PAPER-7 Tax Laws & Practice CS Executive Mod-2

Taught by Faculties:



a to provide working knowledge on practical application of Direct Tax Laws.
b to provide conceptual knowledge of Indirect Tax Laws with practical application of Indirect Tax Laws.
Level of Knowledge: Working Knowledge
Detailed Contents
Part I : Direct Tax (60 Marks)

1. Direct Tax at a Glance:

*An Introduction
*Characteristics of Taxes
*Objectives of Taxation
*Direct vs. Indirect Tax
*Background of Taxation system of India
*Tax Structure & Administration

2.Basic Concept of Income Tax:

*An overview of Finance Bill
*Capital and Revenue Receipts and Expenditure
*Residential Status
*Basis of Charge
*Scope of Total Income

3.Incomes which do not form part of Total Income

4.Income under the Head Salary

5.Income under the Head House Property

6.Profits and Gains from Business and Profession

7.Capital Gains

8. Income from Other Source

9.Clubbing provisions and Set Off and / or Carry Forward of Losses:

*Income of other persons included in Assessee’s Total Income
*Aggregation of Income
*Set off and / or Carry forward of losses


*Deductions in respect of certain payments
*Specific deductions in respect of certain income
*Deductions in respect of donations for expenditure under CSR activities

11. Computation of Total Income and Tax Liability of various entities:

*Hindu Undivided Family ‘HUF’
*Alternate Minimum Tax (AMT)
*Partnership Firm / LLP
*Co-operative Societies
*Association of Person ‘AOP’ and Body of Individual ‘BOI’
*Political Parties
*Electoral Trusts
*Exempt organization – Trust Registration u/s 12A/ 12AA/12AB
*Tax Rates

12. Classification and Tax Incidence on Companies:

*Computation of taxable income and tax liability of Company including Foreign Company
*Taxation on Dividend Income
*Minimum Alternate Tax ‘MAT’
*Other Special Provisions Relating to Companies
*Equalization Levy
*Carbon Credit

13. Procedural Compliance:

*Tax Deduction at Source ‘TDS’ & Tax Collection at Source ‘TCS’ l Advance Tax & Self-Assessment Tax ‘SAT’
*Filing of Returns
*Fee and interest for default in furnishing return of Income
 Part II : Indirect Tax (GST & Customs) (40 Marks)

14. Concept of Indirect Taxes at a Glance:

*Constitutional powers of taxation
*Indirect taxes in India – An overview
*Pre-GST tax structure and deficiencies
*Administration of Indirect Taxation in India

15.Basics of Goods and Services Tax ‘GST’:

*Basic concepts and Overview of GST
GST Compensation to States

16.Levy and Collection of GST:

*Taxable Event
*Concept of Supply including Composite and Mixed supply
*Levy and Collection of CGST and IGST
*Exemptions under GST l Composition Scheme
*Forward Charge Mechanism
*Reverse Charge Mechanism

17. Time, Value & Place of Supply:

*Concepts of Time of Supply
*Value of Supply
*Place of Supply

18. Input Tax Credit & Computation of GST Liability:

*Eligibility and Conditions for taking Input Tax Credit
*Transitional Provisions in ITC
*Ineligible Credits
*Input Service Distributor
*Order of Utilisation of Input Tax Credit

19. Procedural Compliance under GST:

*Tax Invoices
*Debit & Credit Notes
*Accounts and Records
*Electronic Way Billl Returns
*Payment of Tax l Refund Procedures
*GST Practitioners
*Demand and Recovery
*QRMP Scheme

20. Overview of Customs Act:

*Overview of Customs Law 
*Levy and collection of Customs Duties
*Types of Custom Duties
*Classification and valuation of import and export goods
*Officers of Customs
*Administration of Customs Law
*Import and Export Procedures Transportation
*Duty Drawback
*Demand and Recovery
*Confiscation of Goods and Conveyance