Welcome to the Cost and Works Accountants of India . We are a premier, dynamic, vibrant professional institution actively associating itself in the industrial and economic development of the nation. The profession places itself at the service of the nation, government, industry, and the society to realise the objectives of a welfare state resulting in the prosperity and the well being of its people - a fact increasingly realised with the opening up of the country's economy and change in the economic scenario of the world. In today's world, the profession of conventional accounting and auditing has taken a back seat and accountants increasingly contribute towards the management of scarce resources like funds, land and apply strategic decisions. This has opened up further scope and tremendous opportunities Cost and Works accountants to shoulder responsibility as Cost and Management Accountants in accordance with new dimensions and vision here in India and abroad. Members of this profession will be the driving force in the team of management while in employment and a key consultant, an effective Cost and Management Auditor and an appropriate advisor in place. This is why Cost Accountants in India are called Management Accountants all over the world. Its our other name. We invite you to browse through our web site. Complete Information on our working, history and professional accredition are all available here.
· To understand the provisions of direct tax laws
· To gain knowledge on procedural aspects for filing tax returns for various assesses and other statutory compliances
* To get knowledge of various tax incentives and benefits under direct taxes
* To know applications of tax provisions in various cases
1. Direct Taxes- Comprehensive Study. 50%
* Overview of Direct Tax Laws
* Direct versus indirect taxes, taxable person
* Basic Concepts.
* A comprehensive study of the Income-tax Act, 1961; case laws governing capital and revenue expenditure, deemed income, residence concept.
* Special problems centering on the concept of assessees, registered firm, Hindu Undivided Family, Companies, Association of persons and trust, minors, cooperatives, non-resident Indians and avoidance of double taxation.
* Salaries, perquisites, gratuity and retirement benefits, income from house property, capital gains, income from other sources, income from business and profession, problems arising from aggregation of income and set off and carry forward of losses,
* Computation of income and Return of Income Tax, Filing procedure, Principles of valuation of movable and immovable property. Advance payment of Tax.
*Deduction and collection of tax at source.
* Tax incentives and export promotion schemes, other benefits and tax exemptions.
* Assessment, appeals, revisions, review, rectification and application to Central Board of Direct Taxes.
* Penalties ,Fines and prosecution.
* Securities Transaction Tax.
* Fringe Benefit Tax.
* Banking Cash Transaction Tax.
* Wealth Tax.
2 Practical problems and case studies under Direct Taxes. 50%
This pdf is the course material of ICWAI Group 1 paper 5. This pdf will helpful for ICWAI students and also who want to know about Applied Direct Taxation
Please seed .......... and if u want the pdf of remaining papers please ask me .. i will upload it....