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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

COURSE CREDIT = 4 

Learners enrolled: 5551

SUMMARY

Course Status : Upcoming
Course Type : Not Applicable
Duration : 15 weeks
Start Date : 20 Jul 2020
End Date : 31 Dec 2020
Exam Date : 15 Nov 2020
Enrollment Ends : 15 Sep 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: 14 or 15 Nov 2020

    Internal Evaluation for 30 Marks
    Week 1 15 MCQs Last Date of Submission 31 Oct 2020 for 1.5 marks
    Week 1 Subjective Assessment Last Date of Submission 31 October 2020 for 2.0 marks
    Week 2 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
    Week 3 15 MCQs Last Date of Submission 31 October for 1.5 marks
    Week 4 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
    Week 4 Subjective Assessment Last of Submission 31 October 2020 for 3.0 marks
    Week 5 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
    Week 6 15 MCQs Last Date of Submission 31 October  2020 for 1.5 marks
    Week 7 10 MCQs Last Date of Submission 31 October  2020 for 1.0 marks
    Week 7 Subjective Assessment Last Date of Submission 31 Oct 2020 for 2.0 marks
    Week 8 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
    Week 9 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
    Week 10 10 MCQs Last Date of Submission 31 October 2020 for 1.0 marks
    Week 11 15 MCQs Last Date of Submission  31 October 2020 for 1.5 marks
    Week 12 15 MCQs Last Date of Submission  31 October 2020 for 1.5 marks
    Week 12 Subjective Assessment Last Date of Submission 31 October 2020 for 2.0 marks
    Week 13 10 MCQs Last Date of Submission 31 October 2020 for 1.0 marks
    Week 14 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
    Week 15 15 MCQs Last Date of Submission 31 October 2020 for 1.5 marks
     Please participate in all elements of the internal evaluation

    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 Publication,New Delhi, 59th Edition, Assessment Year 2019-20

    2, Students' Guide to Income Tax University Edition -  by Dr. Vinod K Singhania and Dr. Monica Singhania, Taxmann Publications, New Delhi, 2018, Assessment Year 2019-20

    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 in 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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