ICWA INTERMEDIATE DIRECT TAX
SECTION A: INCOME TAX [75 MARKS]
1. Income Tax Act, 1961 –
Basic Concepts and definitions
Background, concepts, definitions
Capital and revenue – receipts, expenditures
Basis of charge and scope of total income
Residential Status and Incidence of Tax
(b) Tax Accounting Standards by the Central Board of Direct Taxes (CBDT)
2. Incomes which do not form part of Total Income [Sec.10, 10A, 10B and 11 to 13A]
3. Heads of Income and Computation of Total Income under various heads
Income from Salaries
Income from House property
Profits and gains from Business or Profession
Capital Gains
Income from Other Sources
4. Income of other persons included in Assessee’s Total
5. Taxation of Individuals including Non-residents, Hindu Undivided Family, Firms, LLP,
6. Corporate Transction- classification ,tax incidence ,computation of taxable income and ssessment of tax liability
7. Tax Deduction at Source, Tax Collection at Source, Recovery and Refund of Tax, Advance Tax, Refunds
8. Tax Planning and Tax Management
SECTION B: WEALTH TAX
9. Wealth Tax Act, 1957
Wealth Tax Act has been abolished w.e.f. A.Y. 2016-2017
SECTION – C – INTERNATIONAL TAXATION [25 MARKS]
10. International Taxation and Transfer Pricing
Basic concepts of International Taxation and Transfer Pricing
Residency issues, source of income, tax heavens, withholding tax, unilateral relief, double taxation
avoidance agreements
Transfer Pricing – concepts, meaning of International transactions
Costing Issues in Transfer Pricing
Computation of Arm’s length Price – methods
Governance through application of generally accepted cost accounting principles and techniques for
assessment of arm’s length price – a measure to curb revenue leakages/tax evasion
Reference to Cost Accounting Records and Cost Audit Reports.
General Anti-Avoidance Rules (GAAR) – concept and application
Advance Pricing Agreement (APA) – concept and application