PPT Q 1 to5 Q 6 to 8
aggregation of followed by
income Total no of Hrs: 14 Lecture

Teaching Objective: The students will https://www.sli

know how to set off carry forward the deshare.net/sun
incomes under various heads illbn/set-off-
and-carry-
forward
Rules UNIT I Interaction Part 1- Q1 to Part 1-Q Being
regarding Income from business or profession - followed by 7,9,11,12,18, 8,10,13 to informed
carry forward Allowable and not allowable Lecture 19,22,24,26,2 15 about the tax
and set off of expenses-General deductions-its 7 to 35 ,16,17,20,3 implications
losses. principles –provisions relating to https://www.sli 6-41 from
depreciation- deemed business profits deshare.net/mo Part 2-Q 1 to Business or
chargeable to profits to tax- hammedumair/ 10,15,16 Part 2-Q11 Profession
compulsory maintenance of books of income-from- to 14 income
 Account-audit of accounts of certain business-and-
persons-special provision for profession
computing incomes on estimated basis
under sections 44AD and 45AE –
Computation of income from
business or profession ( 14 hrs)

Hours 28-29 Allowable and not allowable

expenses-

Hours 30-31 General deductions-its principles

Hours 32 provisions relating to depreciation-

Hour 33 deemed business profits chargeable to
profits to tax

compulsory maintenance of books of

Hour 34 Account-audit of accounts of certain
persons

special provision for computing

Hour 35 incomes on estimated basis under
sections 44AD and 45AE

Computation of income from

Hours 36-41 business or profession

Teaching Objective: The student will

know to calculate the taxable
business income
Exemptions UNIT IV Permissible deductions from https://www.sli PPT Q9,15,21 Q 24,27 Being
under Section gross total income deshare.net/Su informed
 54 Deductions U/S 80 IA – 80 RRB and mitBedi57/tax- about the
10AA (10 Hrs) deductions-us- various
80c-to-80u permissible
Hours 42-45 Deductions U/S 80IA,IAB,IAC,IB deductions
from GTI
Hour 46 U/S ID, IE

Hours 47-51 U/S QQB,RRB,TTA,U,10AA

Teaching Objective: They will know

the various deductions under
various sections.
Deductions – Unit V Assessment Interaction PPT Q1 Q 15 to 20 Being
Hours 52-54 individuals Meaning of Permanent Account followed by to14,21,22 informed
Number, Return of Income, TDS, Lecture about the
Basic provisions concerning Advance Assessment
Tax, Rates of Taxation, of individuals
and various
Hours 55-60 Guest Lecture administrativ
Assessment Procedure Assessment of e set up of
individuals. Basics of International the IT
taxation, equalization levy, concept of department
DTAAs (Double Tax Avoidance
Agreements) and BEPS (Base erosion
and profit shifting) (theory only)
Teaching Objective: They will be to
calculate the individual taxable
income under various heads and also
understand the administrative set up
of the income tax department.
INTERNAL ASSESSMENT COMPONENTS
Assessment component Marks Individual / group evaluation
Internal Assessment examination – I and II 50 +50 (will be converted Individual
to 30 marks)
Attendance 5 Marks.
Surprise Test 5 Marks
Other assessment components: Group (5 members)
1.Theory to Practice: Various activities under the
topic Income tax - Exhibition
2. Class Note Book Maintenance and
assignments.
3. Mock filing of return for an individual

Assessment component Marks Individual / group evaluation

Internal Assessment examination – I and II 50 +50 to be converted to 30 Individual
Surprise test 5 Individual
Attendance 5 Individual
Other assessment components: 10 Group (7 members)
1.Theory to Practice: Various activities under the topic Income tax - Exhibition
2.Class Note Book Maintenance and assignments.
3. Mock filing of return for an individual

ACTIVITY PLANNER

List of activities for Employability / Skill Development / Entrepreneurship Skill Development

Word building game Terminologies in Capital gain

Work sheet On Capital gains, Business or profession, set off and carryforward
losses & deduction.

Article Review Current budget

Quiz On Set off and Carry forward

Mind map On Administrative set up of Income tax department

Students Presentation PAN, TDS, Return of Income, Advance tax

Key terminologies Assessment procedure

Mock filing of Return Filing of Return of Individual

INSTRUCTIONS ON SUBMISSIONS AND PRESENTATIONS OF INTERNAL ASSESSMENT COMPONENTS AND

OTHER CLASS SUBMISSIONS
• Assignment submissions are due on the announced date. Ten percent will be deducted from the marks of papers submitted late.
Papers submitted more than one week late may not be marked.
• All assignments must be typed (single space) or neatly handwritten; and free of spelling and grammatical errors. The
assignment should contain appropriately stated references for books, chapters from books, journal articles or web resources.
• Chapter specific assignments should contain the following:
o Cover page – title, name of student, register number and class.
o Table of contents
o Content
o References (book, journal and e-resources)
 CODE OF CONDUCT
1. Students to work on the take home assignments and read the notes provided after classroom discussion each hour
2. Students are required to independently work on the assignments given and answer the questions wherever directed to do so
3. Students are evaluated based on the completion of all assignments on time and participation in discussions
4. Students must take up group activity is evaluated for 10 marks
5. All assignments are done independently by the students and no group work is entertained.
6. To enable learning on a consistent manner and to reduce absenteeism, 5 marks is awarded for regularity to classes

INSTRUCTIONS FOR STUDENTS FOR GROUP ACTIVITY

● The students will be asked to divide into 10 groups of 7 each.
● Each group will be given a topic related to different types of risks associated with the insurance policies.
● Risk adjusting techniques and plans to be formulated by each member of the group.
● Each student will work on different plans and all the techniques will be consolidated by the entire group.
● Based on the content and presentation by all of the group members, component marks (10 marks) will be awarded to them
individually.

ACTIVITY TO BE DONE IN ABSENCE OF THE COURSE INSTRUCTOR

(The following Videos to be played in the absence of course faculty)

Capital Gains Revision Exam Oriented in 4.5 hrs for CA CS CMA Inter (in English) (youtube.com)

PGBP Revision Exam Oriented in 4.5 hrs for CA CS CMA Inter (in English) (youtube.com)

TDS | Concept revision | Part 1 | CA CS CMA Inter Direct Tax (youtube.com)