ONE YEAR ADVANCED DIPLOMA IN CORPORATE TAXATION

(offered in collaboration with TAXMANN)

SEMESTER – I

1.1 FOUNDATIONS OF CORPORATE TAXATION AND TAXATION OF CORPORATE PROFITS PART I

Module I

Constitutional Background of Corporate Taxation- Application of Income-tax Act beyond the territorial jurisdiction of India - Source and Residence basis – Overview of basic concepts and provisions relating to companies under the Income-tax Act, 1961

Module II

Significance of Corporate Residency- Place of Incorporation- Place of effective Management-Comparative analysis of Control & Management Test with POEM-OECD Commentary- BEPS proposal- MLI recommendation-Unitary Taxation: Alternatives to C&M, POEM, POI- Brief overview- Residence-based Worldwide Taxation(RBWT)-Destination-based Cash Flow Taxation (DBCFT)-Common Consolidated Corporate Tax Base (CCCTB)

Module III

Determining tax base of corporate income- Taxable Income- Revenue Receipts and Capital Receipts- Imputed Income- House Property-Taxation of Windfalls- Receipt of Compensation towards damages, loss of agency-cancellation of indebtedness- Undisclosed incomes- Unexplained incomes, credits, investment, expenditure

Module IV

Losses and Expenditures – Revenue Expenditure and Capital Expenditure- Expenses and initial allowances- Amortisation of certain preliminary expenses Additional deductions for companies in manufacturing acquiring and installing new assets- Depreciation- Expenditures due to commercial expediency- Disallowance of expenditures owing to transgression of laws, offences and penalties- Corporate Expenditure on CSR- Schedule III of CSR and Tax neutrality

1.2 TAXATION OF CORPORATE PROFITS PART II

Module I

Taxation of Capital Gains Sec. 45, 47, Conversion of securities- Parents and Subsidiary provisions, valuation issues – Sec. 50CA and Sec. 56(2)(x)

Module II

Income from Other Sources- Taxation of Gifts and Bequests- Sec. 56 and its impact on restructuring- Carry forward and set off of losses- Sec. 79

Module III

Minimum Corporate tax - Taxes on corporation Income tax- Minimum Alternate Tax (MAT)-Fringe Benefit Tax- Equalisation Levy

Module IV

Normative Justifications for Tax Holidays- Incentive to priority sectors- Geographical Development- Tax Competition- Various Modes of Tax Holidays with examples- Exemptions and Deductions- Deduction in Respect of Profits and Gains from industrial Undertakings or Enterprise Engaged in infrastructure Development (Sec. 80[IA)- Deduction in respect of certain income of Producer Companies(Sec.80PA) - Investment allowance- Special Economic Zones- Presumptive basis of taxes- Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects

1.3 Tax implications of corporate financing, BUSINESS RESTRUCTURING AND WINDING UP

Module I

Debt v. Equity-Dividend-Interest- Inter-corporate loans - Buy-backs

Module II

Amalgamation-Definition of amalgamation-Consequences for the shareholders of amalgamating company- Consequences for amalgamating company-Consequences for amalgamated company

Module III

Demerger- Definitions- Consequences for shareholders of Demerged company- Consequences for demerged company- Consequences for resulting company-

Module IV

Slump sale- Conversion of sole proprietary business into company - Conversion of Partnership Firm into Company- Conversion of a private company or an unlisted public company into a Limited Liability Partnership

Module V

Normative dimension of taxing distribution by companies- Types of Winding Up under the Companies Act- Liquidation under Insolvency and Bankruptcy Code- Tax Implications upon companies winding up or liquidating- Tax consequences for the shareholders- Directors Liability- Discontinued Business

1.4 Assessment procedure, Appeals AND revisionS, offences and penalties

Module I

Income tax authorities-Types of Assessment-Filing of Returns by Companies-Self-Assessment-Power of IT authorities to call for information- summon, survey and search- Scrutiny Assessment-Income Escaping Assessment-Assessment in case of search and seizure-Faceless Assessment - Power of CBDT to issue circulars, instructions

Module I

Tax recovery and Tax appeal process- Appealable Orders- Appeal before the Commissioner-Faceless Scheme of Appeal- Income-tax Appellate Tribunal-Appeals to the High Court- Supreme Court-Offences-Faceless Scheme of Penalties- Penalties-Boards for Advance Ruling