PRINCIPLES OF TAXATION LAW
Kakatiya University · LL.B. Semester 5 · P-IV
Unit I
Constitutional basis of power of taxation · Direct and Indirect Taxes · Distinction between Tax, Fees and Cess · Income Tax Act, 1961 and basic Concepts -Income · Person · Assessee · Assessment year · Previous year · Capital and revenue incomes · Residential status · Incidence of tax · Heads of income · Tax rates · Surcharge · Agricultural income · Computation of income · Exempted income
Unit II
Income from Salary · Elements of Salary · Salary and Allowances · Perquisites · Profits in lieu of Salary · Deductions from salary income -Income from House Property · Legal Owner · Deemed Ownership · Procedure for computation of income from house property
Unit III
Income from Business or Profession · Depreciation · Incomes chargeable to tax under the head Profits and Gains of Business or Profession · Deductions in computing the Business Income · Computation of income from Capital Gains · Short term Capital Gain -Long term Capital Gain · Deemed to be Capital Assets · Self Generated Assets · Reverse Mortgage · Capital gains on Agricultural Lands · Income from other sources · Chargeability of interest on Securities · Treatments of Gifts · Winning from lotteries etc
Unit IV
Aggregation of income · Set Off and Carry forward of losses · Deductions from gross total income -Filing of returns · P.A.N · Tax deduction at source(TDS) · Double tax relief -Income Tax Authorities · Powers and functions of CBDT · Powers and functions of Commissioner of Income Tax · Procedure for Assessment, Penalties, Prosecution, Appeals and Grievances
- Carried forward and Set of losses
- Calculation of Gross Total and Taxable income, Tax rebate and Computation of Tax Liability
- 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
Unit V
Goods and Service Tax Act, 2017 · Kinds of GST · CGST, SGST & IGST · Constitutional Provisions of GST Councils · Framework of GST · Value of supply · Time of supply · Exemptions -Reverse charge · Composition scheme · Input Tax Credit · Payment of tax · Registration · Tax Invoice · E-Way Bill · GST Returns