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Unit 1: Income Tax: Basic Framework

9. X starts his business on April 26, 2010. Determine the previous year to the assessment year Notes
2011–12.
10. Mr. Sharma has a total income of ` 20,10,000. Compute his gross tax liability.

11. Discuss the Income Tax System in India.

Answers: Self Assessment

1. Direct taxes 2. Indirect
3. Government 4. Financial bill
5. CBDT 6. False
7. True 8. True

9. False 10. True
11. Capital gains 12. Capital receipts
13. Revenue receipts 14. Annuities

15. Subsidies and grants 16. True
17. True 18. False
19. True 20. False
21. Indian Income Tax department 22. Indian Income Tax Act, 1961
23. Union budget 24. Nature of Income

1.9 Further Readings

Books Aggarwal, K. Direct Tax Planning and Management. Atlantic Publications.
Ahuja, G. K. and Gupta, Ravi. Systematic Approach to Income Tax. Bharat Law
House.

Lakhotia, R. N. Income Tax Planning Handbook. Vision Books.
Singhania, V. K. and Singhania. Kapil, Direct Taxes Law & Practice. Taxmann
Publications.

Srinivas E. A. Handbook of Corporate Tax Planning. Tata McGraw Hill.

Online links http://220.227.161.86/18878sm_dtl_finalnew_cp1.pdf
http://www.choleraassociates.com/pdf/income_tax_brochure.pdf

http://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_01.pdf
http://www.ekikrat.in/Basics-Income-Tax-India
http://www.incometaxmanagement.com/Pages/Taxation-System/Capital-&-
Revenue.html
http://www.tax4india.com/

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