Direct Tax Law & Practice (CSP Paper-9.5)
CS Professional Mod-3
Taught by Faculties:
Elective Paper 9.5: Direct Tax Laws & Practice(Max Marks 100)
Objective To provide advanced knowledge on practical application of Direct Tax Practice. Detailed Contents 1. An Overview of Income Tax Act, 1961: Background, Important definitions, Residential Status,Basis of Charge, Scope of Total Income, Tax Rates in accordance with the applicable Finance Act for the relevant assessment year. 2. Computation of Income under the head of Salary : Salary Coverage, Employer and Employee Relationship, Allowances, Monetary and Non-Monetary Perquisites – Valuation and Taxability, Profits in lieu of Salary, Deductions against Salary, Incomes exempt from Tax and not includible in ‘Salary’, Deduction to be made from salary in respect of Provident Fund under the provisions of the Provident Fund and Miscellaneous Provisions of Act 1952 and tax treatment of employers’ contribution to Provident Fund, Tax Deducted at Source on Salary Income and Compliances, Practical Case Studies. 3. Computation of Income under the head of House Property: Chargeability, Owner of house property, Determination of Annual Value, Deduction from Net Annual Value, Treatment of Unrealized Rent, Arrears of Rent, Exemptions, Computation of Income from a let out House Property, Self-Occupied Property,Practical Case Studies. 4. Computation of Income - Profits and Gains from Business and Profession: Business and Profession – An overview, Chargeability, Profits and Losses of Speculation Business, Deductions Allowable, Expenses Disallowed, Deemed Profits u/s 41, Maintenance of Accounts, Tax Audit, Presumptive Base Taxation, Practical Case Studies. 5. Computation of Income under the head of Capital Gains: Chargeability,Capital Gains, Capital Assets & Transfer, Types of Capital Gains, Mode of Computation of Capital Gains, Exemptions and Deduction, Special Provision – Slump Sale, Compulsory Acquisition, Fair Market Value, Reference to valuation officer, Practical Case Studies. 6. Computation of Income from Other Sources: Taxation of Dividend u/s 2(22)(a) to (e), Provisions relating to Gifts, Deductions, Other Miscellaneous Provisions, Practical Case Studies. 7. Exemptions/Deduction, Clubbing provisions, Set Off and/or Carry Forward of Losses, Rebate and Relief : Income’s not included in Total Income, Tax holidays, Clubbing of Income, Aggregation of Income, Set off and/or Carry forward of losses, Deductions (General and Specific), Rebates and Reliefs. 8. Computation of Total Income and Tax Liability 9. TDS/TCS, Returns, Refund & Recovery: Tax Deduction at Source ‘TDS’ & Tax Collection at Source ‘TCS’, Advance Tax & Self- Assessment Tax ‘SAT’,Returns, Signatures, E-Filing, Interest for default in furnishing return of Income, Collection, Recovery of Tax, & Refunds, Assessment, Appeals, Revisions, Settlement of Cases, Penalties etc., Assessment, Appeals & Revisions, Settlement of Cases, Penalties, Offences & Prosecution, Practical Case Studies. 10. Tax Planning & Tax Management : Tax Planning, Tax Management and Tax avoidance though legitimate tax provisions, Various Avenues, Practical Case Studies. 11. International Taxation – An Overview: Double Taxation Avoidance Agreement ‘DTAA’, Residency Issues, Tax Heaven, Controlled Foreign Corporation (CFC), Concept of Permanent Establishment, Business Connection, General Anti Avoidance Rules ‘GAAR’, Advance Ruling – Practical Aspect, Transfer Pricing –An Overview, Practical Case Studies. 12. Recent Case Laws : Practical Case Studies, Case Laws, Case Studies & Practical Aspects.