Direct and Indirect Taxes is a SYBMS Sem 3 subject at St. Xavier’s College. Direct and Indirect Taxes aims to impart indepth and extensive practical knowledge and skills in direct and indirect taxation.
There are 4 main units in Direct and Indirect Taxes subject which are as follows:
Unit 1 – Basic Terms (S: 2, 3 and 4) – 15 lectures
Unit 2 – Heads of Income (S: 14, 14 A) – 20 lectures
Unit 3 – Indirect tax – Service tax – 10 lectures
Unit 4 – Indirect tax – MVAT – 15 lectures
The topics covered in Unit 1- Basic Terms (S: 2, 3 and 4) are as follows:
- Assessee,
- Assessment year,
- Annual value,
- Business,
- Capital assets,
- Income,
- Person,
- Previous year,
- Transfer,
- Scope of total income. (S:5)
- Residential status (S:6)
The topics covered in Unit 2 – Heads of income (S:14, 14 A) are as follows:
- Salary (S:15 to 17)
- Income from House properties (S:22 to 27)
- Profit and gain from business (S 28, 30, 31, 32, 35 D, 36, 37, 40, 40 A and 43 B)
- Capital Gains (S 45, 48, 49, 50, 50B, 50C)
- Income from other sources (S 56 to S 59)
- Exclusions from total income (S10)
- Exclusions related to specific heads to be covered with relevant head e.g.: salary, business income, capital gain, income from other sources.
- a) Deduction from total income (S 80 C, 80 CCC, 80 DD, 80 E, 80 U)
- b) Computation of total income for individual
- Transfer Pricing
The topics covered in Unit 3 – Indirect Tax –Service Tax are as follows:
- Basic terms,
- Taxable service,
- Input service,
- Output service,
- Provision related to some important services,
- Practicing chartered accountants,
- Business auxiliary,
- Commercial training and coaching,
- Courier services,
- Other important aspects,
- Valuation of taxable service (inclusive of abatements),
- Service tax and cess payable,
- CENVAT credit related to service tax (only basic principles),
- Registration and returns.
The topics covered in Unit 4 – Indirect Tax – MVAT are as follows:
- Definitions of:
- Sec 2 (4) Business,
- 2 (8) dealers,
- 2 (12) goods,
- 2 (13) Importer,
- 2 (15) manufacturer,
- 2 (20) purchase price,
- 2 (22) resale,
- 2 (24) sales,
- 2 (25) sales price,
- 2 (27) service,
- 2 (33) turnover of sales.
- Incidence of levy of tax:
- Sec 3 : Incidence of tax,
- Sec 4: tax payable,
- Sec 5: tax not leviable on certain goods,
- Sec 6: levy of sales tax on goods specified in the schedule,
- Sec 7 Rate of tax on packing material,
- Sec 8: certain sale and purchase not liable for tax.
- Payment of tax and recovery:
- Sec 42: Composition of tax
- Setoff, refund etc.
- Sec 48 and 49: set off, refund etc. alongwith rules 52, 53, 54 and 55
- Excise and custom duties.
Continuous Internal Assessment:
- Mid-semester test
- Project work – Assignment
The list of reference books of Direct and Indirect Taxes are as follows:
- Students guide to income tax – V.K. Singhania, Taxman
- Systematic approach to income tax – Ahuja and Gupta, Bharat Law Publication
- Income Tax – T.M. Manoharam
- Direct Tax Ready Reckoner – N.V. Mehta, Kuber Publication
- Indirect taxes – V.S. Date, Taxman
- Service Tax – S.S. Gupta, Taxman
- Commentary on MVAT Act – M.S. Mathuria and Dilip Phadke, Maharashtra Sales Tax VAT Nes
- Indirect Taxes – V.S. Balchandra, Sultanchand
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