JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD

22BBA405: BUSINESS TAXATION

BBA (Data Analytics) IV Semester (R22)

Overview

Course objectives:

To learn the importance, types and sources of business taxes.
To understand the residential status and provisions for income tax.
To understand the income from salary and other source of an individual.
To learn the Goods and Sales Tax applicable to business and amendments.
To understand the Services and Central Excise imposed into a global trading.

Course Outcomes:

To apply principle of taxation to business.
Analyze the income earned during the assessment year by House property and business.
Analyze the income earned from salary and other sources for tax filing purpose.
Able to adopt the Goods and Sales Tax to the selected business.
Able to impose the Service and Central Excise Tax on export and import business.

UNIT - I: A Framework for understanding Taxes

Introduction, Constitution and Taxation, taxes importance in decision Making, types of taxes, Basic principles of Taxation, Sources of Tax laws, important principles and concepts in tax law, SAVANT Framework.

UNIT - II: Income Tax

Introduction to Income tax, Persons to whom the act applies, Residential status, Previous year and assessment year, heads of Income, exemptions. Income from House Property-Annual value, annual value of residential Property, Deduction from annual value. Income From Business: Revenue expenditure, time and cost acquisition, Special Provisions.

UNIT - III: Income from Salary and Other Sources

Salary and dearness allowances, House rent allowances, Retirement benefits, Salary and Income Tax, Exemptions from the act, Dividend and Interest, Hiring of Plant and Machinery, gift and inheritance.

UNIT - IV: Goods and Sales Tax

Introduction to indirect taxation, sales, work, service contract, sales and hire purchase, sales by clubs and Societies, scope of ‘Goods’. Dealers, Charges of sales tax, Liability to pay tax, Central tax.

UNIT - V: Service and Central Excise tax

Scope of ‘Service Tax’, Charge of Service Tax, Taxable value, Service provider as agent, services and sale of goods, charges of service tax, Manufacturer or produced Goods, Scope of ‘Goods’, Inclusion in the tariff act, manufacturer, charge of customs duty, cargo import, Import of Baggage, Import through Courier and Import by Post.