DU SOL Study Material B.Com 2nd Year Income Tax
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DU SOL Study Material B.Com 2nd Year Income Tax – Text
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Page 1
BASIC CONCEPTS
STRUCTURE OF THE CHAPTER
1.1 Objectives
1.2 Basics
1.3 Meaning of tax planning, tax avoidance, tax evasion and tax management
1.4 Definitions
1.5 Charge of income tax
1.6 Basic principles of income tax
1.7 Computation of total income
1.8 Computation of tax
1.9 Tax rates, rebate, surcharge and cess for the assessment year 2018-19
1.10 Special rates of tax on certain incomes
1.11 Rounded off of income and tax
1.12 Miscellaneous provisions
1.13 Summary
1.1 OBJECTIVES
The objective of this chapter is to make the students familiar with some basic concepts of
taxation. After studying this chapter, students will be able to understand Finance Acts,
Income-tax Act, Income-tax Rules, Notifications, Circulars, etc. Further, students will
understand the concepts of tax planning, tax evasion, tax avoidance and tax management.
1.2 Basics
Income tax in India is paid on the income earned. The provisions of computation of income
are given in Income Tax Act, 1961. Rules to assist the provisions of the Act are given in
Income Tax Rules 1962. To make changes in the Act or Rules, CBDT (Central Board of
Direct Taxes) issues notifications time to time. Notifications are binding. Apart from
notifications, CBDT issues circulars also. Circulars are basically for providing information to
officers of Income Tax Department. Circulars are not compulsorily to be followed by people
but notifications are compulsorily to be followed by people. Different court rulings on
different provisions of the Act are also given by Income Tax Tribunals, High Courts and
Supreme Court. All relevant information related to Income Tax Act is available on the
following website of the Government of India:
www.incometaxindia.gov.in
In case of any clarification related to Income Tax Act, readers should always refer the
website:
www.incometaxindia.gov.in
1.3 Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management
Some of the important concepts of taxation are tax planning, tax avoidance, tax evasion and
tax management which are explained below –
1
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Document Details
| Board / Org | Default |
| Exam | DU SOL |
| Type | Books |
| Pages | 200 |
| Updated | 22 Jul 2026 |