Income Tax and GST Notes
Download free chapter-wise PDF study materials, module summaries, and revision notes for Income Tax and GST (COM6CJ305) under Calicut University FYUGP. COM6CJ305 - Income Tax and GST study notes and resources.
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About Income Tax and GST (Calicut University BCom Sem 6)
Income Tax and GST (COM6CJ305 • 4 Credits • 60 Hours) constitutes an essential academic pillar of the Bachelor of Commerce curriculum under the University of Calicut Four-Year Undergraduate Programme (CUFYUGP Regulations 2024 / 2025). The course delivers comprehensive instruction in core commercial theories, statutory regulatory environments, and practical corporate workflows. Undergraduates transition from introductory commercial overviews to rigorous operational analysis, examining how modern financial enterprises, commercial establishments, and regulatory authorities formulate policies, ensure statutory compliance, and optimize resource allocations. The curriculum integrates historical administrative and financial doctrines with contemporary market realities, exploring quantitative modeling, legal jurisprudence, and computerized financial reporting systems. Through structured case studies, problem-solving workouts, and theoretical evaluations, scholars cultivate the analytical competence required for corporate accounting, financial consultancy, banking services, and higher research in commerce. The subject is evaluated under a 100-mark assessment model consisting of Continuous Internal Evaluation (30 Marks) and the university End-Semester Examination (70 Marks).
Income Tax and GST Module-by-Module Curriculum Breakdown
Official syllabus unit modules prescribed by the University of Calicut FYUGP framework:
Assessment of Individuals
Examines the foundational theoretical architecture and operational frameworks of Assessment of Individuals within Income Tax and GST. Key curricular components include 9 Deemed Income and Clubbing of Incomes-Important provisions 2 10 Set-off and carry forward of losses 2 11 Deductions in Computing Total Income 2 12 Computation of Total Income 2 13 Computation of Tax Liability of Individual under Old Regime and New Regime-AMT 2 14 Rebate and Relief of Tax-Advance Payment of tax-TDC-TC. Coursework emphasizes statutory regulatory compliance, analytical evaluation, and structured problem-solving methodologies prescribed under Calicut University FYUGP regulations. Undergraduates develop competencies in contrasting theoretical perspectives, interpreting institutional practices, and addressing practical commercial scenarios evaluated in external university examinations.
Introduction to Goods and Service Tax
Examines the foundational theoretical architecture and operational frameworks of Introduction to Goods and Service Tax within Income Tax and GST. Key curricular components include 15 History and Relevance of GST -Basic Concepts related to GST – CGST, SGST, IGST-Principles of GST - Taxes Subsumed under GST 2 16 Important concepts and definitions under GST Act 1 17 Registration - Persons Liable for Registration - Compulsory Registration - Deemed Registration- Procedure for Registration - GSTIN - C. Coursework emphasizes statutory regulatory compliance, analytical evaluation, and structured problem-solving methodologies prescribed under Calicut University FYUGP regulations. Undergraduates develop competencies in contrasting theoretical perspectives, interpreting institutional practices, and addressing practical commercial scenarios evaluated in external university examinations.
Input Tax Credit
Examines the foundational theoretical architecture and operational frameworks of Input Tax Credit within Income Tax and GST. Key curricular components include 21 Cascading Effect of Taxation- Benefits of Input Tax Credit- Manner of claiming input tax credit in different situations 2 22 Recovery of Credit - Reversal of credit - Utilization of Input tax credit - Cases in which input tax credit is not available 2 23 GST Invoice, Debit and Credit Notes, E-Way Bills 2 24 GST coun. Coursework emphasizes statutory regulatory compliance, analytical evaluation, and structured problem-solving methodologies prescribed under Calicut University FYUGP regulations. Undergraduates develop competencies in contrasting theoretical perspectives, interpreting institutional practices, and addressing practical commercial scenarios evaluated in external university examinations.
Recommended to conduct the following:
Examines the foundational theoretical architecture and operational frameworks of Recommended to conduct the following: within Income Tax and GST. Key curricular components include Seminar / Group discussions / Assignments A) Conduct debate on controversial GST issues. B) Provide sample transactions and ask participants to create invoices, considering different GST rates and categories Demonstrating: Guide students through the online GST registration process. Case study: Provide students with rea. Coursework emphasizes statutory regulatory compliance, analytical evaluation, and structured problem-solving methodologies prescribed under Calicut University FYUGP regulations. Undergraduates develop competencies in contrasting theoretical perspectives, interpreting institutional practices, and addressing practical commercial scenarios evaluated in external university examinations.
Income Tax and GST Core Curriculum & Key Topics
- Income tax fundamentals: residential status and tax incidence, capital vs revenue receipts, and agricultural income
- Capital Gains computation: short-term vs long-term capital assets, indexed cost of acquisition, exemptions under Section 54, 54B, 54EC, 54F
- Income from Other Sources: dividend taxation, casual income (winnings from lotteries), gift taxation (Section 56(2)(x)), family pension
- Clubbing of income and Set-off and carry forward of losses: intra-head vs inter-head set-off rules, loss carry-forward limits
- Deductions from Gross Total Income under Chapter VI-A: Section 80C, 80CCC, 80CCD, 80D (health insurance), 80E, 80G, and 80TTA/TTB
- Computation of total income and tax liability of individuals: Old Tax Regime vs New Tax Regime (Section 115BAC), rebate under Section 87A
- Income tax procedures: PAN, Tax Deducted at Source (TDS), Advance Tax payment schedules, and filing of returns (ITR-1 to ITR-4)
- Goods and Services Tax (GST) architecture: constitutional background (101st Amendment), dual GST model (CGST, SGST, UTGST, IGST), GST Council
- Levy and collection of GST: concept of 'Supply' under Section 7, composite and mixed supplies, reverse charge mechanism (RCM)
- Input Tax Credit (ITC): statutory eligibility conditions, blocked credits (Section 17(5)), ITC utilization rules, and GSTR filing
Income Tax and GST Learning Outcomes
- Calculate taxable capital gains applying statutory indexation formulas and Section 54 family tax exemptions.
- Compute taxable income from other sources and apply income clubbing and loss set-off rules accurately.
- Determine total taxable income and tax payable for individual taxpayers comparing Old vs New tax regimes.
- Calculate corporate and individual advance tax installment schedules and TDS deduction obligations.
- Differentiate between composite and mixed supplies and ascertain GST liability under forward and reverse charge.
- Reconcile Input Tax Credit (ITC) ledgers and identify blocked credits under Section 17(5) of the CGST Act.
Calicut University Examination Scheme for Income Tax and GST
The evaluation framework for Income Tax and GST (COM6CJ305) under Calicut University FYUGP regulations combines Continuous Internal Evaluation (30 Marks) with the university End-Semester Examination (70 Marks) for a total of 100 Marks:
Objective and definitional questions assessing foundational terms, terminology, and core principles across all syllabus modules.
Paragraph-style conceptual questions requiring theoretical models, comparative explanations, and structured illustrative diagrams.
In-depth essay and workout problems requiring comprehensive synthesis, case study evaluation, or numerical problem-solving.
Income Tax and GST Exam Preparation Tips
Under Calicut University FYUGP regulations, the end-semester theory examination for Income Tax and GST (COM6CJ305) carries 70 Marks (2 or 2.5 hours duration) evaluated across three structured sections: Part A Conceptual Definitions (Short Answers): Prepare concise, textbook-precise definitions for core terminology, statutory clauses, and operational metrics. Write 2 to 3 focused sentences for each prompt and provide one clear illustrative example. Avoid conversational phrasing. Part B Analytical Paragraphs (Models & Typologies): Focus on structured comparative explanations, classification typologies, and step-by-step procedures. Structure responses with numbered subheadings, draw labeled diagrams where applicable, and construct comparative tables with explicit basis-of-distinction columns. Part C Comprehensive Essays & Workout Problems: Follow a formal five-part structure: (1) Conceptual Introduction & Scope, (2) Detailed Theoretical Exposition or Step-by-Step Numerical Computation, (3) Labeled Schematic Diagram or Accounting Ledger Accounts, (4) Statutory / Practical Industry Evaluation, and (5) Concluding Managerial Appraisal. Ensure all ledger balances or formula substitutions are neatly highlighted with double underlines.
Frequently Asked Questions - Income Tax and GST
What is the difference between a Composite Supply and a Mixed Supply under GST?
A Composite Supply consists of two or more taxable goods or services naturally bundled and supplied together in the ordinary course of business, where one is a principal supply (e.g., hotel accommodation bundled with breakfast); it is taxed at the rate of the principal supply. A Mixed Supply consists of two or more independent goods or services bundled together for a single price that can be supplied separately (e.g., a festive gift hamper of chocolates, canned juices, and dry fruits); it is taxed at the highest tax rate applicable to any single item in the bundle.
What are 'Blocked Credits' under Section 17(5) of the CGST Act?
Section 17(5) explicitly disallows Input Tax Credit (ITC) on certain purchases even if used for business, including: motor vehicles for passenger transport (with exceptions); food and beverages, outdoor catering, beauty treatment, and health services; membership of a club or fitness center; travel benefits extended to employees; goods lost, stolen, destroyed, or written off; and goods given as free gifts or samples.
How do the rules for Carry Forward and Set-Off of Capital Losses operate?
Short-Term Capital Loss (STCL) can be set off against both Short-Term and Long-Term Capital Gains. Long-Term Capital Loss (LTCL) can ONLY be set off against Long-Term Capital Gains. Capital losses cannot be set off against any other income head (salary, house property, business). Unabsorbed capital losses can be carried forward for up to 8 assessment years, provided the return is filed before the due date.
What are the four installments and due dates for Advance Tax payment by individual and corporate assessees?
Assessees whose estimated tax liability exceeds ₹10,000 must pay advance tax in four installments: (1) On or before June 15: 15% of tax liability; (2) On or before September 15: 45% of tax liability; (3) On or before December 15: 75% of tax liability; and (4) On or before March 15: 100% of tax liability.
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