Principles of Taxation
Savitribai Phule Pune University · LL.B. Semester 6 · LCC 1002
Unit 1 — Introduction to Income Tax Act, 1961:
1. History of tax laws in India · 2. Tax reforms in India · 3. Constitutional provisions relating to tax · 4. Distinctions between direct and indirect tax · 5. Basic concepts like concept of income, assess, person, previous year, assessment year · 6. Residential status of assesee · 7. Exempted income items
- History of Tax Law in India
- Nature and Scope of Tax
- Constitutional provisions relating to Taxation
- 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)
Unit 2 — Heads of Income and Computation of Income :
1. Heads of Income: · a) Salaries · b) Income from House Property · c) Profits and gains of business or profession · d) Capital gains · e) Income from other Sources · 2. Aggregation of income and set off or carry forward of loss · 3. Deductions from gross total income · 4. Rebates and Reliefs · 5. Special Provisions Relating to Avoidance of Tax and General Anti-Avoidance Rule
- Heads of Income: Income from Salary, House property, Business and Profession, Capital Gain and other sources
- Carried forward and Set of losses
- Calculation of Gross Total and Taxable income, Tax rebate and Computation of Tax Liability
- Tax Liability Exemption, Deduction, related to individual, Expenses & Income, Rebate, Deemed income and clubbing of income
Unit 3 — Kinds of Assessment:
1. Assessment of Individual · 2. Assessment of Hindu Undivided Family · 3. Assessment of firms and associations · 4. Assessment of cooperative societies · 5. Assessment of charitable and religious trust · 6. Assessment of company Income Tax Authorities, their Powers and Functions, Offences and
Unit 4 — Prosecutions under the Act:
1. Income Tax Authorities · a) Director General of Income Tax · b) Director of Income Tax-Additional Directors · c) Joint Director · d) Deputy Directors · e) Assistant Directors · f) Income Tax Officers · g) Tax Recovery Officers · h) Inspectors of Income Tax · 2. Offences and Prosecutions: · a) Default and penalties · b) Default with prosecution provisions · c) Appeals · d) Revision
Unit 5 — Procedure for Assessment:
1. Returns · 2. Self-assessment · 3. Audit · 4. Rectification of mistakes · 5. Interest and Late Fees · 6. Refund and tax liability
Unit 6 — The Central Goods and Services Tax Act, 2017 :
1. Nature, Scope and Object of CGST · 2. Definitions in GST · 3. Administration and Collection of Tax · 4. Time and Value of supply, Input tax credit · 5. Registration · 6. Tax Invoice, Credit And Debit Notes · 7. Accounts and records, Returns · 8. Payment of Tax, Refund · 9. Assessment · 10. Audit · 11. Inspection, Search, Seizure And Arrest · 12. Demands And Recovery · 13. Liability to pay in certain cases · 14. Advance Ruling · 15. Appeals and revision · 16. Offences And Penalties
Unit 7 — The Integrated Goods and Service Tax Act, 2017 :
1. Scope and Object of IGST · 2. Important Definitions · 3. Administration · 4. Levy And Collection Of Tax · 5. Determination Of Nature Of Supply · 6. Place Of Supply Of Goods or Services or Both · 7. Zero rated Supply · 8. Apportionment of Tax and Settlement of Funds