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

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2 Residential Status

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3 Agriculture Income &

4 Income, which do not form part of Total Income

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5 Income under Head Salaries

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6 Income under Head House Property

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7 Income under Head Profits and Gains of Business or Profession

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8 Income under Head Capital Gains

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9 Income under Head Income from other Sources

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10 Income of other Persons included in Assessees Total Income

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11 Set Off and Carry Forward of Losses

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12 Deductions in Computing Total Income

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12 Deductions in Computing Total Income

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15 Tax Deducted at Sources &

17 Advance Tax

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15 Tax Deducted at Sources (TDS), 15 Tax Collection at Sources & 17 Advance Tax

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18 Return & PAN

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18 Return & PAN

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Resources

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Resources

Paper 7

Direct Taxation

About Direct Taxation

Duration: 3 hours

Faculty

Resources

Direct Taxation

1 Basic Concepts

2 Residential Status

3 Agriculture Income &

4 Income, which do not form part of Total Income

5 Income under Head Salaries

6 Income under Head House Property

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 &

17 Advance Tax

15 Tax Deducted at Sources (TDS), 15 Tax Collection at Sources & 17 Advance Tax

18 Return & PAN

18 Return & PAN

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