Direct Tax- Laws and Practice

By Prof. (Dr.) Subhrangshu Sekhar Sarkar   |   TEZPUR UNIVERSITY
Learners enrolled: 5414
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 PG Level 4 credit course is inter-disciplinary in nature and any graduate 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 Status : Completed
Course Type : Not Applicable
Duration : 15 weeks
Start Date : 15 Jul 2019
End Date : 30 Oct 2019
Exam Date : 09 Nov 2019 IST
Enrollment Ends : 10 Sep 2019
Category :
  • Commerce
  • Management Studies
Credit Points : 4
Level : 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

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 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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