PAPER - 3,LAW OF TAXATION

 (1) GENERAL INTRODUCTION:

Historical Perspective

Historical Development of Tax Laws in India

Concepts of tax

Nature & characteristics of taxes

Distinction between tax & fee, tax, & cost

Distinction between Direct & Indirect tax

(2) INCOME TAX ACT, 1961:

Preliminary Short Title, Extent and , Definitions, Previous Year Defined(Sec. 1-3) Basis of charges of Income Tax: Residential status of assesses -its impact on tax liability(Sec. 4-9) Incomes which do not form part of total income (Sec. 10-13)

(3) Computation of Total Income (Heads of income) Salaries, Income from House Property, Profits and Gains of Business or Profession, Capital Gains and Income from Other Sources general concepts chargeability to tax admissible & inadmissible deductions, exclusions and deductions from income (Sec. 14-59) Income of other persons included in assessee's Total Income (Sec. 60-65), Aggregation of Income and set off and carry forward of losses (Sec. 66-80) Deductions to be made in computing total income, Deductions in respect of certain Payments and certain incomes and other deductions, Rebate of Income Tax and Relief for Income Tax(Sec. 80A-89),

(4) Income tax authorities Appointment and Control, Jurisdiction, powers & functions, Disclosure of Information (Sec. 116-138), Procedure for Assessment(Sec.139-158), Collection and Recovery of Tax-Deduction at source and Collection at source, Advance payment of tax, Collection and Recovery Interest Chargeable in some cases and Refunds. (Sec. 190-245) Allotment of permanent account number, Settlement of Cases-Appeals and Revision, Appeals to the Appellate Tribunal, Reference to High Court. Appeals to High Court, Appeals to the Supreme Court, Revision and reference (Sec. 245A-269) Penalties Imposable (Sec. 270-275) Offences and Prosecutions-Penalties and prosecutions under income tax act, 1961 for non- compliance, contravention, avoidance and evasion of tax(Sec. 275A-280)

(5) C.G. VALUE ADDED SALES TAX ACT, 2003 Preliminary-Short Title, Extent and Commencement, Definitions, Taxing Authorities, Incidence of Tax(Sec. 1-7) Levy of Tax (Sec. 8-15) Registration of Dealers (Sec.16-18), Returns, Assessment, Payment and Recovery of Tax (Sec. 19-38), Refund of Tax, Accounts and Issue of Acts, invoices or cash memoranda (Sec.39-42) Certain powers of the Commissioner and Delegation by the Commissioner (Sec.43-47), Appeals, Revision and Rectification (Sec.48-56), Detection and Prevention of Tax Evasion (Sec.57-63), Offences and Penalties (Sec. 64) Miscellaneous and Power to make Rules (Sec.65-74)

LEADING CASES:

1- Commissioner of Income Tax Vs. Anwar Ali AIR 1970 SC 1982

2- Calcutta Discount Co. Ltd. Vs. Income Tax Officer, (1961)41 ITR 191 (SC) Reoppening of Assessment Section-147(9) 

3- Dwarka Das Keshardeo Morarka Vs. Commissioner of Income Tax (1962)42 ITR 529 On law of Estoppel in Taxation

4- Jute Corporation of India Vs. CIT, AIR 1991 SC 341

BOOKS RECOMMENDED:

1- A.K. Saxena : Income Tax Act

2- Kailash Rai : Income Tax Act

3- V.K. Shusha Kumari : Law of Income Tax

4- B.L. Babel : Pratyaksh Kar Vidhayan, Aparadh