CMA Intermediate Paper 7 | Direct Taxation

Paper 7 :

Direct Taxation

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Direct Taxation

Series 1

Series 2

Series 3

01 Basic Concept

4 Lectures Know More

03 Incomes which do not form part of Total Income

3 Lectures Know More

05 Income from House Property

6 Lectures Know More

07 Capital Gains

12 Lectures Know More

09 Clubbing of Income

3 Lectures Know More

11 Deduction from Gross Total Income

7 Lectures Know More

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

8 Lectures Know More

15 Miscellaneous Provisions Under Income Tax Act

2 Lectures Know More

02 Residence and Scope of Total Income

5 Lectures Know More

04 Income for Salaries

11 Lectures Know More

06 Profits and Gains of Business or Profession

12 Lectures Know More

08 Income from Other Sources

5 Lectures Know More

10 Set-Off and Carry Forward of Losses

3 Lectures Know More

12 Computation of Total Income and Tax Payable

6 Lectures Know More

14 Return of Income

3 Lectures Know More

01 Basic Concept

11 Lectures Know More

03 Incomes which do not form part of Total Income

3 Lectures Know More

06 Income from House Property

5 Lectures Know More

08 Capital Gain

15 Lectures Know More

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

3 Lectures Know More

12 Deductions From Gross Total Income

6 Lectures Know More

15 Deductions From Gross Total Income

7 Lectures Know More

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

6 Lectures Know More

02 Residential Status

4 Lectures Know More

05 Income Under Head Salaries

9 Lectures Know More

07 Income Under Head Profit and Gains from Business or Profession

21 Lectures Know More

09 Income from Other Sources

6 Lectures Know More

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

3 Lectures Know More

14 Assessment of Various Persons

3 Lectures Know More

17 Advance Tax

1 Lectures Know More

01 Basic Concept

3 Lectures Know More

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

4 Lectures Know More

06 Income under Head House Property

4 Lectures Know More

08 Income under Head Capital Gains

11 Lectures Know More

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

3 Lectures Know More

08 Computation of Total Income and Tax Payable

5 Lectures Know More

10 Income of other Persons included in Assessees Total Income

2 Lectures Know More

12 Deductions in Computing Total Income

7 Lectures Know More

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

4 Lectures Know More

18 Return & PAN

2 Lectures Know More

19 Amendments for May 2021 – By Cotha Srinivas

2 Lectures Know More

02 Residential Status

3 Lectures Know More

05 Income under Head Salaries

11 Lectures Know More

07 Income under Head Profits and Gains of Business or Profession

12 Lectures Know More

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

2 Lectures Know More

07 Deductions from Gross Total Income

7 Lectures Know More

09 Income under Head Income from other Sources

4 Lectures Know More

11 Set Off and Carry Forward of Losses

3 Lectures Know More

12 Deductions in Computing Total Income

5 Lectures Know More

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

6 Lectures Know More

18 Return & PAN

2 Lectures Know More

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 Ram Patil

CA Cotha S Srinivas

Resources

Question Paper Dec 2018

Question Paper Jun 2019

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Direct Taxation

Direct Taxation

01 Basic Concept

03 Incomes which do not form part of Total Income

05 Income from House Property

07 Capital Gains

09 Clubbing of Income

11 Deduction from Gross Total Income

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

15 Miscellaneous Provisions Under Income Tax Act

02 Residence and Scope of Total Income

04 Income for Salaries

06 Profits and Gains of Business or Profession

08 Income from Other Sources

10 Set-Off and Carry Forward of Losses

12 Computation of Total Income and Tax Payable

14 Return of Income

01 Basic Concept

03 Incomes which do not form part of Total Income

06 Income from House Property

08 Capital Gain

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

12 Deductions From Gross Total Income

15 Deductions From Gross Total Income

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

02 Residential Status

05 Income Under Head Salaries

07 Income Under Head Profit and Gains from Business or Profession

09 Income from Other Sources

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

14 Assessment of Various Persons

17 Advance Tax

01 Basic Concept

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

06 Income under Head House Property

08 Income under Head Capital Gains

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

08 Computation of Total Income and Tax Payable

10 Income of other Persons included in Assessees Total Income

12 Deductions in Computing Total Income

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

18 Return & PAN

19 Amendments for May 2021 – By Cotha Srinivas

02 Residential Status

05 Income under Head Salaries

07 Income under Head Profits and Gains of Business or Profession

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

07 Deductions from Gross Total Income

09 Income under Head Income from other Sources

11 Set Off and Carry Forward of Losses

12 Deductions in Computing Total Income

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

18 Return & PAN

About Direct Taxation

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