Course

Unit 1

Income Tax Authorities: Powers and functions – Provisions of advance payment of tax – Tax payment – Deduction and collection of tax at source – Computer applications in tax management.

Unit 2

Procedure for assessment of Income Tax: Filing of return of Income – Voluntary return of income –

Statutory obligations for filing of return – Time and documents for filing of returns – Return of loss

– Belated returns – Revised returns – Defective returns – PAN.

Unit 3

Different types of assessment – Self-assessment – Assessment on the basis of return – Best judgment assessment – Regular assessment – Reassessment – Protective assessment.

Unit 4

Advance payment of tax – computation of advance tax – recovery of tax – modes of recovery –

refund of tax – double taxation relief.

Unit 5

Tax planning – tax evasion – tax management – tax avoidance – Tax planning: need, limitations – Tax planning for individuals – tax planning based on residential status – head-wise tax planning (salary, house property, business or profession, capital gain, other source).

Course Objective:

To develop students’ comprehensive understanding of the procedures, authorities, and various aspects of tax management in India, enabling them to effectively assess and plan taxes while ensuring compliance and leveraging computer applications in tax management.

Course outcomes:

The students will be able to:

CO1: Identify the different income tax authorities and their powers and functions.

CO2: Complete the filing of various types of returns, including returns of loss and defective returns.

CO3: Compare and contrast the different types of assessments and their implications on taxpayers.

CO4: Apply knowledge to process tax refunds and provide double taxation relief.

CO5: Develop tax-planning strategies to optimize individual tax liabilities.

Textbooks:

1. C. Mehrotra, Dr. S. P. Goyal – Income Tax Law and Practice – Sahitya Bhawan Publications
2. Vinod Singhania – Students Guide to Income Tax – Taxmann

References:

1. P. Gaur, D. B. Narang – Income Tax Law and Practice – Kalyani Publishers
2. S. Reddy, Y. Hari Prasad Reddy – Income Tax Theory Law and Practice – Margham Publication
3. Bhagwati Prasad – Direct Taxes law and Practice – Wishwa Prakashan
4. Girish Ahuja, Dr. Ravi Gupta – Simplified Approach to income Tax – Sahitya Bhawan