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The landscape of direct taxation in India is undergoing a structural transformation, demanding a modern approach to learning tax law and compliance. This textbook has been written as a comprehensive guide for the 315C: Direct Taxation (Income Tax) course, structured specifically in accordance with the B.Com (Honours/Research) curriculum prescribed by Kavayitri Bahinabai Chaudhari North Maharashtra University, Jalgaon, effective from the 2026–2027 academic year.
Fully aligned with the National Education Policy (NEP) 2020 framework for the Auditing & Taxation discipline, this book shifts the focus from passive statutory memorisation to active, application-oriented learning. It bridges conceptual tax law with practical compliance, preparing students for professional tracks such as Chartered Accountancy, Cost Management, Tax Consultancy, and Financial Analysis.
The text systematically covers the core syllabus through a structured computational framework:
• Foundations of Chargeability: Unit I details the basic definitions, scope of total income, residential status determinations, deemed incomes, and agricultural income provisions under the Income-tax Act, 2025.
• Heads of Income: Units II through V deliver step-by-step guidance and practical problem-solving for computing income under Salary, House Property, Profits & Gains of Business or Profession (including depreciation and presumptive taxation), Capital Gains, and Income from Other Sources.
• Aggregation, Deductions & Compliance: Unit VI addresses total income aggregation, key statutory deductions (including life and health insurance premiums, pension scheme contributions, and donations), TDS, advance tax obligations, and the practical procedure for filing returns of income.
