CHRIST UNIVERSITY DEPARTMENT OF MANAGEMENT STUDIES (BBA) BANGALORE

COURSE PLAN
COURSE: III MFM Subject Teacher: Mrs. Jyothi Kumar SUBJECT: DIRECT TAXES - LAW AND PRACTICE

Course objective The Objective of this course is to give a clear understanding and knowledge about the various aspects of Direct Taxes in India and the determination of tax liability of different types of Persons as per the provisions of Income Tax Act and Wealth Tax Act .

MODULE

TOPICS

DURATION

HOURS

METHODOLOGY

REMARKS

Introduction Introduction To Taxation-Direct And Indirect Tax, Income Tax Act 1961, Income Tax Rules 1962, Finance Act, Scheme of IT An Over-View Basic Concepts- Assessee, Person, Assessment Year, Previous Year, Agricultural Income, Income, GTI, Total Income, Average Rate Of Tax Capital And Revenue. Case on minimizing tax Burden CIT vs. Calcutta Discount Co. Ltd. Residential Status And Incidence Of Tax Determination of residential status, Sec 6 (1), 6 (6), Kinds of income, Indian income and foreign income, Incidence of tax (U/S 5), Tax free incomes u/s 10 Case on Accrual of Income and its taxability Jivan Dass vs. CIT

1 1
Wk 1

Lecture ,Presentation And Problem solving

II

Wk 2 & 3

2 2 2 2

Lecture ,Presentation And Problem solving

III

Income from Salary (20 hrs) Chargeability, Various Allowances, Taxability of HRA, Education allowance ,Transport allowance Perquisites taxable, tax free and specified perquisites, and their Valuation, Treatment of Provident Fund,

Wk 4 , 5 & 6

Lecture ,Presentation And Problem solving

4 2

 Profit in Lieu of salary, Deductions From Gross Salary Professional tax and entertainment tax, Retirement Benefits Gratuity, Pension, and Leave Salary. Practical Problems on computation of taxable salary. Case on HRA Commission on Turnover Gestener Duplicators Vs CIT Case on Arrears of Salary taxabaility Gajapathy Naidu vs. CIT Income from house property: Chargeability, annual value and its determination, Exempted incomes and deemed ownership. Deductions from Annual value, u/s 24a, 24b, Treatment of vacancy period and unrealized rent, Practical problems on computation of property income. Case on ERV cannot Exceed Standard Rent Balbir Singh Vs. MCD

1 4 5

1 1
Wk 7 & 8

IV

Lecture ,Presentation And Problem solving

Profits and Gains of Business and Profession: Meaning Of Business and Profession, Admissible and inadmissible expenses Sec 30-44D Incomes Chargeable, Computation Of Taxable Income, Treatment fringe benefit tax, Deemed Profit And Incomes Treatment of Depreciation. (Practical Problems) Case on Bad Debts. Giridhar Lal Gian-Chand Vs. C.I T

1
Wk 9 & 10

Lecture ,Presentation And Problem solving

Mid sem Examination

VI

Capital Gains: Basis of charge, Meaning of important terms, Types of capital gains

Wk 11 & 12

1 1

Lecture ,Presentation And Problem solving

 Computation of capital gains Deductions from LTGC U/s 54, 54B,54EC, 54ED, 54F (Practical Problems) Case Study on sec 54, 54B, 54EC, 54ED, 54F Income from Other Sources: Incomes taxable under the head, Kinds of securities Deductions allowed, Grossing up of income, Computation of taxable income Clubbing of income & set off and carry forward (concept only) Case on interest on securities issued by the Govt C.I.T vs. Bansi Lal Moti Lal Deductions from Gross Total Income u/s 80c to 80u Assessment of individuals: Computation of total income and tax liability. Assessment procedure, income tax authorities and their powers, Collection and Recovery of Tax. Filing of Returns ITR Forms practicals Wealth tax Act, 1957 Chargeability, Assessment year, Valuation date, Net wealth how computed, Incidence of tax, Assets, Deemed assets, Assets exempt from tax, Debts owed, Rate of tax (Problems on wealth tax) Total Hours

1 1
Wk 12 & 13

VII

2 2

Lecture ,Presentation And Problem solving

VIII

Wk 13 & 14

Lecture ,Presentation And Problem solving

IX

Wk 15

Lecture ,Presentation And Problem solving

Wk 15

Lecture ,Presentation And Problem solving

75

Pattern of evaluation
CIA-1 Mid-Sem Examination CIA 2 Written assignment CIA- 3 Test Research work End semester Examination 50 marks 10 marks 20 marks 20 marks 100 marks (25% weightage) (10% weihtage) (10% weightage) (50%weightage)

CIA II ASSIGNMENT TOPIC:

1.

Evaluate finance Act 2010 and 2011and write a report on the changes that have taken place in the assessments of incomes of individuals & Corporates. Due date for submission June 24th 2011. Discussions on Direct Tax code(DTC). In Class Assignments. July 2011.

2.

CIA 3 will be based on any of the following modalities: 1) Quiz 2) Presentation 3) Test
4) Filing of returns Practical exercise.
BOOKS FOR REFERENCE:

1. 2. 3. 4. 5.

Gaur & Narang, Law and Practice of Income Tax_ Direct Tax Law And Practice By Dr. Bhagawathy Prasad New Age Publications Direct Tax Law And Practice By Dr. H.C Mehrotra Sahitya Bhavan Publications Students Guide To Income Tax By Dr. Vinod .K. Singhani Tax Man Publications Direct Taxes by T.S. Manoharan

RECOMMENDED BOOKS:

1. Gaur & Narang, Law and Practice of Income Tax A.Y. 2011 12