Course

Unit 1

A Quick review of:
Income Tax Act, Income Tax Rules, CBDT Circulars, Tribunal, High Court and Supreme Court decisions, definitions of Person, Assessee, Assessment Year, Previous year, Income, Gross Total Income, Total Income, Agricultural Income, Casual Income, Company and related terms, residential status of Individuals and companies, Capital Receipts and Revenue Receipts, Capital Expenditure and Revenue Expenditure, Concept of loss, Exclusions from Total Income.
(Problems only on Residential Status of Individuals and Companies. The remaining areas only for theory)

Unit 2

In the case of Individuals and Companies:
Calculation of Tax liability and Marginal Relief, Dates of filing Income Tax returns, Calculation of Advance Tax liability and payment thereof, concept of Tax Deducted at Source, Self-Assessment Tax and its payment, Importance of Permanent Account Number (PAN).
(There will be problems on all the above topics)

Unit 3

A quick study of:
Heads of Income with special focus on Profits and Gains of Business and Profession, Capital Gains and Income from other sources. Thrust will have to be given on depreciation calculation based on Block of Assets concept. Focus also to be given to presumptive taxation and tax audit. Other areas are clubbing of Income, set off and carry forward of losses, deductions from total income (only common deductions like 80C, 80CCB, 80CCC, 80CCG, 80D, 80DD, 80E, 80G, 80GG, 80QQB, 80TTA.) (There will
be problems on all the above topics).

Unit 4

Taxation of Companies:
Certain deductions available only to companies, Minimum Alternate Tax and its mode of computation, Tax liability after taking into account MAT, exposure to Tonnage Tax scheme.
Procedure for Assessment:
Exposure to concepts of voluntary return, return of Loss, belated return, revised return, compulsory return, defective return, filing of return in electronic form. Various ITR Forms, verification of Returns, Interest U/S 234A, 234B and 234C, Assessment U/S 143(1), Regular Assessment, Best Judgement Assessment, rectification of mistake, notice of demand.
(Problems on company taxation recognizing MAT only, all other areas for theory only)

Unit 5

Exposure to Double taxation, Treaties and relief, Advanced rulings, survey, search and seizure, Tax planning, Tax evasion, Tax avoidance and Tax management, Alternate Minimum Tax on persons other than companies.
(The above topics only for theory)

Course Objective:
To enhance the theoretical and practical skill sets of the students.

Course Outcomes:

Textbooks:

1. Vinod Singhania, Kapil Singhania – Taxmann’s Students guide to Income Tax – Taxmann
2. T.N. Manoharan, Mr G.R. Hari – Students Handbook on Taxation – Snow White Publication

Reference Books:

1. H.C. Mehrotra, S.P. Goyal – Income Tax: Tax Planning and Management – Sahitya Bhavan
2. Vinod K. Singhania, Kapil Singhania – Taxmann’s Direct Taxes: Law and Practice – Taxmann