Section A: Income Tax [65 marks]

1.Income Tax Act, 1961:

(a) Basic Concepts and definitions
(i) Background, concepts, definitions
(ii) Capital and revenue – receipts, expenditures
(iii) Basis of charge and scope of total income
(iv) Residential Status and Incidence of Tax

(b) Tax Accounting Standards by the Central Board of Direct Taxes (CBDT)

2. Incomes which do not form part of Total Income [Sec.10, 10A, 10B and 11 to 13A]

3. Heads of Income and Computation of Total Income under various heads
(a) Income from salaries
(b) Income from House property
(c) Profits and gains from Business or Profession
(d) Capital gains
(e) Income from other sources

4. Income of other persons included in Assessee’s Total Income; Aggregation of Income and Set off or Carry Forward of Losses; Deductions in computing Total Income; Rebates & Reliefs; Applicable Rates of Tax and Tax Liability

5. Taxation of Individuals including Non-residents, Hindu Undivided Family, Firms, LLP, Association of Persons, Co-operative Societies, Trusts, Charitable and Religious Institutions

6. Corporate Taxation – classification, tax incidence, computation of taxable income and assessment of tax liability, Dividend Distribution Tax (DDT), Minimum Alternate Tax and other special provisions relating to companies

7. Tax Deduction at Source, Tax Collection at Source, Recovery and Refund of Tax, Advance Tax, Refunds

8. Tax Planning and Tax Management

(a) Tax Planning:
(i) Concept and application
(ii) For setting up new business units- study of location, nature of business, tax holiday offered [ with special reference to provisions in Chapter VIA of the Act]
(iii) Tax incentives and Export Promotion Schemes, other applicable tax benefits and exemptions

(b) Tax Management
(i) Computation of income and Return of Income Tax, Filing procedure, e-filing
(ii) Assessment, Reassessment, Appeals ,Revisions ,Review rectifications, Settlement of cases
(iii) Special procedure for assessment of Search cases;
(iv) E-commerce transactions, Liability in Special cases
(v) Penalties, Fines and Prosecution

Section B: Wealth Tax [10 marks]

9. Wealth Tax Act, 1957
(a) Background, concept and charge of wealth tax
(b) Assets, deemed assets, exempted assets
(c) Valuation of assets
(d) Computation of net wealth
(e) Return of Wealth Tax and assessment procedure

Section- C - International Taxation [25 marks]

10. International Taxation and Transfer Pricing

(a) Basic concepts of International Taxation and Transfer Pricing
(i) Residency issues, source of income, tax heavens, withholding tax, unilateral relief, double taxation avoidance agreements
(ii) Transfer Pricing- concepts, meaning of International transactions
(iii) Costing Issues in Transfer Pricing
(iv) Computation of Arm’s length Price - methods
(v) Governance through application of generally accepted cost accounting principles and techniques for assessment of arm’s length price – a measure to curb revenue leakages/tax evasion
(vi) Reference to Cost Accounting Records and Cost Audit Reports – in assessment of arm’s length price.

(b) General Anti-Avoidance Rules (GAAR) – concept and application

(c) Advance Pricing Agreement (APA) – concept and application

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