Taxation Law

Unit I — General Principles of Taxation

General Principles of Taxation (a)Definition- Concept - Purpose of Taxation-Nature and Characteristics of Taxation - Distinction between tax, fee and fine- Mutual relationship between Tax laws and Finance Act (Amended Act) –Canons of Taxation- Kinds of Taxes- Progressive- Proportional- Regressive and Digressive- Eminent Domain Principle- Theory and Basis of Taxation-Scope and Limitations of Taxation- Inherent limitations-Requisites of a Valid tax (b) Double taxation- Sec-90 and Sec.91 of the I.T. Act.- Importance of OECD guidelines in International Taxation- Black money – Causes and Effect.

• History of Tax Law in India
• Nature and Scope of Tax

Unit II — Constitutional basis and Taxing powers

(a) Constitutional Taxing Powers - Constitutional Amendment 101- Amendment of Art.246A - Amendment of Art.248A- Art.249 and Art.250– Art.243H-Art. 243Z - Art.250- Art.268-Art.269- Art.269A – Amendment of Art.270-271-Art.286- Amendment of Seventh Schedule- Art.366- Art.368- Amendment of Sixth Schedule and Seventh schedule-Constitutional amendment 101- Art. 279 A- GST Council- Constitutional Limitations.- Significance of Union Territory Goods and Services Act, 2017- Significance of the Goods and Services Tax (Compensation to States) Act, 2017. (b) Historical Development of Tax on supply of Goods and services -Exemptions to the levy of Goods and Services Tax to petroleum products- alchoholic liquor for human consumption- Powers of the GST Council to regulate these goods by notification.- Present status of Central Sales Tax Act,1957 and Central Excise Act-Customs Act and Tamil Nadu Value Added Tax Act 2006.

• Constitutional provisions relating to Taxation

Unit III — Direct Taxation

Income Tax Act, 1961. Preliminary concepts; Income, ‘Agricultural Income ‘ Casual Income,’ person – Assessee Residential Status- Previous year- Assessment year – General Charging Section- and Specific Charging Section- Income- Received- Arising – Accrual- Scope and Total Income – Exempted Income : Tax Liability under Specific Heads i) Income from Salaries ii) Income from House Property iii) Income from Business or Profession iv) Income from Capital Gains. V) Income from other sources : Clubbing of Income: Income of other persons in assessee’s total Income – Treatment of Losses- Set off and carry forward of losses-Procedure for assessment- Deduction allowed in certain cases- Chapter VI A Deductions- Assessment of Special Class of Assessee.

• 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 IV — Indirect Taxation

A) The Taxation Laws (Amendment) Act,2017- Customs tariff- Central excise –Central Sales Tax- Miscellaneous – Schedule. a) Central Goods and Services Tax Act,2017 – Definition clauses-Administration-Levy and Collection of Tax-Time and Value of Supply-Input Tax Credit-Registration-Tax Invoice credit and debit notes.-Accounts and records-Returns- Payment of Tax-Refunds- Assessment- Audit-Inspection- Search Seizure and Arrest-Demands and Recovery- Liability to pay in certain cases-Advance –Appeals and Revision-Offences and Penalties b). Tamil Nadu Goods and Services Tax Act, 2017- Definition- commencement- Officers under the Act- Powers and functions-Levy and collection of Taxes- Chap III-XI scope of supply- Tax liability on composite and mixed supplies- Levy and Collection-Composition Levy- Power to grant exemption from tax. Time and value of supply- input credit tax- Registration-Tax invoice – debit and credit notes- Accounts and Records- Returns- Payment of Tax – Refunds-Assessment – Audit- Inspection –Search- Seizure and Arrest- Demands and Recovery- Liability to pay in certain cases- Chap XII-XIX-Advance Ruling-Appeals and Revision-Offence and Penalties –Transitional Provisions- Miscellaneous Provisions-Schedules. c) Integrated Goods Services Tax and Rules of States and Union : Collection and Levy of Integrated General Services Tax- Determination of Nature of Supply -Cross Utilization of credit-Utilization of IGST credit. Inter- state supply and Intra-state supply- Location of supply- Place of supply of goods and services or both. Refund of integrated tax to International tourist.- Zero rated supply-Apportionment of tax and settlement of funds-Miscellaneous Provisions.

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

Unit V — Customs Act -1962 with amendments -Role of customs in

Customs Act -1962 with amendments -Role of customs in international trade important terms and definitions– Assessable value Baggage – Bill of entry Dutiable goods Duty Exporter – Foreign going vessel – Aircraft goods – import – import Manifest – Importer – Prohibited goods – Shipping bill – Store – Bill of lading – export manifest – Letter of Credit – Kinds of duties – Basics auxiliary - Basics of levy – Advalorem – Specific duties – Prohibition of export and import of goods and provisions regarding notified and specified goods – Import of goods - Free import and restricted imports – Type of import – import of cargo, import of personal baggage, import of stores..