Official Course Syllabus: Income Tax Law and Accounts
Complete, official curriculum framework prescribed by the University of Calicut under the Four Year Undergraduate Programme (FYUGP) 2024 regulations. Includes course metadata, pre-requisites, Bloom's Taxonomy course outcomes (CO1–CO5), module-wise lecture hour allocations, practical project guidelines, and approved reference textbooks.
Pre-requisites
Understanding basic accounting principles, such as debits and credits, ledger posting, and the preparation of financial statements (Trading, Profit & Loss Account, and Balance Sheet) provides a solid foundation for mastering direct income tax laws and commercial tax accounting.
Course Summary
This course aims to provide a comprehensive understanding of income tax principles and practices, equipping students with the statutory knowledge, analytical acumen, and computational skills necessary to navigate the complexities of the Indian direct tax system.
1. Course Outcomes (CO) & Evaluation Tools
The curriculum is designed under Outcome-Based Education (OBE) principles, mapping each learning outcome to Bloom's Revised Cognitive Levels and specific Knowledge Categories:
| CO | Course Outcome (CO) Statement | Cognitive Level* | Knowledge Category# | Evaluation Tools Used |
|---|---|---|---|---|
| CO1 | Demonstrate a basic understanding of the theories, constitutional validity, and administrative practices of Income Tax. | Understand (U) | Conceptual (C) | Internal Examinations, Review Questions, Quizzes, Assignments, Seminars, External University Examinations. |
| CO2 | Shows the skill to calculate the taxable income from Salary, House Property, and Profit and Gains of Business or Profession. | Apply (Ap) | Procedural (P) | Internal Examinations, Quizzes, Review Questions, Problem Practicum, Assignments, External Examinations. |
| CO3 | Interpret direct tax statutory laws and regulatory notifications to address and solve complex tax issues. | Analyse (An) | Conceptual (C) | Case Study Analysis, Applied Assignments, Judicial Decision Interpretations. |
| CO4 | Evaluate legitimate tax planning strategies to minimize tax liabilities for individuals and business entities within legal bounds. | Evaluate (E) | Procedural (P) | Capstone Course Project, Practical Tax Planning Blueprints. |
| CO5 | Critically analyses and appreciates the fiscal importance of taxation in national economic development. | Evaluate (E) | Procedural (P) | Debates, Structured Discussions, Viva Voce, External Semester Examinations. |
2. Detailed Module-Wise Syllabus & Lecture Hours Breakdown
The course consists of 4 foundational theory and computation modules plus 1 extensive practical exercise module, totaling 75 instructional hours:
Basic Concepts of Income Tax & Residential Status
| Unit No. | Curriculum Content & Topics | Hours |
|---|---|---|
| Unit 1 | An introduction to income tax — History and Relevance of Income Tax in India | 2 Hrs |
| Unit 2 | Basic Concepts and Definitions of Income Tax Act (Assessee, AY, PY, Person) | 1 Hr |
| Unit 3 | Brief Outline of Income Tax Authorities in India (CBDT, PCCIT, CIT, AO) | 2 Hrs |
| Unit 4 | Exempted Incomes under Section 10 (List only) | 1 Hr |
| Unit 5 | Agricultural Income & Partial Integration Scheme (Theory only) | 1 Hr |
| Unit 6 | Residential Status and Incidence of Tax of Individual (Sections 6 & 5) | 3 Hrs |
Income from Salaries (Sections 15 to 17)
| Unit No. | Curriculum Content & Topics | Hours |
|---|---|---|
| Unit 7 | Meaning and Components of Salary (Basic, DA, Bonus, Commission) | 1 Hr |
| Unit 8 | Allowances & Exemption Formula (HRA u/s 10(13A), Children Education, Hostel) | 2 Hrs |
| Unit 9 | Perquisites Valuation (RFA, Concession in rent, Motor Car perquisite) | 3 Hrs |
| Unit 10 | Profit in lieu of salary (Section 17(3)) | 1 Hr |
| Unit 11 | Provident Fund Types (SPF, RPF, URPF, PPF) and tax implications | 2 Hrs |
| Unit 12 | Deductions from Gross Salary under Section 16 (Standard, Entertainment, Tax on Employment) | 1 Hr |
| Unit 13 | Calculation of Net Taxable Income from Salary | 2 Hrs |
| Unit 14 | Retirement benefits: Gratuity u/s 10(10), Commuted pension u/s 10(10A), Earned leave salary u/s 10(10AA), VRS compensation | 3 Hrs |
Income from House Property (Sections 22 to 27)
| Unit No. | Curriculum Content & Topics | Hours |
|---|---|---|
| Unit 15 | Introduction to House Property: Meaning of House Property, Annual Value, Exempted House Properties | 2 Hrs |
| Unit 16 | Calculation of Gross Annual Value (MV, FR, Standard Rent, Expected Rent, ARR) | 2 Hrs |
| Unit 17 | Calculation of Annual Value in different situations (LOP, SOP, DLOP, Part of year let out) | 2 Hrs |
| Unit 18 | Deductions under Section 24 (Standard Deduction 30% u/s 24(a), Housing Loan Interest u/s 24(b)) | 2 Hrs |
| Unit 19 | Practical Calculation of Income from House Property & Pre-construction interest | 2 Hrs |
Profits and Gains of Business or Profession (Sections 28 to 44DB)
| Unit No. | Curriculum Content & Topics | Hours |
|---|---|---|
| Unit 20 | Introduction: Meaning and Definition of Business [Sec 2(13)] and Profession [Sec 2(36)], Incomes chargeable under Section 28 | 1 Hr |
| Unit 21 | Allowed and Disallowed Expenses (Sections 30 to 36, Section 40, 40A, 43B, 43B(h)) | 2 Hrs |
| Unit 22 | General Residuary Deductions (Section 37(1)) & Statutory Negative Prohibitions | 1 Hr |
| Unit 23 | Calculation of Income from Business (Net Profit Adjustment Algorithm) | 3 Hrs |
| Unit 24 | Calculation of Income from Profession (Cash System Receipts & Payments Method) | 2 Hrs |
| Unit 25 | Provisions related to Depreciation (Block of Assets [Sec 2(11)], WDV [Sec 43(6)], Rates, Additional Depreciation) | 1 Hr |
Open Ended Module for Practical Exercises & Course Projects
The practical exercise provides a holistic experiential approach to learning income tax by integrating theoretical tax jurisprudence with real-world corporate financial documentation and individual tax filing scenarios.
1. Seminar & Group Work
Seminars, group discussions, and assignments on practical tax problems across the 4 heads. Example: Calculate depreciation using different methods (Companies Act SLM vs. Income Tax WDV block system) and analyse the resulting cash flow and tax impact.
2. Case Studies
Conduct at least two comprehensive case studies. Example: Present a complex tax planning scenario for a high-net-worth individual or business entity, and formulate compliant tax strategies to minimize overall tax liabilities.
3. Course Field Project
Fieldwork investigation: (a) Collect real payroll and housing data from salaried persons and landlords to compute total income; (b) Collect and examine audited P&L accounts of commercial enterprises and compute taxable business income.
3. Prescribed Reference Textbooks
The University of Calicut recommends the following authoritative standard textbooks for in-depth academic reference and statutory case law analysis:
Direct Taxes - Law and Practice
Dr. Vinod K. Singhania & Dr. Kapil Singhania
Taxmann Publications, New Delhi
Direct Taxes - Law and Practice
Dr. H.C. Mehrotra & Dr. S.P. Goyal
Sahitya Bhawan Publications, Agra
Direct Taxes
B.B. Lal
Konark Publishers (P) Ltd., New Delhi
Direct Taxes - Law and Practice
Bhagwathi Prasad
Wishwa Prakashana, New Delhi
Law and Practice of Income Tax
Dinakar Pagare
Sultan Chand & Sons, New Delhi
Income Tax Law and Practice
V.P. Gaur & D.B. Narang
Kalyani Publishers, New Delhi
Ready to start learning?
Proceed to Module 1 notes or view all syllabus topics.