LTL100 | Taxation Law

This course will introduce students to the various important and relevant provisions of the Income-tax Act, 1961, the Goods and Services Tax, 2017 (GST) and some fundamental international tax law provisions. All topics are introductory, given the timelines involved.

In the area of income tax, this course will be concerned with the concepts of taxation (i.e. key definitions, basis of charge and scope of total income, residence, exempt income, etc.), various heads of income (i.e. salary, income from house property, profits and gains of business or profession, capital gains and income from other sources), carry forward and set off of losses and deductions, administration and procedure (i.e. assessment and appeals under Income-tax Act), tax deduction at source and other miscellaneous provisions.

In the area of international tax, this course will discuss the concepts of nexus and source in the context of cross border corporate acquisitions, sales and services, ask the students to understand the links between Indian tax law and international tax treaties and how each of the two fields is enriched by an understanding of the other, provide a critique of the leading cases in this area (e.g. Vodafone and Sanofi) and introduce students to the debates concerning tax avoidance and General Anti-Avoidance Rules (GAAR).

Regarding GST, this course will be concerned with the idea of a consumption tax, a value added tax, the definitions of supply, goods, services, consideration and a taxable person. The course will discuss the requirements relating to input tax credit, the rates of tax, exemptions and valuations. The course will discuss the important distinctions between Central GST (CGST), State GST (SGST) and Inter-state GST (IGST).