TAXATION

Unit 1

Concept of Tax- Nature and characteristics of taxes- Distinction between tax and fee, tax and cess- Direct and Indirect taxes- Tax evasion and tax avoidance- Scope of taxing powers of Parliament, State Legislatures and Local bodies. · The Income Tax Act: Basis of taxation of Income- Incomes exempted from tax- Income from salaries- Income from house property- Income from business or profession and vocation- Income from other sources- Taxation of individuals, HUF, firms, association of persons, Co-operative Societies and Non- Residents.

• Nature and Scope of Tax
• Constitutional provisions relating to Taxation
• 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
• Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income
• Carried forward and Set of losses
• Calculation of Gross Total and Taxable income, Tax rebate and Computation of Tax Liability

Unit 2

Income Tax Authorities- Their appointment- Jurisdiction- Powers and functions- Provisions relating to collection and recovery of tax- Refund of tax, appeal and revision provisions, offences and penalties. · Wealth Tax: Charge of Wealth tax, assets, deemed assets, and assets exempted from tax- Wealth tax Authorities- Offences and penalties.

• 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 3

Central Excise Laws: Nature, scope and basis of levy of Central Excise duty- Meaning of goods- Manufacture and manufacturer- Classification and valuation of goods- Duty payment and exemption provisions- Provisions and procedure dealing with registration and clearance of goods- An overview of set-off of duty scheme.

Unit 4

Customs Laws: Legislative background of the levy- Appointment of Customs officers- Ports- warehouses- Nature and restrictions on exports and imports- Levy, exemption and collection of customs duties, and overview of law and procedure - Clearance of goods from the port, including baggage- Goods imported or exported by post, and stores and goods in transit- Duty drawback provisions.

Unit 5

Central Sales Tax Laws: Evolution and scope of levy of Central Sales tax- Inter- State sale outside a State and sale in the course of import and export- Basic principles- Registration of dealers and determination of taxable turnover; Service Tax – Main features of Service Tax; VAT- Introduction to Value Added Tax.

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