To impart basic knowledge and equip students with application of principles and
provisions Income - tax Act, 1961 and GST Act 2016
Module I
Income Tax Contd: Deemed Incomes and Clubbing of income – Set- off and carry forward of
losses - Deductions to be made in computing total income – Computation of total Income of
individuals – Computation of Tax liability of individuals – Rebate and relief of tax. (25
hours, 25 marks)
Module II
Income tax authorities – Powers and functions – Provisions of advance payment of tax – Tax
payment – Deduction and payment of tax at source – Recovery of tax.
Procedure of assessment of income tax – Filing of returns of income – Voluntary return of
income – Statutory obligations in filing of returns – Return of loss – Belated returns –
Revised returns – Defective returns – PAN – Different types of assessment – Self assessment
– Assessment on the basis of return – Best judgment assessment – Regular assessment –
Reassessment – Protective assessment. (20 Hours 20 marks)
Module III
Goods and Services Tax: Brief history behind the emergence of GST – The scope of GST – Definitions and meaning - Central Goods and Services Tax Act–Integrated Goods and Services Tax Act - State Goods and Services Tax Act - Levy and Collection of Central/State Goods and Services Tax - Taxable person - Power to grant exemption from tax - Time and value of supply of goods - Time of supply of services (17 Hours, 15 hours)
Module IV
Registration - Amendment of registration - Cancellation of registration - Revocation of cancellation of registration - tax invoice, credit and debit notes – Returns - First Return - Annual return - Final return - Tax Return Preparers - Levy of late fee - Notice to return defaulters (17 Hours, 10 marks)
MODULE V
Payment of tax, interest, penalty and other amounts - Interest on delayed payment of
tax - Tax deduction at source - transfer of input tax credit - refund of tax - accounts and
records - demands and recovery I - Inspection, search, seizure and arrest - offences and
penalties - Audit by tax authorities - Special audit - Power of CAG to call for information.
(17 Hours, 10 marks)
- Teacher: Sudeep S R