Corrigendum

New Intermediate Course Paper 4A: Income-tax Law

In the printed copy of the Study Material [July, 2018 edition], students may note the following corrections:

Module Page Suggested correction in Study Material

No.
1 3.12 In the Example, the content of 5th cell of the 1st row, may be read as:
“Would income derived from farm building situated in this area be treated as agricultural income?”
3.45 The first two lines of Question no. 10 under “Test Your Knowledge” may be read as:
“Income derived from farm building situated in the immediate vicinity of an agricultural land would be
treated as agricultural income, if such land is situated in –“
2 4.184 The depreciation rate of “40%” mentioned in the table for Block 9: “Oil wells” may be read
as 15%.
4.396 In S. No. 4 of the Table “Cost of Acquisition of certain assets: At a Glance” in last paragraph of 3rd
column, the date “1.4.2011” may be read as “1.4.2001”.
4.496 In point no. (g) the words “or by” may be inserted after the word “from”.
3 5.32 The correct answer to question no. 7 under “Test Your Knowledge” is ‘(c)’
6.34 In Let Us Recapitulate table, in column no. 3 “Exceptions” the point no. (iii) & (iv) may be replaced
with the following:
(iii) Long-term capital loss (LTCL) can be set-off only against Long-term capital gains(LTCG).
(iv) Loss from the activity of owning and maintaining race horses can be set-off only against income
from the activity of owning and maintaining race horses.

Note: The above suggested corrections have been carried out in the respective chapters of the Study Material
webhosted on the Institute’s website.