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📚 CLASS XI - COSTING AND TAXATION
SEMESTER II SYLLABUS
📖 Full Marks: 40
⏰ Contact Hours: 80
📝 Course Code: THEORY + PROJECT
COSTING
Unit 1: Cost of Materials
⏱️ 40 Hours
📊 20 Marks
A. Storing of Materials
- Bin Card – Definition and Necessity
- Stores Ledger – Definition and Necessity
- Centralized Stores and Decentralized Stores
B. Materials Control
- Necessity of Material Control
- Fixation of Stock Levels of Materials:
- Re-order Stock Level
- Maximum Stock Level
- Minimum Stock Level
- Average Stock Level
- Danger Stock Level (with Simple Practical Problems)
- Fixation of Economic Order Quantity (EOQ):
- Definition and Advantages of EOQ
- Simple Problems on Determination of EOQ (with the help of formula)
C. Methods of Pricing Materials
- Methods of Pricing Materials issued from Stores and Preparation of Stores Ledger Accounts
- FIFO Method (First In First Out)
- LIFO Method (Last In First Out)
- Simple Average Method
- Weighted Average Method
- Advantages and Limitations of FIFO Method
- Advantages and Limitations of LIFO Method
- Advantages and Limitations of Simple Average Method
- Advantages and Limitations of Weighted Average Method
TAXATION
Unit 2: Agricultural Income
⏱️ 10 Hours
📊 5 Marks
- Definition of Agricultural Income
- Taxability of Income from sale of tea grown and manufactured in India
- Taxability of Income from sale of coffee grown and manufactured in India
- Very common instances of agricultural income
- Very common instances of non-agricultural incomes
Unit 3: Income under the head "Salaries"
⏱️ 30 Hours
📊 15 Marks
A. Basis of Charge and Allowances
- Basis of charge [Section 15]
- Essential norms of salary income
- Basic Salary
- Dearness Allowance
- City Compensatory Allowance
- House Rent Allowance [Section 10(13A)]
- Medical Allowance
- Bonus
- Children Education Allowance
- Transport Allowance
B. Perquisites [Section 17(2)]
- Valuation of rent free unfurnished accommodation provided to:
- Central and State Government Employee [Rule 3(1)]
- Private Sector Employees [Rule 3(1)]
- Valuation of rent free furnished accommodation
- Valuation of perquisites in respect of:
- Free education to employee's children
- Payment of school fees by the employer
- Education facility in employee's institute
- Very common examples of tax free perquisites
- Deduction for professional tax or tax on employment [Section 16(iii)]
PROJECT WORK
Project Topics (Full Marks: 20)
- Visit any manufacturing firm, collect real data and prepare a detailed Cost Sheet
- Visit any production unit, collect necessary data regarding raw materials of a particular commodity, prepare Bin Card and Stores Ledger
- Visit any production unit, collect necessary data regarding raw materials of a particular commodity, calculate Economic Order Quantity / Re-order Quantity for each and every raw material
- Collect data from any relative who is a salaried person and compute his/her income from salary (excluding perquisites)
- Visit any agricultural farm, collect data and prepare agricultural income and total income
- Meet ten individual persons, collect different information related to staying in India and abroad. Comment on Residential Status and their tax incidence
Project Formatting Guidelines
First Page Should Include:
- Name of project
- Name of project maker
- Name of supervisor (school teacher who supervised)
- Name of school
- Roll number
- Class
- Month and year of submission
Second Page:
- Acknowledgement - thanking all teachers, parents, elder-friends and authoritative books
Third Page:
- Table of contents / Index
Project Structure Should Include:
- Introduction
- Objectives of the project
- Conceptual Framework
- Collection of data for the Project
- Presentation of data collected for the project
- Discussion and analysis of data collected for the project
- Conclusion and recommendations; Limitations; Future work prospects