Principles of Taxation Law
University of Kerala · LL.B. Semester 4 · Paper II
Unit I
Basics · Concept, nature and types of taxes-Cannons of taxation-Distinguish between tax and fee, tax and cess · Constitutional principles on taxation-Interpretation of taxing statutes-Incidence & impact of tax-Casual income-Tax evasion, tax avoidance and tax planning-Double taxation-Surcharge
Unit II
Income tax · General · Definitions · Income tax Act,1961-Previous Year · Assessment Year · Financial Year · Persons · Agricultural Income tax · Residential status of individual · HUF · firm · association of persons · operative societies and non · residents · Exemptions · S.10-Deductions · S.80-Rebate · Deemed income and clubbing of income · carry forward and set of off losses- capital receipt & revenue receipt- capital expenditure & revenue expenditure
- 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
Income tax-Specific · Heads of income-income from salary-house property-business & profession-capital gain and other sources-Assessment procedure-types of assessment · Income tax authorities, functions, duties and powers · Settlement of Grievances and Prosecution-Calculation of gross total and taxable income- tax rebate and computation of tax liability-tax collection at source and advance tax
- 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
- Carried forward and Set of losses
- 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 IV
GST Regime · Goods and Service Tax · evolution and concept · relevant constitutional provisions · The Central Goods and Services Tax Act,2017-Dual GST Model · distinguish between CGST · Integrated GST (IGST) ,State GST (SGST) and Union Territory GST (UTGST) · GST Council · GST levy on transactions · sale · transfer · purchase · barter · lease or import of goods and services · GSTN · Goods and services tax network portal · Tax invoice · GST on imports and exports · GST exemption on the sale and purchase of securities, Securities Transaction Tax (STT)-benefits of GST on trade, industry, e-commerce and service sector and for the whole society-GST effects upon GDP, inflation and State revenue
Unit V
The Kerala Agricultural Income Tax Act, 1991-Charging provisions, Assessment, collection and remedies-principles of valuation-Kerala state GST Act, 2017- The Kerala State GST (Amendment) Ordinance ,2018- Distinguish between GST and VAT · Reason for the repealing of wealth tax and further alternative