M21

Direct & Indirect Taxes, E-Returns, Introduction to Capital Market
Year / Semester: 
2nd Semester
Objective: 

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Credits: 
4

MH 72 – DIRECT & INDIRECT TAXES

Direct Taxes
PAN, TAN Forms
Knowledge on what information is required for applying for new PAN or TAN or for changes in existing TAN & PAN, how to fill forms, where to submit & how to check the status of application
Computation of Income (Salary, House Property, Business & Profession and Capital Gain, Other Sources, Deduction u/s 80D, 80E, 80G etc)
Salary, House Property, Other sources, Deduction u/s 80C, Preparation of Tax challans): Calculation of, value of taxable Allowances & perquisites in salary, Net annual Value, Standard Deduction, interest allowed etc in House property, heads taxable under other sources, items deductible u/s 80C like LIP, Housing Loan repayment, PF etc.& preparation of tax challans like tax on self assessment & advance tax.
Business & Profession and Capital Gain, Deduction u/s 80D, 80E,80G etc): detailed study of provisions of Income Tax relating to Profits from business & profession(expenses allowable) & capital gains (meaning ,rates , indexation, transfer, exemption schemes available etc., mediclaim ,deduction for educational loan taken, deductions for charity made etc.
Companies Act etc
Forms & formalities relating to application for approval of name, incorporation of company, change in directorships, address, filing of annual return of companies with Registrar of Companies etc.
Indirect Taxes
VAT, Service Tax – Concepts
Knowledge on filling of form for applying for service tax registration no., calculation of service tax due, manner of filling of challan, due dates for deposition of tax & filing of return & preparation of return
Sales Tax & VAT – Returns
Applicability, due dates for deposition of tax & filing of return, double entries related to these matters & compliances with relevant act to avoid penalty & interest.
Service Tax – Return
Knowledge on filling of form for applying for service tax registration no., calculation of service tax due, manner of filling of challan, due dates for deposition of tax & filing of return & preparation of return
Provident Fund Forms & Returns
Case Studies

MH 67 – E –RETURNS

TDS & its Return
Meaning, applicability, limits, rates, sections, due dates for deposition of tax & filing of TDS Return, details required for filing of return, interest on late deposition, other compliances & consequences on failure in complying with the provisions of Income Tax Act relating to TDS.
MCA - ROC Work
Forms & formalities relating to application for approval of name, incorporation of company, change in directorships, address, filing of annual return of companies with Registrar of Companies etc.
Online Filling of Income Tax Returns
Preparing return, generation of xml file, creating log in ID on site of Income Tax & uploading of return.
Case Studies

MH 73 – INTRODUCTION TO CAPITAL MARKET

Economic scenario of NSE, BSE and Other Exchanges

Knowledge about Electronic & Physical form of shares

Case Studies

Suggested Readings: 

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