This book specifically caters to the requirement of MBA (Finance) students in every major University throughout India. The book follows a balanced approach with exclusive focus on the MBA (finance) syllabus making it a required text book for Direct Taxation. The chapters have been arranged in a logical manner to facilitate easy comprehension.The book includes numerous application oriented problems with solutions to ease understanding of the material. Extra practice problems help in better preparation for the subject. The book has been updated with the latest amendments in the Finance Act 2011-12. Relevant case laws are mentioned in appropriate sections throughout the book.There are in all fifteen chapters in the book, fourteen chapters are on income tax and the last one is on wealth tax. The first three chapters contain the basic concepts and details about tax rates, residential status and exempted income. The next five chapters are on the five sources of income namely salary, house property, business or profession, capital gains and other sources. Chapters nine through eleven focus on clubbing provisions, set off and carry forward of losses, deductions from taxable income and relief. Tax deduction at source, advance tax, interest and filing of returns is covered in chapters twelve through fourteen. The last chapter introduces Wealth Tax, calculation of net wealth of the assessee in accordance with the syllabi of direct taxation for MBA students.