CWA ICWA Intermediate : Group I - Applied Direct Taxation

ICWAICWA ICWA (2008)InterSyllabus and Books • Group I - Applied Direct Taxation

ICWA :: Intermediate
Paper 7 : Applied Direct Taxation
[One Paper: 3 hours:100 marks]

Objective . . .

To understand the provisions of direct tax laws
To gain knowledge on procedural aspects for filing tax returns for various assesses and other statutory compliances
To get knowledge of various tax incentives and benefits under direct taxes
To know applications of tax provisions in various cases

1.Direct Taxes- Comprehensive Study.50%
Overview of Direct Tax Laws
Direct versus indirect taxes, taxable person
Basic Concepts.
A comprehensive study of the Income-tax Act, 1961; case laws governing capital and revenue expenditure, deemed income, residence concept.
Special problems centering on the concept of assessees, registered firm, Hindu Undivided Family, Companies, Association of persons and trust, minors, cooperatives, non-resident Indians and avoidance of double taxation.
Salaries, perquisites, gratuity and retirement benefits, income from house property, capital gains, income from other sources, income from business and profession, problems arising from aggregation of income and set off and carry forward of losses,
Computation of income and Return of Income Tax, Filing procedure, Principles of valuation of movable and immovable property. Advance payment of Tax.
Deduction and collection of tax at source.
Tax incentives and export promotion schemes, other benefits and tax exemptions.
Assessment, appeals, revisions, review, rectification and application to Central Board of Direct Taxes.
Penalties ,Fines and prosecution.
Securities Transaction Tax.
Fringe Benefit Tax.
Banking Cash Transaction Tax.
Wealth Tax.
2.Practical problems and case studies under Direct Taxes.50%

Recommended Books

Commercial & Industrial LawSen & MitraWorld Press
Mercantile Law Including Industrial LawN.D.KapoorSultan Chand
Business LawsGulsan & KapoorWiley Eastern
Busines LawsDr. G.K.KapoorSultan Chand
Business Law includig Company Law G.K.KapoorNew Age International
ContemporaryKamal GuptaTata-McGraw Hill
Spicer & peglar’s Practical AuditingS.V.GhataliaAllied Pubulishers
A Handbook of Practical AuditingB.N.TandonSultan Chand
Internal AuditingR.S.Waldron
Auditing Standards and GuidelinesICAI
Guidance Note on Secretarial AuditICSI
Basics of Auditing, for ICWA InterDinkar PagareSultan Chand