6.5 BUSINESS TAXATION OBJECTIVE The objective is to enable the students to understand assessment of Firms and Companies with regard to Income tax act, 1961 and to study the basics of customs duty. An equal emphasis to be given for both theory and numerical problems Scenario analysis is to be made to understand the concept UNIT-1 CUSTOMS DUTY 10 Hrs Introduction to customs duty - Customs Procedures — levy and collection of customs duty- exemptions from customs duties — goods included under customs duty ACT - Methods of Valuation of Customs Duty [including anti-dumping and safe guard duty] —Problems UNIT-2. TAX UNDER E-ENVIRONMENT 12 Hrs Filing of Income tax returns (ITR) — Types income tax return forms- benefit of filing ITR- different sections of ITR returns- document required to filing ITR —form 26AS significance retums-Advance Tax sections-Tax deducted at Source (TDS)- online payment of tax- problems on Advance Tax and TDS Unit 3: ASSESSMENT OF FIRMS 14 Hrs Definition of Partnership, Firm and Partners — Assessment of Firms (Section 184) — Computation of Firm's Business Income — Treatment of Interest, Commission, Remuneration received by ppariners(Sec 40b), Presumptive taxation (44AD) Problems on Computation of total income and tax liability of firms (Use of available software package for computation of tax liability, Related Forms and Challans) UNIT - 4 ASSESSMENT OF COMPANY 16 brs Definition of Company-Types of Companies under Income tax Act -Computation of Depreciation ‘u/s 32 -problems on computation of total income of companies- Including Minimum Altemate Tax 63(L1SIB) Applicable Deductions ws 801A , 801B, 801C, 80G - Problems on Computation of Tax Liability (Use of Software Package-Quick Books’ Electro com) UNIT - 5 TREATMENT OF TAXES UNDER DIFFERENT CASES 4 Hrs Double taxation relief,-Provisions regulating transfer pricing,-Arm’s length pricing (theory only) BUSINESS LAB ACTIVITIES Prepare chart showing different methods of valuing customs duty Prepare a chart showing residential status of companies, Collect the partners remuneration details of any partnership firms Collect financial statement of a firm and compute the taxable income Collect financial statement of a firm and compute the taxable income BOOKS FOR REFERENCE 1. Vinod K Singhania ~ “Direct Taxes - Law and Practice”, Taxmann Publications 2. HC Mehrotra and Goyal, “Direct Taxes”, Sahitya Bhavan Publications Gaur and Narang ; Direct Taxes, Kalyani Publishers # . Rajiva S. Mishra —Direct & Indirect Tax 5. Santhil & Santhil : Business taxation, 64