Paper 4 Tax Laws(Max Marks 100) Objective Part I: To provide working knowledge on practical application of Direct Tax Laws. Part II: To provide conceptual knowledge of GST with practical application of GST Laws.
Part I: Direct Taxes (50 marks) Detailed Contents 1. Direct Taxes at a Glance : Background of Taxation system in India; Vital Statistics; Layout; Administration. 2. Basic concepts of Income Tax : An overview of Finance Bill, ; Important definitions under Income Tax Act, 1961; Distinction between Capital and Revenue Receipts and Expenditure; Residential Status & Basis of Charge; Scope of Total Income; Tax Rates. 3. Incomes which do not form part of Total Income: Incomes not included in Total Income; Tax holidays. 4. Computation of Income under Various Heads : Income from Salary; Income from House Property; Profit and Gains of Business or Profession; Capital Gains; Income from Other Sources; Fair Market Value. 5. Clubbing provisions and Set Off and / or Carry Forward of Losses : Income of other persons included in Assessee’s Total Income; Aggregation of Income; Set off and / or Carry forward of losses. 6. Deductions from Gross Total Income & Rebate and Relief : Deductions in respect of certain payments; Specific deductions in respect of certain income; Deductions in respect for donations for expenditure under CSR activities; Rebates and Reliefs. 7. Computation of Total Income and Tax Liability of various entities : Individual; Hindu Undivided Family ‘HUF’; Alternate Minimum Tax (AMT); Partnership Firm / LLP; Co-operative Societies; Association of Person ‘AOP’ and Body of Individual ‘BOI’; Political Parties; Electoral Trusts; Exempt organization – Registration u/s 12A/ 12AA; 8. Classification and Tax Incidence on Companies : Computation of taxable income and tax liability of Company; Dividend Distribution Tax; Minimum Alternate Tax ‘MAT’; Other Special Provisions Relating to Companies; Equalization Levy. 9. Procedural Compliance : Permanent Account Number ‘PAN’ / Tax Collection Account Number ‘TAN’; Tax Deduction at Source ‘TDS’ & Tax Collection at Source ‘TCS’; Advance Tax &Self Assessment Tax ‘SAT’; Returns, Signatures, E-Filing ; Fee and interest for default in furnishing return of Income; Collection, Recovery of Tax, Refunds. 10. Assessment, Appeals &Revision : Assessment; Types of Assessment; Appeals; Revisions; Search, Seizure, Penalty and Offences. Case Laws, Case Studies & Practical Aspects.
Part II: Indirect Taxes (50 marks) (A) Goods and Service Tax 11. Concept of Indirect Taxes at a glance : Background; Constitutional powers of taxation; Indirect taxes in India An overview; Pre GST tax structure and deficiencies; Administration of Indirect Taxation in India; Existing tax structure. 12. Basics of Goods and Services Tax ‘GST’: Basics concept and overview of GST; Constitutional Framework of GST; GST Model – CGST / IGST / SGST / UTGST; Taxable Event; Concept of supply including composite and mixed supply; Levy and collection of CGST and IGST; Composition scheme & Reverse Charge; Exemptions under GST. 13. Concept of Time, Value & Place of Taxable Supply: Basic concepts of Time and Value of Taxable Supply; Basics concept of Place of TaxableSupply. 14. Input Tax Credit & Computation of GST Liability Overview. 15. Procedural Compliance under GST: Registration; Tax Invoice, Debit & Credit Note, Account and Record, Electronic way Bill; Return, Payment of Tax, Refund Procedures; Audit. 16. Basic overview on Integrated Goods and Service Tax (IGST), Union Territory Goods and Service tax (UTGST), and GST Compensation to States. (B) Customs Act 17. Overview of Customs Act: Overview of Customs Law; Levy and collection of customs duties; Types of Custom duties; Classification and valuation of import and export goods; Exemption; Officers of customs; Administration of Customs Law; Import and Export Procedures; Transportation, and Warehousing; Duty Drawback; Demand and Recovery; Confiscation of Goods and Conveyances; Refund. Case Laws, Case Studies & Practical Aspects.