Master of Management Studies (M.M.S) Direct and Indirect Taxes Syllabus - Mumbai University 2026

Course objectives

• 1 To introduce foundational concepts, definitions, and provisions of Indian Income Tax and Indirect Tax laws.
• 2 To enable practical computation of taxable income, GST liability, and customs duties for various entities.
• 3 To cultivate analytical skills for evaluating tax liabilities of individuals and corporations under current tax regulations.
• 4 To enhance awareness of ethical considerations in tax planning and strategies to differentiate avoidance, evasion, and compliance.
• 5 To familiarize students with recent reforms and trends in direct and indirect taxation, emphasizing their impact on economic governance.

Course outcomes

• CO1: Understand the core concepts, provisions, and definitions under the Indian Income Tax Act and Indirect Tax Laws.
• CO2: Apply provisions of Income Tax, GST, and Customs laws to compute taxable income and duties.
• CO3: Analyze and compute tax liabilities for individuals, corporates, and indirect tax transactions
• CO4: Evaluate ethical and legal dimensions of tax planning, avoidance, and evasion under both direct and indirect tax frameworks.
• CO5: Assess the impact of recent reforms in direct and indirect taxation on compliance, administration, and economic governance.

Unit 1 CO1 · 3 hours

Indian Income Tax Act- • Concepts and definitions • Residential status • Heads of income (Salary, House property, profits and gains of business and profession, capital gains and income from other sources)

Unit 2 CO2, CO3 · 6 hours

• Computation of Total Income and Determination of Tax Liability – Individuals

Unit 3 CO2, CO3 · 6 hours

• Computation of Total Income and Determination of Tax Liability – Corporates • Other provisions like, PAN, TDS, Advance Tax, interest and penalty, assessment and appeals

Unit 4 CO2, CO3 · 3 hours

• Indirect Taxes - o GST – Supply as Basis of charge, Input Tax Credit, Types of GST – CGST, SGST and IGST

Unit 5 CO2, CO3 · 3 hours

• Indirect Taxes - o Custom Act – Basic provisions related to import and export

Unit 6 CO4, CO5 · 6 hours

• Tax Planning, Tax Evasion, and Tax Reforms in India • Concept of tax planning vs tax avoidance vs tax evasion • Legitimate tax planning for individuals and corporates • GAAR (General Anti-Avoidance Rules) and its implications • Major tax reforms in India post-1991 (Direct and Indirect Taxes) • Recent trends: Faceless Assessment, Vivad Se Vishwas Scheme, Digital Taxation • Role of tax administration and policy in economic development

Unit 7 CO4, CO5 · 3 hours

Case Discussions and Class Presentations

Textbooks

• 1 ‘Students’ Guide to Income Tax including GST’, Singhania, V. K. & Singhania, Monica, Publisher: Taxmann Publications
• 2 ‘Systematic Approach to Income Tax including GST’, Ahuja, Girish & Gupta, Ravi, Publisher: Wolters Kluwer

Reference Books

• 1 ‘Income Tax Law and Accounts’, Mehrotra, H.C. & Goyal, S.P., Publisher: Sahitya Bhawan Publications
• 2 ‘Indirect Taxes Law and Practice – GST & Customs’, Datey, V.S., Publisher: Taxmann Publications
• 3 Bare Acts & Circular Compilations - Income Tax Act & GST Acts with Rules, Circulars, and Notifications, Publisher: Commercial Law Publishers / Taxmann