Basic concepts: assessment year, previous year, person, assessee, Income, charges on income,gross total income, capital and revenue receipts, residential status, receipt and accrual of income,connotation of income deemed to accrue or arise in India. Tax Planning, Tax Evasion and TaxManagement. (Problems on residential Status of Individual assessee)
Explanation under various heads of income. Income from salary (Basic problems), Income fromHouse Property (Theory Only)
Income under the head Profit and Gains of Business or Professions and its computation- basismethodof accounting- scheme of business deductions/ allowance- deemed profits- maintenanceof books, Depreciation (Problems on computation of income from business/ profession ofIndividual assessee and Depreciation).
Income under capital gain, basis of charge, transfer of capital asset, inclusion & exclusion fromcapital asset, capital gain, computation of capital gain( theory & problems), deductions fromcapital gains.
Income from Other Sources (Theory Only) Permissible deductions under section 80C to 80U.Setoff and carry forward of losses and clubbing of Incomes.
Computation of tax liability of a firm and partners
Computation of taxable income of a company with special reference to MAT. Corporatedividend Tax.Central Excise Act, Customs Act and Central Sales Tax and VAT: objectives and importantprovisions of the acts. (Theory only)Practical Components:• Understanding the usage of software package while calculating different taxes• Preparation of Income tax returns of Individual assesses.• Preparation of sales tax returns• Studying the online submission of Income tax returns