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Direct Tax - Laws and Practice

By Prof. (Dr.) Subhrangshu Sekhar Sarkar   |   Tezpur University
Learners enrolled: 4493
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    

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Summary
Course Status : Ongoing
Course Type : Not Applicable
Duration : 15 weeks
Start Date : 04 Jan 2021
End Date : 30 Apr 2021
Exam Date : 09 May 2021 IST
Enrollment Ends : 28 Feb 2021
Category :
  • Commerce
  • Management Studies
Credit Points : 4
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: 08 or 09 May 2021

Internal Evaluation for 30 Marks
Week 1 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 1 Subjective Assessment Last Date of Submission 31 Mar 2021 for 2.0 marks
Week 2 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 3 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 4 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 4 Subjective Assessment Last of Submission 31 Mar 2021 for 3.0 marks
Week 5 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 6 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 7 10 MCQs Last Date of Submission 31 Mar 2021 for 1.0 marks
Week 7 Subjective Assessment Last Date of Submission 31 Mar 2021 for 2.0 marks
Week 8 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 9 15 MCQs Last Date of Submission 31 Mar 2021 for 1.5 marks
Week 10 10 MCQs Last Date of Submission 28 April 2021 for 1.0 marks
Week 11 15 MCQs Last Date of Submission  28 April 2021 for 1.5 marks
Week 12 15 MCQs Last Date of Submission  28 April 2021 for 1.5 marks
Week 13 10 MCQs Last Date of Submission 28 April 2021 for 1.0 marks
Week 13 Subjective Assessment Last Date of Submission 28 April 2021 for 2.0 marks 
Week 14 15 MCQs Last Date of Submission 28 April 2021 for 1.5 marks
Week 15 15 MCQs Last Date of Submission 28 April 2021 for 1.5 marks
 Please participate in all elements of the internal evaluation

Books and references

1. Taxmann's Direct Taxes Law & Practice -With special reference to Tax Planning (63rd Edition Assessment Year 2020-21) by Dr. Kapil Singhania, Dr. Vinod K Singhania 2. Taxmann's Students' Guide to Income Tax-University Edition-Amended up to July 20, 2020 (63rd Edition August 2020) by Dr. Vinod K. Singhania, Dr. Monica Singhania

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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