Direct AND Indirect Taxation (DITX) Paper 7 CMA Inter Group 1

SECTION A: DIRECT TAXATION [50%]

1. Basics of Income Tax Act - 10%

• Basic Concepts, Basis of Charge and Capital & Revenue Receipts 
• Residential Status and Scope of Total Income 
• Agricultural Income 
• Income which does not form part of Total Income 

2. Heads of Income - 25%

• Salaries 
• Income from House Property 
• Profits and Gains of Business or Profession including Tax Audit u/s 44AB; and Provisions u/s 43A, 43B, 43AA, 44AD, 44ADA and 44AE (excluding Sections 42 to 44DB) 
• Capital Gains 
• Income from Other Sources 

3. Total Income and Tax Liability of Individuals & HUF - 15%

• Income of Other Person included in Assesses Total Income (Clubbing of Income) 
• Set off and Carry Forward Losses 
• Deductions, Rebate,s and Relief 
• Taxation of Individual (including AMT but excluding Non-resident) & HUF 
• Advance Tax
• Tax Deducted at Source & Tax Collected at Source (excluding Non-resident) 
• Filing of Return of Income 
• PAN 
• Self-Assessment & Intimation

SECTION B: INDIRECT TAXATION [50%]

4. Concept of Indirect Taxes - 5%

• Concept and Features of Indirect Taxes 
• Difference between Direct and Indirect Taxes 
• Background of erstwhile Indirect Taxes (Central Excise, VAT, etc.) 
• Constitutional Validity of GST 

5. Goods and Services Tax (GST) Laws - 35%

• Introduction to GST Law 
• Levy and Collection of CGST and IGST 
  • Application of CGST/IGST law 
  • Concept of Supply including Composite and Mixed Supplies 
  • Charge of Tax including Reverse Charge 
  • Exemption from Tax 
  • Composition Levy 
• Basic concepts of Time and Value of Supply 
• Input Tax Credit 5.5 Computation of GST Liability 
• Registration 
• Tax Invoice – Electronic Way Bill 
• Returns and Payment of Taxes 

6. Customs Act - 10%

• Customs Act-Basic Concepts and Definitions 
• Types of Duties 
• Valuation Rules 
• Computation of Assessable Value and Duties