CS Executive Notes of Tax Laws and Practice (based on Finance Act, 2016 relevant for June, 2017 examination)
CS Executive Notes of Tax Laws and Practice
You can download notes of cs executive tax laws and practice pdf as well as other subject Notes
PART A: INCOME TAX AND WEALTH TAX (70 MARKS)
- Basics and Definitions – Income Tax Act , 1961
- Background, Concept and Mechanism of Income Tax
- Definitions, Concept of Income, Previous Year, Assessment Year, Distinction between Capital and Revenue Receipts and Expenditure, Residential Status
- Basis of Charge and Scope of Total Income
Salaries, Income from House Property, Profit and Gains of Business or Profession, Capital Gains, Income from Other Sources
Aggregation of Income and Set Off or Carry Forward of Losses; Various Deductions to be made in Computing Total Income, Rebates and Relief’s; Applicable Rates of Taxes and Tax Liability
Computation of Taxable Income and Assessment of Tax Liability, Dividend Distribution Tax, Minimum Alternate
Tax and Other Special Provisions Relating to Companies
E-Filing, Assessment, Reassessment and Settlement of Cases, Special Procedure for Assessment of Search Cases, E-Commerce Transactions, Liability in Special Cases, Collection and Recovery of Tax, Refunds, Appeals and Revisions; Penalties Imposable, Offences and Prosecution.
Concept of Tax planning, Tax planning with reference to setting up a New Business; Location; Nature of Business; Tax Holiday, etc. Tax Planning with regard to Specific Management Decisions such as Mergers and Takeovers; Employees’ Remuneration; Voluntary Retirement Tax Planning with reference to Financial Management Decisions such as Borrowing or Investment Decisions; Reorganization or Restructuring of Capital
- Background, Concept and Charge of Wealth Tax
- Assets, Deemed Assets and Assets Exempt from Tax
- Valuation of Assets, Computation of Net Wealth
- Return of Wealth Tax and Provisions concerning Assessment
Residency Issues; Source of Income; Tax Havens; Withholding Tax, Unilateral Relief and Double Taxation Avoidance Agreements, Controlled Foreign Corporation, Advance Rulings and Tax Planning, Authority for
- Concepts, Meaning of International Transactions
- Computation of Arm’s Length Price & Methods
- Documentation and Procedural Aspects
PART B – SERVICE TAX & SALES TAX (30 Marks)
- An Overview of Service Tax
- An Overview of Value Added Tax
- Central Sales Tax
Background, Negative List Approach, Taxable Services, Administrative Mechanism, Registration and Procedural Aspects, Rate and Computation of Tax, Levy, Collection and Payment of Service Tax.
Legislative Background, Concept of VAT, Declared Goods, Administrative Mechanism, Registration and Procedural Aspects, Rate and Computation of Tax, Levy, Collection and Payment of VAT.
Tax on Inter- State Trade and Exports – Registration, Preparation and Filing of E-Returns, Rates of Tax,Assessment and Refunds.