CS - Professional Programme : Module III - Advanced Tax Laws and Practice
|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.|
|1.||General Framework of Direct Taxation in India|
|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.|
|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-� -vis important provisions of wealth-tax including court rulings and legislative amendments.
|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.|
|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.
|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.|
|10.||Basic Concepts of International Taxation|
|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. BACK|