Business Taxation 5 Sem

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Business Taxation at the fifth-semester level provides a comprehensive understanding of the direct and indirect tax laws governing business entities in India. The curriculum primarily focuses on the core components of the Income Tax Act, 1961, for businesses and the Goods and Services Tax (GST) regime. It equips students with the practical knowledge to compute taxable income for companies, understand GST compliance, and grasp the overall impact of taxation on business decisions and financial planning.

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Income Tax for Companies: This involves computing the taxable income and tax liability for corporate entities. Key topics include understanding the concept of Minimum Alternate Tax (MAT), deductions specific to businesses (like S. 35 for R&D, S. 80-IA for infrastructure), and the provisions for Set-off and Carry-forward of Losses.
Goods and Services Tax (GST): A major part of the syllabus is dedicated to GST, covering its constitutional framework, key concepts like Supply, Place of Supply, and Time of Supply, and the calculation of tax liability using Input Tax Credit (ITC). It also covers compliance procedures like registration, filing of returns (GSTR-1, GSTR-3B), and e-way bills.
Tax Planning & Compliance: The subject moves beyond computation to introduce the fundamentals of tax planning—legally arranging financial affairs to minimize tax liability. It also covers the importance of adhering to compliance schedules, understanding tax audits, and the basics of Tax Deducted at Source (TDS) provisions for businesses.