CS_PP :: Professional Programme
Paper 6 : Advanced Tax Laws and Practice
[One paper: Three Hours – 100 marks]
Level of Knowledge:
Expert knowledgeObjectives:
To provide — | |
(i) | knowledge of framework of taxation system in India. |
(ii) | knowledge of various concepts and their application relating to tax laws with a view to integrating the relevance of these laws with financial planning and management decisions. |
(iii) | an overview of international taxation. |
Detailed contents :
Part A : Direct Taxation - Law and Practice (30 marks)
1. | General Framework of Direct Taxation in India |
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Different direct tax laws and their inter-relationship; importance of Income Tax Act and Annual Finance Act and related Constitutional provisions; harmonisation of tax regime. | |
2. | Companies under Income-tax Laws |
Classification and tax incidence; corporation tax as per Article 366; computation of taxable income and assessment of tax liability considering special provisions relating to companies. | |
3. | Tax Planning |
Concept of tax planning; Tax planning with reference to setting up a new business; locational aspects; nature of business; tax holiday, etc. Tax planning with regard to specific management decisions such as mergers and takeovers; location of undertaking; introduction of voluntary retirement; tax planning with reference to financial management decisions such as borrowing or investment decisions; reorganisation or restructuring of capital decisions. Tax planning with respect to corporate reorganization; tax planning with reference to employees’ remuneration. Tax planning vis-à -vis important provisions of wealth-tax including court rulings and legislative amendments. | |
4. | Tax Management |
Return and procedure for assessment; 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. |
Part B : Indirect Taxation - Law and Practice (50 marks)
5. | Introduction |
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Special features of indirect tax levies–all pervasive nature, contribution to Government revenues; constitutional provisions authorizing the levy and collection of duties of central excise, customs, service tax, central sales tax and VAT. | |
6. | Central Excise Laws |
Basis of chargeability of duties of central excise–goods, manufacture, classification and valuation of excisable goods, CENVAT; assessment procedure, exemption, payment, recovery and refunds of duties. Clearance of excisable goods; Central Excise Bonds; maintenance of accounts and records and filing of returns. Duties payable by small scale units. set-off of duties– concept, meaning and scheme; Central Excise Concessions on exports; search, seizure and investigation; offences and penalty. Adjudication, Appeal and Revision, including appearance before CEGAT by Company Secretary as authorised representative; settlement of cases. | |
7. | Customs Laws |
Levy of and exemption from, customs duties – specific issues and case studies; assessment and payment duties; recovery and refund of customs duties. Procedure for clearance of imported and exported goods; drawback of duties. Transportation and warehousing Confiscation of goods and conveyances and imposition of penalties; search, seizure and arrest, offences and prosecution provisions. Adjudication, Appeal and Revision; Settlement of Cases. | |
8. | Promissory Estoppel in Fiscal Laws – principles and applicability with reference to indirect taxes. |
9. | Tax Planning and Management – scope and management in customs, with specific reference to important issues in the respective areas. |
Part C: International Taxation (20 marks)
10. | Basic Concepts of International Taxation |
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Residency issues; source of income; tax havens; unilateral relief and Double Tax Avoidance; transfer pricing; international merger and acquisitions; impact of tax on GATT 94, WTO, anti dumping processing; the subpart F Regime : definition of CFC, Subpart F Income and Operating Rules. | |
11. | Advance Ruling and Tax Planning |
Authority for advance rulings, its power and procedure; applicability of advance ruling; application for advance ruling and procedure on receiptof application. Tax planning and special provisions relating to certain incomes of nonresident corporate assessee. Double taxation avoidance agreements; general principles; provisions and tax implications thereof. | |
12. | Taxation of Inbound Transactions |
Taxation of passive investments; capital gains & losses; income taxation; property taxation; branch profit taxation. | |
13. | Taxation of Outbound Transactions |
Foreign tax credit; foreign income exclusions; indirect foreign tax credit (deemed paid system vs. current pooling system); Controlled Foreign Corporations; PFIC’s (Passive Foreign Investment Companies); cross border merger, acquisitions and transfers. |
Readings
I. Direct Taxes:
Title | Author | Publisher |
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Corporate Tax planning & Management, Â Â Direct Tax Law & Practice | Girish Ahuja & Ravi Gupta | Bharat Law House |
Corporate Tax Planning | E A Srinivas | McGraw Hill Education |
Income Tax Act & Rules | Bare Act | |
Walth Tax Act & Rules | Bare Act | |
Annual Finance Act | ||
Company Law Journal | ||
Corporate Law Adviser | ||
Corporate Taxation | H P Ranina | Orient Law House |
II. Indirect Taxes:
Title | Author | Publisher |
---|---|---|
Indirect Taxes – Law & Practices | V S Datey | Taxmann Publications |
Indirect Taxation | V Balachandran | Sultan Chand |
Systematic Approach to Indirect Taxes | Dr.Sanjeev Kumar | Bharat Law House |
Customs Law & Procedure | S P Bhatuagar | Centax Publications |
Central Excise – Law, Practice & Procedure | Acharya Shuklendra | Modern Law House |
The Law and Practice of Income Tax | Kanga & Palkhivala | N M Tripathi |
CENVAT Law & Practice | Taxmann | Taxmann Allied Services |
Customs Valuation – Law and Practice | S D Majumdar | Centax Publications |
Central Excise Guide for Small Scale Industry | G Sarangi | Centax Publications |
Commentaries on Customs Act | S R Roy | Kamal Law House |
Professional Approach to Direct Taxes – Law and Practice. | Gupta & Ahuja |
III. International Taxation:
Title | Author | Publisher |
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Principles of International Taxation | Carl Fonntag & C.S.Mathur | Lexis Nexis |
Transfer Pricing Manual | S C Mishra | |
Basic International Taxation | Roy Rohatgi | Taxmann Publication |
References
I. Direct Taxes
Title | Author | Publisher |
---|---|---|
Direct Taxes – Law and Practices | Dr.V K Singhania | Taxmann Publications |
Direct Taxes | Dr. B B Lal | Konark Publications |
References
I. Indirect Taxes
Title | Author | Publisher |
---|---|---|
The Law and Practice of Income Tax | Kanga & Palkhivala | N M Tripathi |
CENVAT Law & Practice | Taxmann | Taxmann Allied Services |
Customs Valuation – Law and Practice | S D Majumdar | Centax Publications |
Central Excise Guide for Small Scale Industry | G Sarangi | Centax Publications |
Commentaries on Customs Act | S R Roy | Kamal Law House |
Professional Approach to Direct Taxes – Law and Practice. | Gupta & Ahuja |
Journals
Title | Author | Publisher |
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Chartered Secretary | ICSI, New Delhi. | |
Student Company Secretary | ICSI, New Delhi. | |
Income Tax Reports | Company Law Institue of India(P) Ltd., Chennai. | |
Taxmann | Taxmann Publications (P) Ltd; 59/32, New Rohtak Road, New Delhi-1100 005. | |
Tax and Corporate | Referencer, Bharat Law House(P) Ltd., 22, Tarun Enclave, Pitampura, New Delhi-110 034. | |
Excise and Customs Cases | Fortnightly Reporting Journals; Indirect Tax Laws of India (P) Ltd. Chennai. | |
Excise Law Times | Fortnightly Reporting Journal; Centax Publications(P) Ltd.1512-B, Sachdeva P.T. College of Defence Colony, New Delhi-110 003. |