Direct & Indirect Taxes Syllabus and Reference Books

Direct Tax

Unit I : Basic Terms (S: 2,3 and 4)

Assessee, Assessment Year, Annual Value, Business, Capital Assets, Income, Person, Previous Year, Transfer, Scope of Total Income (S:5), Residential Status (S:6)

Unit II : Heads of Income (S: 14; 14A)

1. Salary (S: 15 to 17)
2. Income from House Property (S: 22 to 27)
3. Profit & Gain From Business

(S: 28,30,31,32,35,35D,36,37,40,40A & 43B)

4. Capital Gain (S: 45, 48, 49, 50, 50B, 50C)

5. Income from Other Sources (S: 56 to S: 59) Exclusions From Total Income (S: 10)

Exclusion related to specified heads to be covered with relevant head. eg. Salary, Business Income, Capital Gain, Income from Other Sources.

6. Deduction from Total Income

S: 80C, 80CCC, 80D, 80DD< 80E, 80U

7. Computation of Total Income for Individual

Unit III : Indirect Tax – Service Tax

Basic Terms : Taxable Service, Input Service, Output Service, Provision Related to some important

services

Practicing Chartered Accountants, Business Auxiliary, Commercial Training & Coaching, Courier Services, Other Important Aspects, Valuation of Taxable Service (Incl. Abatements), Service Tax & Cess Payable, CENVAT Credit related to Service Tax (Only Basic Principles), Registration & Returns

Unit IV : Topic – Direct Tax

Indirect Tax – MVAT

Definitions

Section:2(4) Businesses

2(8) Dealers

2(12) Goods

2(13) Importer

2(15) Manufacturer

2(20) Purchase Price

2(22) Resale

2(24) Sales

2(25) Sales Price

2(27) Service

2(33) Turnover of Sales

Incidence of Levy of Tax

Sec. 3. Incidence of Tax

Sec. 4. Tax Payable

Sec. 5. Tax Not Leviable on Certain Goods

Sec. 6. Levy of Sales Tax on goods specified in the schedule

Sec. 7. Rate of tax on Packing Material

Sec. 8. Certain Sale & Purchase Not Liable for Tax

Payment of Tax and Recovery

Section: 42. Composition of Tax – Set off, Refund etc.

Section 48 & 49 Set Off, Refund etc. along with rules 52, 53, 54, 55

NOTE

1. The Syllabus is restricted to study of specified section only.
2. Study of rules is not implied for unless and until specifically mentioned.

Recommended books :

1. Students guide to Income Tax, V. K. Singhania, Taxman
2. Systematic approach to Income Tax, Ahuja & Gupta , Bharat Law Publication
3. Income Tax, T. M. Manorahan, –
4. Direct Tax ready reckoner, N. V. Mehta, Kuber Publication
5. Indirect Taxes, V. S. Date, Taxmann
6. Service Tax, S. S. Gupta, Taxmann
7. Commentary on M.V.A.T. Act, 2002, M. S. Mathuria & Dilip Phadke, Maharashtra Sales Tax Vat .
8. Indirect Taxes, V.S. Balchandra, Sultanchand