CS - Executive Programme : Module I - Tax Laws

ICSI • CS (2008) • EP • Syllabus and Books • Module I - Tax Laws

CS_EP :: Executive Programme
Paper 3 : Tax Laws
[One paper: Three Hours – 100 marks]

Level of Knowledge :

Working knowledge.

Objective . . .

(i)To impart knowledge of the basic principles underlying the substantive provisions of income-tax, wealth tax, service tax and value added tax laws to the students.
(ii)To equip students with application of principles and provisions of above tax laws in computation of income and taxation of a 'person' excluding companies under various heads of income and their assessment procedures.

Contents . . .

Part A : The Income – Tax Act (60 Marks)

1. Definitions, concept of income, previous year, assessment year, residential status.
2. Distinction between capital and revenue receipts and expenditure.
3. Basis of charge and scope of total income (Incomes deemed to accrue or arise in India and deemed to be received in India).
4. Incomes which do not form part of total income.
5. 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.
6. 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; applicable rates of taxes and tax liability.
7. Taxation of every person excluding companies, viz., individuals including non–residents, Hindu Undivided Family, firms, association of persons, cooperative societies, trusts and charitable and religious institutions, etc.
8. Provisions concerning procedure for filing returns, signatures, efiling, assessment and reassessment.
9. Tax deducted at source, collection, recovery and refund of tax; provisions of advance tax.
10. Charge of banking cash transaction tax, taxable banking transaction, value of taxable banking transaction, collection, recovery, return, assessment, rectification, interest on delayed payments, penalty, appeal, power to make rules.
11. Charge of fringe benefit tax, fringe benefits and deemed fringe benefits, valuation, payment and return of fringe benefits, assessment, issue of notice, advance tax in respect of fringe benefits.
12. Wealth Tax
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.

Part B : Service Tax (20 Marks)

13. Background, Statutory provisions, taxable services, valuation, administrative mechanism and procedural aspects, rate and computation of tax.
14. Assessment, levy, collection and payment of service tax, exemptions, CENVAT credit for service tax, returns, appeals, revisions, advance rulings, role of Practising Company Secretaries.

Part C : Value Added Tax (20 Marks)

15. Legislative background, concept of VAT - white paper on VAT, Report of Empowered Committee of State Finance Ministers, constitutional provisions, relationship of VAT with inter–state commerce and works contract tax, liability under VAT; withdrawal of Central Sales Tax; Goods and Service Tax; .
16. Computation, procedural aspects including registration, filling of returns, rates of tax, assessment, credit and set-off, returns, refunds, audit, appeals, revision and appearances.
17. Appointment, jurisdiction and powers of authorities, certifications for professionals.
18. Concept of VAT on services, VAT in other countries, scope for Company Secretaries.

Readings

I. Income Tax:

TitleAuthorPublisher
Students Guide to Income-taxDr.V.K.Singhaniataxmann Publications
Systematic Approach to Income-tax and Sales-taxGirish Ahuja and Ravi GuptaBharat Law House
Direct Taxes – practice and PlanningB.B.LalKonark Publishers
Direct Taxes (with Tax Planning)Dr.H.C.Mehrotra and Dr. S.P. GoyalSahitya Bhawan
Income-tax for StudentsSharad BhargavaMashbra Industries

II. Service Tax and Value Added Tax:

TitleAuthorPublisher
Indirect Taxes – Law and PracticeV.S.DateyTaxmann Publications
Indirect TaxesV.BalachandranSultan Chand
Service TaxJ.K.MittalBharat Law House
All India VAT manual (4 Vols.)Balram Sangal & Jagdish Rai GoelCommercial Law Publisheres

References

TitleAuthorPublisher
Income-tax(Volumes I & II)Kanga & PalkhivalaLexis Nexis (Butterworths)

Journals

TitleAuthorPublisher
Chartered Secretary (Monthly Journal)I.C.S.I., New Delhi.
Student Company Secretary (Monthly Bulletin)I.C.S.I., New Delhi.
Income Tax ReportsCompany Law Institute of India Pvt. Ltd., Tyagaraja Road, Madras.
TaxmannTaxmann; 59/32, New Rohtak Road, New Delhi-110 005.
TaxationTaxation; 174 Jor Bagh, New Delhi.
Excise Law TimesCentex Publications; Defence Colony, 1512-B, Sachdeva P.T.College of Defence Colony, New Delhi-110 003.
Tax and Corporate ReferencerBharat Law House Pvt. Ltd; 22, Tarun Enclave, Pitampura, New Delhi-110 034.

Note:

1.Students are advised to read the relevant Bare Acts. ‘Student Company Secreatry’ and ‘Chartered Secreatry’ regularly for updating the knowledger.
2.The latest editions of all the books relevant for the applicable assessment year referred to above should be read.
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