Paper 7 :

Direct Taxation

Direct Taxation

01  Basic Concept

 

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03 Incomes which do not form part of Total Income

 

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05  Income from House Property

 

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07  Capital Gains

 

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09  Clubbing of Income

 

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11  Deduction from Gross Total Income

 

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13  Advance Tax, Tax Deduction at Source and Introduction to Tax Collection at Source

 

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15  Miscellaneous Provisions Under Income Tax Act

 

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02  Residence and Scope of Total Income

 

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04  Income for Salaries

 

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06 Profits and Gains of Business or Profession

 

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08  Income from Other Sources

 

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10  Set-Off and Carry Forward of Losses

 

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12  Computation of Total Income and Tax Payable

 

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14  Return of Income

 

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01  Basic Concept

 

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03 Incomes which do not form part of Total Income

 

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06    Income from House Property

 

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08  Capital Gain

 

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10    Income of Other Persons Included in Assessee’s Total Income

 

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12   Deductions From Gross Total Income

 

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15   Deductions From Gross Total Income

 

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18   Study Note 18: Return & PAN and Study Note 19: Assessment Procedure

 

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02   Residential Status

 

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05   Income Under Head Salaries

 

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07   Income Under Head Profit and Gains from Business or Profession

 

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09    Income from Other Sources

 

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

 

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14   Assessment of Various Persons

 

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17    Advance Tax

 

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01  Basic Concept

 

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03  Agriculture Income & Study Note 4 : Income, which do not form part of Total Income

 

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06   Income under Head House Property

 

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08    Income under Head Capital Gains

 

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06  Aggregation of Income, Set-off and Carry Forward of Losses

 

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08   Computation of Total Income and Tax Payable

 

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10    Income of other Persons included in Assessees Total Income

 

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12    Deductions in Computing Total Income

 

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15    Tax Deducted at Sources & Study Note 17 : Advance Tax

 

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18  Return & PAN

 

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19   Amendments for May 2021 – By Cotha Srinivas

 

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02  Residential Status

 

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05  Income under Head Salaries

 

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07    Income under Head Profits and Gains of Business or Profession

 

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05   Income of Other Persons included in Assessee’s Total Income

 

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07   Deductions from Gross Total Income

 

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09    Income under Head Income from other Sources

 

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11    Set Off and Carry Forward of Losses

 

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12    Deductions in Computing Total Income

 

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15     Tax Deducted at Sources (TDS), Study Note 16 : Tax Collection at Sources & Study Note 17 : Advance Tax

 

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18  Return & PAN

 

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About Direct 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.

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. Need to know how to compute taxable income of an assessee. Need to understand the impact of taxes on Net Income. 

 

The topics covered in Direct Taxation at the CMA Intermediate level is,

  • You will be introduced to the basic principles of the Income Tax Act, 1961 
  • You will understand how to compute total income of an assessee thereby identifying the tax liability 
  • You will have to analyse the tax assessment procedures 

 

The best approach to studying direct taxation 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. Keep visiting the ICMAI website for the latest notifications and amendments related to the paper. 

Faculty

CA Jose Kurian
CA Jose Kurian
CA Ram Patil
CA Ram Patil
CA Cotha S Srinivas
CA Cotha S Srinivas

Resources

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