Master of Commerce (M.Com.) Application of Direct and Indirect Taxes Syllabus - Mumbai University

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Syllabus for Application of Direct and Indirect taxes

Elective course · Semester 2 · M.Com. Business Economics · 4 credits

Module I: Introduction to Direct & Indirect Taxes and Theories of Taxation (2 CREDITS)

Unit 1 Introduction to Direct and Indirect Taxes Introduction: Historical background and Importance of taxes, Revenue of the Union, states and local bodies, Direct Taxes: Meaning, Scope and types, Indirect taxes: Meaning, scope and types.
Basics of Taxation: Objectives of taxation, Functions of taxes, Canons and principles of taxation. Features of good tax system
International Taxation: Basics of international taxation, Double taxation avoidance
agreements (DTAA), Transfer pricing and cross-border transactions, Tax Administration and Enforcement
Unit 2 Theories of Taxation Tax Incidence: Measuring Incidence, Shifting, Incidence of Tax, Modern Theory of Incidence; Alternative Concepts of Incidence; Allocative and Equity Aspects of Individual Taxes.
Taxable Capacity: Ability to Pay Approach; Theory of Optimal Taxation and Measurement of Dead Weight Losses; Excess Burden of Taxes; Shifting of Tax
Burden.
Laffer curve and Tax Incentives: Trade-off between Equity and Efficiency, the Problem of Double Taxation.

Module II: Practical application, Reforms, Authorities and Issues (2 CREDITS)

Unit 3 Practical application of direct and indirect taxes
Application of Income and property taxes: Residential status and direct taxes, Tax
treatment of salary income. Income from House Property, Basics of property income
Determination of taxable income. Deductions and exemptions, Income from Business
and Profession Business income vs. profession income
Application of Capital gain taxes and taxes on other sources of income: Income
from Capital Gains, Concept and types of capital assets, Computation of capital gains, Exemptions and rollover benefits, Income from Other Sources, Overview of income, types Taxation of interest, dividends, and other incomes Tax, Planning and Management, Tax-saving instruments and strategies Tax management and risk
mitigation
Application of Indirect taxes: GST registration and compliance, GST Law and Procedures Excisable goods and valuation, Compliance and documentation of Customs Duty, Customs valuation and clearance process Taxable services and exemptions Service tax registration and compliance
Unit 4 Reforms, Tax authorities and issues related to Indian tax system
Reforms in Direct and Indirect Taxes: Reforms in Direct and Indirect Taxes Value
Added Tax, Task Force on Implementation of FRBM Act and Kelkar Committee
Recommendations
Tax authorities and their functions: Authorities and functions of direct and indirect taxes
Assessment and audit procedures, Tax litigation and dispute resolution
Issues related to Taxation: Issues related to tax collection and revenue sharing, Issue of flexibility and adoptability of tax compliances, Tax evasion and black money, Central State
financial relations.

Suggested References

1 Dr. Vinod K. Singhania, - "Direct Taxes Ready Reckoner" by
2 Dr. Sanjiv Agarwal, - "GST: The Indian Scenario"
3 Dr. Girish Ahuja & Dr. Ravi Gupta, - "Practical Approach to Income Tax"
4 Atkinson, A. & J. Stigltiz (1980) Lectures in Public Economics, McGraw Hill,London.
5 Aurebach, A. & M. Feldstein (eds) (1987) Handbook of Public Economics, Vol.I & II, Elsevier, New York.
6 Baumol, W. J. (Ed.) (2001), Welfare Economics, Edward Elgar Publishing Ltd. U.K
7 Bhatia H. L (1996), Public Finance, (19th Ed), Vikas Publishing House, New Delhi.
8 Buchanan J. M. (1970), The Public Finances, Richard D. Irwin, Homewood.
9 Cornes, R. & T. Sandler (1986) The Theory of Externalities, Public Goods and Club Goods,Cambridge University Press, Cambridge
10 Cullis, J & P. Jones (1999) Public Finance & Public Choice, McGraw Hill, London.
11 Dasgupta, P. & A. Sen and S.Marglin (1972) Guidelines for Project Evaluation, Unido, Vienna.
12 Herber, B. P. (2004), Modern Public Finance, AITBC Publishers, New Delhi.
13 Hindriks J and Gareth D. Myles (2006) Intermediate Public Economics, Prentice-Hall Of India, Delhi.
14 Jha, Raghavendra (1998), Modern Theory of Public Finance, Wiley Eastern Ltd., New Delhi.
15 Jha, Rajesh K. (2012), Public Finance, Pearson Publication, New Delhi.
16 Lekhi, R. K. (2000), Public Finance, Kalyani Publishers, New Delhi.
17 Mankar, V. G. and L. S. Sarma (2001), Public Finance-Theory and Practice (5th Ed), Himalaya Publishing House, New Delhi.
18 Mithani, D.M. (2006), Principles of Public Finance and Fiscal Policy, Himalaya Publishing House, New Del
19 Mundle, S. (ed.) (1997) Public Finance: Policy Issues for India, Oxford University Press, Delhi.
20 Musgrave, R. A. and C. Shoup (Eds.) (1970), Readings in the Economics of Taxation, George Alien and Unwin, London
21 Myles, G. (1997) Public Economics, Cambridge University Press, London.
22 Nicholas, B. (Ed.) (2001), Economic Theory and the Welfare state, Edward Elgar, U.K.
23 Singh S.K. (1986) Public Finance in Developed and Developing Countries, S.Chand, New Delhi.

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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