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Questions and Answers
Which of the following sections relates to deductions in computing total income?
Which of the following sections relates to deductions in computing total income?
What is the primary purpose of a return of income?
What is the primary purpose of a return of income?
What is a revised return?
What is a revised return?
Who is liable to pay advance tax?
Who is liable to pay advance tax?
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Which Act governs the computation of customs duty?
Which Act governs the computation of customs duty?
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Which of the following is NOT a type of return listed in the tax planning unit?
Which of the following is NOT a type of return listed in the tax planning unit?
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What does TDS stand for in the context of income tax?
What does TDS stand for in the context of income tax?
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What is the consequence of non-payment of advance tax?
What is the consequence of non-payment of advance tax?
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What is the primary focus of tax planning?
What is the primary focus of tax planning?
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What does double taxation relief aim to prevent?
What does double taxation relief aim to prevent?
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Which of the following options describes a Transfer Pricing measure?
Which of the following options describes a Transfer Pricing measure?
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Which act governs the Goods and Services Tax in the country discussed?
Which act governs the Goods and Services Tax in the country discussed?
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Which publication contains a comprehensive guide to taxation?
Which publication contains a comprehensive guide to taxation?
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What is the focus of the book by Balachandran V published in 2021?
What is the focus of the book by Balachandran V published in 2021?
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What is the significance of the Assessable Value in customs duty computation?
What is the significance of the Assessable Value in customs duty computation?
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Which of the following authors have written a book on GST and Income Tax?
Which of the following authors have written a book on GST and Income Tax?
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What is a key feature of the GST registration process under Schedule III?
What is a key feature of the GST registration process under Schedule III?
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Which publication is known for its refresher course on direct taxes?
Which publication is known for its refresher course on direct taxes?
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Which of the following is NOT a type of Customs Duty?
Which of the following is NOT a type of Customs Duty?
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Which of the following is a web reference for advance tax laws?
Which of the following is a web reference for advance tax laws?
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What is the primary purpose of anti-profiteering measures in GST?
What is the primary purpose of anti-profiteering measures in GST?
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Which of these authors has published works specifically focused on GST?
Which of these authors has published works specifically focused on GST?
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Which of the following options best represents the level of emphasis on Course Outcome 1 (CO1)?
Which of the following options best represents the level of emphasis on Course Outcome 1 (CO1)?
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Who is NOT one of the authors of 'Practical Approach to Direct and Indirect Taxes'?
Who is NOT one of the authors of 'Practical Approach to Direct and Indirect Taxes'?
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Study Notes
Taxation Course - Semester III
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Learning Objectives:
- Identify deductions from gross income and compute income for various taxpayers.
- Understand return filing procedures and tax planning methods.
- Analyze international business taxation structures.
- Assess Goods and Services Tax (GST) and file GST returns.
- Calculate customs duty as per the Customs Act.
Course Units
Unit I: Assessment of Persons (18 hrs)
- Tax exemptions for agricultural income: Deductions for total income calculation (80G, 80GGB, 80GGC, 80IA, 80IAB, 80IAC, 80IB, 80IBA, 80ID, 80IE, 80JJA, 80JJAA, 80LA, 80M, 80P, 80PA).
- Assessment of firms, AOPs, BOIs, companies, and co-operative societies.
Unit II: Tax Returns and Tax Planning (18 hrs)
- Tax return: Statutory obligations, return forms, filing deadlines, revised/modified returns.
- Assessment: Tax deducted at source, advance tax payments, due dates, computation, assessing officer orders and consequences of non-payment.
- Tax planning, avoidance, and evasion: Tax planning and specific management decisions (make/buy, own/lease, retain/replace, shut down/continue).
Unit III: International Business Taxation (18 hrs)
- International business taxation: Taxation of non-residents, double taxation relief.
Unit IV: Goods and Services Tax (GST) (18 hrs)
- GST Act 2017: Registration procedure, rates of IGST, CGST, SGST, UGST.
- GST assessment (self-assessment, provisional, scrutiny of returns, assessment of non-filers/unregistered persons).
- Tax invoice, credit notes, tax payments, input tax credit, anti-profiteering, filing of returns, penalties & prosecutions, appeals and revisions.
Unit V: Customs Act 1962 (18 hrs)
- Customs Act: Important definitions, basics, importance of customs duty.
- Constitutional authority, types of customs duty, prohibition of imports/exports.
- Valuation of goods, transaction value, assessable value, computation of assessable value and customs duty.
Course Outcomes (COs)
- CO 1: Apply income tax provisions to determine taxable income (Knowledge Level 3).
- CO 2: Plan taxes (Knowledge Level 3).
- CO 3: Illustrate nuances of international business taxation (Knowledge Level 2).
- CO 4: Apply GST provisions (Knowledge Level 3).
- CO 5: Summarize Customs Act provisions (Knowledge Level 2).
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Description
Test your knowledge with this comprehensive quiz on Taxation for Semester III. Covering key concepts such as income deductions, filing procedures, and international business taxation, this quiz is designed to assess your understanding of various taxation units. Perfect for students looking to reinforce their learning in this critical area of finance.
