ICWA INTERMEDIATE DIRECT TAX

SECTION A: INCOME TAX [75 MARKS] 

1. Income Tax Act, 1961 – 

  • Basic Concepts and definitions
  • Background, concepts, definitions
  • Capital and revenue – receipts, expenditures
  • Basis of charge and scope of total income
  • Residential Status and Incidence of Tax
  • (b) Tax Accounting Standards by the Central Board of Direct Taxes (CBDT)

2. Incomes which do not form part of Total Income [Sec.10, 10A, 10B and 11 to 13A] 

3. Heads of Income and Computation of Total Income under various heads 

  • Income from Salaries
  • Income from House property
  • Profits and gains from Business or Profession
  • Capital Gains
  • Income from Other Sources

4. Income of other persons included in Assessee’s Total 

5. Taxation of Individuals including Non-residents, Hindu Undivided Family, Firms, LLP, 

6. Corporate Transction- classification ,tax incidence ,computation of taxable income and ssessment of tax liability 

7. Tax Deduction at Source, Tax Collection at Source, Recovery and Refund of Tax, Advance Tax, Refunds

8. Tax Planning and Tax Management 

SECTION B: WEALTH TAX 

9. Wealth Tax Act, 1957 

  • Wealth Tax Act has been abolished w.e.f. A.Y. 2016-2017

SECTION – C – INTERNATIONAL TAXATION [25 MARKS] 

10. International Taxation and Transfer Pricing 

  • Basic concepts of International Taxation and Transfer Pricing
  • Residency issues, source of income, tax heavens, withholding tax, unilateral relief, double taxation
  • avoidance agreements
  • Transfer Pricing – concepts, meaning of International transactions
  • Costing Issues in Transfer Pricing
  • Computation of Arm’s length Price – methods
  • Governance through application of generally accepted cost accounting principles and techniques for
  • assessment of arm’s length price – a measure to curb revenue leakages/tax evasion
  • Reference to Cost Accounting Records and Cost Audit Reports.
  • General Anti-Avoidance Rules (GAAR) – concept and application
  • Advance Pricing Agreement (APA) – concept and application