TAX PROCEDURE AND PRACTICE RTMNU BCOM 5 TH SEM

Syllabus

Course Type: CC18        Course Code: 5T2

Tax Procedure and Practice

 Unit I: Introduction to Tax System

Meaning of Tax, Types of Taxes (Difference between Direct and Indirect Tax). Types of Direct Tax (Income Tax, Securities Transaction Tax, Capital Gains Tax, Professional Tax, Property Tax, and Agricultural Tax.) Advantages and Disadvantages of Direct Tax. Procedure of Assessment of Income Tax, Types of Assessment, Types of Income Tax Returns (ITR) 1 to 7 for individuals, Mandatory Returns, Voluntary Returns, Dates of Filling Returns etc. Comparison between old Tax Slabs and New Tax Regime Slabs, Online Return Filling (e-Filling). (Theory)

Unit II: Income from Business and Profession

Introduction Income from Business and Profession, Concept of Income from Business and Profession, Features and Characteristics of Income from Business and Profession. Introduction of Capital Gain Tax, Concept of Capital Gain Tax, Features and Characteristics of Capital Gain Tax. Exempted Incomes (Income which do not part of Total Income)

PAN, TAN, TDS, Advantages of TDS, TDS Exemptions, Advance Payment of Tax, Tax Refund, Penalties, Appeal and Revision. (Theory)

Unit III: Computation of Income from Business

Admissible Incomes and Expenses, Inadmissible Incomes and Expenses. Simple Problems on Computation of Taxable Income from Business. (Theory and Problems)

Unit IV: Computation of Income from Profession

Admissible Incomes and Expenses, Inadmissible Incomes and Expenses. Simple Problems on Computation of Taxable Income from Profession. (Theory and Problems)