TAXATION LAW

DIPLOMA COURSE IN TAXATION LAWS

Every candidate for the admission to the course for the Diploma in Taxation Laws must have passed the Bachelor’s degree examination in any faculty either of this university or of other University whose examination is recognised equivalent to the corresponding examination of this University. The duration of the course shall be one academic year. There shall be two lectures of 50 minutes per week per paper. The rules with regard to attendance for the Diploma shall be the same as in the Faculty of Law. The Diploma examination shall be held at the end of every academic year on the dates to be announced by the University.

Candidates will be examined in the following subjects of the examinations.

1) General Laws affecting Taxation

2) Income Tax

3) Wealth Tax and Gift Tax

4) Central and State Sales Tax Laws

5) Book Keeping and Accountancy

The following are the syllabi in the various subject of the examinations.

PAPER I –

GENERAL LAWS AFFECTING TAXATION

1. Constitution :

  • Procedure for enactment of Tax
  • The legislative competence
  • Freedom of Trade and Commerce.

2. Hindu Law :

  • Persons to whom law applies.
  • Mitakshara concept of members and coparcener in Hindu Law with reference to their rights.
  • Intestate and testamentary succession in respect of coparcenary interest and separate property, Joint tenancy in Common.

3. Indian Partnership :

  • Essentials of a valid partnership,
  • Definitions of partnership, Partner, firm and firm name.
  • Relations of partner to one another,
  • Effect of admission of minor to the benefit of partnership.
  • Relation of partners to third parties.

4. Transfer of Property Act. :

  • Concept of immovable property and Transfer of immovable property through sale.
  • Effect of Registration of document of transfer.
  • Transfer by gifts, Liability of Universal donee.
  • Fraudulent Transfer.
  • Transfer of actionable claims.

5. Evidence Act

  • Opinions of Experts
  • Facts when need not to be proved.
  • Public and Private documents.
  • Burden of proof
  • Examination and cross examination of witness.

6. Civil Procedure Code :

  • Issue and service of summons to witness and other parties
  • Inherent powers of authorities conducting Judicial proceedings.

7. Indian Trust Act :

  • Settler, Trustee and Beneficiary Essentials of a valid trust.
  • Essentials of a Valid Trust.
  • Obligations in the nature of trust.
  • Duties of trustees.
  • Discretionary trusts.

8. Indian Succession Act :

  • Execution of privileged and unprivileged wills.
  • Registration of wills.
  • Procedure regarding probate, letters of administration & succession certificates.

PAPER II –

Income Tax

  1. Income Tax Act, 1961 as amended upto date.
  2. (Characters IX, X, XI, XII, XVIII & XX – A Omitted).

PAPER – III

Wealth and Gift Tax

  1. Wealth Tax Act, 1957 as amended upto date.
  2. Gift Tax Act, 1958 as amended upto date.

PAPER –  IV

  1. Central and Sales Tax Laws
  2. Sales Tax, Act 1956.
  3. Bombay Sales Tax, 1959.

PAPER –  V

Book Keeping and Accountancy – Suggested Readings

1. Double. Entry Book-keeping by J. R. Batliboy

2. Advanced Accounting by J. R. Batliboy

3, Practical Auditing by Ghatalia

4. Practical Book – Keeping and Accountancy by Nanbhoy S. Davar

The course for Paper V (Book-Keeping and Accountancy) of the Diploma in Taxation Laws will he the following :

1. Fundamentals of Double entry Book-Keeping, Cash Book, Ledger, Subsidiary Books, Journal, etc. including rectification of errors, Types of Cash-book, reconciliation statement.

2. Bill Transactions including Accommodation Bills.

3 Manufacturing and Profit and Loss Account, Preparation of Balance sheet-Location of Difference in Trial Balance etc. Suspence Account.

4. Receipts and payments statement and Income an Expenditure Account. Distinction between Capital an Revenue expenditure.

5. Single entry system of accounts and preparation of Fin statements from incomplete records.

6. Partnership accounts excluding the following :

  • Sale to or conversion into a limited company
  • Distribution of assets (including cash) amongst the partner on dissolution.

7. Departmental Accounts.

8. Consignment and Joint Venture Accounts.

9. Accounts of Limited Companies including issue of shares and Debentures but excluding Debentures and Preference Share redemption transactions and also excluding the following :

  • Amalgamation, Absorption and Reconstruction
  • Holding Companies Insurance and Banking companies.
  • Double Account System.

10. Methods of Depreciation and various types of reserves an provisions.

11. Valuation of Goodwill.

STANDARD FOR PASSING THE EXAMINATION

Each paper shall carry 100 marks. A candidate who secures minimum 40% marks in each paper mind an aggregate of 50% on whole shall be declared to have passed in Second class.

A candidate who secures minimum 40% of marks in each paper and 60% in aggregate shall be declared to have passed in the first class. In addition to paragraphs (b) and (c) above if a candidate secures 75% and above marks in any subject he shall be declared to have obtained Distinction in the said subject.

Rules regarding exemption : The candidate who obtains at least 50 percent of the total marks in at least two papers shall at his option be exempted from the paper/s at a subsequent examination. He shall however has to pass in the remaining paper/s in accordance with the standard of passing laid down above.

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