Direct and Indirect Tax
Subject Overview
Direct and Indirect Tax gives working knowledge of India's tax laws — the Income Tax Act (residential status, computation of income under all five heads, deductions, assessment of individuals and HUFs, e-filing), and GST and Customs law (the CGST/IGST/SGST/UTGST model, input tax credit, and customs duty levy, classification, valuation and procedures). A 4-credit core theory paper.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Income tax fundamentals
Historical background and Finance Bill overview, important definitions under the Income Tax Act 1961, residential status and scope of total income, tax rates and exempted incomes, computation of income from salary/house property/business or profession/capital gains/other sources
Unit 2: Income aggregation and procedural compliance
Aggregation of income, set-off and carry-forward of losses, deductions from gross total income, rebate and relief, assessment of individuals and HUFs, PAN, TDS/TCS, advance tax and self-assessment tax, return filing and e-filing
Unit 3: Goods and Services Tax
Pre-GST tax structure and deficiencies, administration of indirect taxation, GST constitutional framework, the CGST/IGST/SGST/UTGST model, taxable event and concept of supply, levy and collection, composition scheme and reverse charge, exemptions, input tax credit and GST liability computation, procedural compliance
Unit 4: Customs law
Overview of customs law, levy and collection of customs duties, types of duties, classification and valuation of goods, exemptions, customs administration, import/export procedures, transportation and warehousing, duty drawback, demand/recovery, confiscation and refund