ABOUT THE COURSE:Taxes are considered to be the “cost of living in a society”. Taxes are levied by the Governments to meet the common welfare expenditure of the society. It may be direct tax or indirect tax. Direct tax is a tax, such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services. Indirect Tax is levied on goods and services rather than on income or profits. Taxationis fairness, adequacy, transparency, simplicity and ease of administration. Every person plan his taxation portfolio specially Income tax portfolio. Under income tax assesse exercise the exemptions of incomes, deductions and rebate of tax to avoid the tax or minimize the tax liability. This course is designed for individuals’assesse looking to enhance their skills in the rapidly evolving field of Tax as well as filing the ITRs.INTENDED AUDIENCE: Students of B. Com. M.Com. & MBA Courses.PREREQUISITES: 10+2/ B. Com.INDUSTRY SUPPORT: All financial and Legal Services providing Companies.
Overview
Syllabus
Week 1:
- Income Tax-Basic Concepts Part-I.
- Income TaxBasic Concepts-Part-II.
- Residential Status of an Assessee.
- Incidence of Taxation with case Study.
- Agricultural Incomes and Computation.
- Exemptions from Taxes (Tax- Free Incomes)
- Income from Salary- Basic Concepts.
- Income from Salary- Allowances.
- Computation of Allowances.
- Income from Salary- Perquisites.
- Computation of Perquisites
- Income from Salary- Profit in lieu of Salary.
- Computation of Gratuity.
- Computation of Commuted Value of Pension and monthly Pension
- Computation of Encashment of Earn Leave and Compensation on Retrenchment.
- Computation of Voluntary retirement ,Provident Fund and Standard Deductions
- Computation of Salary Income - Part-I
- Computation of Salary Income - Part-II
- Income from House Property-Basic Concepts.
- Computation of Income from House Property
- Computation of Income from Let Out House Property.
- Computation of Income from Self Occupied House Property.
- Theoretical Concepts of Computing Income from Business.- Part I
- Theoretical Concepts of Computing Income from Business.- Part II
- Depreciation and Investment Allowance.
- Profit and Gains from Business and profession (PGBP) Expenses Expressly Allowed – Section 30 to 37 and PGBP Expenses Expressly Disallowed.
- Computation of Business Income
- Theoretical Concepts forComputing Professional Income
- Computation of Professional Income
- Income from Capital Gains - Basic Concepts
- Income from Capital Gains – Computation
- Income from Capital Gains - Exempted Capital Gains –Part-I
- Income from Capital Gains - Exempted Capital Gains –Part- II
- Problems on Computation of Income from Capital Gains
- Theoretical Concepts of Income from Other Sources
- Computation of Income from Other Sources
- Aggregation of Income (Clubbing of Incomes and Deemed Incomes)
- Set off and Carry Forward of Losses - Basic Provisions.
- Deductions from Gross Total Income - Under Section 80C to 80U (Part-1)
- Deductions from Gross Total Income - Under Section 80C to 80U (Part-1I)
- Deductions from Gross Total Income - Under Section 80C to 80U (Part-1II)
- Computation of Total Income of Individuals- Practical Problems (Part-1)
- Computation of Total Income of Individuals- Practical Problems (Part-1I)
- Computation of Tax Liability of Individuals-Practical Problems (Part-1)
- Computation of Tax Liability of Individuals-Practical Problems (Part-1I)
- Advance Payment of Tax -Basic Concept.
- Advance Payment of Tax -- Practical Problems
- Assessment of Hindu Undivided Family.
- Assessment of Association of Person and Body of Individual.
- Assessment of Partnership Firms/ LLP and their Partners- Basic Concepts.
- Assessment of Partnership Firms- Practical Problems.
- Deduction and Collection of Tax at source.
- Assessment Procedure.
- Income Tax Authorities.
- Appeals and Revisions.
- Recovery and Refund of Tax.
- Penalties.
- Offence Liable Prosecution.
- Preparation and Filing of Return of Income Online Part-I
- Preparation and Filing of Return of Income Online Part-II
Taught by
Prof. Lal Baboo Jaiswal
