Corporate Taxation

Introduction and Corporate Tax Planning (Lecture 10) i.

Background of Taxation system in India; Vital Statistics; Layout; Administration.An overview of Finance Bill, ; Important definitions under Income Tax Act, 1961; Distinction between Capital and Revenue Receipts and Expenditure; Residential Status & Basis of Charge; Scope of Total Income; Tax Rates.

Incomes not included in Total Income; Tax holidays.

ii.

Computation of Total Income and Tax Liability of various entities : Individual; Hindu Undivided Family ‘HUF’; Alternate Minimum Tax (AMT); Partnership Firm / LLP; Co-operative Societies; Association of Person ‘AOP’ and Body of Individual ‘BOI’ Taxation of non resident entities Political Parties; Electoral Trusts; Exempt organization –Registration u/s12A/12AA; iii.

Classification and Tax Incidence on Companies : Computation of taxable income and tax liability of Company including foreign company; Dividend Distribution Tax; Minimum Alternate Tax ‘MAT’; Other Special Provisions Relating to Companies; Equalization Levy.