SEM - V

Direct & Indirect Taxation – Semester V is designed to provide students with a comprehensive understanding of the fundamental principles and practical application of the Indian taxation system. The course focuses primarily on the provisions of the Income Tax Act relating to the computation of taxable income of individuals under various heads of income, along with deductions, exemptions, and the computation of total income. Students also develop an understanding of the concepts of tax planning and tax compliance.

The course enables learners to acquire practical skills in computing tax liability through numerical problems and case-based learning. Emphasis is placed on the interpretation and application of statutory provisions, helping students understand how taxation affects individuals and businesses in real-life situations. The subject also serves as a strong foundation for advanced studies in taxation, auditing, finance, and professional courses such as CA, CMA, and CS.

The Semester V syllabus broadly covers:

• Basic concepts and terminology under the Income Tax Act.
• Scope of Total Income and Residential Status.
• Computation of income under various heads:
  • Salary
  • Income from House Property
  • Profits and Gains of Business or Profession
  • Capital Gains
  • Income from Other Sources
• Exemptions and deductions available under the Income Tax Act.
• Computation of Total Income and Tax Liability of an Individual.
• Introduction to practical taxation through numerical problems and case studies.