Law of Direct Taxation

Unit I

Definition and basic concepts, origin and development of taxation, canons of taxation · Adam Smith, Various forms of revenue generation · tax, cess, fee, toll, excise, duties, customs · Methods of taxation · proportional, progressive, Tax avoidance, evasion, planning, management · Constitutional Provisions · federal polity and taxation issues · budget, finance Act, money bill, limits on taxing powers · Legislative entries · interstate sale · sale or purchase in the course of export or import

• 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

Taxes on Income · residential status · scope of total income · exempted income · basis of charge · heads of income · salaries · Income From House Property · Profits And Gains Of Business Or Profession · Capital Gains · Income From Other Sources

• Income Tax, Residential Status: Rules (Sec.6)
• Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income
• 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

Unit III

Clubbing of income · set off and carry forward of losses · Liability in Special cases

• Carried forward and Set of losses

Unit IV

Authorities of Income Tax · filing of returns and assessment · provisions for appeal · review · settlement of cases · collection · recovery · refund · penalties, offences and prosecution · provisions relating to search and seizure

• 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

Unit V

Wealth Tax · Charge, Computation, Inclusions and exclusions · Powers of Authorities, Assessment and Penalties · Appeals, Revision · settlement of cases