A

Project On

Direct Tax

SUBMITTED BY

SONAL RAVINDRAKUMAR PATEL

( Div A , Roll No 58 )

(M.COM, Sem-3)

PROJECT GUIDE

PROF. GURUNATHAN PILLAI

SUBMITTED TO

UNIVERSITY OF MUMBAI

RAJASTHANI SAMMELANS

Ghanshyamdas Saraf College Of Arts and Commerce

Affiliated To University Of Mumbai

Reaccredited by NAAC with AGrade

S.V.Road, Malad(W)

Mumbai-400-064

A.Y.2016-2017
 Ghanshyamdas saraf college

Of (Arts & Commerce)

RAJASTHANI SAMMELANS

Affiliated To University Of Mumbai

Reaccredited by NAAC with A Grade

S.V.Road, Malad(W)

Mumbai-400-064

CERTIFICATE

I hereby certify that SONAL RAVINDRAKUMAR PATEL a student of

Ghanshyamdas saraf college of(Arts & Commerce),(M.COM, SEM-3) has
completed Project on Direct Tax in the Academic Year 2016-2017. Thus
information submitted its true and original to the best of my knowledge.

Project Guide: PROF.Gurunathan Pillai Principal: DR.SUJATA KARMARKAR

Date:

External examiner:

Date: College Seal:

 ACKNOWLWDGEMENT

I take the opportunity to thank the UNIVERSITY OF MUMBAI for giving

me a chance to do this project.

I express my sincere gratitude to the Principle DR. SUJATAKARMARKAR,

Chief Coordinator & DR. LIPI MUKHERJEE Guide, teaching faculty and
our librarian for their constant support and helping for completing the
project.

I am also grateful to my friends for giving me moral support during the

course of my project work. Lastly , I would like to thank each and every
person who helped me in completing the project successfully especially MY
PARENTS.

Student Signature
 DECLARATION

I SONAL RAVINDRAKUMAR PATEL a student of Ghanshyamdas saraf

college of Arts & Commerce, Malad (W), (M.COM, SEM-3) hereby declare
that I have completed project on Direct Tax in the Academic Year 2016-
2017. This information Submitted is true and original to best of my
Knowledge.

Date: Signature of Student

 Executive Summary

Tax revenue yield is influenced by both tax policy and tax administration. While tax policy

design ensures responsiveness of potential revenue to overall economic growth, tax base and tax

rates, tax administration seeks to secure potential tax revenues effectively and efficiently. It is

because the two are inextricably linked that reform in tax administration is as important as that in

tax policy. In India, tax policy reforms have been accelerated since the economic liberalization

unveiled in 1991. But no comprehensive reform in tax administration was undertaken in the

same depth. Of course, changes in tax administration practices have occurred, albeit through a

slow and incremental process reflecting the immediate requirements of the organization as

opposed to much needed fundamental reform. The two administrative restructurings undertaken

in 2001- 02 and 2013-14, of the two Boards, the Central Board of Direct Taxes (CBDT) and the

Central Board of Excise and Customs (CBEC), were also aimed at expanding the tax

administrations primarily by increasing tax assessment units, thereby giving more promotional

avenues to officers and staff. But neither of the two restructurings was aimed at reorganizing the

operations or their structures so as to make them oriented towards the needs of taxpayers.
 INDEX

Sr.no Topic Page no

1 Introduction 1

2 Direct Tax 3

3 Indirect Tax 5

4 Income From Salary 11

5 Format Of Salary 18

6 Income From House Property 21

7 Format Of House Property 28

8 Tax Calculations 29

9 Income Tax Deduction U/S 80C 31

10 Income Tax Deduction U/S 80D 34

11 Conclusion 37

12 Bibliography 38