Law of Taxation

Unit 1

Income Tax Act 1961: · A. Meaning and Kinds of Income · B. Taxation of individuals, HUF, firm, association of persons, co-operative and non-resident · C. Exemption- Incomes exempted from tax · D. Tax on Agriculture Income, Corporate Income Tax

• 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
• 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 2

The Income Tax Act, 1961: · A. Income Tax Authorities, their appointment, jurisdiction, powers and functions · B. Provision relating to collection and recovery of tax, refund of tax · C. Appeal and revision provisions, 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

Unit 3

Wealth Tax Act, 1951: · A. Meaning of Wealth, Valuation and Calculation of wealth tax · B. Charges of wealth tax, assets, deemed assets exempted from tax · C. Wealth tax authorities, offence and penalties

Unit 4

Gift Tax Act, 1958: · A. Meaning of Gifts · B. charges on gift tax, Gift tax on transfer · C. exemption

Unit 5

Goods & Service Tax: · A. Central Goods and services Tax, 2017 (Act 12 of 2017) : Introduction, Meaning of goods & services, Tax slabs, calculation of GST, Exemptions · B. The Integrated Goods & Service Tax Act 2017 · C. The Union Territories Goods & Service Tax Act 2017

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