Paper 16 :

Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation

Section A: Advance Direct Tax Laws
01  Basic Concept

 

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03    Basic Concept 3 – Income which do not form Part of Total Income

 

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09   Income from House Property

 

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11  Basic Concept 11 – Deductions From Gross Total Income

 

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15   Deduction, Collection and Recovery of Taxes

 

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18   Appeals and Revision

 

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20   Penalties

 

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22  Liability in Special Cases

 

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24   Amendments for May 2021

 

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02   Basic Concept 2 – Residential Status

 

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05   Basic Concept 5 – Income from House Property

 

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10    Aggregation of Income, Set-Off and Carry Forward of Losses

 

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12   Basic Concept 12 – Assessment of Various entities

 

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17     Assessment Procedure

 

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19   Settlement of Tax cases

 

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21  Offences and Prosecution

 

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23   Miscellaneous Provisions

 

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Section A: Basic Concept 4 – Income from Salary
04   Basic Concept 4 – Income from Salary

 

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Section A: Basic Concept 7 – Capital Gains
07    Basic Concept 7 – Capital Gains

 

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Section A: Basic Concept 8 – Income from Other Sources
08   Basic Concept 8 – Income from Other Sources

 

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Section A: Profit and Gains from Business or Profession
06   Basic Concept 6 – Profit and Gains from Business or Profession

 

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Section B: International Taxation
04   Advance Rulings

 

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05  Equalisation Levy

 

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Section A: Advance Direct Tax Laws
01   Assessment of Various Entities

 

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03    Return of Income

 

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05   Interest

 

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07    Collection, Recovery & Refund

 

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09   Advance Ruling

 

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11   Business Restructuring and Re-organisation

 

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13    Income Tax Authorities

 

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15    Income Computation & Disclosure Standards

 

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02  Non-Resident

 

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04  Assessment Procedure

 

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06  Survey, Search And Seizure

 

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08    Appeals, Rectification, Revision, Settlement Commission

 

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10   Penalties and Prosecution

 

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12    Different Aspects of Tax Planning

 

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14   Liability In Special Cases

 

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16   Black Money and Imposition of Tax Act

 

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Section B: International Taxation
17   International Taxation

 

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Section C: Case Study
18   Profits and Gains of Business or Profession

 

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20   Income from Other Sources

 

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19   Capital Gains

 

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About Direct Tax Laws and International Taxation

 

Taxation is the system by which a government finances its expenditure by charging compulsory levies on individuals or business entities. These compulsory levies are known as taxes. Direct taxes are those taxes paid directly by an individual or business entity to the Government. International Taxation deals with Tax provisions which affect MNCs, cross border transactions, export and import. 

In this paper, you will gain knowledge on Tax planning, assessment of tax for various assesses and return filing procedures. The case laws and core provisions of the Act helps in handling the cases and issues regarding taxation conflicts 
Your main goal as a CMA is profitability analysis and budget preparation. To do this effectively, you need to understand all expenses of the company. Hence you must gain an understanding of the framework under which an individual or a business entity is taxed. You need to understand the impact of taxes on Net Income at an advanced level.

The topics covered in Direct Tax laws & International Taxation at the CMA Final Level is,

  • You will be learning on Assessment of Income, Tax management for all entities at an advanced level 
  • Provisions on CBDT & various Authorities can be learnt understanding the penalties and prosecutions 
  • Income Computation & Disclosure Standards and Case laws plays key role in the syllabus 
  • International Taxation is clearly discussed, and Business Restructuring and Advance Ruling shall stand as new concepts learnt at Final Level 

 

The best approach to study Direct Tax laws & International Taxation paper is

  • Analyse and understand the provisions under the act by looking at practical applications. Do not memorise; place greater emphasis on understanding concepts. 
  • Go through past papers to get an idea of the kind of questions that will be asked in the paper. 
  • Do not study just for the sake of passing. You need to know the concepts well to succeed in your professional career. 
  • Provisions and methods of assessment under the Income Tax Act, 1961, keep changing. As such ICMAI keeps updating the syllabus to reflect these changes. So, you must be aware of the new changes.

Faculty

CA Ashwini K
CA Ashwini K
CA Jose Kurian
CA Jose Kurian
CA Ram Patil
CA Ram Patil
Subbaraman P
Subbaraman P

Resources

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