Level of Knowledge : Working knowledge.
- To impart knowledge of the basic principles underlying the substantive provisions of direct and indirect tax laws to the students.
- To equip students with application of principles and provisions of direct tax laws in computation of income and taxation of a ‘person’ excluding companies under various heads of income and their assessment procedures.
Detailed Contents . . .
Part A: Direct Tax Laws [60 Marks]
The Income-Tax Act.
- Definitions, concept of income, previous year, assessment year, residential status.
- Distinction between capital and revenue receipts and expenditure.
- Basis of charge and scope of total income
- Income deemed to accrue or arise in India and deemed to be received in India
- Income exempt from tax.
- Computation of total income under various heads, such as - salaries, income from house property, profit and gains of business or profession, capital gains, income from other sources.
- Income of other persons included in assessee’s total income; aggregation of income and set off or carry forward of losses; various deductions to be made in computing total income, rebates and reliefs in respect of income-tax; rates of applicable taxes and tax liability.
- Taxation of every person excluding companies, viz., individuals including nonresidents, Hindu Undivided Family, firms, association of persons, cooperative societies, trusts and charitable and religious institutions, etc.
- Income-tax authorities - their appointment, jurisdiction and powers.
- Special provisions relating to certain incomes of non-residents.
- Provisions concerning procedure for assessment/reassessment.
- Provisions relating to collection and recovery of tax.
- Refund of tax.
- Appeals and revision provisions.
- Penalties imposable, offences and prosecution.
- Charge of wealth tax; assets, deemed assets and assets exempt from tax; valuation of assets; computation of net wealth, return of wealth and provisions concerning assessment; liability to assessment in special cases; appeals, revisions and references; payment and recovery of wealth tax; refunds; other miscellaneous provisions.
- Gift-tax Act as and when applicable.
- Taxmann publications Pvt. Ltd; New Delhi
- Students Guide to income – tax
- Konark Publishers Pvt. Ltd; Delhi
- Direct Taxes – practice and planning
- Sahitya Bhawan, Agra
- Direct taxes (with tax planning)
- Dr. H.C Mehrotra and Dr. S.P Goyal
- Mashbra industries (p) Ltd. New Delhi
- Income – tax for students
- Company Law institute of India Pvt. Ltd; Tyagaraja Road Chennai.
- Income Tax Reports
Other Relevant Books
Part B: Indirect Tax Laws [40 Marks]
Central Excise Laws
The Legislative background of the Central Excise including constitutional provisions; nature of excise duty; central excise duty - chargeability - scope and basis of the levy - meaning of goods, manufacture and manufacturer; classification and valuation of goods; duty payment and exemption provisions; provisions and procedure dealing with registration and clearance of goods; an overview of set off of duty scheme.
Historical perspective and legislative background of the levy; appointment of Customs Officers, ports, warehouses etc., nature of and restrictions on imports and exports; levy, exemption and collection of customs duties - an overview of law and procedure; clearance of goods from the port, including baggage, goods imported or exported by post; stores and goods in transit; duty drawback provisions.
Central Sales Tax Laws
Evolution and scope of levy of Central Sales tax; Inter-State sale, sale outside a State and sale in the course of im-port and export - basic principles; registration of dealers and determination of taxable turnover.
- Taxman publications, New Delhi
- Indirect taxes – Law and Practice
- Sultan Chand & Sons, New Delhi
- Indirect taxes - laws
- Anand Prakashan, Jaipur
- Law of Central Sales Tax in India
- Ashoda Publications, Udaipur
- Central Excise & Customs
- Central Excise Manual; Customs Law Manual
- Centax publications, New Delhi
- Customs Law & procedures
- Cemtax Publications; Defence Colony, New Delhi
- Excise Law Times
- Bharat Law House, New Delhi
- Systematic Approach to income – tax and Sales – tax
- Girish Ahuja and Ravi Gupta
- I.C.S.I, New Delhi
- Chartered Secretary
- Student Company Secretary
- Taxman; 174 Jor Bagh, New Delhi.
- Bharat Law House Pvt. Ltd; 222, Tarun Endave, Pitampura, New Delhi – 110034.
- Tax and corporate Reference
Other Relevant Books