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X : Income Tax and Corporate Tax Planning
1
Welcome
Syllabus
My Progress
I : Business Environment and International Business
Business Environment and International Trade
2
Concepts and elements of business environment: Economic environment — Economic systems, Economic policies (Monetary and fiscal policies); Political environment — Role of government in business; Legal environment — Consumer Protection Act, FEMA; Socio-cultural factors and their influence on business; Corporate Social Responsibility (CSR)
3
Scope and importance of international business; Globalization and its drivers; Modes of entry into international business
4
Theories of international trade; Government intervention in international trade; Tariff and non-tariff barriers; India’s foreign trade policy
5
Foreign direct investment (FDI) and Foreign portfolio investment (FPI); Types of FDI, Costs and benefits of FDI to home and host countries; Trends in FDI; India’s FDI policy
Balance of Payments and Global Institutions
6
Balance of payments (BOP): Importance and components of BOP
7
Regional Economic Integration: Levels of Regional Economic Integration; Trade creation and diversion effects; Regional Trade Agreements: European Union (EU), ASEAN, SAARC, NAFTA
8
International Economic institutions: IMF, World Bank, UNCTAD
9
World Trade Organisation (WTO): Functions and objectives of WTO; Agriculture Agreement; GATS; TRIPS; TRIMS
II : Accounting and Auditing
Accounting Foundations
10
Basic accounting principles; concepts and postulates
11
Partnership Accounts: Admission, Retirement, Death, Dissolution and Insolvency of partnership firms
12
Corporate Accounting: Issue, forfeiture and reissue of shares; Liquidation of companies; Acquisition, merger, amalgamation and reconstruction of companies
13
Holding company accounts
Cost, Management and Specialised Accounting
14
Cost and Management Accounting: Marginal costing and Break-even analysis; Standard costing; Budgetary control; Process costing; Activity Based Costing (ABC); Costing for decision-making; Life cycle costing, Target costing, Kaizen costing and JIT
15
Financial Statements Analysis: Ratio analysis; Funds flow Analysis; Cash flow analysis
16
Human Resources Accounting; Inflation Accounting; Environmental Accounting
Standards and Auditing
17
Indian Accounting Standards and IFRS
18
Auditing: Independent financial audit; Vouching; Verification and valuation of assets and liabilities; Audit of financial statements and audit report; Cost audit
19
Recent Trends in Auditing: Management audit; Energy audit; Environment audit; Systems audit; Safety audit
III : Business Economics
Demand and Consumer Behaviour
20
Meaning and scope of business economics
21
Objectives of business firms
22
Demand analysis: Law of demand; Elasticity of demand and its measurement; Relationship between AR and MR
23
Consumer behavior: Utility analysis; Indifference curve analysis
Cost, Market Structure and Pricing
24
Law of Variable Proportions: Law of Returns to Scale
25
Theory of cost: Short-run and long-run cost curves
26
Price determination under different market forms: Perfect competition; Monopolistic competition; Oligopoly- Price leadership model; Monopoly; Price discrimination
27
Pricing strategies: Price skimming; Price penetration; Peak load pricing
IV : Business Finance
Foundations of Business Finance
28
Scope and sources of finance; Lease financing
29
Cost of capital and time value of money
30
Capital structure
Investment, Working Capital and Risk
31
Capital budgeting decisions: Conventional and scientific techniques of capital budgeting analysis
32
Working capital management; Dividend decision: Theories and policies
33
Risk and return analysis; Asset securitization
International Financial Management
34
International monetary system
35
Foreign exchange market; Exchange rate risk and hedging techniques
36
International financial markets and instruments: Euro currency; GDRs; ADRs
37
International arbitrage; Multinational capital budgeting
V : Business Statistics and Research Methods
Descriptive Statistics
38
Measures of central tendency
39
Measures of dispersion
40
Measures of skewness
41
Correlation and regression of two variables
Probability and Distributions
42
Probability: Approaches to probability; Bayes’ theorem
43
Probability distributions: Binomial, poisson and normal distributions
Research Methods
44
Research: Concept and types; Research designs
45
Data: Collection and classification of data
46
Sampling and estimation: Concepts; Methods of sampling - probability and non-probability methods; Sampling distribution; Central limit theorem; Standard error; Statistical estimation
47
Hypothesis testing: z-test; t-test; ANOVA; Chi-square test; Mann-Whitney test (U-test); Kruskal-Wallis test (H-test); Rank correlation test
48
Report writing
VI : Business Management and Human Resource Management
Management Foundations
49
Principles and functions of management
50
Organization structure: Formal and informal organizations; Span of control
51
Responsibility and authority: Delegation of authority and decentralization
52
Motivation and leadership: Concept and theories
53
Corporate governance and business ethics
HRM Functions
54
Human resource management: Concept, role and functions of HRM; Human resource planning; Recruitment and selection; Training and development; Succession planning
55
Compensation management: Job evaluation; Incentives and fringe benefits
56
Performance appraisal including 360 degree performance appraisal
57
Collective bargaining and workers’ participation in management
Organisational Behaviour
58
Personality; Perception; Attitudes; Emotions; Group dynamics; Power and politics; Conflict and negotiation; Stress management
59
Organizational Culture: Organizational development and organizational change
VII : Banking and Financial Institutions
Banks and the Reserve Bank of India
60
Overview of Indian financial system
61
Types of banks: Commercial banks; Regional Rural Banks (RRBs); Foreign banks; Cooperative banks
62
Reserve Bank of India: Functions; Role and monetary policy management
63
Banking sector reforms in India: Basel norms; Risk management; NPA management
Markets, Institutions and Regulators
64
Financial markets: Money market; Capital market; Government securities market
65
Financial Institutions: Development Finance Institutions (DFIs); Non-Banking Financial Companies (NBFCs); Mutual Funds; Pension Funds
66
Financial Regulators in India
67
Financial sector reforms including financial inclusion
Digitisation and Insurance
68
Digitisation of banking and other financial services: Internet banking; mobile banking; Digital payments systems
69
Insurance: Types of insurance — Life and Non-life insurance; Risk classification and management; Factors limiting the insurability of risk; Re-insurance; Regulatory framework of insurance — IRDA and its role
VIII : Marketing Management
Marketing Mix
70
Marketing: Concept and approaches; Marketing channels; Marketing mix; Strategic marketing planning; Market segmentation, targeting and positioning
71
Product decisions: Concept; Product line; Product mix decisions; Product life cycle; New product development
72
Pricing decisions: Factors affecting price determination; Pricing policies and strategies
73
Promotion decisions: Role of promotion in marketing; Promotion methods — Advertising; Personal selling; Publicity; Sales promotion tools and techniques; Promotion mix
74
Distribution decisions: Channels of distribution; Channel management
Consumer and Service Marketing
75
Consumer Behaviour; Consumer buying process; factors influencing consumer buying decisions
76
Service marketing
Trends and Logistics
77
Trends in marketing: Social marketing; Online marketing; Green marketing; Direct marketing; Rural marketing; CRM
78
Logistics management
IX : Legal Aspects of Business
Contract and Commercial Law
79
Indian Contract Act, 1872: Elements of a valid contract; Capacity of parties; Free consent; Discharge of a contract; Breach of contract and remedies against breach; Quasi contracts
80
Special contracts: Contracts of indemnity and guarantee; contracts of bailment and pledge; Contracts of agency
81
Sale of Goods Act, 1930: Sale and agreement to sell; Doctrine of Caveat Emptor; Rights of unpaid seller and rights of buyer
82
Negotiable Instruments Act, 1881: Types of negotiable instruments; Negotiation and assignment; Dishonour and discharge of negotiable instruments
Company and Competition Law
83
The Companies Act, 2013: Nature and kinds of companies; Company formation; Management, meetings and winding up of a joint stock company
84
Limited Liability Partnership: Structure and procedure of formation of LLP in India
85
The Competition Act, 2002: Objectives and main provisions
IT, RTI, IPR and GST
86
The Information Technology Act, 2000: Objectives and main provisions; Cyber crimes and penalties
87
The RTI Act, 2005: Objectives and main provisions
88
Intellectual Property Rights (IPRs): Patents, trademarks and copyrights; Emerging issues in intellectual property
89
Goods and Services Tax (GST): Objectives and main provisions; Benefits of GST; Implementation mechanism; Working of dual GST
X : Income Tax and Corporate Tax Planning
Income Tax
90
Income-tax: Basic concepts; Residential status and tax incidence; Exempted incomes; Agricultural income; Computation of taxable income under various heads; Deductions from Gross total income; Assessment of Individuals; Clubbing of incomes
91
International Taxation: Double taxation and its avoidance mechanism; Transfer pricing
Corporate Tax Planning and Compliance
92
Corporate Tax Planning: Concepts and significance of corporate tax planning; Tax avoidance versus tax evasion; Techniques of corporate tax planning; Tax considerations in specific business situations: Make or buy decisions; Own or lease an asset; Retain; Renewal or replacement of asset; Shut down or continue operations
93
Deduction and collection of tax at source; Advance payment of tax; E-filing of income-tax returns
Master Quick Recall — Complete Revision Sheet
References
X : Income Tax and Corporate Tax Planning
Module X · 4 Topics
Income Tax
89
Income Tax: Basic Concepts and Computation
90
International Taxation
Corporate Tax Planning and Compliance
91
Corporate Tax Planning
92
TDS, Advance Tax and E-Filing
89
Goods and Services Tax (GST): Objectives and main provisions; Benefits of GST; Implementation mechanism; Working of dual GST
90
Income-tax: Basic concepts; Residential status and tax incidence; Exempted incomes; Agricultural income; Computation of taxable income under various heads; Deductions from Gross total income; Assessment of Individuals; Clubbing of incomes