Law Relating to Taxation

Unit 1 — The Income Tax Act, 1961

Basis of taxation of Income-Incomes exempted from tax Income from salaries, house property, business or profession and other sources. Taxation of individuals, HUF, firm, association of persons, co-operative and non-resident. Income Tax Authorities, their appointment, jurisdiction, powers and functions. Provision relating to collection and recovery of tax, refund of tax, appeal and revision provisions, offences and penalties. Wealth Tax: Charges of wealth tax, assets, deemed assets exempted from tax, wealth tax authorities, offence and penalties.

• 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 — Central Goods and services Tax, 2017 (Act 12 of 2017)

a. Nature and definition in GST · b. Administration and Collection of Tax · c. Time and Value of Supply, input Tax Credit · d. Registration · e. Accounts and Records, Returns · f. Assessment · g. Payment of Tax, Refund, Audit · h. Search and Seizure, Appeals and Revision · i. Advance Ruling

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

Unit 3 — The Integrated and Union Territories Goods and Service Tax Act 2017 3A. The Integrated Goods & Service Tax Act 2017 a. Administration and collection of tax b. Determination of nature of supply, place of supply c. Refund D. Zero Rated Supply E. Appointment of Tax and Settlement of funds 3B. The Union Territories Goods & Service Tax Act 2017 a. Administration b. Levy, Collection of Tax, Payment of Tax c. Inspection, search, seizure & Arrest d. Demands and Recovery e. Advance Ruling & Transitional Provisions

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