Indian Institute of Foreign Trade

IIFT Bhawan, B-21, Qutab Institutional Area, New Delhi - 110016

Course: Legal Aspects and of Business & Taxation

Credits: 2

Course Introduction: This course introduces participants to key legal rules and
principles that impact the legal environment of commerce. The curriculum of the
course centers on legal concepts of fundamental importance in the business world,
particularly the laws of goods and services, income tax , partnership and companies

Course Objective : The broad aim of Legal Aspects of Business is to introduce

students to the nature, role and processes of the law and the legal system, and to
provide an overview of the operation and significance of major areas of substantive
law with a key impact on business.

Text Book / Reference Text : lecture notes and material will be provided by the
faculty.

Session Plan:

(Each session will be for 1.5 hours duration)

Sessions Topic and sub topic Reading

reference/case
1 to 4 Goods and Services Tax Lecture PPT

 Framework before GST , Need for GST

 Basic concepts of GST ,
 Concept of supply
 Levy of GST
 Exemptions from GST
 Reverse charge mechanism
 Input tax credit
  Registration
 Tax invoice
 Returns
 E-invoices and E-waybill.
Companies Act 2013
5 to 8 Lecture PPT
 Salient features of a company,
 Types of companies
 Maintenance of books of account,
 Analysis of financial statements
 Accounting standards
Income tax Act 1961
9 to 11 Lecture notes
 Basic concepts of income tax
 Residential status,
 Exempted incomes
 Heads of Income
 Tax returns
Partnership Act 1932
12 Hand outs
 Essentials of partnerships
 Partnership deed
 Taxation of firms

Negotiable Instruments Act, 1881

13 Lecture PPT
 Features of Negotiable Instruments