Applied Direct Taxation

ICWA :: Intermediate
Paper 7 : Applied Direct Taxation
[One Paper: 3 hours:100 marks]

Objective . . .

•	To understand the provisions of direct tax laws
•	To gain knowledge on procedural aspects for filing tax returns for various assesses and other statutory compliances
•	To get knowledge of various tax incentives and benefits under direct taxes
•	To know applications of tax provisions in various cases

1.	Direct Taxes- Comprehensive Study.	50%
	• Overview of Direct Tax Laws • Direct versus indirect taxes, taxable person • Basic Concepts. • A comprehensive study of the Income-tax Act, 1961; case laws governing capital and revenue expenditure, deemed income, residence concept. • Special problems centering on the concept of assessees, registered firm, Hindu Undivided Family, Companies, Association of persons and trust, minors, cooperatives, non-resident Indians and avoidance of double taxation. • Salaries, perquisites, gratuity and retirement benefits, income from house property, capital gains, income from other sources, income from business and profession, problems arising from aggregation of income and set off and carry forward of losses, • Computation of income and Return of Income Tax, Filing procedure, Principles of valuation of movable and immovable property. Advance payment of Tax. • Deduction and collection of tax at source. • Tax incentives and export promotion schemes, other benefits and tax exemptions. • Assessment, appeals, revisions, review, rectification and application to Central Board of Direct Taxes. • Penalties ,Fines and prosecution. • Refunds. • Securities Transaction Tax. • Fringe Benefit Tax. • Banking Cash Transaction Tax. • Wealth Tax.
2.	Practical problems and case studies under Direct Taxes.	50%