Paper 7

Paper 7

Paper 7 : Direct Taxation (DTX)

OBJECTIVES

To gain knowledge about the direct tax laws in force for the relevant previous year and to provide an insight into procedural aspects for assessment of tax liability for various assessees

Learning Aims

The syllabus aims to test the student’s ability to:

  • Understand the basic principles underlying the Income Tax Act,
  • Compute the taxable income of an assessee,
  • Analyze the assessment procedure

Section A : Income Tax Act Basics 10%

  • Introduction to Income Tax Act, 1961
  • Income which do not form part of Total Income (Section 10, 11 to 13A)

Section B : Heads of Income and Computation of Total Income and Tax Liability 70%

  • Heads of Income and Computation of Total Income under various heads
  • Clubbing Provisions, Set off and Carry forward of Losses, Deductions
  • Assessment of Income and tax liability of different persons

Section C : Tax Management, Administrative Procedures and ICDS 20%

  • TDS, TCS and Advance Tax
  • Administrative Procedures
  • ICDS