Study Notes

B.Com Regular CBCS  Syllabus 2021  5.1 INCOME TAX- I    UNIT-1: Introduction to Income Tax . 10 hours Brief history of Indian Income Tax, legal framework, types of taxes, cannons of taxation, definitions, assessment, assessment year, previous year including exception, assesses, person, income, casual income, gross total income, total income, agricultural income, scheme of taxation, meaning and classification of capital and revenue.  UNIT-2: Residential status 10 hours Residential status of an individual’s, Determination of residential status, incidence of tax problems on computation of Gross total Income  UNIT-3: Exempted incomes 4 hours Introduction, exempted incomes U/S 10. Only in the hands of individuals  UNIT-4: Income from salary 20 hours Meaning, definitions, basis of charge, advance salary, arrears of salary, all allowances, perquisites, profits in lieu of salary, provident fund, gratuity, commutation of pension, encashment of earned leave, deductions from salary U/S 16, pro

  Unit 2:  Presentation of Financial Statements  Topics covered as per syllabus 1.Users of financial statements 2.objective of financial statements, 3.Underlying assumptions, 4.Qualitative characteristics of financial statements, 5.The elements of financial statements, 6.Recognition of the elements of financial statements, 7.Measurement of the elements of financial statements, 8..Concepts of capital and capital maintenance 1.Users of financial statements The users of financial statements include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the public.  (a) Investors. The providers of risk capital need information to help them determine whether they should buy, hold or sell. They are also interested in information to assess the ability of the enterprise to pay dividends.  (b) Employees- Employees and their representative groups are interested in information about the stability and profitability o