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    1 - Introduction To Taxation Laws

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    manika
    The document provides an introduction to a course on taxation laws, outlining some basic rules for students and initial thoughts on what taxation encompasses. It poses questions about what taxation is, who can levy taxes, when taxes are imposed, why taxation exists, and how tax policy should be designed, setting up discussions around the fundamental concepts to be covered.

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    1 - Introduction To Taxation Laws

    Uploaded by

    manika
    64 views18 pages
    The document provides an introduction to a course on taxation laws, outlining some basic rules for students and initial thoughts on what taxation encompasses. It poses questions about what taxation is, who can levy taxes, when taxes are imposed, why taxation exists, and how tax policy should be designed, setting up discussions around the fundamental concepts to be covered.

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    The document provides an introduction to a course on taxation laws, outlining some basic rules for students and initial thoughts on what taxation encompasses. It poses questions about what taxation is, who can levy taxes, when taxes are imposed, why taxation exists, and how tax policy should be designed, setting up discussions around the fundamental concepts to be covered.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    64 views18 pages

    1 - Introduction To Taxation Laws

    Uploaded by

    manika
    The document provides an introduction to a course on taxation laws, outlining some basic rules for students and initial thoughts on what taxation encompasses. It poses questions about what taxation is, who can levy taxes, when taxes are imposed, why taxation exists, and how tax policy should be designed, setting up discussions around the fundamental concepts to be covered.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 18

    INTRODUCTION TO

    TAXATION LAWS
    - Prof. Ashrita Prasad Kotha
    # Understanding the WHAT, WHO, WHEN, WHY and HOW of
    Taxation
    Basic rules to be observed
    • Readings – compulsory to have read the circulated material
    • Use of laptops and mobiles is not permitted during the
    lectures / tutorials
    • Attendance – respect the system
    • Not allowed to enter and exit during the lecture
    • Assessment: internal and external components (to be
    announced shortly)
    Initial Thoughts on the Course and
    Subject

    • Mapping the landscape of taxation – what comes to


    your mind when we talk of taxation / law of taxation?

    • Which disciplines interact with taxation laws? How?

    • What is the overview of the course we are going to


    cover this term?
    Some quotes on tax
    • ‘Nothing is certain but for death and taxes’
    • ‘Income tax returns are the most imaginative fiction being
    written today.’–Herman Wouk
    • ‘They tax when you earn a dollar, they tax you when you save
    it, they tax you when you invest it. If you earn a dividend,
    they tax it again, and if you're stupid enough to die, they steal
    up to half.’
    ― Grover Norquist, President of Americans for Tax Reform
    • ‘He's spending a year dead for tax reasons.’
    ― Douglas Adams
    Basic Questions to be answered

    • WHAT is taxation?
    • WHO may tax?
    • WHEN is tax levied?
    • WHY is taxation imposed?
    • HOW must tax policy be designed?
    WHAT is taxation?
    WHAT is taxation?

    • Compulsory levy
    • Imposed by the concerned government
    • By way of a legislation
    • No element of a quid pro quo
    Practical Exercise: Spot the Taxes
    • X, a recent law graduate landed his dream job of working in
    a leading pharmaceutical company in India as an assistant
    legal counsel. His monthly salary is Rs.1,00,000 and he is
    entitled to a performance linked bonus during March each
    year. After burning the midnight oil on many an occasion
    and sacrificing quite a few weekends, his team managed to
    close a crucial acquisition for the company. His hard work
    was acknowledged by the boss who announced a year end
    bonus of Rs.3,00,000.
    • The deal was critical to the profits earned by the company
    which posted profits of 1000 crores during the concerned
    financial year.
    • In the last week of March X realized that he had not availed
    of his annual leave and thus, decided to take a week off to
    travel. X now embarks on the process of making the bookings
    for which he avails the services of a travel agent.
    • Once X is back from his holiday, he is given the news by his
    boss that as a consequence of the recent success post the
    acquisition, the company is now looking at opportunities to
    expand its operations overseas. X is now sent to Australia for
    undertaking due diligence on a potential target company
    located in Sydney. He ends up spending three months in the
    project office in Sydney, going through a lot of documentation
    after which, finally a due diligence report is prepared. X
    returns to New Delhi and resumes work as usual while the
    company is considering whether it should expand its
    operations to Australia.
    • From the money he saved during his stay in Australia, he
    decides to buy shares of a leading blue chip company. Within
    two months, as there is an increase in the price of the shares
    he sells them off earning a return of Rs. 50,000 on his
    investment.
    WHO may tax?
    WHEN is tax levied?
    • Is tax paid at periodic intervals?
    Or
    • Is tax paid on a daily basis?
    WHY: Revenue augmentation or
    plundering?
    WHY: Tax as a tool to regulate
    behavior
    WHY: Is tax to be used to reduce
    inequities / achieve redistribution?
    HOW must tax policy be designed?
    HOW must tax policy be designed?

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