Direct Tax Laws and Practice

By Prof. (Dr.) Subhrangshu Sekhar Sarkar | Tezpur University

Learners enrolled: 1700

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
Language for course content :	English
Duration :	15 weeks
Category :	Commerce Management Studies
Credit Points :	4
Level :	Undergraduate/Postgraduate
Start Date :	15 Jul 2024
End Date :	31 Oct 2024
Enrollment Ends :	31 Aug 2024
Exam Date :	08 Dec 2024 IST
Shift: :	II

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits

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

Plan for Internal Examination (30 Marks)
Graded MCQ - at Week 4 (20 questions) - 5 marks
Graded MCQ - at Week 8 (20 questions) - 5 marks
Graded MCQ - at Week 12 (20 questions) -5 marks
Graded MCQ - at Week 15 (20 questions) - 5 marks
Subjective Assessment at Week 7 - 5 marks
Subjective Assessment at Week 14 - 5 marks

Books and references

1. Taxmann's Direct Taxes Law & Practice -With special reference to Tax Planning (Assessment Year 2024-25) by Dr. Kapil Singhania, Dr. Vinod K Singhania, 67th Edition, published Feb 2024

2. Taxmann's Students' Guide to Income Tax-University Edition- (69th Edition August 2023) 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.