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Direct Tax - Laws and Practice

By Prof. (Dr.) Subhrangshu Sekhar Sarkar   |   Tezpur University
No government can run a country without revenue. One of the major sources of revenue is taxation. Taxes can be classified as Direct and Indirect Tax. Direct taxes encompass those taxes where impact and incidence falls on the same person. Income Tax Act, 1961 is the prime legislation in the area of direct taxes in India. It is very interesting to know various facets of this Act. The Act makes ample scope for tax planning and tax management by utilizing various provisions which are enshrined therein. A tax payer can reduce her tax liability by taking advantage of various incentives that are provided in the Act. It creates a win-win situation. This UG/PG Level 4 credit course is inter-disciplinary in nature and any graduate or anyone pursuing graduation, who wishes to learn about Indian income tax system, can enroll. After completion of the course, a learner can have following takeaways:.
1. An overview of the direct taxation system of India.
2. Knowledge of computation of income tax.
3.Idea on various avenues for tax planning and tax management
4. Awareness on the compliance of tax laws
5. Enabling to file income tax returns
6. Taking occupation as tax consultants

Learners enrolled: 4711

SUMMARY

Course Status : Ongoing
Course Type : Not Applicable
Duration : 15 weeks
Start Date : 13 Jan 2020
End Date : 10 May 2020
Exam Date : 10 May 2020
Enrollment Ends : 30 Mar 2020
Category :
  • Commerce
  • Management Studies
  • Level : Undergraduate/Postgraduate

    COURSE LAYOUT

    Week 1 Basic Concepts and Definitions - Income Tax Act, 1961
    1.1 Tax evasion, tax avoidance, tax planning/ management
    1.2 Background, Concept and Mechanism of Income Tax
    1.3 Definitions, Concept of Income, Assessee, Previous Year, Assessment Year
    1.4 Basis of Charge
    1.5 Scope of Total Income
    Week 2 Residential Status and Incomes Exempt from Tax
    2.1 Residential Status and incidence of tax
    2.2 Incomes Exempt from Tax
    Week 3 Income from Salaries
    3.1 Basis of Charge of Income from Salaries
    3.2 Allowances
    3.3 Perquisites
    3.4 Computation of Income from Salary
    Week 4 Income from House Property
    4.1 Basis of Charge of Income from House Property
    4.2 Gross Annual Value
    4.3 Deductions under Section 24
    4.4 Computation of Income from House Property
    Week 5 Profits and Gains of Business or Profession
    5.1 Basis of Charge of Profits and Gains of Business or Profession
    5.2 General Principles Governing income from business
    5.3 Deductions under Section 30 to 44DB
    5.4 Computation of Profits and Gains of Business or Profession
    Week 6 Capital Gains
    6.1 Basis of Charge of Capital Gains
    6.2 Concept of Capital Asset
    6.3 Capital gains exempt from tax and allowable deductions
    6.4 Computation of Short term and Long term capital gains
    Week 7  Income from Other Sources
    7.1 Basis of Charge of Income from Other Sources
    7.2 Dividend, Interest on Securities
    7.3 Deductions
    7.4 Computation of Income from Other Sources
    Week 8 Deductions from Gross Total Income
    8.1 Essential Rules governing deductions
    8.2 Deductions under Sections 80C to 80U
    Week 9 Clubbing of Income and Set off & Carry Forward of Losses
    9.1 Income of other persons included in Assesse’s Total Income
    9.2 Set off and Carry Forward of Losses
    Week 10 Return of Income and Assessment
    10.1 Filing of Returns
    10.2 Assessment
    Week 11 Advance Payment of Tax and Tax Deduction/Collection at Source
    11.1 Advance Payment of Tax
    11.2 Tax Deduction at Source
    11.3 Tax Collection at Source
    Week 12 Computation of Taxable Income of Individuals
    12.1 Tax Incidence on Individuals
    12.2 Computation of Taxable Income and Tax Liability of individuals.
    Week 13 Computation of Taxable Income of Companies
    13.1 Computation of Taxable Income and Tax Liability of Companies
    13.2 Minimum Alternate Tax
    Week 14 Appeals and Revisions
    14.1 Income tax authorities
    14.2 Appellate hierarchy
    14.3 Revisions
    Week 15 Tax Planning
    15.1 Setting up of a new business
    15.2 Specific Managerial decisions
    Important Information about Evaluation
    Date of Proctored Examination for 70 marks: 10 May 2020
    Internal Evaluation for 30 Marks
     Week 1     15 MCQs  Last Date of Submission  28 Feb 2020                             for 1.5 marks
     Week 1      Subjective Assessment   Last Date of Submission  10 March 2020 for  2.0 marks
     Week 2     15 MCQs  Last Date of Submission  28 Feb 2020                              for 1.5 marks
     Week 3     15 MCQs  Last Date of Submission  28 Feb 2020                              for 1.5 marks
     Week 4     15 MCQs  Last Date of Submission  15 Mar 2020                              for 1.5 marks
     Week 4      Subjective Assessment  Last of Submission 31 March 2020       for  3.0 marks
     Week 5     15 MCQs  Last Date of Submission  15 Mar 2020                              for 1.5 marks
     Week 6     15 MCQs  Last Date of Submission  15 Mar 2020                              for 1.5 marks
     Week 7     10 MCQs  Last Date of Submission  30 Mar 2020                              for 1.0 marks
     Week 7      Subjective Assessment  Last Date of Submission 15 Apr 2020        for  2.0 marks
     Week 8     15 MCQs  Last Date of Submission  30 Mar 2020                              for 1.5 marks
     Week 9     15 MCQs  Last Date of Submission  30 Mar 2020                              for 1.5 marks
     Week 10   10 MCQs  Last Date of Submission  15 Apr 2020                              for 1.0 marks 
     Week 11    15 MCQs  Last Date of Submission  15 Apr 2020                              for 1.5 marks
     Week 12    15 MCQs  Last Date of Submission  15 Apr 2020                              for 1.5 marks 
     Week 12     Subjective Assessment   Last Date of Submission 30 Apr 2020       for 2.0 marks
     Week 13    10 MCQs  Last Date of Submission  30 Apr 2020                                for 1.0 marks 
     Week 14    15 MCQs  Last Date of Submission  30 Apr 2020                              for 1.5 marks
     Week 15     15 MCQs  Last Date of Submission  30 Apr 2020                              for 1.5 marks 
     Please participate in all elements of the internal evaluation
    THE END TERM PROCTORED EXAMINATION IS POSTPONED DUE TO THE COVID 19 CRISIS




     



    BOOKS AND REFERENCES

    1. Direct Taxes - Law and Practice with special reference to Tax Planning  by Dr. Vinod K Singhania and Dr. Kapil Singhania, Taxmann Publications, New Delhi, 59th Edition, Assessment Year 2018-19
    2. Students' Guide to Income Tax University Edition -  by Dr. Vinod K Singhania and Dr. Monica Singhania, Taxmann Publications, New Delhi, 2018, Assessment Year 2018-19

    INSTRUCTOR BIO

    Prof. (Dr.) Subhrangshu Sekhar Sarkar

    Tezpur University
    Prof. (Dr.) Subhrangshu Sekhar Sarkar after completing his Masters in Commerce from Gauhati University joined the academics. He has done his doctorate in the area of Taxation. He has undergone Faculty Development Programme in Management from XLRI, Jamshedpur. He has completed a Certificate Programme in Entrepreneurship Teaching from Indian School of Business (ISB), Hyderabad. He has also undergone a programme on Case Teaching Pedagogy at Harvard Business School, Boston, USA. He holds CMI Level 5 Certificate Leadership and Management awarded by the Chartered Management Institute (UK). He has undergone an International programme in the Leadership & higher Education at Warwick University, UK. He has completed Leadership for Academicians Programme (LEAP) at IIT, BHU and Penn State University, Pennsylvania, USA.
    He is associated with Tezpur University (A Central University of India) since 1995. He served at IIM Shillong (on lien from Tezpur University) during 2009-10 and helped the process of institution building. On completion of lien, he joined back Tezpur University and recently he has completed his term as Dean, School of Management Sciences. Currently, he is working as the Professor at the Department of Business Administration and Head in-charge, Department of Commerce. His areas of interest include Accounting, Taxation, Entrepreneurship and Strategic Management.

    COURSE CERTIFICATE

    “30 Marks will be allocated for Internal Assessment and 70 Marks will be allocated for external proctored examination”


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