Direct Taxation
Dr. Harisingh Gour Vishwavidyalaya · LL.B. Semester 5 · LAW-CC-514
Unit I — Unit I (untitled in print)
General Perspective of Taxation law · Historical development of tax law in India · Concept of tax : direct tax, its status and necessity · Scope of taxing powers of Parliament, state legislature and local bodies. · Fundamental principles relating to tax laws. · Distinction between Tax and fee Tax and cess Direct and Indirect taxes Tax evasion and tax avoidance Exemption And Deduction Allowances and perquisites
Unit II — Unit II (untitled in print)
Direct Tax (Income Tax Act, 1961) · Important definition in Income Tax Law: Person Tax Payer Assesee Financial years Assessment year Previous year Income Tax Planning Tax Management Tax Recovery and tax refund · Basic concepts of Income: AGRICULTURALINCOME Total Income Gross total Income Deemed income Clubbing of income Chargeable Income Exempted Income From Tax: FULLY EXEMPTED INCOME,(SECTION 10 OF THE INCOM TAX ACT,1961) · Deduction from Income (Section 80C to 80U of income tax Act, 1961) INCOME,(SECTION 10 OF THE INCOM TAX ACT,1961) Deduction from Income (Section 80C to 80U of income tax Act, 1961)
- 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)
- Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income
Unit III — HEADS OF INCOME
SALARIES: meaning and nature Expression of salary, its allowances, perquisite, deductions (under section 80c), concept of NPS(NEW PENSION SCHEME) · INCOME FROM BUSINESS AND PROFESSION: meaning and nature Annual Value, determination of Annual Rent value, exempted income, deduction, profit and loss, · CAPITAL GAINS: meaning and nature Kind of gain and capital assets, its transfer, Acquisition, exempted capital gain, and deduction. · INCOME FROM OTHER SOURCES: its meaning and nature Sources includes (dividend , winning from lotteries, interest and securities, employees’ contribution towards staff welfare scheme, sum received under key man insurance policy, gift, interest and compensation, advance money received in the courses of negotiations for transfer of a capital gain, Rental income of letting out plant etc.,) Deductions (section 57), relief and exemptions
Unit IV — BOARD AND AUTHORITIES
Central Board of Direct Taxes · Power and functions · Income tax authorities : Appointment, Control Of Authorities, Jurisdiction · Power to make rules.
Unit V — PUNISHMENTANDREMEDIES
Offences and penalties and prosecution · Appeal · Revision