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

Syllabus

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