AMENDED Direct & Indirect

TAXATION NOTES

For IPCC November 2014 Exams

(Revised Syllabus)

Also helpful for CS, CWA/CMA & other students

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TAXATION

e-book

FEATURES: Based on REVISED SYLLABUS for CA IPCC Nov. 2014

Inclusive of Direct & Indirect Taxation also contains forms,

practical problems.

sufficient for exams [total 1673 pages]

Chapter wise theoretical questions and answers

Past years examinations questions

Practical Questions with Solutions

Also helpful for CS, ICWAI and other students &

professionals for basic knowledge.

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TAXATION (Paper -4)

Part 1: Income Tax (Volume 1)

MAY -2014 / NOV - 2014 P.Y. 2013-14 A.Y. 2014-15 F.A. 2013

NOT FOR SALE (For Private Circulation Only)

NOV-2014 PAPER 4: TAXATION

(One paper three hours 100 marks)

Level of Knowledge: Working knowledge Objectives: (a) To gain knowledge of the provisions of Income-tax law relating to the topics mentioned in the contents below; and (b) To gain ability to solve simple problems concerning assessees with the status of Individual covering the areas mentioned in the contents below. Contents:

PART I: INCOME-TAX (50 MARKS) 1. Important definitions in the Income-tax Act, 1961 2. Basis of charge; rates of taxes applicable for different types of assessees 3. Concepts of previous year and assessment year 4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India 5. Incomes which do not form part of total income 6. Heads of income and the provisions governing computation of income under different heads 7. Income of other persons included in assessees total income 8. Aggregation of income; set-off or carry forward and set-off of losses 9. Deductions from gross total income 10. Computation of total income and tax payable; rebates and reliefs 11. Provisions concerning advance tax and tax deducted at source 12. Provisions for filing of return of income. PART II INDIRECT TAXES (50 MARKS) Objective: To develop an understanding of the basic concepts of the different types of indirect taxes and to acquire the ability to analyse the significant provisions of service tax. 1. Introduction to excise duty, customs duty, central sales tax and VAT Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions 2. Significant provisions of service tax (i). Constitutional Aspects (ii) Basic Concepts and General Principles (iii) Charge of service tax including negative list of services (iv) Point of taxation of services (v) Exemptions and Abatements (vi) Valuation of taxable services (vii) Invoicing for taxable services (viii) Payment of service tax (ix) Registration (x) Furnishing of returns (xi) CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004] Note If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.

INTRODUCTION (DIRECT TAX / INDIRECT TAX) 20-21

COMPUTATION OF TOTAL INCOME 22-90 AND TAX LIABILITY

TAXABILITY OF GIFT 91-108

ADVANCE PAYMENT OF TAX 109-134

RESIDENTIAL STATUS & SCOPE OF 135-185 TOTAL INCOME

INCOME UNDER THE HEAD HOUSE PROPERTY 186-265

KEY TO EFFECTIVE LEARNING 266-272

FEEDBACK FROM STUDENTS OF CA-IPCC/PCC

1. VIJENDER AGGARWAL NOV-2010 (Roll No.174639) All India Topper in CA-IPCC A person who possesses such vast knowledge in the field of taxation, that we people can only dream of, is none other than M. K. Gupta Sir. He possesses the rare ability to teach this procedural subject with utmost ease, enabling his students to grasp all the provisions without any confusion. The quality of study material provided is such that a good study of it helped me score 92 marks. The variety and complexity of practical problems covered in the books are not available anywhere else. One can find many places where taxation is being taught but it is hardly possible to find a better place where tax laws are combined with their practical applicability to ensure that all concepts are crystal clear. Sir is extremely generous. Money-making doesnt appear to be his priority and it is clearly reflected in his classes, where the infrastructure and administration stands second to none and students are awarded handsome cash-prizes not only in classes but also in tests, which are regularly conducted. Thanking Sir for all what he has done would be an insult since it was only his efforts that helped me reach this position. Sir, its your success. The relationship between us started in CPT only and continued in IPCC and I hope it will continue forever. 2. PRACHI JAIN MAY-2010 (Roll No.66312) All India Topper in CA-PCC M. K. Gupta Sir is an outstanding teacher. He is not only a good teacher but a good person by heart. His way of teaching is excellent. There are many provisions in tax but Sir repeats every provision atleast two times. This helps in understanding those provisions easily. His books are very good. Everything from theory to PRACTICAL ILLUSTRATION, EXAMINATION QUESTIONS and BARE ACT is covered in his books. Sirs staff and management is also very good. Everything is handled in a systematic manner and on time. Overall it was a good experience. Thanks Sir !! :- 3. SAHIL AGGARWAL NOV-2011 (Roll No.271741) 4th RANK The material provided by the Sir in the class as well as in books is self sufficient for the exams. M.K. Gupta Sirs knowledge about the subject is excellent. Moreover, his down-to-earth nature make him the best tax teacher one could get. 4. MAYANK AGARWAL JUNE-2009 (Roll No. 35586) 4th RANK Sir has always been very motivating and his guidance has helped me to excel in the exams. Sir has an immense knowledge of the subject and has always been available to answer our queries. Thank you Sir! 5. SAHIL ARORA NOV-2011(Roll No.215712) 6th RANK My opinion towards M.K. Gupta Sir is very good. His enthusiasm in class has amazed me a lot. There are many provisions in the subject but Sir repeats them atleast twice which is of immense help. Also, the explanation of topic with a relevant practical example clears all the queries. M.K. Gupta Sirs books along with notes cover easily the entire syllabus and the notes prove really helpful one day before the exam. OVERALL A GREAT EXPERIENCE! 6. NIKETA SABOO MAY-2011(Roll No.52328) 6th RANK I think M.K. Gupta Sir is an outstanding Teacher. He has excellent knowledge of the subject. With his skills and knowledge, he has made Tax subject very easy to understand and really interesting. I would recommend every aspiring CA, to take guidance from Sir. It will really be helpful. Thank you Sir, for guiding us throughout. It was a wonderful experience. 7. ANU GOEL NOV-2011 (Roll No.288966) 7th RANK The experience with M.K. Gupta Tax Classes was really amazing!! Sir is full of knowledge and experience. He repeats every provision and concept behind it in detail. I have personally never seen him in a hurry to finish the course. His very motive is to make sure the student understand the provisions fully! The book has large number of practical illustrations, which further helps to understand the subject! Thank you Sir!!! 8. RAHUL CHUGH NOV-2012(Roll No.230037) 8th RANK I m so glad that I had joined M.K. Gupta Tax Classes and not the other competitors. M.K. Gupta Sir is the epitome of knowledge. He makes sure that the students do not have any doubt about their choice of coaching. His large-heartedness in the form of cash prizes and recognition to the students acts as an

8 excellent motivator and makes the classes enjoyable. Lastly, the books and other study materials are a comprehensive collection of everything required to top this examination. Thank you so much! 9. MADHAV BANKA NOV-2011(Roll No.233313) 8th RANK M.K. Gupta Sir is one of the best teacher in my life and he is the best teacher of taxation in whole India. He has a vast knowledge in the field of taxation which helped me a lot to get such good marks and he inspired me to get rank. Because of him, I developed great interest in tax due to which I am going to choose my career in field of taxation. For this I am very thankful to the Sir.

10. RAJAT GUPTA NOV-2011(Roll No.408691) 9th RANK I got 9th rank by scoring great marks in all six subject b