St. Xavier’s College SYBMS Sem 3 Syllabus: Direct And Indirect Taxes

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:

1. Assessee,
2. Assessment year,
3. Annual value,
4. Business,
5. Capital assets,
6. Income,
7. Person,
8. Previous year,
9. Transfer,
10. Scope of total income. (S:5)
11. Residential status (S:6)

The topics covered in Unit 2 – Heads of income (S:14, 14 A) are as follows:

1. Salary (S:15 to 17)
2. Income from House properties (S:22 to 27)
3. Profit and gain from business (S 28, 30, 31, 32, 35 D, 36, 37, 40, 40 A and 43 B)
4. Capital Gains (S 45, 48, 49, 50, 50B, 50C)
5. Income from other sources (S 56 to S 59)
6. Exclusions from total income (S10)
7. Exclusions related to specific heads to be covered with relevant head e.g.: salary, business income, capital gain, income from other sources.
8. a) Deduction from total income (S 80 C, 80 CCC, 80 DD, 80 E, 80 U)
9. b) Computation of total income for individual
10. Transfer Pricing

The topics covered in Unit 3 – Indirect Tax –Service Tax are as follows:

1. Basic terms,
2. Taxable service,
3. Input service,
4. Output service,
5. Provision related to some important services,
6. Practicing chartered accountants,
7. Business auxiliary,
8. Commercial training and coaching,
9. Courier services,
10. Other important aspects,
11. Valuation of taxable service (inclusive of abatements),
12. Service tax and cess payable,
13. CENVAT credit related to service tax (only basic principles),
14. Registration and returns.

The topics covered in Unit 4 – Indirect Tax – MVAT are as follows:

1. Definitions of:
2. Sec 2 (4) Business,
3. 2 (8) dealers,
4. 2 (12) goods,
5. 2 (13) Importer,
6. 2 (15) manufacturer,
7. 2 (20) purchase price,
8. 2 (22) resale,
9. 2 (24) sales,
10. 2 (25) sales price,
11. 2 (27) service,
12. 2 (33) turnover of sales.
13. Incidence of levy of tax:
14. Sec 3 : Incidence of tax,
15. Sec 4: tax payable,
16. Sec 5: tax not leviable on certain goods,
17. Sec 6: levy of sales tax on goods specified in the schedule,
18. Sec 7 Rate of tax on packing material,
19. Sec 8: certain sale and purchase not liable for tax.
20. Payment of tax and recovery:
21. Sec 42: Composition of tax
22. Setoff, refund etc.
23. Sec 48 and 49: set off, refund etc. alongwith rules 52, 53, 54 and 55
24. Excise and custom duties.

Continuous Internal Assessment:

1. Mid-semester test
2. Project work – Assignment

The list of reference books of Direct and Indirect Taxes are as follows:

1. Students guide to income tax – V.K. Singhania, Taxman
2. Systematic approach to income tax – Ahuja and Gupta, Bharat Law Publication
3. Income Tax – T.M. Manoharam
4. Direct Tax Ready Reckoner – N.V. Mehta, Kuber Publication
5. Indirect taxes – V.S. Date, Taxman
6. Service Tax – S.S. Gupta, Taxman
7. Commentary on MVAT Act – M.S. Mathuria and Dilip Phadke, Maharashtra Sales Tax VAT Nes
8. Indirect Taxes – V.S. Balchandra, Sultanchand