Taxation (304FIN)

Syllabus

CHAPTER 1: INTRODUCTION TO INCOME TAX 

Introduction of Income Tax Act, 1961, Definitions and features of taxes, bases of taxation, canons of taxation, objectives of taxation , Income tax concepts: Assessee, Deemed Assessee, Assessment Year, Previous Year, person, Income, Total income, Capital vs Revenue receipts and expenditure, Accounting methods, Residential Status & its effect on taxation, Income exempt from Tax, Payment from NPS Trust to an assesses on closure of his account/Opting out of the pension scheme and Payment from NPS Trust to an employee on partial withdrawal, Agriculture Income.

CHAPTER 2:  HEADS OF INCOME- PART I

Salaries: Definition & Concepts, Basis of charge, permissible deduction’s, Computation of salary income. (Theory & Numerical) House property: Basis of charge, permissible deductions and computation of income from house property. (Theory & Numerical) 

CHAPTER 3:  HEADS OF INCOME- PART II

Capital gains: Definition & Concepts, Basis of charge, permissible deductions and computation of income from capital gains. (Theory & Numerical). Profits & gains from business and profession: Definition & Concepts, Basis of charge, permissible deductions & computation of income from Profits and gains from business and profession. (Theory & Numerical) Income from other sources: Basis of charge, permissible deductions(Theory & Numerical).

CHAPTER 4: GROSS TOTAL INCOME & TAX MANAGEMENT

Computation of Gross, Net total income based on 5 heads, set-off and carry forward of losses, Deductions under Sec. 80, Computation of Income Tax Liability, Advanced Payment of Tax, TDS, Tax Planning & Tax Evasion, Income Tax Returns, E-filling of ITR; Deductions to be made in computing total income, Deductions in respect of certain payments and Deductions in respect of certain income 

CHAPTER 5 : GOODS & SERVICE TAX

Basic concepts: concept of supply, time of supply and place of supply. Levy and exemptions of GST, Valuation of taxable Supply, Reverse charge mechanism, Input tax credit, Composition Scheme.