Direct and Indirect Tax Laws
Subject Overview
Direct and Indirect Tax Laws is the fourth Finance elective — a practical grounding in how individuals and businesses are taxed in India, covering both income tax and GST. You'll cover the constitutional framework of taxation and income from salaries, income from house property and business/profession, capital gains and set-off/carry-forward of losses, and close with excise, customs, VAT, and a full introduction to the GST framework. This is a 6-credit elective paper across 4 units, complementary to Corporate Accounting and Financial Markets and Services.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Introduction to taxation & income from salaries
Meaning and constitutional framework of taxation, difference between direct and indirect taxes, agricultural income, residential status, exempted incomes, meaning and computation of income from salaries — allowances, perquisites, standard deduction
Unit 2: Income from house property & business
Meaning of rental income, treatment of interest on housing loans, computation of income from house property, admissible and non-admissible business expenses, treatment of depreciation, R&D expenditure
Unit 3: Capital gains & other sources
Short-term and long-term capital gains, exemptions under Section 54, income from other sources, clubbing of income, setting off and carrying forward losses, deductions under Section 80
Unit 4: Indirect taxes & GST
Basic features of central excise, customs duty and VAT, meaning, features, advantages and history of GST in India, the GST Council and GST Network, rate structure, scope of supply, composition scheme, process of tax credit and refunds