No government can run a country without revenue. One of the major sources of revenue is taxation. Taxes can be classified as Direct and Indirect Tax. Direct taxes encompass those taxes where impact and incidence falls on the same person. Income Tax Act, 1961 is the prime legislation in the area of direct taxes in India. It is very interesting to know various facets of this Act. The Act makes ample scope for tax planning and tax management by utilizing various provisions which are enshrined therein. A tax payer can reduce her tax liability by taking advantage of various incentives that are provided in the Act. It creates a win-win situation. This UG/PG Level 4 credit course is inter-disciplinary in nature and any graduate or anyone pursuing graduation, who wishes to learn about Indian income tax system, can enroll. After completion of the course, a learner can have following takeaways:.1. An overview of the direct taxation system of India.2. Knowledge of computation of income tax.3.Idea on various avenues for tax planning and tax management4. Awareness on the compliance of tax laws5. Enabling to file income tax returns6. Taking occupation as tax consultantsCOURSE CREDIT = 4 THIS COURSE IS ONE OF THE “Best Online Courses of All Time” by Classcentral.com UNDER THE SOCIAL SCIENCE CATEGORY.https://www.classcentral.com/collection/top-free-online-courses?subject=social-sciences
Overview
Syllabus
Week 1 Basic Concepts and Definitions - Income Tax Act, 1961
1.1 Tax evasion, tax avoidance, tax planning/ management
1.2 Background, Concept and Mechanism of Income Tax
1.3 Definitions, Concept of Income, Assessee, Previous Year, Assessment Year
1.4 Basis of Charge
1.5 Scope of Total Income
Week 2 Residential Status and Incomes Exempt from Tax
2.1 Residential Status and incidence of tax
2.2 Incomes Exempt from Tax
Week 3 Income from Salaries
3.1 Basis of Charge of Income from Salaries
3.2 Allowances
3.3 Perquisites
3.4 Computation of Income from Salary
Week 4 Income from House Property
4.1 Basis of Charge of Income from House Property
4.2 Gross Annual Value
4.3 Deductions under Section 24
4.4 Computation of Income from House Property
Week 5 Profits and Gains of Business or Profession
5.1 Basis of Charge of Profits and Gains of Business or Profession
5.2 General Principles Governing income from business
5.3 Deductions under Section 30 to 44DB
5.4 Computation of Profits and Gains of Business or Profession
Week 6 Capital Gains
6.1 Basis of Charge of Capital Gains
6.2 Concept of Capital Asset
6.3 Capital gains exempt from tax and allowable deductions
6.4 Computation of Short term and Long term capital gains
Week 7 Income from Other Sources
7.1 Basis of Charge of Income from Other Sources
7.2 Dividend, Interest on Securities
7.3 Deductions
7.4 Computation of Income from Other Sources
Week 8 Deductions from Gross Total Income
8.1 Essential Rules governing deductions
8.2 Deductions under Sections 80C to 80U
Week 9 Clubbing of Income and Set off & Carry Forward of Losses
9.1 Income of other persons included in Assesse’s Total Income
9.2 Set off and Carry Forward of Losses
Week 10 Return of Income and Assessment
10.1 Filing of Returns
10.2 Assessment
Week 11 Advance Payment of Tax and Tax Deduction/Collection at Source
11.1 Advance Payment of Tax
11.2 Tax Deduction at Source
11.3 Tax Collection at Source
Week 12 Computation of Taxable Income of Individuals
12.1 Tax Incidence on Individuals
12.2 Computation of Taxable Income and Tax Liability of individuals.
Week 13 Computation of Taxable Income of Companies
13.1 Computation of Taxable Income and Tax Liability of Companies
13.2 Minimum Alternate Tax
Week 14 Appeals and Revisions
14.1 Income tax authorities
14.2 Appellate hierarchy
14.3 Revisions
Week 15 Tax Planning
15.1 Setting up of a new business
15.2 Specific Managerial decisions
Plan for Internal Examination (30 Marks)
Graded MCQ - at Week 4 (20 questions) - 5 marks
Graded MCQ - at Week 8 (20 questions) - 5 marks
Graded MCQ - at Week 12 (20 questions) -5 marks
Graded MCQ - at Week 15 (20 questions) - 5 marks
Subjective Assessment at Week 7 - 5 marks
Subjective Assessment at Week 14 - 5 marks
1.1 Tax evasion, tax avoidance, tax planning/ management
1.2 Background, Concept and Mechanism of Income Tax
1.3 Definitions, Concept of Income, Assessee, Previous Year, Assessment Year
1.4 Basis of Charge
1.5 Scope of Total Income
Week 2 Residential Status and Incomes Exempt from Tax
2.1 Residential Status and incidence of tax
2.2 Incomes Exempt from Tax
Week 3 Income from Salaries
3.1 Basis of Charge of Income from Salaries
3.2 Allowances
3.3 Perquisites
3.4 Computation of Income from Salary
Week 4 Income from House Property
4.1 Basis of Charge of Income from House Property
4.2 Gross Annual Value
4.3 Deductions under Section 24
4.4 Computation of Income from House Property
Week 5 Profits and Gains of Business or Profession
5.1 Basis of Charge of Profits and Gains of Business or Profession
5.2 General Principles Governing income from business
5.3 Deductions under Section 30 to 44DB
5.4 Computation of Profits and Gains of Business or Profession
Week 6 Capital Gains
6.1 Basis of Charge of Capital Gains
6.2 Concept of Capital Asset
6.3 Capital gains exempt from tax and allowable deductions
6.4 Computation of Short term and Long term capital gains
Week 7 Income from Other Sources
7.1 Basis of Charge of Income from Other Sources
7.2 Dividend, Interest on Securities
7.3 Deductions
7.4 Computation of Income from Other Sources
Week 8 Deductions from Gross Total Income
8.1 Essential Rules governing deductions
8.2 Deductions under Sections 80C to 80U
Week 9 Clubbing of Income and Set off & Carry Forward of Losses
9.1 Income of other persons included in Assesse’s Total Income
9.2 Set off and Carry Forward of Losses
Week 10 Return of Income and Assessment
10.1 Filing of Returns
10.2 Assessment
Week 11 Advance Payment of Tax and Tax Deduction/Collection at Source
11.1 Advance Payment of Tax
11.2 Tax Deduction at Source
11.3 Tax Collection at Source
Week 12 Computation of Taxable Income of Individuals
12.1 Tax Incidence on Individuals
12.2 Computation of Taxable Income and Tax Liability of individuals.
Week 13 Computation of Taxable Income of Companies
13.1 Computation of Taxable Income and Tax Liability of Companies
13.2 Minimum Alternate Tax
Week 14 Appeals and Revisions
14.1 Income tax authorities
14.2 Appellate hierarchy
14.3 Revisions
Week 15 Tax Planning
15.1 Setting up of a new business
15.2 Specific Managerial decisions
Plan for Internal Examination (30 Marks)
Graded MCQ - at Week 4 (20 questions) - 5 marks
Graded MCQ - at Week 8 (20 questions) - 5 marks
Graded MCQ - at Week 12 (20 questions) -5 marks
Graded MCQ - at Week 15 (20 questions) - 5 marks
Subjective Assessment at Week 7 - 5 marks
Subjective Assessment at Week 14 - 5 marks
Taught by
Prof. (Dr.) Subhrangshu Sekhar Sarkar
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Reviews
4.4 rating, based on 52 Class Central reviews
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please give some more days to Week tests gap don't give 2 to 3 weeks test final date at one time it was an nice experience to took online class & it is very useful. You have gave many options in courses so that which the applicant can took any of th…
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The course is very well structured and provides all relevant information to the persons taking the course. I have gone through the entire videos and accompanying materials. I have, however, not been able to complete the course as some of the concepts required introductory lessons for those with non-accounting backgrounds. Individually, there was also a lack of time. It would be a good idea to have the course at three distinct levels viz. preliminary or introductory for those who are non-commerce, non-accounting backgrounds; intermediate for those who have completed the preliminary or have commerce or accounting backgrounds and advanced for professionals. Overall, a very good and commendable initiative.
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It is really very useful to me. I learnt many things which are not available in the books available in bazaar. Since I am teacher in income tax, I learnt how to give input to the listeners. Very good diagrammatic, pictorial, chart and legitimate presentation. Updated and current knowledge is obtained from the class. E text is so much useful to the new learners. Simplified and understandable words are used to make the learners and listeners to understand the concept. The words, phonetics, pause, pronunciation and stress, slang and everything is appreciable. To be true, really it is awesome.
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Good. I completed my pg studies in finance it is one right place to take an opportunity to study direct tax. Team spirit of the faculty is appreciated. Study material with additional material for practicing problem will help us understand the topic more thoroughly. I personally thank all the team member for your hard work for making us to fulfill our wish. Thank you once again
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This course was awesome. It helped me to gain deep knowledge about taxation.
Non graded and graded questions was very helpful in checking my knowledge that what i had learned whole week by watching videos and from e-text.
This internal assessment was very interesting and informative to me.
Now i am waiting for external examination.
Once again thank you so much for helping me to get deep knowledge about taxation. -
It was easy for me to learn this course through online and i got lectures from Professors and they clearly explained the lessons to have understood it.
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Too boring. Fell asleep while watching. Good content but Teacher makes you fall asleep. The course Instructor is too slow. Keeps on reading the material.
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Excellent materials l learned many ideas about taxation. This is very helpful for my academic enrichment. It also help learning new things.
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There are some mistakes in deliberations in video and topics not fully covered
E-text is inadequate to the subject
In all the subjects area covered in MCQ questions not deliberated adequately.
I appreciate the materials provided to CSR was excellent and in full.
Before releasing a screening is required
Suggestion for improvement and not critics
Thanking you
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First of all I would like to thank you because video content was graded in eight to ten minutes while designing the course so it made a lot of sense to listen. This course provided practical knowledge and how to file your own returns. Also, the overview that is taken at the end of each video is also very important. Notes in writing are helpful.Thank you very much.
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best updated online course till i have attended. Swayam had taken good initiative to teach remote learners like us.
this course is authentic and complete dose of learners of Direct tax laws which is a paper for CS also.
i will like to thank dr s. s. sarkar for preparing this course for students like me. -
the course is really good and informative, i learned many things . After I joined this course , searched many thing related to taxes.
but only thing i wanted to say is video is too long , otherwise fantastic.
clear explanation of video content, more sums to practice. -
Sir this is good COURSE but my suggestion is that the duration of lecture must be alteast 30.so that I topic to complete in a single vedio.faculty is really awesome . discuss point which r mainly important for competitive exams.i Hope u my suggestion will be given top priority.
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I have not Attended Examination and fail to submit some asignment due to personal problem.
The course provide me all the necessary details about Income Tax Act 1961. can you add free lancer employbilty as Tax practicener and
How an individual become Direct Tax Practicener??? -
really helpful to masters students, I am a lecturer in commerce where my special subjects is taxation. the income heads are clear but return filling, advance tax and clubbing is little bit difficult for me to make student understand. now it is easy for me also.
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I first of all appreciate mentor's quick response for my queries. It is useful for me to take Direct taxation subject for my M.Com class students. Theoretical and Practical aspects explained in a detailed manner. I enjoyed the online course.
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The course was well organised by the team of experts. The income-tax provisions were clearly explained by the experienced professors and auditors. The way of teaching and lesson were of good quality and interesting. Thanks to entire team.
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This course is a very good idea for the students to the right of their students and students is determined by the quality knowledge of the course. The course is help with the new kind of knowledge and grow the students future.
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ANKIT VERMAI was appeared in the exam conducted by the NTA. But I didn't get the result. Many times i was visit SWAYAM site but i can't find the result. Course is effective but what should I do. I was completed all my assignments too.
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I have deduct the one star due to non availbity of reading material in full phase. Means the material provided are not sufficient enough to understand the concept of income from other source and income from house property
