Direct and Indirect Tax (MCOP 301-18)

Course Objective: The purpose of this course is to familiarize the students with the working knowledge on practical application of Direct Tax Laws, and to provide conceptual knowledge of GST and customs Laws.

UNIT-I

Historical Background of Taxation system in India; An overview of Finance Bill, ; Important definitions under Income Tax Act, 1961; Residential Status & Basis of Charge; Scope of Total Income; Tax Rates. Exempted Incomes. Computation of Income under Various Heads : Income from Salary; Income from House Property; Profit and Gains of Business or Profession; Capital Gains; Income from Other Sources.

UNIT-II

Aggregation of Income. Set Off and / or Carry Forward of Losses. Deductions from Gross Total Income & Rebate and Relief. Assessment of Individual and Hindu Undivided Family ‘HUF’. Procedural Compliance : Permanent Account Number ‘PAN’, Tax Deduction at Source, Tax Collection at Source, Advance Tax & Self Assessment Tax. Returns and E-Filing of Returns.

UNIT-III

Pre-GST tax structure and deficiencies; Administration of Indirect Taxation in India. Basics of Goods and Services Tax ‘GST’ : Basics concept and overview of GST; Constitutional Framework of GST; GST Model – CGST / IGST / SGST / UTGST; Taxable Event; Concept of supply including composite and mixed supply; Levy and collection of CGST and IGST; Composition scheme & Reverse Charge; Exemptions under GST.Input Tax Credit & Computation of GST Liability- Overview. Procedural Compliance under GST. Basic overview on Integrated Goods and Service Tax (IGST), Union Territory Goods and Service tax (UTGST), and GST Compensation to States.

UNIT-IV

Overview of Customs Law; Levy and collection of customs duties; Types of Custom duties; Classification and valuation of import and export goods; Exemption; Officers of customs; Administration of Customs Law; Import and Export Procedures; Transportation, and Warehousing; Duty Drawback; Demand and Recovery; Confiscation
of Goods and Conveyances; Refund.

Note: Latest Acts will be followed.

Suggested Readings:
1. Singhania Dr. Vinod K. & Singhania Dr. Kapil, : Direct Taxes Law and Practice.
2. Ahuja Dr. Girish & Gupta Dr. Ravi: Direct Taxes Ready Reckoner with Tax
Planning.
3. Agarwal Dr. Sanjiv & Malhotra Sanjeev: Goods & Services Tax, Laws, Concepts
and Impact Analysis, Bloomsbury.
4. Datey V.S. : GST Ready Reckoner, Taxmann.
5. R.K. Jain : Customs Law Manual, Centax