Syllabus of University of Pune M.com Semester II -BUSINESS TAX ASSESSMENT & PLANNING

Semester: II
Course Title: BUSINESS TAX ASSESSMENT & PLANNING
Course Code: 204
PAPER – IV
1. Objectives:
i. To provide understanding of Direct Tax including Rules pertaining there to and
application to different business situations.
ii. To understand principles underlying the Service Tax.
iii. To understand basic concepts of VAT.

UNIT – I: ASSESSMENT OF VARIOUS ENTITIES:
1. Assessment of firms and their partners
2. Assessment of Companies
3. Assessment of Co-operative Societies
4. Assessment of Local Authority
5. Assessment of Mutual Concerns
6. Assessment of Charitable Trusts
(Theory & Problems) (12 Lectures)

UNIT – II: MISCELLENEOUS
Income Tax authorities, Return of Income, Procedure for Assessment –Types of assessment,
Appeals and Revision, Deduction of Tax at Source – Advance payment of Tax – Deduction and
Collection of Tax At Source-Interest and penalties, Offences and Prosecutions – Refund of Tax.
(12 Lectures)

UNIT – III: TAX PLANNING
Meaning of tax planning and management, tax evasion and tax avoidance-Nature and scope of
tax planning and management in the corporate sector-Justification of corporate tax planning
and management. Tax Planning considerations in relation to Business.
(8 Lectures)

UNIT – IV: WEALTH TAX
Scheme of Wealth Tax-Incidence of Wealth Tax-Assets to be included in Net Wealth-Exempted
Assets-Valuation of Assets and Wealth Tax Liability -Assessment and Penalties. (Theory &
Problems)
(6 Lectures)

UNIT – V: SERVICE TAX
Service Tax: Applicability and Services covered – Valuation of taxable services for service tax –
Payment of Service Tax – Registration – Furnishing of Return – Maintenance of Record – Other
obligations (Theory only). (6 Lectures)

UNIT – VI: VAT
The Basic concept of VAT-how VAT operates-merits& demerits of VAT-a brief overview of sate
level VAT in India (4 Lectures)
(Total Lectures 48)
(. VAT is not to be studied with reference to any particular State VAT Law.)
Notes: 1.Amendments made prior to commencement of Academic Year in the relevant act
should
be considered.
2. Theory questions will carry 30% marks.
3. Problems will carry 70% marks
Scheme of Marking for Semester II
(a) Income Tax 70 Marks
(b) Wealth Tax 10 Marks
(c) Service Tax 10 Marks
(d) VAT 10 Marks
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Total Marks 100
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List of Books Recommended for Study
1. Dr. Vinod Singhania: Direct Taxes, Law and Practice
2. Dr. Bhagawati Prasad: Direct Taxes
3. Girish Ahuja and Ravi Gupta: Direct Taxes
4. T. N. Manoharan: Hand Book of Income Tax Laws
5. B.B.Lal & N.Vashisht: Direct Taxes (Pearson)
6. S. S. Gupta: Service Tax (Taxmann)`
7. R. Mohan Lavis : Service Tax (Bharat Publishers, New Delhi)

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