Law of Taxation

Unit I

1. (a) Basic concepts and Definitions under Income Tax Act · (a) Basic Concept– Direct and Indirect Tax, Sources of Income Tax Law in India, Basic Principles of charging income tax, Diversion and Application of income, Res-judicata principles in taxation law, Exemption and Deduction, Tax evasion, Tax Avoidance, Tax Planning, Rate or Rates of Tax, CBDT. · (b) Important Definition– Person, Assesse, Assessment Year, Previous Year, Income, Sources of income, Heads of income, Gross total income, Total income, Casual income, Capital assets, Capital Receipts and Revenue Receipts, Capital Expenditure and Revenue Expenditure, Infrastructure Capital Company and Infrastructure Capital Fund. · 2. Residential Status and Incidence of Tax– Residential status of an individual only.

• Nature and Scope of Tax
• Definition: Persons, Assessees, Previous year, Assessment years, Financial year, Income, Gross Taxable Income, Taxable Income, Agricultural Income, Tax Evasion and Tax Avoidance
• Income Tax, Residential Status: Rules (Sec.6)

Unit II

Income exempt from tax- [Section 10] · 2. Agricultural Income– Meaning, Instances of agricultural income and non- agricultural income, Treatment of partly agricultural income, Assessment of tax liability when there are both Agricultural and non-agricultural income. · 3. New Tax Regime: Concept and background, deductions, exemptions and Tax Slabs under New Tax regime. Major differences between Old & New Tax regime, advantages and disadvantages of both Tax regimes. Income-Tax Rules,1962 (All Amendments of 2023) · 4.The West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979 (With Amendment, 2022)

• Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income

Unit III

1. Computation of Taxable Income of Individual– Salaries, Income from House property, Income from Capital Gain, Income from Business and Profession Income from Other Sources (only concepts and simple problems). · 3. Deductions from Gross Total income– Basic concepts, deductions u/s · 80C,80CCC,80CCD,80CCF, 80CCG, 80D, 80DD, 80DDB, 80E,80EE, 80EEB, 80G, · 80GG,80GGA,80GGB,80GGC,80IAB,80IB,80IC,80ID,80IE,80JJA,80JJAA,80LA,80P,80 QQB,80RRB, 80TTA, 80TTB,80U · 3. Tax Management · (a) Provision for Filing of Return– Date of filing of return, Different types of returns, Return by whom to be verified, PAN, TAN. · (b) Procedure of Assessment– Self assessment, Summary assessment, Scrutiny assessment, Best judgment assessment. · (c) Preliminary ideas of- deduction and collection of tax at source, Advance Tax, Refund of Tax. · (d) Appeals and Revision, Penalties and Prosecutions.

• Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources
• Calculation of Gross Total and Taxable income, Tax rebate and Computation of Tax Liability
• Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income

Unit IV

1. Overview of GST–Concept, Constitutional Background, Objectives, · Salient features, Structure and types of GST, taxes Subsumed into · GST, Taxes not Subsumed into GST, Advantages and disadvantages of GST, GST Council, GSTN, GSTIN. · 2. Definitions– Aggregate turnover, Business, Capital goods, Goods, · Input, Input tax, 31 Input tax credit, output tax, Person, Registered person, Place of Business, Services, Taxable person, Turnover in State and Union territory. · 3. (a) Supply–Concept, Time, Value and Place, Charge of GST. · Meaning of taxable event, Definition of supply as per CGST Act, · Necessary elements that constitute supply under CGST/SGST Act, · Inward supply, Outward supply, Non-taxable Supply, Taxable · Supply, Exempt supply, Mixed supply, Inter-state supply & Intra- state supply of goods, Zero rated supply (basic concepts only). · (b) Time of Supply–Need for determination, Time of Supply of goods and time of supply of services– provisions in relation to forward and reverse charge only. (C)Value of Supply– Transaction value as the basis for valuation; · Inclusion and exclusion of items for computation of value of supply under transaction value, Value of supply inclusive of GST. (d) (e) Act. · 4. (a) Place of Supply– Need for ascertainment only. Levy of GST– · Levy and collection under CGST Act, IGST Act and UTGST Input · Tax Credit, Registration and Composition Scheme under GST. Tax · Invoice– Meaning; Importance, Time of issue tax invoice, Contents of a tax invoice; Bill of Supply (basic concepts only) · (b) Input tax credit– Meaning, Eligibility and condition for taking input tax credit; Utilisation of input tax credit (Simple problem). (C)Registration – Need and advantages of GST registration, Persons liable for registration, Procedure for registration. (D)Composition Scheme– Meaning, Applicability and rate, Eligible person, Conditions and restriction under the composition scheme, Benefits of composition scheme. (e) Payment of Tax. · 5.The Central Goods and Services Tax (Amendment) Act, 2023 · 6.West Bengal Goods and Services Tax Act, 2017 [with WBGST (Amendment) Act, 2023)] · 7. E-Way Bill System on GST Portal

• Goods and Service Tax: - law, procedure, applicability, assessment, advance ruling

Unit V

Customs Duty · 1. Basic concepts, Nature and basic features of customs duty, charge of customs duty. · 2. Definition of certain terms– Dutiable goods, Indian Customs Water, Goods, Coastal goods, Customs area, Territorial water. · 3. Taxable event for import and export of goods. · 4. Valuation of Customs duty.