OBJECTIVES:
Legal regime of Tax encompasses the policies, Laws and rules for Taxation process. Income
Tax Law is concerned with tax imposed on various sources of income. With regard to indirect
tax latest in the pipeline of fiscal policy is introduction of uniform Goods and Service Tax
(G ST) regime by July 1, 2017. Tax Policy is related to duties on imports from foreign
countries and all compulsory levies imposed by the Government on Individuals firms, limited
companies, Govt. organizations, Local Authorities and others for the benefit of the State. The
object here is imparting conceptual understanding to the students of the provisions of both
direct and indirect tax laws. The students of law are required to know the impact of taxation on
business transactions.
COURSE CONTENTS:
UNIT-I
General Concept of Tax- Nature and characteristics of different types of taxes- Direct and Indirect taxes-Distinction between tax and fees, tax and Cess-Tax evasion, Tax planning and Tax avoidance
Retrospective Taxation-Federal Base of Taxing Power -Power of Taxation under the Constitution, Immunity of State agencies/Instrumentalities
Fundamental Rights and the power of Taxation- Commerce Clause, Inter-State Commerce and Taxation, Scope of Taxing powers of Parliament. Delegation of taxing power to State Legislatures and Local bodies
UNIT-II:
Direct Tax Regime, The Income Tax Act 1961: Basis of taxation of Income -Basic concepts, Person, Residential Status and incidence of tax, Income from Salaries-Income from House Property-Income from Business or profession and vocation-Capital gains, Income from other sources-Deemed assessee, Set off and carry forward Loss
Incomes exempt from tax, permissible deductions & Chapter VI A deductions, Assessment, Kinds of assessment
Income tax authorities- Appointment-powers and functions,
Provisions relating to collection and recovery of tax- filing of returns, electronic filing, I.T.Portal working and Refund of tax, appeal and revision provisions, offences and penalties.
UNIT-III:
Indirect Tax Regime, Concept of Goods and Service Tax (GST)-The Constitution (122nd Amendment) Act 2017.
The Central Goods and Services Tax Act, 2017- Dual GST model taxation- GST Council – Central GST (CGST)
GST levy on transactions-sale, transfer, Purchase, barter, lease, or import of goods and/or services.
IGST /SGST /UTGST/ compensation Law to State Governments GSTN-Goods and Services Tax Network Portal
Tax Invoice, GST on Imports & Exports, benefits of GST to trade, industry, e-commerce & Service Sector and the consumers at large, Impact of GST on GDP of India and Inflation.
UNIT-IV:
Indirect Tax Regime:IGST- Integrated GST (IGST) levied by the Central Government.
Inter-state transactions and imported goods or services- State GST (SGST) ;
The State Goods & Service tax Law, Power of Central government to levy tax on interstate taxable supply, Impact of GST on State revenue
Indemnifying State Revenue Loss
UTGST-Union Territory Goods and Service Tax Law
GST Exemption on the sale and purchase of securities, Securities Transaction Tax (STT)
UNIT-V:
Custom Law – Legislative Background of the levy-ports-Warehouses-Nature and restrictions on exports and imports-Levy, exemption and collection of customs, duties and overview of law and procedure
Clearance of goods from the port, including baggage-Goods imported or exported by post and stores and goods in transit-Duty drawbacks provisions, Authorities
Powers and functions and SEZ Units.
Prescribed Books:
Sumit Dutt Majumder, GST in India, 2nd edn., (New Delhi: Centax Publications Pvt. Ltd., 2016/2017.
Taxmann’s Income Tax Act, 60th edn., (New Delhi: Taxmann Publications Pvt. Ltd., 2016/2017.
R. K. Jha and P.K.Singh, A Bird’s Eye view of GST, 1st edn., (Hyderabad: Asia Law House, 2017).
Reference Books/websites/Portals
Arvind P Datar, Kanga and Palkhivala’s The Law and Practice of Income Tax, 10th edn. (Nagpur: LexisNexis, 2014).
Sampath lyengar’s, Law of Income Tax, 11th edn., (New Delhi: Bharat Law House Pvt. Ltd., 2011).
Income-Tax Act, 1961 and Income-Tax Rules, 1962 as amended by latest Finance Act,2016-17.