Law of Taxation

Unit 1 — INTRODUCTION

Concept of — Tax, Cess, Surcharge; Types of taxes: Direct Taxes, Indirect Taxes; Definition of Income [Section · 2(24)] — Application of Income or diversion by overriding title, Assessee; Previous Year (section 3); Assessment year; Basis of charge. · CIT v. G.R. Karthikeyan, 1993 Supp (3) SCC 222 · CIT y. Sitaldas Tirathdas (1961) 2 SCR 634 · CLT. v. Sunil J. Kinariwala (2003) 1 SCC 660

• 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 2 (Agricultural Income) — AGRICULTURAL INCOME

Meaning of Agricultural Income [Section 2(1A), 10(1)] · Bacha F. Guzdar v. C.1.T., Bombay, AIR 1955 SC 74 5. · CLT. v. Benoy Kumar Sahas Roy, AIR 1957 SC 768 6. · C.LT. v. Maddi Venkatasubbayya (1951) XX ITR 151 (Mad.) · Sakarlal Naranlal v. C.I.T., AIR 1965 Guj. 165.

Unit 2 (Heads of Income) — HEADS OF INCOME

Salaries (Sections 15 to 17) — Chargeability - Meaning of Salary; Perquisites; Profits in lieu of salary, Income from · House Property (Sections 22 to 27) - Ingredients of section 22 - Annual Value how to be determined - Deductions under section 24 - Deemed owner (section 27), Profits and Gains of Business and Profession (Sections 28 to 44) — · Applicability - Deductions, Capital Gains (Sections 45 to 55) — Definition of capital assets [section 2(14)]; Short term capital assets [section 2(42A)]; Short term capital gains [section 2(42B)]; Long term capital assets and Long term capital gain [section 2(29A) and 2(29B)]; Income from Other Sources (Sections 56 to 59). · C.LT., West Bengal v. Biman Behari Shaw, Shebait (1968) 68 ITR 815 (Cal.) · East India Housing & Land Development Trust Ltd. v. C.LT. (1961) 42 ITR 49(SC). · RB. Jodhamal Kuthiala v. C.I.T., AIR 1972 SC 126. · . CLT. v. Mysore Sugar Co. Ltd., AIR 1967 SC 723 · N. Bagavathy Ammal v. C.I.T., Madurai, JT 2003 (1) SC 363. · 27.C.LT. v. Rajendra Prasad Moody (1978) 115 ITR 519 (SC)

• 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 3 — Income of Other Persons included in Assessee’s Total Income (Sections 60 to 64) - concept of clubbing

of income — Residence and Scope of Total Income Tests for the determination of residential status of Assessee (section 6). · Batta Kalyani v. Commissioner of Income Tax (1985) 154 ITR 59 30 · J.M. Mokashi v. Commissioner of Income Tax (1994) 207 ITR 252 (Bom). · Vodafone International Holdings B.V. v. Union of India (UOJ) and Anr, (2012)6SCC613.

• Income Tax, Residential Status: Rules (Sec.6)

Unit V — GOODS AND SERVICE TAX

The Central Goods and service tax Act, 2017, Dual GST model taxation ,Constitutional provisions, Basic · Concept of Goods and Service tax, GST Council, GST Levy on transaction —sale, transfer, purchases, barter, lease or GST on import/export of goods/services. IGST/SGST/UTGST/Compensation law to state government, Reverse charge mechanism, Place of supply, Time of supply, Input tax credit, Composition scheme, benefits of GST to trade , industry , e-commerce and service sector and the consumer at large, · Impact of GST on GDP of India and tax collection.

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

Unit VI — CUSTOMS LAW

Legislative background of the levy ports -warehouses, Basic concepts of custom law, Types of Custom · Duty, Valuation and Baggage, exemption and collection of duties and overview of law and procedure — clearance of goods from the port, Goods imported or sported by post and stores and goods in transit —duty drawback provisions.