Direct Tax-II

Paper Code: 
24BCS415
Credits: 
04
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

This course will enable the students to understand concepts and computation of direct tax liability of various assesses.

 

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

 

24BCS415

Direct Tax II

(Theory)

CO 1:Explain the provisions of Deductions under Chapter VI-A of Income Tax Act, 1961 and income which do not form part of Total Income.

CO 2:Explore the provisions relating to computation of tax liability of Individuals and Hindu Undivided Family.

CO 3:Evaluate different provisions relating calculation of tax liability of different entities.      

CO 4:Determine the special       provisions   of income tax related to assessment of companies.

CO 5:Appraise special provisions of income tax related to Advance payment of Tax, TDS, TCS and Procedure of assessment.      

CO 6:Contribute effectively in course – specific interaction.

Approach in

teaching: Interactive Lectures, Discussions, Tutorials, Problem solving sessions, Presentations

 

 

Learning activities for the students: Self-learning assignments, Case Study Analysis, Presentations, Group Discussions

 

Continuous Assessment Test, Semester End Examinations, Quiz, Solving Numerical Problems, Assignments, Class Presentations, Individual and group projects.

 

12.00
Unit I: 
Enhancing Income Tax literacy
  • Incomes which do not form part of Total Income.
  • Deductions in respect of certain payments,
  • Specific deductions in respect of certain income,
  •  Deductions in respect of donations for expenditure under CSR activities

 

12.00
Unit II: 
Calculating total income and tax obligations for different entities.
  • Individual,
  • Hindu Undivided Family ‘HUF’;
  • Alternate Minimum Tax (AMT);
  • Partnership Firm / LLP.

 

12.00
Unit III: 
Analysing total income and tax liabilities for across entities
  • Co-operative Societies;
  • Association of Person ‘AOP’ and Body of Individual ‘BOI’; Political Parties;
  • Electoral Trusts;
  • Exempt organization – Registration u/s 12A/ 12AA; Tax Rates.

 

12.00
Unit IV: 
Classification and Tax Incidence on Companies
  • Computation of taxable income and tax liability of Company;
  • Dividend Distribution Tax;
  • Minimum Alternate Tax ‘MAT’;
  • Other Special Provisions Relating to Companies; Equalization Levy,
  • Carbon Credit.

 

12.00
Unit V: 
Procedural Compliance
  • Tax Deduction at Source ‘TDS’ & Tax Collection at Source ‘TCS’ ,
  • Advance Tax & Self-Assessment Tax ‘SAT’,
  • Filing of Returns, Fee and interest for default in furnishing return of Income.

 

Essential Readings: 

Essential Readings:

  1. Study Material Published by ICSI
References: 

Suggested Readings:

  1. Scanner-ArunKumar(ShuchitaPrakashans(P) Ltd)
  2. The Law and Practice of Income Tax by Arvind  P Datar
  3. Income Tax Refunds (Law and Procedure) by Ram Dutt Sharma
  4. Direct Taxes Ready Reckoner by Mahendra B. Gabhawala

 

E- Content:

  1. https://www.icsi.edu/e-journals/

 

Note- The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless.

 

 

 

Academic Year: 
2024-2025
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