TAX LAWS AND PRACTICE ICSI

Tax Laws And Practice Icsi-Free PDF

  • Date:31 Jul 2020
  • Views:6
  • Downloads:0
  • Pages:800
  • Size:5.47 MB

Share Pdf : Tax Laws And Practice Icsi

Download and Preview : Tax Laws And Practice Icsi


Report CopyRight/DMCA Form For : Tax Laws And Practice Icsi


Transcription:

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA,TIMING OF HEADQUARTERS. Monday to Friday,Office Timings 9 00 A M to 5 30 P M. Public Dealing Timings, Without financial transactions 9 30 A M to 5 00 P M. With financial transactions 9 30 A M to 4 00 P M,41504444 45341000. 011 24626727,www icsi edu,info icsi edu, Laser Typesetting by AArushi Graphics Prashant Vihar New Delhi and.
Printed at M P Printers 5000 March 2014,EXECUTIVE PROGRAMME TAX LAWS AND PRACTICE. This study material has been published to aid the students in preparing for the Tax Laws and Practice paper of the. CS Executive Programme It is part of the educational kit and takes the students step by step through each phase. of preparation stressing key concepts pointers and procedures Company Secretaryship being a professional. course the examination standards are set very high with emphasis on knowledge of concepts applications. procedures and case laws for which sole reliance on the contents of this study material may not be enough. Besides as per the Company Secretaries Regulations 1982 students are expected to be conversant with the. amendments to the laws made upto six months preceding the date of examination The material may therefore be. regarded as the basic material and must be read alongwith the original Bare Acts Rules Orders Case Laws. Student Company Secretary bulletin published and supplied to the students by the Institute every month as well as. recommended readings given with each study lesson, The subject of Tax Laws is inherently complicated and is subjected to constant refinement through new primary. legislations rules and regulations made thereunder and court decisions on specific legal issues It therefore becomes. necessary for every student to constantly update himself with the various changes made as well as judicial. pronouncements rendered from time to time by referring to the Institutes journal Chartered Secretary and e bulletin. Student Company Secretary as well as other law professional journals on tax laws. The purpose of this study material is to impart conceptual understanding to the students of the provisions of the. Direct Tax Laws Income Tax and Wealth Tax and Indirect Tax Laws Service Tax Value Added Tax and Central. Sales Tax covered in the Syllabus The study material contains all relevant amendments made by Finance Act. 2013 and is applicable for the Assessment Year 2014 15 relevant for June 2014 and December 2014 examination. However it may so happen that some developments might have taken place during the printing of the study material. and its supply to the students The students are therefore advised to refer to the Student Company Secretary. bulletin and other publications for updation of the study material. The students may note that notified sections of the Companies Act 2013 does not have any impact on the Finance. Act 2013 which is applicable for December 2014 Examination Assessment year 2014 15 The Assessment Year. for June 2014 and December 2014 examination is 2014 15 Besides all other changes made through Notifications. etc and made effective six months prior to the examination will also be applicable. In the event of any doubt students may write to the Directorate of Academics in the Institute at academics icsi edu. for clarification, Although care has been taken in publishing this study material yet the possibility of errors omissions and or. discrepancies cannot be ruled out This publication is released with an understanding that the Institute should not. be responsible for any errors omissions and or discrepancies or any action taken in that behalf. Should there be any discrepancy error or omission noted in the study material the Institute shall be obliged if the. same are brought to its notice for issue of corrigendum in the Student Company Secretary bulletin. This study material has been updated upto 31st May 2014. The Institute has decided that the examination for this paper under new syllabus will be held from December 2014. session in the Optical Mark Recognition OMR format whereby students are required to answer multiple choice. questions on OMR sheet by darkening the appropriate choice by HB pencil One mark will be awarded for each. correct answer There is NO NEGATIVE mark for incorrect answers. The specimen OMR sheet is appended at the end of the study material There is practice test paper in the study to. acquaint students with the pattern of examination These are for practice purpose only not to be sent to the institute. MODULE I PAPER 4 TAX LAWS AND PRACTICE,Level of Knowledge Working Knowledge. Objective To acquire expert knowledge of practical and procedural aspects relating to Direct Tax Laws Service. Tax and VAT,PART A INCOME TAX AND WEALTH TAX 70 MARKS.
1 Basics and Definitions Income Tax Act 1961,Background Concept and Mechanism of Income Tax. Definitions Concept of Income Previous Year Assessment Year Distinction between Capital and Revenue. Receipts and Expenditure Residential Status,Basis of Charge and Scope of Total Income. 2 Incomes which do not form part of Total Income,3 Computation of Total Income under Various Heads. Salaries Income from House Property Profit and Gains of Business or Profession Capital Gains Income. from Other Sources, 4 Clubbing Of Income Set off and Carry Forward of Losses and Deductions from Total Income. Income of Other Persons included in Assessee s Total Income Aggregation of Income and Set Off or Carry. Forward of Losses Various Deductions to be made in Computing Total Income Rebates and Relief s Applicable. Rates of Taxes and Tax Liability,5 Taxation of different kinds of persons.
Taxation of Individuals including Non Residents Hindu Undivided Family Firms LLP Association of Persons. Cooperative Societies Trusts Charitable and Religious Institution. 6 Classification and Tax Incidence on Companies, Computation of Taxable Income and Assessment of Tax Liability Dividend Distribution Tax Minimum Alternate. Tax and Other Special Provisions Relating to Companies. 7 Collection and Recovery of Tax, Tax Deduction at Source Tax Collection at Source Recovery and Refund of Tax Provisions of Advance Tax. 8 Procedure for Assessment Appeals Revisions Settlement of Cases and Penalties Offences. Provisions concerning Procedure for Filing Returns Signatures E Filing Assessment Reassessment. and Settlement of Cases Special Procedure for Assessment of Search Cases E Commerce Transactions. Liability in Special Cases Refunds Appeals and Revisions Penalties Imposable Offences and Prosecution. 9 Tax Planning Tax Management, Concept of Tax planning Tax planning with reference to setting up a New Business Location Nature of. Business Tax Holiday etc Tax Planning with regard to Specific Management Decisions such as Mergers and. Takeovers Employees Remuneration Voluntary Retirement Tax Planning with reference to Financial. Management Decisions such as Borrowing or Investment Decisions Reorganization or Restructuring of Capital. 10 Wealth Tax Act 1956,Background Concept and Charge of Wealth Tax. Assets Deemed Assets and Assets Exempt from Tax,Valuation of Assets Computation of Net Wealth.
Return of Wealth Tax and Provisions concerning Assessment. 11 Basic Concepts of International Taxation, Residency Issues Source of Income Tax Havens Withholding Tax Unilateral Relief and Double Taxation. Avoidance Agreements Controlled Foreign Corporation Advance Rulings and Tax Planning Authority for. Advance Rulings,12 Transfer Pricing,Concepts Meaning of International Transactions. Computation of Arm s Length Price Methods,Documentation and Procedural Aspects. 13 General Anti Avoidance Rules GAAR,PART B SERVICE TAX SALES TAX 30 Marks. 14 An Overview of Service Tax, Background Negative List Approach Taxable Services Administrative Mechanism Registration and Procedural.
Aspects Rate and Computation of Tax Levy Collection and Payment of Service Tax. 15 An Overview of Value Added Tax, Legislative Background Concept of VAT Declared Goods Administrative Mechanism Registration and. Procedural Aspects Rate and Computation of Tax Levy Collection and Payment of VAT. 16 Central Sales Tax, Tax on Inter State Trade and Exports Registration Preparation and Filing of E Returns Rates of Tax. Assessment and Refunds,LIST OF RECOMMENDED BOOKS,PAPER 4 TAX LAWS AND PRACTICE. I Income Tax and Wealth Tax, 1 Dr V K Singhania Students Guide to Income tax including Service Tax VAT Taxmann. Publications Pvt Ltd 59 32 New Rohtak Road New Delhi 110 005. Edition based on provisions applicable for AY 2014 15. 2 Girish Ahuja and Systematic Approach to Income tax Service Tax and VAT Bharat Law. Ravi Gupta House T 1 95 Mangolpuri Industrial Area Phase I New Delhi 110 083. Edition based on provisions applicable for AY 2014 15. 3 B B Lal and N Vashist Direct Taxes Income Tax Wealth Tax and Tax Planning Darling. Kindersley India Pvt Ltd 482 FIE Patparganj Delhi 110092 Edition. based on provisions applicable for AY 2014 15, 4 Dr H C Mehrotra and Direct Taxes with Tax Planning Sahitya Bhawan Agra Edition based.
Dr S P Goyal on provisions applicable for AY 2014 15. 5 Girish Ahuja and Professional Approach to Direct Taxes Law Practice Bharat Publications. Ravi Gupta Edition based on provisions applicable for AY 2014 15. 6 Vikas Mundra Tax Laws and Practices Law Point publications 6C R N Mukherjee Road. Kolkata 700001 edition based on provisions applicable for AY 2014 15. II Service Tax and Value Added Tax, 1 V S Datey Service Tax Ready Reckoner Taxmann Publications 59 32 New Rohtak. Road New Delhi, 2 J K Mittal Law Practice Procedure of Service Tax CCH India Walters Kluwer. India Pvt Ltd 501 A Devika Tower 6 Nehru Place New Delhi. 3 Balram Sangal and All India VAT manual 4 Vols Commercial Law Publisheres India Pvt. Jagdish Rai Goel Ltd 151 Rajindra Market Opp Tis Hazari Courts Delhi 110 054. 4 Vikas Mundra Tax Laws and Practices Law Point publications 6C R N Mukherjee Road. Kolkata 700001 edition based on provisions applicable for AY 2014 15. REFERENCES, 1 Bare Act Income Tax Act 1961 Income Tax Rules 1962. 2 Sampath Iyengars Law of Income Tax 11th Edition Bharat Law House Pvt Ltd T 1 95. Mangolpuri Industrial Area Phase I New Delhi 110 083. i Students are advised to read the relevant Bare Acts Student Company Secretary and Chartered Secretary. regularly for updating the knowledge, ii The latest editions of all the books relevant for the applicable assessment year referred to above should be read. ARRANGEMENT OF STUDY LESSONS,1 Introduction and Important Definitions.
2 Basis of Charge Scope of Total Income and Residential Status. 3 Incomes which do not Form Part of Total Income,4 Computation of Total Income under Various Heads. Part I Income under head Salaries,Part II Income under head House Property. Part III Income From Business or Profession,Part IV Income from Capital Gains. Part V Income from Other Sources, 5 Income of Other Persons Included in Assessee s Total Income and Set Off or Carry Forward of. 6 Deductions from Total Income, 7 Computation of Tax Liability of Hindu Undivided Family Firm Association of Persons Co.
operative Societies,8 Computation of Tax Liability of Companies. 9 Computation of Tax Liability of Non resident Assessees. 10 Collection and Recovery of Tax,11 Procedure for Assessment. 12 Appeals Revisions Settlement of Cases and Penalties Offences. 13 Tax Planning Tax Management,14 Wealth Tax Act 1956. 15 Basic Concepts of International Taxation,16 Advance Ruling and GAAR. 17 Background Administration and Procedural Aspects of Service Tax. 18 Levy Collection and Payment of Service Tax, 19 Value Added Tax Introduction Computation and Other Procedural Aspects.
20 VAT provisions in India and VAT System in other Countries and Scope for Company Secretaries. PART A THE INCOME TAX AND WEALTH TAX ACT,INTRODUCTION AND IMPORTANT DEFINITIONS. Introduction 3,Basic Concepts of Income Tax Act 3,Assessee 11. Person Section 2 31 12,Assessment Year Section 2 9 13. Previous Year Section 3 13, Computation of Taxable Income and Tax Liability of an Assessee 14. Tax Rates 15,LESSON ROUND UP 16,SELF TEST QUESTIONS 17.
BASIS OF CHARGE SCOPE OF TOTAL INCOME AND RESIDENTIAL STATUS. Residential Status and Tax Liability Section 6 22,Test for Residence of individuals 22. Tests of Residence for Hindu Undivided Families Firms and other Associations of Persons 27. Tests of Residence for Companies 29,Charge of Income tax Section 4 29. Meaning and Scope of total Income Section 5 31, Apportionment of Income between Spouses Governed by Portuguese Civil Code Section 5A 39. Tax incidence vis a vis Residential Status 40,LESSON ROUND UP 44. SELF TEST QUESTIONS 45,INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME.
General Exemption 50,Specific Exemption 93, Special Provisions in respect of Newly Established Units in Special Economic Zone Section 10AA 93. Tax Exemptions for Charitable Trusts and institutions 95. Tax Exemptions to Political Parties Section 13A 106. Voluntary Contributions received by an Electoral Trust Section 13B 107. LESSON ROUND UP 107,SELF TEST QUESTIONS 107,COMPUTATION OF TOTAL INCOME UNDER VARIOUS HEADS. PART I INCOME UNDER THE HEAD SALARIES,Basis of Charge 112. Salary Section 17 1 116,Allowances 117,Perquisites Section 17 2 118. Valuation of Perquisites 126,Profits in Lieu of or in Addition to Salary 131.
PAPER 4 TAX LAWS AND PRACTICE READINGS I Income Tax and Wealth Tax 1 Dr V K Singhania Students Guide to Income tax including Service Tax VAT Taxmann Publications Pvt Ltd 59 32 New Rohtak Road New Delhi 110 005 Edition based on provisions applicable for AY 2014 15 2 Girish Ahuja and Systematic Approach to Income tax

Related Books