Law of Taxation

Unit 1 — Income Tax

basic concepts · definitions · authorities · residential status · heads of income: house property, business/profession, capital gains, other sources · clubbing · set-off and carry forward of losses · deductions · assessment procedure · returns · appeals and revision · penalties · recovery · double taxation relief · corporate taxes (MAT) · fringe benefit tax · banking cash transaction tax

• History of Tax Law in India
• 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
• 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
• 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 2 — Wealth Tax

basic concepts · charging · deemed assets · exemptions (S. 5) · valuation · assessment · appeals · penalties

Unit 3 — Value Added Tax (VAT) 2005

concept · definitions under MVAT · registration · assessment · returns · composition scheme · set-off and refunds · appeals · penalties

Unit 4 — Central Sales Tax Act, 1956

concept · definitions · registration · interstate transactions · appeals · penalties

Unit 5 — Service Tax Act, 1994

fundamental principles · definitions · registration · assessment · service tax credit scheme · appeals · penalties