INCOME TAX
LAW AND PRACTICE

Fifth Edition

ASSESSMENT YEAR 2023-24

INCOME TAX
LAW AND PRACTICE

Fifth Edition

ASSESSMENT YEAR 2023-24

Dr. T. SRINIVASAN

Professor of Commerce
Annamalai University
Chidambaram

Vijay Nicole Imprints Private Limited

CHENNAI

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INCOME TAX - LAW AND PRACTICE, 5e

ISBN (Print): 978-93-95245-93-7

ISBN (ePdf): 978-93-95245-92-0

ISBN (ePub): 978-93-95245-94-4

Author: Dr. T. Srinivasan

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CONTENTS

Preface

Acknowledgement

CHAPTER        1BASIC CONCEPTS

1.1 Abbreviations

1.2 Income Tax

1.2.1 History of Income Tax

1.3 Assessee Sec.2(7)

1.4 Types of Assessee

1.5 Person Sec.2(31)

1.6 Income Sec.2(24)

1.6.1 Features of Income

1.7 Gross Total Income Sec.80B(5)

1.8 Total Income Sec.2(45)

1.9 Agricultural Income Sec.2(1A)

1.10 Casual Income

1.10.1 Assessment Year Sec.2(9)

1.10.2 Previous Year Sec.3

1.10.3 Taxation of Previous Year Income During the Same Year

Objective Type Questions

Review Questions

CHAPTER        2RESIDENTIAL STATUS OF AN ASSESSEE

2.1 Abbreviations

2.2 Taxable Entities

2.3 Types of Residential Status

2.4 Residential Status of an Individual Assessee

2.4.1 Basic Conditions Sec.6(1)

2.4.2 Additional Conditions Sec.6(6)

2.4.3 Exception and Other Points to be Considered

2.4.4 Resident

2.4.5 Not Ordinarily Resident

2.4.6 Non-Resident Sec. 2(30)

2.4.7 Summary: Rule of Residence

2.5 Residential Status – HUF Sec. 6(2)

2.5.1 Basic Conditions

2.5.2 Additional Conditions

2.5.3 Resident – Ordinary Resident HUF

2.5.4 Resident and Not Ordinary Resident HUF

2.5.5 Non-Resident HUF

2.6 Residential Status – Firm / AOP Sec. 6(2)

2.7 Residential Status – Company Sec.6(3)

2.8 Residential Status of Every Other Person Sec. 6(4)

2.9 Indian Income

2.10 Foreign Income

2.11 Incidence of Tax / Scope of Income

Exercises

Objective Type Questions

Review Questions

CHAPTER        3EXEMPTED INCOMES

3.1 Abbreviations

3.2 Introduction

3.3 Exempted Incomes

Objective Type Questions

Review Questions

CHAPTER        4AGRICULTURAL INCOME

4.1 Abbreviations

4.2 Definition

4.3 Agricultural Operations

4.4 Instances of Agricultural Income

4.5 Instances of Non-Agricultural Income

4.6 Treatment of Agricultural Income

4.7 Partly Agricultural Income (Rule 7)

Exercises

Objective Type Questions

Review Questions

CHAPTER        5INCOME FROM SALARY

5.1 Abbreviations

5.2 Salary – Definition Sec. 17(1)

5.2.1 Features of Salary

5.2.2 Advance Salary

5.2.3 Arrears Salary

5.2.4 Basis of Charge Sec. 15

5.3 Allowances

5.3.1 Academic Allowance

5.3.2 Conveyance Allowance

5.3.3 Daily Allowance

5.3.4 Helper Allowance

5.3.5 Travelling Allowance

5.3.6 Transfer Allowance

5.3.7 Uniform Allowance

5.3.8 House Rent Allowance Sec. 10(13A)

5.3.9 Education Allowance

5.3.10 Hostel Allowance

5.3.11 Entertainment Allowance

5.3.12 Tribal Allowance

5.3.13 Running Allowance

5.3.14 Transport Allowance

5.3.15 Underground Allowance

5.4 Perquisites Sec. 17(2)