Syllabus LO 0906 Principles of Taxation Law

  

Fifth Year B.A. LL.B.    - Semester IX 

Fifth Year B.B.A. LL.B.  - Semester IX 

Third Year LL.B.      - Semester V

Optional Subject 5 (Any one from the following) :

LO 0906 Principles of Taxation Law :

 

Objectives of the Course : This course aims to acquaint the students with basic principles of taxation. It highlights the important principles of computation of income. It provides important tenets of calculation of income of natural and legal person. It also prescribes for powers and functions of various authorities under Income Tax Act. It provides the important features of the Central Goods and Services Tax Act and Integrated Goods and Services Tax Act. 

 

     Module 01      Introduction and Basic Aspects of the Income Tax Act, 1961 :

1.     Importance and Significance of Taxation

2.     Constitutional Provisions Relating to Taxation (Articles 265-289)

3.     Types of Tax Laws – Direct and Indirect Taxes

4.     Scope and Objectives of the Act

5.     Some of the Basic Definitions -

Agricultural Income, Advance Tax, Asset, Capital Asset, Divided-Income,

 

	Person, Previous Year, Assessment Year, Revenue Receipts, Revenue Expenditure 6. Residential Status of Persons
Module 02	Heads of Income and Computation of Income : 1.     Income from Salaries 2.     Deductions from Salary and Computation of Salaries 3.     Income from House Property: Self Occupied, Let Out 4.     Exemption of property income from tax 5.     Computation of Self Occupied Property 6.     Capital Gains 7.     Profits and gains of Business or Profession  8.     Income from other Sources Clubbing of Income  9.     Set off and carry forward of losses  10.  Deductions from gross total income  11.  Rebates and Reliefs 12.  Advance tax  13.  TDS 14.  Tax rates
Module 03	Taxation of Natural and Legal persons - an Overview :  Individuals, Hindu Undivided Family, Companies and Firms, Association of Persons, Trust and Cooperative Societies, Charitable and Religious Institutions
Module 04	Assessment and Appeal Procedures : 1.     Return of Income 2.     Types of assessment 3.     Appellate procedures  4.     Authorities under the Income Tax Act: 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
Module 05	Powers and Functions of Various Authorities : 1.     Concepts of Tax Avoidance, Tax Evasion and Tax Planning - Meaning and Distinction 2.     Inspections Search Seizure 3.     Penalties for Tax Evasion and Tax Avoidance
Module 06	The Central Goods and Services Tax Act, 2017 - I : 1.     Scope and object of CGST 2.     Important Definitions  a) Aggregate Turnover
	b)    Business c)     Capital Goods d)    Casual Taxable Person e)     Composite Supply  f)     Continuous Supply of goods and services g)    Input Tax  h)    Output Tax i)      Outward Supply j)      Persons under GST k)    Place of Business l)      E- Contract m)   E- Filling 3.     Levy and Collection of tax  4.     Tax liability on composite and mixed supplies 5.     Composition Levy
Module 07	The Central Goods and Services Tax Act, 2017 - II : 1.     Time and value of supply 2.     Input tax credit 3.     Procedural Compliances 4.     Registration 5.     Accounts and records 6.     Returns 7.     Payment of tax  8.     Refunds 9.     Assessment  10.  Audit 11.  Offences and Penalties for certain offences under Section 122
Module 08	The Integrated Goods and Service Tax Act, 2017 : 1.      Scope and Object of IGST 2.      Important Definitions 3.      Nature of Supply 4.      Place of Supply 5.      Zero rated Supply 6.      Apportionment of Tax and Settlement of Funds 7.      Powers and Functions of GST Council

 

Recommended Readings:

1.     Kanga & Nani Palkhivala : The Law and Practice of Income Tax, 2014 Lexis Nexus.

2.     Chaturvedi and Pithisaria : Companion to Chaturvedi & Pithisaria's Income Tax Law - Wealth Tax Act, 1957, 2016 Easter Book Company.

3.     Dr. Girish Ahuja and Dr. Ravi Gupta : Concise Commentary on Income Tax including Wealth Tax with Tax Planning / Problems & Solutions, 2014, Eastern Book Company.

4.     Dr. Girish Ahuja and Dr. Ravi Gupta : A Compendium of Issues on Income Tax & Wealth Tax (in 2 Vols.), 2010 Eastern Book Company.

5.     CA Atul Kumar Gupta : Goods and Services Tax – Law, Practice and Procedures, LexisNexis 2017.

6.     Dr Girish Ahuja & Dr Ravi Gupta : Systematic Approach to Income Tax, 37th Paperback - 2016, Walters Kluwer.

7.     Taxmann : Latest Edition on Income Tax.

8.     V.S. Datey : GST Ready Reckoner, Taxmann 2017.

Note for Syllabus of all Subjects : 

1.     The students are advised to refer latest editions of the books / readings recommended. The list of recommended readings is given for the general information and understanding of the students. However, students are advised to refer any other standard book or other material available. In case student finds no recommended readings for any topic of the syllabus, the students may refer any standard book or other material available. The students are also advised to refer E-Resources.  

2.     The students shall also refer and study the latest amendments in the concerned law. Such amendment in law shall become a part of a syllabus of concerned subject and shall be operative with effect from the academic year immediately next to the academic year in which amendment in the concerned law becomes operative.