FM-301- CORPORATE TAXATION & TAX PLANNING |
Part – A: Corporate Taxation: |
Income Tax |
1. Definition: Cannons of Taxation Person, Assesse, Income, Previous Year, Assessment Year, Gross
Avoidance, Planning, Exemption, Planning, Exemption, Deduction, Rebate, Relief.
2. Residential Status & Tax Incidence: Individual & Corporate.
3. Income Exempted from Tax: Individual & Corporate.
4. Computation of Taxable Income of Individual, HUF, Firm & Corporates:
a) Heads of Income – Salaries, Income from House Property, Profits & Gains from Business or
Profession, Capital Gains, Income from Other sources.
b) Deduction from Gross Total Income – 80CCC, 80D, 80DDB, 80E, 80G, 80GG, 80GGA, 80C, 80U.
c) Set Off & Carry Forward of Losses – Principles, Meaning, Inter – sources & Inter – head Set Off, Carry
Forward and Set Off of Losses under sections 71,72 & 73.
5. Computation of Tax for Individual, H.U.F, Firm & Corporate:
a) Rate of Tax and Surcharge.
b) Tax Rebate.
c) Tax Management – Submission of Return and Procedure of Assessment, Pan, Tan, Preliminary ideas of
Deduction and Collection of Tax at Source, Advance Payment of Tax, Refund of Tax.
d) Minimum Alternate Tax.
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Indirect Tax |
1. Central Sales Tax Act, 1956.
a) Definition: Dealer, Sale, Turnover, Sale Price, Sale or Purchase in course of interstate Trade or Commerce,
Sale or Purchase outside a state, Sale or Purchase in the course of Import or Export.
b) Incidence & Levy of Tax, Exemption, Determination of Turnover.
c) Registration of Dealers & Procedures thereof.
2. Customs Act and Valuation: Basic Concepts only.
3. Central Excise Act, 1944: Definitions – Broker or Commission Agent, Central Excise Officer, Excisable Goods,
Factory, Manufacture, Sale & Purchase, Wholesale Dealer & Cenvat.
4. Value Added Tax: Basic concept of VAT.
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Tax Planning |
1. Scheme of Tax Planning
2. Tax Planning for Salaries
3. Tax Planning for Profits and gains of Business or Profession
4. Tax Planning for Capital Gains
5. Tax Factor in Dividend Policy
6. Tax Planning for Employee’s Remuneration
7. Tax Planning different forms of Business Organization
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Readings: |
• Lal & Vasisht: Direct Taxes, Pearson Education
• Singahnia: Direct Taxes, Taxman
• Singhania: Indirect Taxes, Taxman
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