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    Intermediate (IPC) Examination - Group I


    Paper 4: Taxation (One paper - three hours 100 marks)

    Part I: Income-tax (50 marks)
    1. Important definitions in the Income-tax Act, 1961
    2. Basis of charge; rates of taxes applicable for different types of assessees
    3. Concepts of previous year and assessment year
    4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India
    5. Incomes which do not form part of total income
    6. Heads of income and the provisions governing computation of income under different heads
    7. Income of other persons included in assessee’s total income
    8. Aggregation of income; set-off or carry forward and set-off of losses
    9. Deductions from gross total income
    10. Computation of total income and tax payable; rebates and reliefs
    11. Provisions concerning advance tax and tax deducted at source 12. Provisions for filing of return of income.

    Part II: Service tax (25 marks) and VAT (25 marks)

    Service tax (25 marks) Contents: 1. Service tax – concepts and general principles 2. Charge of service tax and taxable services 3. Valuation of taxable services 4. Payment of service tax and filing of returns

    VAT (25 marks) 5. VAT – concepts and general principles 6. Calculation of VAT Liability including input Tax Credits 7. Small Dealers and Composition Scheme 8. VAT Procedures.

    Note: If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in the place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.

    Sources: Institute of Chartered Accountants of India (ICAI)

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