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Tax Planning and Management Maximize

Tax Planning and Management

Dr. Saroj Kumar & Vipin Singh

ISBN – 9789351634782

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UPTU2015/MBA/4/05

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MBA Uttar Pradesh Technical University (UPTU), Fourth Semester
Syllabus
 
NMBA FM 03: TAX PLANNING AND MANAGEMENT
 
Maximum Hours: 40
 
Unit-I                                                                                                                                    (08 Sessions)
Nature and Scope of Tax Planning: Nature, Objectives of Tax Management, Tax Planning, Tax Avoidance & Tax Evasion, Assessment Year, Previous Year, Assessee – Types, Residential Status, Non-Resident Indians.
 
Unit-II                                                                                                                                   (08 Sessions)
Tax on Individual Income – Computation of tax under the Heads of Salaries, Income from House Property, Profits & Gains of Business, Capital Gains & Income from Other Sources. Tax Deductible at Source.
 
Unit-III                                                                                                                                 (10 Sessions)
Corporate Income Tax: Tax Concessions and Incentives for Corporate Decisions. Tax Planning for Depreciation; Treatment of Losses & Unabsorbed Items; Carry Forward and Set Off Losses. Tax and Business Reorganizations: Merger and Amalgamation, Tax Planning Regarding Employees Remuneration, Tax Appeals, Revision & Review.
 
Unit-IV                                                                                                                                 (08 Sessions)
Wealth Tax on Closely Held Companies; Valuation of Assets; Filing of Returns; Assessment; Appeals; Review; Revision and Rectification.
 
Unit-V                                                                                                                                     (6 Sessions)
Central Excise Act 1994 and Excise Planning; Customs Act and Customs Duties Planning.
UNIT-I
Chapter 1: Tax Planning and Basic
Concepts of Tax
1.1.         Tax
10
1.1.1.      Meaning and Definition of Tax
10
1.1.2.      Characteristics/Elements of Tax
10
1.1.3.      Objectives of Tax
11
1.1.4.      Nature of Sound Tax System
11
1.1.5.      Cannons of Taxation
12
2.1.1.      Types/Classification of Tax
13
1.1.6.      Methods Used by Taxpayers to Minimize Tax             Liability
13
1.1.7.      Tax Planning
13
1.1.8.      Tax Avoidance
16
1.1.9.      Tax Evasion
17
1.1.10.    Tax Management
19
1.2.         Income Tax
22
1.2.1.      Meaning of Income Tax
22
1.2.2.      Features of Income Tax
22
1.2.3.      Basic Concept Under Income Tax Act
22
1.2.4.      Assessment Year [Section 2 (9)]
23
1.2.5.      Previous Year [Section 2 (34) & 3]
23
1.2.6.      Assessee [Section 2(7)]
24
1.2.7.      Person [Section 2 (31)]
25
1.2.8.      Income [Section 2(24)]
25
1.2.9.      Heads of Income [Section 14]
27
1.2.10.    Gross Total Income [ Section 80B(5)]
27
1.2.11.    Exempted Incomes [Section 10 & Section 86]
27
1.2.12.    Deductions from Income
                [Section 80C to 80U]
27
1.2.13.    Total Income [Section 2(25)]
28
1.2.14.    Agricultural Income & its Assessment             [Section 10(1)]
28
1.2.15.    Casual Income
29
1.2.16.    Assessment [Section 2(8)]
30
1.2.17.    Rate of Tax for the Assessment Year 2015-16
30
1.3.         Residential Status of an Assessee
31
1.3.1.      Residential Status
31
1.3.2.      Residential Status of Individuals
                [Section 6(1)]
31
1.3.3.      Residential Status of Hindu Undivided Family             (HUF)  [Section 6(2)]
33
1.3.4.      Residential Status of Firm, Association of     Persons (AOP), Body of Individuals (BOI)     [Section 6(2)] and of Other Persons       (Excepting Companies)  [Section 6(4)]
34
1.3.5.      Residential Status of a Company
                [Section 6(3)]
34
1.4.         Non-Resident Indians (NRI)
34
1.4.1.      Meaning of Non-Resident Indians
34
1.4.2.      Types of Non-Resident in India
34
1.4.3.      Tax Planning in Relation to Non-Residents
35
1.5.         Exercise
35
 
 
UNIT-II
Chapter 2: Income from Salaries
2.1.         Heads of Income
38
2.2.         Income from Salary
38
2.2.1.      Meaning of Salary
38
2.2.2.      Salient Features of Salary
39
2.2.3.      Basis of Chargeability [Section 15]
40
2.2.4.      Different Forms of Salary & Tax Treatment
40
2.2.5.      Allowances and Tax Liability
44
2.2.6.      Perquisites
51
2.2.7.      Valuation of Perquisites
55
2.2.8.      Deduction From Salary
62
2.2.9.      Tax Treatment of Provident Fund
63
2.2.10.    Approved Superannuation Fund
65
2.2.11.    Calculation of Gross and Net Salary
65
2.3.         Exercise
69
 
 
Chapter 3: Income from House Property
3.1.         Income from House Property
71
3.1.1.      Basis of Chargeability
71
3.1.2.      Some Important Factors for Consideration
72
3.1.3.      Income from House Property Exempt from Tax
73
3.2.         Annual Value
73
3.2.1.      Meaning of Annual Value
73
3.2.2.      Factors Considered in Determining Annual    Value
73
3.2.3.      Process of Determination of Annual Value
74
3.2.4.      Deductions Allowed in Income from House Property [Section 24]
75
3.2.5.      Computation of Taxable Income from House             Property
77
3.3.         Income From House Property Under Different             Conditions
78
3.3.1.      House Property Which is Let Throughout the                Previous Year
78
3.3.2.      House Property Which is Let and was Vacant              During the Whole or Part of the Previous        Year
78
3.3.3.      House Property Which is Part of the Year Let               and Part of the Year Occupied for Own          Residence
79
3.3.4.      Treatment of Unrealized Rent [Section 23(1)]
80
3.3.5.      Self-Occupied House Property
80
3.3.6.      House Property Which cannot be Let-Out     Property
83
3.3.7.      Vacant House Property
83
3.4.         Exercise
85
 
 
Chapter 4: Profits & Gains of
Business and Profession
4.1.         Income from Profits and Gains of  Business &             Profession
87
4.1.1.      Definitions of Business or Profession
87
4.1.2.      Chargeable Incomes under the Head ‘Profits                & Gains of Business or Profession’
                [Section 28]
87
4.1.3.      Deductions Expressly Allowed
                [Sections 30 to 37]
88
4.1.4.      Expenses Specifically Disallowed
97
4.1.5.      Certain Deductions Allowable only on            ‘Actual Payment Basis’ [Section 43B]
101
4.1.6.      Deemed Profit
101
4.1.7.      Computation of Taxable Profits of Business                or Profession
102
4.2.         Exercise
107
Chapter 5: Income from Capital Gains
5.1.         Income from Capital Gains
109
5.1.1.      Basis of Chargeability [Section 45]
109
5.1.2.      Definitions of Capital Assets [Section 2(14)]
109
5.1.3.      Transfer of Capital Assets [Section 2(47)]
111
5.1.4.      Computation of Capital Gain [Section 48]
112
5.1.5.      Format of Short-Term Capital Gains
112
5.1.6.      Format of Long-Term Capital Gains
113
5.1.7.      Capital Gains in Case of Depreciable Assets                 [Section 50]
113
5.1.8.      Special Provision for Computation of Capital              Gains in Case of Slump Sale [Section 50B]
113
5.1.9.      Full Value of Consideration
113
5.1.10.    Cost of Acquisition
114
5.1.11.    Cost of Improvement [Section 55(1)(b)]
117
5.1.12.    Fair Market Value
117
5.1.13.    Indexed Cost of Acquisition [Section 48(iii)]
117
5.1.14.    Indexed Cost of Improvement
                [Section 48(iv)]
118
5.1.15.    Computation of Capital Gain in Special Cases             [Section 45]
118
5.1.16.    Capital Gain In Case Of Conversion Of A     Private Company Or An Unlisted Public         Company Into An LLP
120
5.1.17.    Capital Gain Exempt from Tax
120
5.1.18.    Tax on Short-Term Capital Gain
                [Section 111A]
124
5.1.19.    Tax on Long-Term Capital Gains
                [Section 112]
124
5.2.         Permissible Deductions under Section 80C to                80U
127
5.3.         Exercise
128
 
 
Chapter 6: Income from Other Sources
and TDS
6.1.         Income From Other Sources
130
6.1.1.      Meaning and Concept of Income from Other               Sources
130
6.1.2.      Chargeability
130
6.1.3.      Inclusion [Section 56(2)]
130
6.1.4.      Description of Some Specific Incomes
131
6.1.5.      Deductions (Section 57)
139
6.1.6.      Amount not Deductible (Section 58)
140
6.2.         Tax Deducted at Source (TDS)
142
6.2.1.      Meaning of Deduction of Tax at Source
142
6.2.2.      Payments Subject to Deduction of Tax at     Source
142
6.2.3.      TDS on Salaries (Section 192)
142
6.2.4.      TDS on Interest on Securities (Section 193)
144
6.2.5.      TDS on Dividends (Section 194)
144
6.2.6.      TDS on Interest other than Interest on            Securities (Section 194A)
145
6.2.7.      TDS on Winning from Lottery or Crossword                 Puzzle (Section 194B)
145
6.2.8.      TDS on Winning from Horse Races
                (Section 194BB)
145
6.2.9.      TDS on Payment to Contractors and              Subcontractors (Section 194C)
146
6.2.10.    TDS on Insurance Commission
146
6.2.11.    TDS on Payment in Respect of Life Insurance             Policy (Section 194DA)
147
6.2.12.    TDS on Payment to Non-Resident Sportsman              or Sports Association [Section 194E]
147
6.2.13.    TDS out of Payment in Respect of Deposits under National Savings Scheme, etc.
                (Section 194EE)
147
6.2.14.    TDS on Payments on Account of Re-purchase             of Units by Mutual Fund or Unit Trust of       India (Section 194F)
148
6.2.15.    TDS on Commission, etc. on the Sale of        Lottery Tickets (Section 194G)
148
6.2.16.    TDS on Payments of Commission or              Brokerage (Section 194H)
148
6.2.17.    TDS on Payments in Respect of Rent
                (Section 194I)
148
6.2.18.    Transfer of Immovable Property (194 IA)
148
6.2.19.    TDS on Fees for Professional or Technical     Services etc. (Section 194J)
148
6.2.20.    TDS on Certain Income from Units of a        Business Trust (194LBA)
148
6.2.21.    TDS on Interest on ECBs (Section 194 LC)
149
6.2.22.    No Deduction of Tax at Source in Certain     Cases (Section 197A)
149
6.3.         Exercise
150
 
 
UNIT-III
Chapter 7: Corporate Income Tax and Incentive Decisions
7.1.         Corporate Income Tax
152
7.1.1.      Meaning and Definition of Corporate Tax
152
7.1.2.      Meaning and Definition of Company
152
7.1.3.      Classification of Company
153
7.1.4.      Residential Status of Company [Section 6(3)]
153
7.1.5.      Taxation of Companies
154
7.1.6.      Minimum Alternative Tax (MAT) Provisions                (Section 115JB)
156
7.2.         Tax Concessions and Incentives for Corporate            Decisions
157
7.2.1.      Tax Planning with Respect to Setting up a     New Business
157
7.2.2.      Tax Planning with Respect to Financial          Management Decisions
160
7.2.3.      Tax Planning with Respect to Managerial      Decisions
162
7.3.         Exercise
168
 
 
Chapter 8: Set-off and Carry Forward
of Losses
8.1.         Tax Planning for Depreciation
169
8.1.1.      Introduction
169
8.1.2.      General Principles Regarding Depreciation
169
8.1.3.      Block of Assets [Section 2(11)]
170
8.1.4.      Written Down Value for Charging    Depreciation [Section 43(6)]
171
8.1.5.      Actual Cost
171
8.1.6.      Provisions Relating to Depreciation on           Straight Line Method or Actual Cost Method
172
8.1.7.      Carry Forward & Set-off of Unabsorbed        Depreciation [Section 32(2)]
172
8.2.         Set-Off and Carry Forward of Losses
173
8.2.1.      Meaning of Set-off and Carry Forward of     Losses
173
8.2.2.      Steps in Set-Off of Losses and Carry Forward
174
8.2.3.      Carry Forward of Losses to Set-Off
175
 
 
8.2.4.      Carry Forward & Set-off of the Accumulated               Losses & Unabsorbed Depreciation                 Allowance in Amalgamation of Demerger,            etc., [Section 72A]
177
8.2.5.      Carry Forward and Set-off of Losses in Case                of Change in Constitution of Firm
                [Section 78(1)]
178
8.2.6.      Carry Forward and Set-off of Losses on        Succession of any Person [Section 78(2)]
178
8.2.7.      Carry Forward and Set-off of Losses in Case                of Certain Companies [Section 79]
178
8.2.8.      Carry Forward and Set-off of Losses in Brief
178
8.3.         Exercise
179
 
 
Chapter 9: Tax Planning of
Business Reorganisation
9.1.         Tax and Business Reorganization
180
9.1.1.      Introduction
180
9.1.2.      Key Terms for Business Reorganization
180
9.1.3.      Merger and Amalgamation
181
9.1.4.      Demerger
185
9.2.         Tax Planning in Respect of Employee            Remuneration
188
9.2.1.      Tax Consideration for Employer
188
9.2.2.      Tax Consideration for Employees
189
9.3.         Exercise
190
 
 
Chapter 10: Tax Appeals, Revision and Review
10.1.       Tax Appeals, Revision and Review
191
10.1.1.    Introduction
191
10.1.2.    Appeals to the Commissioner (Appeals)
191
10.1.3.    Appeal to the Appellate Tribunal
                [Section 252]
193
10.1.4.    Appeals to High Court [Section 260A]
194
10.1.5.    Appeal to the Supreme Court [Section 261]
195
10.1.6.    Revision by the Commissioner
                (Sections 263 and 264)
195
10.2.       Exercise
196
 
 
UNIT-IV
Chapter 11: Wealth Tax
11.1.       Wealth Tax
198
11.1.1.    Introduction
198
11.1.2.    Charge of Wealth-Tax [Section 3(2)]
198
11.1.3.    Definition of Important Terms
198
11.1.4.    Wealth Tax on Closely Held Companies
200
11.1.5.    Location of Assets and Debts
202
11.1.6.    Assets [Section 2(ea)]
202
11.1.7.    Deemed Wealth/Assets
204
11.1.8.    Deemed Assets which are Exempt [Section 5]
206
11.1.9.    Debt Owed
208
11.1.10. Valuation of Assets
208
11.1.11. Wealth Tax Rate
212
11.1.12. Computation of Net Wealth and Wealth Tax               Liability
213
11.1.13. Filing of Returns
213
11.1.14. Permanent Account Number (PAN) Section 139A
214
11.1.15. Assessment
215
11.1.16. Appeals, Review and Revision
218
11.1.17. Rectification of Mistakes [Section 35]
221
11.2.       Exercise
222
 
 
UNIT-V
Chapter 12: Central Excise Act, 1944
12.1.       Central Excise Act, 1944
224
12.1.1.    Introduction
224
12.1.2.    Important Terms of Central Excise
224
12.1.3.    Amendments in Central Excise Act, 1944
226
12.1.4.    Provisions of Central Excise Act
226
12.1.5.    Objects and Nature of Central Excise Duties
226
12.1.6.    Chargeability of Excise Duty
227
12.1.7.    Excisability of Goods
227
12.1.8.    Rate of Excise Duty
228
12.1.9.    Types of Excise Duty
230
12.1.10. Person Liable to Pay Excise Duty
231
12.1.11. Classification of Goods
231
12.1.12. Valuation of Goods
233
12.1.13. Assessable Value
234
12.1.14. Procedures in Central Excise
237
12.1.15. Registration in Central Excise
237
12.1.16. Removal of Goods
238
12.1.17. Payment of Duty
239
12.1.18. Central Value Added Tax (CENVAT)
239
12.2.       Exercise
241
 
 
Chapter 13: Custom Act, 1962
13.1.       Customs Act, 1962
242
13.1.1.    Introduction to Customs Duty
242
13.1.2.    Nature of Customs Duty
242
13.1.3.    Objectives of Customs Duty
243
13.1.4.    Basic Definitions of Custom Laws
243
13.1.5.    Chargeability of Custom Duty (Levy of         Import and Export Duty)
244
13.1.6.    Valuation and Collection of Custom Duty
245
13.1.7.    Types of Customs Duty
250
13.1.8.    Custom Procedures
251
13.1.9.    Exemptions
254
13.1.10. Export Promotion Schemes
255
13.1.11. Customs Duties Planning
257
13.2.       Exercise
258
 
 
Case Studies
259
Previous Year Unsolved Papers
264
Solved Paper (2010-11)
266
Solved Paper (2011-12)
279
Solved Paper (2012-13)
289
Solved Paper (2013-14)
298
Classification
310
Important Questions
314
Model Paper
315

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Tax Planning and Management

Tax Planning and Management

Dr. Saroj Kumar & Vipin Singh

ISBN – 9789351634782

Write your review