Title LB-701 PRINCIPLES OF TAXATION.pdf ✅

Himachal Pradesh National Law University, Shimla Semester-II Academic Session 2023-24 Paper Code: LB-701 Page 1 PRINCIPLES OF TAXATION Course Outline: - The course titled ‘Principles of Taxation’ is designed to make the students acquainted with the general principles of taxation, the nature of taxes, types of taxes, and tax administration. The course primarily deals with direct taxes, and provisions relating to indirect will be cited as reference only. The course will enable the student to have deeper insight into the principles and practices of taxation laws, along with the core principles, and the constitutional and fundamental nuances of taxation. It further provides the theoretical and philosophical underpinnings of the taxation laws. The course will cover the types of income such as salary, income from house property, profits and gains from business and profession, Capital Gains, Income from Other Sources, the importance of resident status in taxation, and agricultural income. It will further discuss issues like clubbing of income, set-off and carry-forward rule, faceless assessment, and the tax administration. The course further examines the history and prospects of tax reforms by tracing the reform process introduced to date in the Indian taxation system. Course Objectives: -The primary objectives of this course are: - i. To provide students with a deep understanding of the functions and concepts of the taxation laws, along with the theoretical understanding. ii. To explore the nature and types of taxation with a focus on direct taxation in India. iii. To make the student acquainted with heads of income and related provisions under the Income Tax Act, 1961. iv. To explore the nuances of the direct taxation system and the judicial approach towards interpreting the Income Tax Act, 1961.