Law and taxation focuses on the fundamental principles of the legal system and the basic framework of direct and indirect taxes. It emphasizes understanding the essential provisions of the Income Tax Act and VAT, alongside the legal environment governing business operations.
Part A
Law explores the fundamental legal frameworks and principles that govern business transactions and organizational conduct. It emphasizes the core provisions of mercantile laws, including contracts, agency, and the regulatory environment necessary for professional practice. The course ensures a foundational understanding of the legal rights and obligations essential for effective business management.
Part B
Taxation is a system through which the government collects money from individuals, businesses, and other entities in the form of taxes. It is a compulsory contribution imposed by law, and failure to pay may result in penalties. The main purpose of taxation is to generate revenue for the government so it can provide public goods and services such as education, healthcare, infrastructure, defense, and administrative services.