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Home / Syllabus / B.Com. (Financial Management) / TY BCom FM / Semester 5 / Direct and Indirect Tax Direct Tax

B.Com. (Financial Management) Direct and Indirect Tax Direct Tax Syllabus - Mumbai University 2026

This is the TY BCom FM syllabus under NEP 2020, in force from the academic year 2026-27. The University still sets the earlier Choice Based papers alongside it for ATKT candidates, so check which scheme your exam form names before you revise.

Direct and Indirect Tax - Direct Tax Syllabus.pdf
Major · Semester 5 · TY BCom FM · 4 credits · 100 marks

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Syllabus for Direct and Indirect Tax - Direct Tax

Major · Semester 5 · TY BCom FM · 4 credits · 100 marks

Module I: Basic Concepts and Salaries

  • Introduction to Income Tax Act 2025 including the rationale, basic framework and key highlights
  • Major Definitions – assessee, person, income, tax year, total income
  • Basis of charge – Section 4, 5, 6, 7, and 9 read with Schedule I
  • Incomes not included in total income – Schedules I to VIII
  • Income from Salary – Section 15, 16 and 19

Module II: Income from House Property and Capital Gains

  • Income from house property – Section 20
  • Determination of annual value including arrears and unrealized – Section 21 and 23
  • Deductions from income from house property – Section 22
  • Property owned by co-owners and Interpretation – Section 24 and 25
  • Capital Gains – Section 67
  • Transactions not regarded as transfer – Section 70
  • Withdrawal of exemption in certain cases – Section 71
  • Mode of computation of capital gains – Section 72
  • Cost and special provisions with respect to depreciable assets – Section 73 to 75
  • Special provision for full value of consideration in certain cases – Section 78
  • Advance money and profit on sale of property used for residence – Section 81 and 82
  • Compulsory acquisition of lands, extension of time and meaning of certain terms – Section 84, 89, and 90

Module III: Profits and Gains of Business or Profession and Income from Other Sources

  • Income under the head “Profits and gains of business or profession” and manner of computing – Section 26 to 27
  • Rent, rates, taxes, repairs and insurance – Section 28
  • Deductions related to employee welfare, on certain premium, for bad debt and provision for bad and doubtful debt – Section 29 to 31
  • Deduction for depreciation and other deductions – Section 32 and 33
  • General conditions for allowable deductions – Section 34
  • Special circumstances – amounts not deductible, expenses or payments not deductible – Section 35 and 36
  • Certain deductions allowed on actual payment basis – Section 37
  • Written down value of depreciation assets and interpretation – Section 41 and 66
  • Income from other sources – Section 92
  • Deductions, amounts not deductible and others – Section 93 to 95

Module IV: Deductions, Rebates, Reliefs and Total Income Computation

  • General deductions – Section 122
  • Deductions in respect of certain payments – Section 123, 124, 126, 127, 129, 130, and 132
  • Deductions in respect of other incomes and other deductions – Section 153 and 154
  • Rebate to be allowed in computing income-tax – Section 155
  • Rebate of income-tax in case of certain individuals – Section 156
  • Relief when salary, etc., is paid in arrears or in advance – Section 157
  • Relief from taxation in income from retirement benefit account maintained in a notified country– Section 158
  • New Tax Regime for individuals – Section 202

Reference Books

  • 1 Income Tax Act, 2025 (September 2025), Institute of Chartered Accountants of India 10 https://resource.cdn.icai.org/88381dtc-aps2500.pdf
  • 2 Income Tax Law, Institute of Chartered Accountants of India https://resource.cdn.icai.org/87283bos-aps1794-m1-ip.pdf
  • 1 Income Tax Act, 2025, Dr. Girish Ahuja, CA. (Adv.) Rahul Agrawal, Commercial Law Publishers
  • 2 Income Tax Act, 2025 – India’s New Direct Tax Law After 60+ Years – Commercial Law Publishers
  • 3 Income Tax Act, 2025, Taxmann's Editorial Board, Taxmann
  • 4 Income Tax Act 2025—Annotated and Comparative Edition by Taxmann's Editorial Board | Taxmann Books
  • 5 Comparative Study of Provisions of Income Tax Act 2025 & Income Tax Act 1961, Taxmann's Editorial Board, Taxmann
  • 6 Master Guide to Income Tax Act 2025, Taxmann's Editorial Board, Taxmann https://www.taxmann.com/bookstore/product/40009016-master-guide-income-tax-act- 2025

Reproduced from the University of Mumbai syllabus for B.Com. (Financial Management) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.

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