RAE Paper-1

 

Revised Syllabus of RAE-1 Income Tax (common for all branches)

Duration 2 hours                                                                            Maximum Marks: 100

(A)              The following will be the syllabus and subjects:

 

Sl. No.

Content

Marks allocation

1

a)  Basic concepts

Chapter I – Sections 1, 2 and 3 and

Chapter II – Sections 4, 5, 5A, 6, 7, 8 & 9

Assessment year, Previous year, Person, Assessee, Charge of income-tax, Income, Gross Total Income, Total income and tax liability, Agricultural Income, Difference between exemption and deduction, Definition of Manufacture, Capital Asset, Company, Fair market value, Capital receipts vs Revenue receipts, Capital expenditure vs Revenue Expenditure, Method of accounting, Residential status of Individual & Company, Relation between residential status and incidence of tax, Receipt & Accrual of income, Income deemed to accrue or arise in India

b)  Income of Charitable or Religious Trusts and Institutions

Chapter III - Sections 11, 12, 12A & 13

30

2

Income Computation and Disclosure Standards (ICDS)

ICDS I     Accounting Policies ICDS II    Valuation of Inventories ICDS III Construction contracts ICDS IV Revenue Recognition ICDS V                Tangible Fixed Assets

ICDS VI Effects of Changes in Foreign Exchange Rates ICDS VII Government Grants

ICDS VIII Securities

ICDS IX  Borrowing Costs

ICDS X     Provisions, Contingent Liabilities and Contingent Assets

5

3

Profits and gains of business or profession – Principles and Computation

Chapter IV (D)

Chargeability, General principles governing assessment of business income, Method of accounting, Scheme of deductions and allowances, Depreciation

25

4

Capital gains - Principles and Computation

Chapter IV (E)

15

 

Meaning of capital asset, Transfer of capital asset, Computation of capital gain, Full value of consideration, Expenditure on transfer, Cost of acquisition, Cost of improvement, indexed cost of acquisition and indexed cost of improvement, Problems on computation of Long Term Capital Gains (LTCG) Tax

 

5

Income from other sources

Chapter IV (F)

Dividend, Interest on securities

5

6

Set-off and Carry forward of losses

Chapter VI - Sections 70 to 80

5

7

International Taxation

Chapter IX – Sections 90, 90A & 91

Double Taxation Relief

Chapter X – Sections 92 to 92CD and 92F

Transfer Pricing & Other Anti-Avoidance Measures

Definitions of certain terms relevant to computation of arm’s length price, etc.

Chapter XII-A

Special Provisions relating to certain incomes of Non-Residents

10

8

Special Provisions relating to certain companies

Chapter XII B

Concepts of Minimum alternate Tax (MAT) and MAT credit, etc.

5

Note: Amendments upto 1st April of the previous Financial Year will be considered

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