Principles of Taxation Law

Unit I — Introduction

Concept of tax · Canons of tax · Elements of taxation and principles of an optimal tax system · Taxation power and constitutional scheme of taxation in India · Classification of taxes · Concept of fee, cess and surcharge · Concept of regulatory tax · Concept of compensatory tax.

• History of Tax Law in India
• Constitutional provisions relating to Taxation
• 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

Unit II — Direct Tax

Direct Tax and Indirect taxes · Fundamental differences-Tax on income of individual · corporation tax · Capital gain tax · Agricultural income tax · Deductions and exemptions under Income Tax Act · Tax planning, tax avoidance and tax evasion · Deduction of tax at source · Double taxation avoidance agreement.

• Income Tax, Residential Status: Rules (Sec.6)
• Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income
• Carried forward and Set of losses
• 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
• Taxation in cases of Mergers & Acquisitions

Unit III — Indirect Tax

Kinds of Indirect taxes · Unification of indirect taxation system-Taxation and co-operative federalism, Avoidance of cascading effect in indirect taxes · Concepts of input tax, output tax, presumptive tax and reverse tax · Tax on sale and supply of Goods and Services · GST · Customs Duties · Tax on sales of specified goods like petroleum products and liquor · Tax on E-commerce.

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

Unit IV — Other Kinds of Tax

Tax on motor vehicles · Tax on Land and Buildings · Taxes collected by the local authorities · Property tax, Entertainment tax · Professional tax.

Unit V — Tax Assessment

Assessment and remedies under various taxation statutes-Appellate and revisional forums and its hierarchy · Settlement commission · Compounding of offences · Penalties and prosecutions for non · compliance.

• Assessment Procedure
• Types of Assessment Income Tax Authority: Their function, Duties and Powers, Appeal, Offences, Fines and Penalties, Settlement of grievances and Prosecution, Income Tax Act, 1961, Income Tax Rules
• Advance Rulings, faceless assessment/e-assessment