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Saturday, December 29, 2018

Gauhati University - M.Com Distance Syllabus: Tax Planning

4.16 Tax Planning
Unit I: Meaning concept of tax planning and tax management- distinction between tax planning, tax evasion and tax avoidance with illustrations. Tax planning through selection of suitable form of business organization, selection of type of business and industry and location; diversion of income and application of income.

Unit II: Tax planning through the provisions of section 10 of the Income Tax Act. Relating to 'tax free incomes' - tax planning in regard to salary income of an individual; deductions and exemptions allowed in computing income nom salaries and income from house property. Tax planning in regard to setting up and dates of commencement of business, make or buy decision; valuation of stock and export and domestic sales decision.

Unit III: Capital assets in the context of capital gains and assets outside the purview of capital gains taxation of long term and short term capital gains and exemptions thereof for tax planning purposes.

Unit IV: Tax planning in regard to residuary and non-residuary headings of income from other sources; taxability of interest on government securities and dividend-from Indian companies- Tax planning and clubbing of incomes under section64 of the IT Act. Important factors to be considered in regard to tax planning in case of an individual with reference to splitting of income and investment of surplus funds in selected securities. Tax planning and tax deducted. At source and advance payment of tax by an individual assesses.

Unit V: Tax planning by a partnership firm assessed as such and as association of persons. Tax planning by company through the timing of payment of statutory dues, joint ventures abroad and foreign collaboration and transfer from holding company to subsidiary. Function of the tax planning department of a company Fringe benefit tax,

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