Direct Tax and Indirect Tax Notes are two main categories of taxes levied by governments. Direct taxes are those that are directly imposed on individuals and organizations, based on their income, wealth or property. These taxes are paid directly to the government by the taxpayer and cannot be shifted to others.
“Direct Tax and Indirect Tax Notes“ These taxes are not directly paid by the taxpayer but are included in the price of products and services. Examples of indirect taxes include Goods and Services Tax (GST), excise duty and sales tax. It also provides valuable insights into resource utilization and cost-saving All notes provided by Study Hub Zone
Direct Tax and Indirect Tax Notes: ALL UNITS
Unit 1: Introduction to Taxation
Taxation is the process by which governments collect financial contributions from individuals and businesses to fund public services and infrastructure.
Unit 2: Direct Taxes
Direct taxes are taxes that are levied directly on an individual’s or organization’s income, wealth or property.
Unit 3: Indirect Taxes
Indirect taxes are taxes that are levied on goods and services rather than on income or profits.
Unit 4: Filing Returns and Compliance
Filing returns and compliance refer to the process of submitting required tax documents and ensuring adherence to tax laws and regulations.
Unit 5: Contemporary Issues
Contemporary issues refer to the current and ongoing challenges or topics that are of significant relevance in today’s world.
Syllabus: Direct Tax and Indirect Tax
UNIT – 1
(a) Introduction to Taxation:
Meaning, objectives, and types of taxes – direct and indirect
Features and differences between direct and indirect taxes
Canons of taxation
Basic tax structure in India
(b) Overview of Indian Tax System:
Constitutional provisions regarding taxation
Central and State taxation
Important tax authorities – CBDT, CBIC
UNIT – 2
Direct Tax – Basics of Income Tax:
Concept of Income, Assessee, Assessment Year, and Previous Year
Residential status and incidence of tax
Exempted incomes under Section 10
Gross Total Income and Total Income
UNIT – 3
Heads of Income:
(a) Income from Salary – basic concepts, allowances, perquisites, and deductions
(b) Income from House Property – computation of GAV, NAV, standard deduction
(c) Income from Business and Profession – basic provisions (simple overview)
(d) Income from Capital Gains – short-term and long-term
(e) Income from Other Sources
Deductions under Chapter VI-A (80C to 80U)
UNIT – 4
Filing of Returns and Tax Computation:
PAN, TAN, TDS – concepts and provisions
Filing of income tax returns (ITR forms – overview)
Advance tax and self-assessment tax
Tax planning vs. tax avoidance vs. tax evasion
UNIT – 5
Indirect Taxes – GST and Customs:
Goods and Services Tax (GST):
Overview, features, and structure – CGST, SGST, IGST
GST Council – composition and functions
GST registration and returns (basic understanding)
Input Tax Credit (ITC) and GST invoice
Customs Duty:
Basic concepts, types of customs duties
Valuation and exemptions under customs