Course info

Auditing and Taxation

     In India, Constitution is the parent law. All other laws should be enacted within the framework of the constitution and subject to the norms laid down there in. The Constitution of India empowers the Central Government to levy tax on income. By virtue of this power and to achieve this objective, the Income Tax Act, 1961 was enacted in  place of Income Tax Act, 1922 which was prevalent earlier. As a citizen and resident of India one must be familiar with the applicability and provisions of the law of the land.

    In this light, Auditing and Taxation a compulsory paper for the third year B.Com students is introduced.  Semester V deals with Auditing and semester VI is purely focused on Income Tax Act, 1961 for four credits. This course introduces the Indian taxation system to the students and the focus is on Direct Taxes- Income tax with special reference to individual tax laws. Basic Concepts, Five heads of Income, Gross Total Income, Permissible Deductions from Gross Total Income and computation of tax liability of an individual resident assessee is covered in the course.Students explore the various tax related ramifications of investments, retirement planning, treatment of gifts received, sale of property and benefits of charitable giving.

     This course will facilitate students to apply critical thinking and problem-solving skills, interpreting and computing the tax liability of an individual assessee. The study of taxation would enable the students in understanding that slabs of income, the tax rates and taxability of person as defined in the Act. Students will be able to identify   potential opportunities for tax savings through tax planning strategies, serving as key towards personal financial decision making .It will create an understanding among the students relating to the application of ethical practices in complying with the Income Tax Rules as a prospective assessee. The course also provide hands on training for E filing of Income Tax Returns of an individual assessee.