Savitribai Phule Pune University, Maharashtra (SPPU), General , Auditing & Taxation Syllabus

Subject Name -: Auditing & Taxation
Course Code -: 304

Term I Section
Section- I Auditing

1. Introduction to Principles of Auditing and Audit Process.
Definition, Nature-objects-Advantages of Auditing-Types of errors and frauds Various Classes of Audit. Audit programme, Audit Note Book, Working Papers, Internal Control-Internal Check-Internal Audit

2. Checking, Vouching and Audit Report

Test checking-Vouching of Cash Book-Verification and Valuation of Assets and Liabilities. Qualified and Clean Audit Report-Audit Certificate-Difference between Audit Report and Audit Certificate. Auditing and Assurance Standards. (AAS- 1,2,3,4,5,28,29)

3. Company Auditor
Qualification, Disqualifications, Appointment, Removal, Rights, Duties and liabilities.

4. Tax Audit
Definition of Accountant-Scope of Auditor’s Role under Income Tax Act Compulsory Tax Audit- Certification for Claiming exemptions- Selective Tax Audit Tax Consultancy and Representation- Proforma of Computerized Systems.

5. Audit of Computerized Systems
Auditing in an EDP environment-planning an audit in a computer Environment - problems encountered in an EDP environment- General EDP Control – EDP Application Control- System Development- Data transfer- Audit practice in relation to computerized systems-Computer Assisted Audit Techniques (Factors and Preparation of CAAT)
 

Term II
Section - II Income Tax

1. Important Concepts and Definitions under Income Tax Act-1961.
Income, Person, Assessee, Assessment year, Pervious year, Agricultural Income, Exempted Income, Residential Status of an Assessee, PAN, TAN

2. Computation of Taxable Income under the different Heads of Income
a. Income from Salary –
Meaning of salary, Salient features of salary
Allowances and tax Liability-
Perquisites and their Valuation-
Deductions from salary.
(Theory and Problems)
b. Income from House Property
Basis of Chargeability
Annual Value
Self occupied and let out property
Deductions allowed
(Theory and Problems)
c. Profits and Gains of Business and Professions
Definitions, Deductions expressly allowed and disallowed (Theory
And Problems)
d. Capital Gains
Chargeability-definitions-Cost of Improvement, Short term and long term Capital gains (Theory only)
e. Income from other sources- Chargeability - deductions -
Amounts not deductible.(Theory only)

3. Computation of Total Taxable Income of an Individual
Gross total Income-deductions u/s-80C, 80ccc to 80 U – Income Tax calculation- (Rates applicable for respective Assessment year) Education cess

4. Miscellaneous
Tax deducted at source-Return of Income-Advance payment of Tax methods of payment of tax-Forms of Return-Refund of Tax. (Theory)

5. Income Tax Authorities
Structure, Functions and powers of various Income Tax Authorities.
(Administrative and Judicial), Central Board of Direct Taxes.