Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation – You want to learn about Direct Tax Laws and International Taxation syllabus, so you have chosen the right place, In this post, we will talk about Direct Tax Laws and International Taxation subject.

Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation

Revised Scheme of Education and Training: Bridging the competence gap

The role of a chartered accountant is evolving continually to assume newer responsibilities in a dynamic environment. There has been a notable shift towards strategic decision making and entrepreneurial roles that add value beyond traditional accounting and auditing. The causative factors for the change include globalization leading to an increase in cross-border transactions and consequent business complexities, significant developments in information and technology and financial scams underlining the need for a stringent regulatory setup. These factors necessitate an increase in the competence level of chartered accountants to bridge the gap in competence acquired and competence expected from stakeholders. Towards this end, the scheme of education and training is being continuously reviewed so that it is in sync with the requisites of the dynamic global business environment; the competence requirements are being stepped up to enable aspiring chartered accountants to acquire the requisite professional competence to take on new roles. Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation Syllabus

Concurrent Practical Training along with academic education: Key to achieving the desired level of Professional Competence

Under the Revised Scheme of Education and Training, at the Final Level, you are expected to apply the professional knowledge acquired through academic education and the practical exposure gained during articleship training in addressing issues and solving practical problems. The integrated process of learning through academic education and practical training should also help you inculcate the requisite technical competence, professional skills, and professional values, ethics and attitudes necessary for achieving the desired level of professional competence. Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation Subject

Direct Tax Laws and International Taxation: Dynamic Subject Area

Direct Tax Laws is one of the dynamic subjects of the chartered accountancy course. The subject “Direct Tax Laws and International Taxation” at the Final level is divided into two parts, namely, Part I: Direct Tax Laws for 70 marks and Part II: International Taxation for 30 marks. Part I: Direct tax laws comprises the law and procedures under the Income-tax Act, 1961. The direct tax laws of the country undergo significant changes every year with the passing of the annual Finance Act. Apart from these significant amendments ushered in every year through the Finance Act, notifications and circulars are also issued from time to time by the Central Board of Direct Taxes (CBDT), the statutory authority in charge of the administration of direct taxes, to implement the provisions of the Act and clarify issues regarding the meaning and scope of certain provisions. Further, decisions are pronounced by various Courts interpreting the provisions of tax laws. Direct Tax Laws and International Taxation

With increased cross-border transactions and the whole world virtually becoming one market there is a need for chartered accountants to enhance their knowledge base in international taxation. Countries across the globe are entering into tax treaties to avoid double taxation of a single transaction. In a highly advanced IT-enabled business scenario where an entity operates from many establishments spread throughout the globe, chartered accountants have to be well versed with the nuances of international taxation to be able to give an informed and correct advice and ensure compliance with tax laws. With this objective, a dedicated part on International Taxation has been introduced in the Revised Scheme of Education and Training for 30 marks in Paper 7 – Direct Tax Laws and International Taxation.

Direct Tax Laws and International Taxation Finance Act and Assessment Year

This Study Material is based on the provisions of direct tax laws as amended by the Finance Act, 2018 and the significant notifications and circulars issued up to 30th April, 2018. The computational problems have been solved on the basis of the provisions of law applicable for A.Y.2019-20. The Study Material is, therefore, relevant for May 2019 and November, 2019 examinations. The amendments made by the Finance Act, 2018 and latest notifications/circulars are indicated in italics/bold italics in the Study Material. The significant circulars and notifications issued up to 31st
October 2018 and 30th April 2019, but not covered in this Study Material, would be given as Statutory Update in the Revision Test Paper (RTP) for May 2019 and November 2019 examinations, respectively. Likewise, a Judicial update containing latest significant court rulings relevant for May 2019 and November 2019 examinations, not covered in this Study Material, would be web hosted at the BOS Knowledge Portal on the Institute’s website icai.org.

Direct Tax Laws and International Taxation Act & Rules

At the Final level, along with the Study Material, students are also advised to read the Income-tax Act, 1961 and Income-tax Rules, 1962, available at the website of the income-tax department incometaxindia This will help understand the language of law and sequence of sections and rules. The circulars and notifications issued by CBDT, the income-tax return forms, important provisions relating to firms, companies, trusts, FAQs etc. are also available on this website. Students are advised to visit the income-tax department’s website and enhance their knowledge.

Direct Tax Laws and International Taxation for Final (Old) Paper 7 Direct Tax Laws

This Study Material is also relevant for Final (Old) Paper 7 Direct Tax Laws, with the exception of chapters 6,7 and 8 in Module 4. In effect, all chapters in Modules 1, 2 and 3 and Chapters 1 to 5 in Module 4 are relevant for Final (Old) Paper 7 Direct Tax Laws for May 2019 and November 2019 examinations.

Direct Tax Laws and International Taxation The framework of Chapters: Uniform Structure comprising of specific components

Efforts have been made to present the complex direct tax laws in a lucid manner. Care has been taken to present the chapters in a logical sequence to facilitate easy understanding by the students. The Study Material has been divided into four modules for ease of handling by students. The first three modules are on direct tax laws and the fourth module is on international taxation. Direct Tax Laws and International Taxation

Each chapter of the Study Material has been structured uniformly and comprises of the following components:

Direct Tax Laws and International Taxation

Components of each Chapter

Direct Tax Laws and International Taxation

About the component

Direct Tax Laws and International Taxation

1. Learning Outcomes

Direct Tax Laws and International Taxation

Learning outcomes which you need to demonstrate after learning each topic have been detailed in the first page of each chapter. Demonstration of these learning outcomes would help you to achieve the desired level of technical competence. Direct Tax Laws and International Taxation

 

2. Content

Direct Tax Laws and International Taxation

The concepts and provisions of direct tax laws and international taxation are explained in a student-friendly manner with the aid of examples/illustrations/diagrams/flowcharts. Diagrams and Flowcharts would help you understand and retain the concept/ provision learned in a better manner. Examples and illustrations would help you understand the application of concepts/provisions. These value additions would, thus, help you develop conceptual clarity and get a good grasp of the topic. Direct Tax Laws and International Taxation

 

3. Exercise Questions with Answers

 

The exercise questions and answers would help you to analyze the provisions of direct tax laws and international taxation and apply the same in problem-solving, thus, sharpening your application skills. In effect, these questions would test your ability to analyze and apply the concepts/provisions learned in solving problems and addressing issues. Small case scenarios have also been given to test your analytical ability and interpretational skills. Direct Tax Laws and International Taxation

 

4. Significant Select Cases

 

The recent significant select Supreme Court and High Court rulings have been reported at the end of each chapter to help you appreciate the interpretation of the provisions of tax laws by the Courts.

 

We hope that these student-friendly features in the Study Material improves your learning curve and sharpens your analytical and interpretational skills. Direct Tax Laws and International Taxation

Direct Tax Laws and International Taxation