Taxation means a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels. Taxation is the body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property.
Objectives
The legal regime of Tax encompasses the policies, Laws, and rules for the Taxation process. Income tax law is concerned with taxes imposed on various sources of income. Regarding indirect tax latest in the pipeline of fiscal policy is the introduction of a uniform Goods and Service Tax (GST) 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 individual firms, limited companies, Govt. organizations, Local Authorities, and others for the benefit of the State. The object here is to impart conceptual understanding to the students of the provisions of both direct and indirect tax laws. Law students are required to know the impact of taxation on business transactions.
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 can y forward Loss; Incomes exempt from tax, permissible deductions & Chapter VIA 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, 1.T.Portal working and Refund of tax, appeal and revision provisions, offenses and penalties.
UNIT-III: Indirect Tax Regime
Concept of Goods and Service Tax (GST)-The Constitution (l22’ 1 d 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. I G ST / S GST /UT G ST/ 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 an 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 an 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 Edition. (New Delhi: Centax Publications Pvt. Ltd., 2016/2017.
- Taxmann’s Income Tax Act, 6th edition, (New Delhi: Taxmann Publications Pvt. Ltd., 2016/2017.
- R. K. Jha and P. K. Singh, A Bird’s Eye view of GST, 1st edition., (Hyderabad: Asia Law House, 2017).
Reference Books/websites/Portals
- Arvind P Datar, Kanga and Palkivala’s The Law and Practice of Income Tax, 10th Edition., (Nagpur: LexisNexis, 2014).
- Sampath Iyengar’s, Law of Income Tax, 11th edition., (New Delhi: Bharat Law House Pvt. Ltd., 2011).
- Income-Tax Act, 1961, and Income-Tax Rules, 1962 as amended by the latest Finance Act,2016-17.
Taxation LL.B 3rd Semester Syllabus Download
