TAXATION AND BANKING LAWS
Mohanlal Sukhadia University · LL.B. Semester 2 · 7007
Unit 1 — Indian Income Tax Act. 1961
(A) Definitions - Assessment Year, Previous year, Agriculture, Income Assessment, Capital Asset, Dividend, Income, Casual Income, Total Income, Gross Total Income, Maximum and Minimum Marginal Rate, Person, Resident - Non Resident, Transfer. · (B) Basis of Charge - Charges of Income-Tax, Scope of total income, Residence in India, Income deemed to be received, Dividend Income deemed to accrue or arise in India. · (C) Income which do not form part of total income. · (D) Computation of total income - Head of income - Salaries, Interest on Securities Income from House Property, Profit & Gains of Business or Profession, Capital Gains, Income from other sources. · (E) Income of other persons included in assesse’s total income. · (F) Deductions to be made in computing total income. · (G) Relief in respect of Income- tax. h) Determination of tax in certain specific cases. · (H) Income tax authorities - Appointment and Control, Jurisdiction, Powers Procedure for Assessment, Liability in special cases, Collection and recovery tax, Appeals, Revision and Reference.
- 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
- Carried forward and Set of losses
- 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
Goods and Service Tax - · (A) Introduction-Constitutional framework of Indirect Taxes before GST (Taxation Powers of Union & State Governments); Concept of VAT: Meaning, Variants and Methods; Major Defects in the structure of Indirect Taxes prior to GST; Rationale for GST; Structure of GST ( SGST, CGST, UTGST & IGST); GST Council, GST Network, State Compensation Mechanism, Registration, Important terms and definitions under Central Goods and Service Tax Act, 2017 and State Goods and Service Tax Act, 2017, Basic of GST, Meaning and scope of supply, Levy collection of tax. · (B) Time and Value of Supply of goods and/ or services, Input Tax Credit, Transitional Provisions, Registration under CGST/SGSCT Act, Filling of Returns and Assessment, Payment of Tax including Payment of tax on reverse charge basis, Refund under the Act. · (C) CGST/SGST- Maintenance of Accounts and Records, Compositions scheme, Job work and its procedure, Various Exemptions under GST, Demand and recovery under GST, Miscellaneous provisions under GST. · (D) IGST- Scope of IGST, Important terms and definitions under Integrated Goods and Service Tax Act, 2017, Levy and collection of IGST, Principles for determining the place of supply and Place of Supply of goods and services, Zero rated Supply.
Unit 3
BANKING LAWS- · (a) Brief history of Nationalization of Banks · (b) Reserve Bank of India Act, 1934 - characteristics and functions, objectives, legal status and organizational structure, functions such as - banking, currency, exchange control over non banking companies and supervision of other banks (see sections 17, 18 and 42) · (c) The Banking Regulation Act, 1948 - Extent and application business of Banking companies, provisions for winding up.