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Income Tax Law and Practice

By Prof. Lal Baboo Jaiswal   |   Banaras Hindu University
Learners enrolled: 3512   |  Exam registration: 292
ABOUT THE COURSE:
Taxes are considered to be the “cost of living in a society”. Taxes are levied by the Governments to meet the common welfare expenditure of the society. It may be direct tax or indirect tax. Direct tax is a tax, such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services. Indirect Tax is levied on goods and services rather than on income or profits. Taxationis fairness, adequacy, transparency, simplicity and ease of administration. Every person plan his taxation portfolio specially Income tax portfolio. Under income tax assesse exercise the exemptions of incomes, deductions and rebate of tax to avoid the tax or minimize the tax liability. This course is designed for individuals’assesse looking to enhance their skills in the rapidly evolving field of Tax as well as filing the ITRs.

INTENDED AUDIENCE: Students of B. Com. M.Com. & MBA Courses.

PREREQUISITES: 10+2/ B. Com.

INDUSTRY SUPPORT: All financial and Legal Services providing Companies.
Summary
Course Status : Ongoing
Course Type : Core
Language for course content : English
Duration : 12 weeks
Category :
  • Commerce
Credit Points : 3
Level : Undergraduate/Postgraduate
Start Date : 20 Jan 2025
End Date : 11 Apr 2025
Enrollment Ends : 03 Feb 2025
Exam Registration Ends : 28 Feb 2025
Exam Date : 25 Apr 2025 IST

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.

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Course layout

Week 1: 
  • Income Tax-Basic Concepts Part-I.
  •  Income TaxBasic Concepts-Part-II.
  • Residential Status of an Assessee.
  • Incidence of Taxation with case Study.
  • Agricultural Incomes and Computation.
Week 2: 
  • Exemptions from Taxes (Tax- Free Incomes)
  • Income from Salary- Basic Concepts.
  •  Income from Salary- Allowances.
  • Computation of Allowances.
  •  Income from Salary- Perquisites.
Week 3: 
  • Computation of Perquisites
  • Income from Salary- Profit in lieu of Salary.
  • Computation of Gratuity.
  •  Computation of Commuted Value of Pension and monthly Pension
  • Computation of Encashment of Earn Leave and Compensation on Retrenchment.
Week 4: 
  • Computation of Voluntary retirement ,Provident Fund and Standard Deductions
  • Computation of Salary Income - Part-I
  •  Computation of Salary Income - Part-II
  • Income from House Property-Basic Concepts.
  •  Computation of Income from House Property
Week 5: 
  • Computation of Income from Let Out House Property.
  • Computation of Income from Self Occupied House Property.
  •  Theoretical Concepts of Computing Income from Business.- Part I
  • Theoretical Concepts of Computing Income from Business.- Part II
  • Depreciation and Investment Allowance.
Week 6: 
  • Profit and Gains from Business and profession (PGBP) Expenses Expressly Allowed – Section 30 to 37 and PGBP Expenses Expressly Disallowed.
  • Computation of Business Income
  •  Theoretical Concepts forComputing Professional Income
  • Computation of Professional Income
  • Income from Capital Gains - Basic Concepts
Week 7: 
  • Income from Capital Gains – Computation
  • Income from Capital Gains - Exempted Capital Gains –Part-I
  • Income from Capital Gains - Exempted Capital Gains –Part- II
  • Problems on Computation of Income from Capital Gains
  • Theoretical Concepts of Income from Other Sources
Week 8: 
  • Computation of Income from Other Sources
  •  Aggregation of Income (Clubbing of Incomes and Deemed Incomes)
  • Set off and Carry Forward of Losses - Basic Provisions.
  •  Deductions from Gross Total Income - Under Section 80C to 80U (Part-1)
  • Deductions from Gross Total Income - Under Section 80C to 80U (Part-1I)
Week 9: 
  • Deductions from Gross Total Income - Under Section 80C to 80U (Part-1II)
  •  Computation of Total Income of Individuals- Practical Problems (Part-1)
  • Computation of Total Income of Individuals- Practical Problems (Part-1I)
  • Computation of Tax Liability of Individuals-Practical Problems (Part-1)
  •  Computation of Tax Liability of Individuals-Practical Problems (Part-1I)
Week 10: 
  • Advance Payment of Tax -Basic Concept.
  • Advance Payment of Tax -- Practical Problems 
  • Assessment of Hindu Undivided Family.
  • Assessment of Association of Person and Body of Individual.
  •  Assessment of Partnership Firms/ LLP and their Partners- Basic Concepts.
Week 11: 
  • Assessment of Partnership Firms- Practical Problems.
  • Deduction and Collection of Tax at source.
  • Assessment Procedure.
  •  Income Tax Authorities.
  • Appeals and Revisions.
Week 12: 
  • Recovery and Refund of Tax.
  •  Penalties.
  • Offence Liable Prosecution.
  • Preparation and Filing of Return of Income Online Part-I
  • Preparation and Filing of Return of Income Online Part-II

Books and references

Materials:
  1. Study material of The Institute of Chartered Accountants of India (ICAI),
  2.  Certified Management Accountant (CMA),
  3.  Company Secretary (CS)
Books:
  1.  Bharat’s Law Of Income Tax Vol 9
  2.  Master Guide to Income Tax Act by Taxmann Edition: 33rd Edition
  3.  Income Tax Law (Section 1 to 298) (In 11 Volumes)by Chaturvedi and Pithisaria Edition: 8th Edition, 2024
  4. Practical Approach to Income Tax (A.Y. 2024-25)by GirishAhuja, Ravi GuptaEdition: 45th Edition, 2024

Instructor bio

Prof. Lal Baboo Jaiswal

Banaras Hindu University
Prof. LalBabooJaiswal is currently working as the Assistant Professor in Faculty of Commerce in Banaras Hindu University. He has 16 years of academic teaching experience. He did his masters from VBS, Purvanchal University, Jaunpur,(U.P.). He has qualified UGC NET-JRF in Commerce anddid P.hD from VBS, Purvanchal University, Jaunpur, (U.P.) in the year 2003. He also published 15 research paper in various reputed journals and 03 academic books with ISBN. He also attended 20 National and 10 international seminars on various topics. He presented and published various articles in workshops, seminars webinars and various magazines beside excellent academic carrier he alsoinvolve in various social awareness programmes. His area of specialization is Accounting, Direct Taxation and Finance and other emerging areas of Taxation.

Course certificate

The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centres.
The exam is optional for a fee of Rs 1000/- (Rupees one thousand only).
Date and Time of Exams: April 25, 2025 Morning session 9am to 12 noon; Afternoon Session 2pm to 5pm.
Registration url: Announcements will be made when the registration form is open for registrations.
The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published. If there are any changes, it will be mentioned then.
Please check the form for more details on the cities where the exams will be held, the conditions you agree to when you fill the form etc.

CRITERIA TO GET A CERTIFICATE

Average assignment score = 25% of average of best 8 assignments out of the total 12 assignments given in the course.
Exam score = 75% of the proctored certification exam score out of 100

Final score = Average assignment score + Exam score

Please note that assignments encompass all types (including quizzes, programming tasks, and essay submissions) available in the specific week.

YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75. If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.

Certificate will have your name, photograph and the score in the final exam with the breakup.It will have the logos of INI and BHU.

Only the e-certificate will be made available. Hard copies will not be dispatched.

Once again, thanks for your interest in our online courses and certification. Happy learning.

- INI team


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