CMA Intermediate Paper 7 | Direct Taxation

About Direct Taxation

Taxation is the system by which a government finances its expenditure by charging compulsory levies on individuals or business entities. These compulsory levies are known as taxes.Direct taxes are those taxes paid directly by an individual or business entity to the Government.

Your main goal as a CMA is profitability analysis and budget preparation. To do this effectively, you need to understand all expenses of the company. Hence you must gain an understanding of the framework under which an individual or a business entity is taxed.Need to know how to compute taxable income of an assessee.Need to understand the impact of taxes on Net Income.

The topics covered in Direct Taxation at the CMA Intermediate level is,

You will be introduced to the basic principles of the Income Tax Act, 1961
You will understand how to compute total income of an assessee thereby identifying the tax liability
You will have to analyse the tax assessment procedures

The best approach to studying direct taxation is,

Analyse and understand the provisions under the Act by looking at practical applications. Do not memorise; place greater emphasis on understanding concepts
Go through past papers to get an idea of the kind of questions that will be asked in the paper
Do not study just for the sake of passing. You need to know the concepts well to succeed in your professional career
Provisions and methods of assessment under the Income Tax Act, 1961, keep changing. As such ICMAI keeps updating the syllabus to reflect these changes. Keep visiting the ICMAI website for the latest notifications and amendments related to the paper

1 Basic Concepts

Lecture icon 4 Lectures Know More

2 Residential Status

Lecture icon 5 Lectures Know More

3 Income, which do not form part of Total Income

Lecture icon 3 Lectures Know More

4 Income for Salaries

Lecture icon 11 Lectures Know More

5 Income form House Property

Lecture icon 6 Lectures Know More

6 Profits and Gains of Business or Profession

Lecture icon 12 Lectures Know More

7 Capital Gain

Lecture icon 12 Lectures Know More

8 Income from Other Sources

Lecture icon 5 Lectures Know More

9 Clubbing of Income

Lecture icon 3 Lectures Know More

10 Set-Off and Carry Forward of Losses

Lecture icon 3 Lectures Know More

11 Deduction from Gross Total Income

Lecture icon 7 Lectures Know More

12 Computation of Total Income and Tax Payable

Lecture icon 6 Lectures Know More

13 Advance Tax, Tax Deduction at Source and Introduction to Tax Collection at Source

Lecture icon 8 Lectures Know More

14 Return of Income

Lecture icon 3 Lectures Know More

1 Basic Concepts

Lecture icon 11 Lectures Know More

2 Residential Status

Lecture icon 4 Lectures Know More

3 Agricultural Income

Lecture icon 3 Lectures Know More

5 Income Under Head Salaries

Lecture icon 9 Lectures Know More

6 Income from House Property

Lecture icon 5 Lectures Know More

7 Income Under Head Profit and Gains from Business or Profession

Lecture icon 21 Lectures Know More

8 Capital Gains

Lecture icon 15 Lectures Know More

9 Income from Other Sources

Lecture icon 6 Lectures Know More

10 Income of Other Persons Included in Assessee's Total Income

Lecture icon 3 Lectures Know More

11 Aggregation of Income, Set-Off and Carry Forward of Losses

Lecture icon 3 Lectures Know More

12 Deductions From Gross Total Income

Lecture icon 6 Lectures Know More

14 Assessment of Various Persons

Lecture icon 3 Lectures Know More

1 Basic Concepts

Lecture icon 3 Lectures Know More

2 Residential Status

Lecture icon 3 Lectures Know More

3 Agriculture Income & Study Note 4 : Income, which do not form part of Total Income

Lecture icon 4 Lectures Know More

5 Income under Head Salaries

Lecture icon 11 Lectures Know More

6 Assessment of Various Persons

Lecture icon 4 Lectures Know More

7 Income under Head Profits and Gains of Business or Profession

Lecture icon 12 Lectures Know More

8 Income under Head Capital Gains

Lecture icon 11 Lectures Know More

9 Income under Head Income from other Sources

Lecture icon 4 Lectures Know More

10 Income of other Persons included in Assessees Total Income

Lecture icon 2 Lectures Know More

11 Set Off and Carry Forward of Losses

Lecture icon 3 Lectures Know More

12 Deductions in Computing Total Income

Lecture icon 7 Lectures Know More

12 Deductions in Computing Total Income

Lecture icon 5 Lectures Know More

15 Tax Deducted at Sources & Study Note 17: Advance Tax

Lecture icon 4 Lectures Know More

15 Tax Deducted at Sources (TDS), Study Note16: Tax Collection at Sources & Study Note17: Advance Tax

Lecture icon 6 Lectures Know More

18 Return & PAN

Lecture icon 2 Lectures Know More

18 Return & PAN

Lecture icon 1 Lectures Know More

19 Amendments for May 2021 - By Cotha Srinivas

Lecture icon 2 Lectures Know More

Learn on the go!

Resources

Learn on the go!

Resources

Paper 7

Direct Taxation

About Direct Taxation

Duration: 3 hours

Faculty

Resources

Direct Taxation

1 Basic Concepts

2 Residential Status

3 Income, which do not form part of Total Income

4 Income for Salaries

5 Income form House Property

6 Profits and Gains of Business or Profession

7 Capital Gain

8 Income from Other Sources

9 Clubbing of Income

10 Set-Off and Carry Forward of Losses

11 Deduction from Gross Total Income

12 Computation of Total Income and Tax Payable

13 Advance Tax, Tax Deduction at Source and Introduction to Tax Collection at Source

14 Return of Income

1 Basic Concepts

2 Residential Status

3 Agricultural Income

5 Income Under Head Salaries

6 Income from House Property

7 Income Under Head Profit and Gains from Business or Profession

8 Capital Gains

9 Income from Other Sources

10 Income of Other Persons Included in Assessee's Total Income

11 Aggregation of Income, Set-Off and Carry Forward of Losses

12 Deductions From Gross Total Income

14 Assessment of Various Persons

1 Basic Concepts

2 Residential Status

3 Agriculture Income & Study Note 4 : Income, which do not form part of Total Income

5 Income under Head Salaries

6 Assessment of Various Persons

7 Income under Head Profits and Gains of Business or Profession

8 Income under Head Capital Gains

9 Income under Head Income from other Sources

10 Income of other Persons included in Assessees Total Income

11 Set Off and Carry Forward of Losses

12 Deductions in Computing Total Income

12 Deductions in Computing Total Income

15 Tax Deducted at Sources & Study Note 17: Advance Tax

15 Tax Deducted at Sources (TDS), Study Note16: Tax Collection at Sources & Study Note17: Advance Tax

18 Return & PAN

18 Return & PAN

19 Amendments for May 2021 - By Cotha Srinivas

Choose Your Plan

Basic

₹ 3,500/-*

Silver

₹ 17,220/-*

Gold

₹ 29,850/-*

Gold Plus

₹ 40,950/-*

Learn on the go!

DOWNLOAD APP