Principles of Taxation Law

Unit I

Income Tax Act, 1961 · -Definitions under Income Tax Act, 1961 such as- Assessee, Person, Income, Previous Year, · Assessment Year, Assessing Authority, Agricultural Income etc. (Ss. 2 & 3) · -Basis of Charge (Section 4-9) · -Difference between Capital Receipt & Revenue Receipt · -Salaries, Perquisites, Profit in lieu of Salary and Deductions from Salary (Ss. 15-17) · Judgments: · 1. Rupen Jute Tea Co. Ltd. v. CIT, ITR 186 (1990) 301. · 2. Travancore Tea Estate C. Ltd. v. CIT, ITR 154 (1985) 745.

• 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)
• Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources

Unit II

--Income from House Property, Deductions (Ss. 22-25) · -Permissible Deductions from Gross Total Income u/s 80-C to 80U · -Assessment of Tax (Ss. 139-143) · -Best Judgment Assessment (Sec. 144) · -Rectification of Mistake (Sec. 154) · Judgments: · 1. CIT v. Ramaswamy Naidu, ITR 208 (1994) 377. · 2. Morarjee Gukaldass Spinning & Weaving Co. Ltd. v. P.N. Beintal & others, ITR (1994)

• Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources
• Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income
• Assessment Procedure

Unit III

Punjab Value Added Tax, 2005 · - Definitions under VAT · -Registration and Concilliation · -Filing of Returns, Mode of Payment of Taxes · -Input Tax Credit · -Assessment of Tax, Recovery of Tax · Judgments: · 1. Steal Authority of India Ltd. v. State of Punjab, 1994 PHT 265. · 2. Daulat Ram & Co. Amritsar v. State of Punjab, 1996 RTC 2312.

Unit IV

CST Act, 1956 · - Definitions such as Defer Items, Dealer, Place of Business, Sale Price (Sec. 2) · -Formulation of Principles for Delivering when a Sale of Purchase takes place outside a State or · in Centre of Import Export (Ss. 3-5) · -Liability of tax on Inter State Sale · -Registration, Cancellation, Amendment · Judgments: · 1. Union of India v. Kamlakhi Finance Corp. Ltd. (1998) 11 PHT 193 (SC) · 2. Brij Bassi Hitch Udzog Ltd. v. State of Punjab (1997) 10 PHT 122 (P&H)